O-I-CEE!

Central and Eastern Europe Legal News and Views

On Friday 29 March 2019, the Economic University in Bratislava hosted the recurring session of the Center for Financial Innovations established by the Slovak Ministry of Finance. We participate in these sessions, along with other representatives of academics, banks and fintech companies. The focus of the event was a discussion related to the EU’s action plan for financial innovations, crowdfunding, venture funding for fintech SME’s and the regulatory approach to financial innovations. At the event,…
On March 26, 2019, the Polish Data Protection regulator (Urząd Ochrony Danych Osobowych – UODO) announced the first administrative fine imposed on a Warsaw-based company for failure to meet the informational obligation toward the data subjects whose data it processed, in violation of article 14 of the General Data Protection Regulation (GDPR). The fined company – which considers itself a European leader in the provision of data and analytics – uses advanced analysis and scoring…
As the political turmoil regarding Brexit continues to grow in the UK, the spectre of a “no-deal” Brexit becomes a very realistic scenario. The shortness of time left to make the final decision is forcing businesses in the UK and EU to view the short-term future with unease and anxiety, particularly the uncertainty surrounding the legal standing of UK firms operating in the EU countries. This also applies to UK undertakings that conduct their economic…
Under Czech law, can a statutory body member of a Czech company escape from the risk of his/her liability, if a certain action (e.g. entering into a contract on behalf of the company) is approved by GM or the sole shareholder in advance? Directors of Czech limited liability companies and members of boards of directors of Czech joint-stock companies from various countries and with different legal backgrounds and experience may well be asking themselves this…
On 24 January 2019, the Personal Data Protection Office (UODO) published a sectoral inspection schedule for 2019. According to the schedule, as approved by UODO’s President, the inspections will aim at verifying the legitimacy of personal data processing in the following private sectors: telemarketing, data brokers (as regards legal grounds for personal data processing) and profiling in the banking and insurance sector.…
In the announcement of 29 January 2019, KNF-Polish Financial Supervision Authority confirmed that, in the case of no-deal Brexit, UK entities operating on the Polish financial market will be treated as third-country entities. In the wake of the recent British Parliament vote rejecting the UK’s EU withdrawal agreement, the eventuality of a no-deal Brexit has become more likely than merely a month ago. This has been corroborated by the reactions of certain European politicians who…
When two do the same, it is not the same. This old saying is true especially when comparing legal regulations in different countries. Businesses that are present in various jurisdictions sometimes tend to expect the same, when, at first glance, the regulation seems to be similar.…
On November 23 this year, the Ministry of Energy published its draft Polish Energy Policy until 2040 (PEP2040). This long-awaited document is significant for both the energy sector and the entire economy; however, it is subject to social consultations until January 15, 2019, and its assumptions may (but do not have to) evolve. A Generational Structural Change A key principle of PEP2040 is the declaration to alter the structure of fuels used to generate electricity. This…
The Polish Parliament has recently adopted a new law implementing certain changes to the Polish financial system (“the Act”).[1] The aim is to strengthen supervision over capital markets and improve protection of investors, but it will significantly impact the timing and cost of raising capital through debt securities offered outside the public market. The new law amends the Banking Law to implement the provisions of the Bank Recovery and Resolution Directive.[2] Currently, this…