A NEW PROCEDURE IN COMPETITION LAW: SETTLEMENT

Authors: Neyzar Unubol, Ali Tuncsav One of the significant amendments to Law No. 4054 on the Protection of Competition (the “Competition Law”) was the introduction of the settlement mechanism into Turkish competition law on 24 June 2020. The settlement procedure, which has been in force in the EU and many EU countries, such as France and the UK, can be simply defined as a reduction in administrative fines in return for the admission of a competition law violation by an investigated undertaking. Article 43 of the Competition Law states that if an undertaking admits the existence and alleged…

BOYANOV & Co. Law Firm Advised NN Group on the Sale of its Bulgarian Pension and Life Insurance Businesses

30 July 2021 BOYANOV & Co. acted as local counsel for NN Group on the sale of its Bulgarian pension and life insurance businesses to DZI – Life Insurance, part of KBC Group (the “Transactions”). BOYANOV & Co. advised on the deal structuring, negotiations, signing of the agreements, pre-closing, and closing support. The Transactions involved the first-ever transfer of insurance business of a foreign branch as a going concern in Bulgaria which posed specific regulatory, corporate, and administrative challenges.  The Transactions were successfully closed today after completing the…

NNDKP successful in a complex arbitral dispute over a claim amounting to approximatively lei 22 million

NNDKP successfully assisted and represented companies part of Efacec group, a supplier of solutions with presence in the energy, mobility, and environment value chain, before the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania against Brăila County, a local administrative authority from Romania. The arbitral dispute, whose duration spanned over four years, concerned the local authority’s claims against the contractor Efacec, arising from the performance of a contract for the design and execution of works related to the integrated waste…

ADM to acquire Sojaprotein

The Archer-Daniels-Midland Company (NYSE: ADM), an American multinational food processing and commodities trading corporation, has signed a sale and purchase agreement to acquire Sojaprotein, one of the leading soybean processing companies in Europe and leading European provider of non-GMO soy ingredients. Sojaprotein is part of Victoria Group which has been recently acquired by MK Group through debt to equity swap. It has sales into 65 countries, offering a wide array of non-GMO vegetable protein ingredients for an extensive list of European and global customers in the meat alternative, confectionery,…

National Cadastre: Commencement of submission of real property statements for Rethymno (Crete) and Cyclades

Authors: Kimon Tsakiris, Katerina Politi In relation to the progress and completion of the project of the National Cadastre, on Wednesday, June 30, 2021, commenced the collection of ownership statements for the areas of Rethymnon. The deadline for submitting declarations for the area of Rethymnon ends on 30.09.2021 for the residents of Greece and on 30.12.2021 for those permanently residing abroad and the Greek State. Also, on Monday, July 5, 2021, the collection of property declarations for the area of the Cyclades islands began. The deadline for submitting declarations for the Cyclades ends…

Hellenic Competition Commission sector inquiry into the provision of private healthcare and related insurance services: The HCC focuses on the interpl...

Authors: Ifigeneia Argyri, Vicky Vlontzou LIFE SCIENCES & HEALTHCARE PRACTICE Hellenic Competition Commission sector inquiry into the provision of private healthcare and related insurance services: The HCC focuses on the interplay between Big Data and the private health care sector   The Hellenic Competition Commission (“HCC”) initiated on 05.07.2021 a sector inquiry (“SI”) into the market of provision of private health care and related insurance services[1]. This comes in the aftermath of the restructuring[2] of the private health care sector over the last five years and increasing…

BOYANOV & Co. Advised J.P. Morgan on the Financing of CEZ Bulgarian Business’ Acquisition by Eurohold

BOYANOV & Co. advised J.P. Morgan AG (as Initial Mandated Lead Arranger), BNY Mellon Corporate Trustee Services Limited (as General Security Agent), and DSK Bank AD (as Bulgarian Security Agent) on EUR 360 million facilities to Eastern European Electric Company B.V. (an indirect subsidiary of Eurohold Bulgaria – a major Bulgarian listed holding company) financing the acquisition of a group of seven targets in Bulgaria, among which the electricity distribution utility companies in North-West Bulgaria from CEZ a.s. (the Czech Republic). The acquisition is the biggest transaction in the Bulgarian…

Are your Third-Party Arrangements Compliant with EBA Outsourcing Guidelines already?

Authors: Svetlina Kortenska and Atanas Grigorov Are you a compliance professional at a credit institution, a payment institution and electronic money (e-money) institution, or a third-party provider to such institution? If so, have a quick look at this compliance reminder with a view of the forthcoming deadline on 31 December 2021. On 30 September 2019, the European Banking Authority’s (“the EBA”) revised guidelines[1] regarding outsourcing arrangements (“the Outsourcing guidelines” or “the Guidelines”) entered into force. Pursuant to the Guidelines, regulated institutions will…

Turkey: Q2 Competition Law Bulletin 2021

The Preliminary Report on E-marketplace Platforms Sector Inquiry (the “Preliminary Report”) published by the Turkish Competition Authority (the “TCA”) was the most significant competition law development during the second quarter of 2021. On 7 May 2021, the Preliminary Report, which contains the Competition Board’s (the “Board”) initial findings of the sector inquiry initiated on 11 June 2020 and policy suggestions, was published on the TCA’s website for public consideration. The Preliminary Report explores competition law concerns associated with the e-commerce sector and…

NNDKP - Best Firm of the Year at the Romanian Top Lawyers Awards 2021

NNDKP was named Best Firm of the Year at the Romanian Top Lawyers Awards Gala 2021. The firm received the award during the 11th edition of the awards which recognises lawyers active in various business law areas for their professional achievement throughout 2020. The event was organised by Finmedia and Piata Financiara. This is the third distinction of Law Firm of the Year in Romania that NNDKP has received in 2021, which follows the accolades received during the Chambers Europe Awards Gala and the Romanian Legal Awards Gala.

Luka Popovic Elected as AmCham Montenegro Board Member

BDK Advokati’s partner Luka Popovic was elected a member of the board of governors of AmCham Montenegro on its General Assembly held on 20 July 2021. BDK Advokati has been a long time AmCham member and an active participant in its sectoral committees. Luka’s election reconfirms the firm’s commitment to contribute to AmCham and to pursue its goal of creating a better business environment in Montenegro. SEE Legal Group congratulates the newly-elected board members and wishes them success.

Sale of Paint Producer JUB

It has been unofficially reported that the paint producer JUB has begun the sale procedure, only considering strategic buyers from the industry – three of whom have supposedly been shortlisted.