Greece Adopts the Long-awaited Law Implementing the 4th EU Anti-Money Laundering Directive

Greek Law 4557/2018, published on 30 July 2018, implements Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. Highlights of the new law include: a number of modifications relating to the areas of risk based approach; ongoing monitoring; beneficial ownership; customer due diligence; and politically exposed persons. To learn more, please download the summary of these main features, prepared by SEE Legal’s Greek member KG Law Firm.

KG Law Firm Advises on Financing of Wind Farms in Greece

Kyriakides Georgopoulos Law Firm acted as a joint Greek legal advisor to European Investment Bank and to Alpha Bank A.E. on financing of two wind parks in northern Greece. The financing was structured on a limited recourse project finance basis by means of a long-term facility in the form of a hybrid bond loan governed by the Greek Bond Law No. 3156/2003 and German law, along with relevant Greek law security documents for each Project Company. The European Investment Bank's loan is backed by the EU budget guarantee of the European Fund for Strategic Investments, the financial instrument of the…

BOYANOV & Co. Advised Vivacom

BOYANOV & Co.’s finance team, led by Partner Damian Simeonov and Senior Associate Ralitsa Nedkova and Freshfields’ Vienna-based English law finance team, led by Blair Day advised Vivacom, a leading Bulgarian telecommunications business, on the successful refinancing of its EUR 400m senior secured notes. The refinancing involved EUR 345m of debt from a syndicate of more than a dozen financial institutions, granted on more favourable terms. For more information, please see the press release of Vivacom by clicking here.

Implementation of PSD II – New Rules for Performance of Payment Services in Slovenia

With the PSD II implementation date catching us in mid-January 2018, on 25 January 2018, the Slovenian National Assembly adopted the new Payment Services, Services of Issuing Electronic Money and Payment Systems Act (“PSA”). The PSA is implementing the Second Payment Services Directive (PSD II) into Slovenian legislation and will enter into force on 22 February 2018. The PSA establishes a comprehensive set of rules applicable to payment services in Slovenia, all aiming to: increase the safety of payment transactions and payment services; increase consumer safety; and promote…