Walless has advised Lidl on opening a new store in Tallinn.
According to Walless, the store at Mustamae Tee 18 has been built “according to the international EDGE building certification requirements, making it energy-efficient and running entirely on 100% green energy.”
The Walless team included Partners Minni-Triin Park and Kuldar Torokoff, Senior Associates Liina Kais and Margus Koiva, and Junior Associate Maria Lutter.
Vlasceanu & Partners has advised Econergy on winning a photovoltaic contract-for-difference auction.
According to Vlasceanu & Partners, “Econergy secured the largest awarded quota in the PV auction with their Parau 2 photovoltaic project, winning the CfD auction for an allocated installed power of 125 megawatts (out of a 310-megawatt project), at a strike price of EUR 49.4 megawatt-hour (for 15 years).”
The Vlasceanu & Partners team included Partners Daniel Marius Vlasceanu and Loredana Vlasceanu, Senior Associate Laura Lupu, and Junior Associate Valentin Andrei Musuroi.
E+H has advised ECOwind on its sale of the Baerofen wind park to Puespoek following an auction process. CMS advised the buyer.
ECOwind, a subsidiary of the German BayWa, is an Austrian general contractor for wind and solar projects.
Puespoek Erneuerbare Energie is an Austrian renewable energy company.
The E+H included Partners Clemens Lanschuetzer, Judith Feldner, and Georg Knafl and Associate Alexander Moser.
The CMS team included Managing Partner Guenther Hanslik, Attorney at Law Christoph Birner, and Associate Anna Hiegelsperger.
Pohla & Hallmagi has advised Fort Aero on obtaining court approval for its reorganization plan previously approved by creditors.
Fort Aerto is a Tallinn-headquartered jet management and maintenance services provider.
The Pohla & Hallmagi team included Partner Juri Ploom, Of Counsel Elena Lass, and Lawyer Madli Astok.
On December 30, 2024, a new European Union crypto-asset regulation, known as MiCAR (Markets in Crypto-Assets Regulation), came into effect. This regulation establishes unified rules for the crypto-asset market and imposes stricter requirements on crypto service providers. Additionally, on July 1, 2024, a new crypto-asset market law came into force in Estonia (krüptovaraturu seadus or KrüTS in Estonian).
Here are five key points that every professional in the crypto-asset and fintech sector should know about these new regulations.
1. New License for Providing Crypto-Asset Services
Providing crypto-asset services now requires a new license. In Estonia, licenses are issued by the Financial Supervisory Authority. Existing Virtual Asset Service Provider (VASP) licenses will become invalid. Companies holding these licenses must apply for a new license by July 1, 2026, if they wish to continue offering crypto services. This new license is also referred to as CASP license (Crypto-Asset Service Provider).
Under the new regulation, a license is required for more services. While previously a license was required mainly for crypto exchange, transfer, storage and organizing token offerings, a license is now required for more services. In summary, a CASP license is required for one or more of the following activities:
The scope of the regulation has also expanded to include more types of assets. While earlier laws focused on virtual currencies, MiCAR now governs crypto-assets more broadly (e.g., most NFTs and utility tokens).
Before applying for a license, companies must carefully analyze the services they intend to provide, as these must be specified in the application.
2. Documents Required for the New License
To apply for the new license, a CASP must prepare several documents for submission to the Financial Supervisory Authority (FSA), including:
3. New Crypto-Asset Categories and ICO Requirements
Under MiCAR, crypto-assets are divided into three categories:
Initial Coin Offerings (ICOs) are subject to stricter rules. Depending on the type of crypto issued and other circumstances, requirements may include:
4. New Cybersecurity Requirements Under DORA
Crypto service providers must comply with the cybersecurity requirements set out in the Digital Operational Resilience Act (DORA). This includes:
The goal of DORA is to ensure fintech companies, including crypto service providers, can handle cybersecurity threats.
5. Consequences of Non-Compliance
Violations of the rules carry serious consequences. Offering services without a license is a criminal offense, and financial penalties can reach up to €15 million. Additionally, regulatory breaches may result in reputational damage and suspension of operations.
By Rauno Kinkar, Partner, Head of IT, IP & GDPR, Attorney at law, Henri Ratnik, Co-Head of IT, IP and Data Protection, Senior Associate, and Dan-Erik Roosve, Associate, WIDEN
Stratulat Albulescu has advised Catalyst Romania Fund II on leading a EUR 5 million investment round for DotLumen, with the participation of the European Innovation Council Fund, Tigrim Capital, and SeedBlink. Magureanu, Bourdenet & Associates advised DotLumen. Wolf Theiss reportedly advised the European Innovation Council.
According to Stratulat Albulescu, DotLumen is a “research start-up developing pedestrian autonomous driving (PAD AI), first showcased in the Glasses for the Blind. Founded by Cornel Amariei, inspired by his family – all of them having disabilities, the glasses replicate the main features of the Guide Dog, and more, in a scalable product.” The financing round led by Catalyst Romania Fund II will be used to bring the Glasses for the Blind to market and advance the PAD AI technology.
Catalyst Romania is a private equity and venture capital investment company in Romania. Catalyst Romania Fund II is a VC fund managed by Catalyst II GP.
The Stratulat Albulescu team included Managing Partner Silviu Stratulat and Senior Associate Amanda Csaki.
The Magureanu, Bourdenet & Associates team included Partner Marius-Vlad Magureanu.
Editor’s Note: After this article was published, Wolf Theiss confirmed its participation on behalf of the EIC. The firm’s team included Partner Ileana Glodeanu, Counsel Cornelia Postelnicu, and Senior Associate Iulia Curca.
TGS Baltic, working with Vinge, has advised Bergs Timber on the sale of its Latvian sawmill business Vika Wood to Nextwood One, part of the Austrian HS Timber group. Schoenherr advised HS Timber on the deal. Cobalt reportedly advised HS Timber as well.
The transaction remains contingent on regulatory approval.
According to TGS Baltic, by selling Vika Wood, one of the largest and most efficient sawmills in the Baltic region, Bergs Timber is pursuing its strategy of focusing on the production and sale of processed wood products. Vika Wood annually produces approximately 300,000 cubic meters of coniferous-sawn timber.
The TGS Baltic team included Partner Andra Rubene and Senior Associates Anna Vaivade, Dita Busa, and Alina Lepere.
The Schoenherr team included Partners Maximilian Lang, Christian Herbst, and Volker Weiss, Attorney at Law Beatrix Schima, and Associates Markus Fasching and Alexandru Caprau.
Editor’s Note: After this article was published, Cobalt confirmed it advised HS Timber. The firm’s team included Partners Indrikis Liepa and Ugis Zeltins, Specialist Counsel Kristine Patmalniece, Senior Associates Elina Locmele, Agnese Gerharde, Ivo Maskalans, Inga Tenisa, Gabriela Santare, and Arturs Valdersteins, Associates Associates Krista Helmute, Vadims Zvicevics, and Armands Onzuls, and Junior Associate Gustavs Aleksandrs Klucis.
Sayenko Kharenko has advised Trimble on obtaining merger clearance for its joint venture with AGCO.
Trimble, founded in 1978, is a technology company specializing in positioning, modeling, connectivity, and data analytics that transform industries such as construction, geospatial, agriculture, and transportation.
AGCO designs, manufactures, and distributes agricultural machinery and precision agriculture technology.
The Sayenko Kharenko team included Partner Maksym Nazarenko, Counsel Julia Kuyda, and Associate Snizhanna Sheshliuk.
We’re excited to announce the shortlisted deals for the 2024 CEE Deals of the Year Awards, recognizing the largest and most important deals in Central and Eastern Europe!
The CEE Deals of the Year Awards have been granted since 2017 by CEE Legal Matters – the leading source of news and information about the lawyers and legal industry in Central and Eastern Europe – to celebrate the transactions, financings, IPOs, and other deals that underpin growth throughout the region, as well as the lawyers and law firms who make them happen.
The winners will be selected by a Final Selection Committee and announced at the annual CEE Deals of the Year Banquet scheduled for April 1, 2025, in Prague. More information about the awards and the banquet can be found here. We’re particularly excited that this year’s Gala Dinner will also host be attended by all the General Counsel attending the two-day 2025 CEELM Regional GC Summit – co-hosted by Slaughter and May and sponsored by Act Legal, Addleshaw Goddard, AMB Legal Group, Karanovic & Partners, Musat & Asociatii, Pontes, and PRK Partners.
The shortlists (available in full on the DOTY website here) are based on the Country Selection Committees’ votes on all the deals nominated across CEE The shortlist for each country is based on the votes of the Country Selection Committee jury members (a full list of those who gave us permission to announce them is below). The winners will be determined by a vote by the Regional Committee. A big thank you to all who took the time to evaluate all submissions and cast their vote:
Dentons has advised VUJE on a cooperation agreement with Newcleo.
VUJE is a Slovakian nuclear energy company.
Newclea is an Italian nuclear energy company.
According to Dentons, the deal establishes a framework for technical and commercial collaboration geared toward developing and implementing Newcleo’s lead-cooled fast reactor technology in Slovakia.
The Dentons team included Counsel Peter Panek and Associate Norbert Vizvari.
Dentons was unable to provide additional information on the matter.