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Year 4, Issue 2 CEE February 2017 Legal Matters In-Depth Analysis of the News and Newsmakers That Shape Europe’s Emerging Legal Markets Across the Wire: Deals and Cases in CEE Market Spotlight: Hungary Inside Insight On the Move: New Firms and Practices The Buzz in CEE Experts Review: Data Protection The Bounce-Back: Confidence Returns to CEE’s M&A Markets Marketing Law Firm Marketing: Your Favorite Thing The London Bridge: CEE Firms Put Feet on the Ground in the UK Face- to-Face: Gabor Orosz from Wolf Theiss and Janos Toth of National Instruments Corporation BEYOND ADVICE BEYOND BORDERS Understanding our clients’ business needs and the people we work with makes a real difference. We do business where you do business We have offices in 31 major markets around the world. This widespread presence allows us to operate at both a local and a global level, depending on the business issue you face. Our relationships with our clients are based on a deep knowledge of their business and the sectors in which they operate. www.dlapiper.com Copyright © 2017 DLA Piper. All rights reserved. | FEB17 | 3203963 PRELIMINARY MATTERS FEBRUARY 2017 CEE EDITORIAL: OUR TAKE ON Legal Matters MOORE’s LAW In-Depth Analysis of the News and Newsmakers That Shape Europe's Emerging Legal Markets Before any of our tures such as the “Face-to-Face Interviews,” the readers ask: in- “Corner Office” segments, the “CEE Building deed, Moore’s Law Block” series, and so on. As 2016 came to a is not really a law. close, we became convinced that, in terms of Rather, it reflects size and scope, the magazine was at a maximum, the prediction by and additional forms of content were no longer Intel Co-Founder necessary. We found ourselves faced with the Gordon Moore in same question asked by that MIT Technology 1965 that, based Review article about the conclusion of Moore’s on his observation Law: What next? at the time that the At a long-ranging conversation for several hours number of transistors per square inch on inte- in a Czech pool hall, we concluded that the time grated circuits had doubled every year since the was right to push the button on a dream we have integrated circuit was invented, that trend would had since the beginning, and, with this, the first continue into the future. Many since have de- issue of Volume 4, the CEE Legal Matters mag- scribed his prediction as the rhythm of the beat- azine now moves to a monthly rather than a bi- ing heart of technological developments. The Editors: monthly publication schedule. While Moore himself predicted that this annu- In a world that sees print publications in strate- David Stuckey al doubling would continue until 2020, by 2015, gic retreat mode across the board, we’re excited [email protected] articles began appearing claiming that shrinking by the positive feedback we’ve received from transistors at the pace described by Moore will Radu Cotarcea our readers and friends (frequently overlapping [email protected] no longer be viable. A year later, that seemed groups) about the news. And we’re excited to to be the consensus, with one MIT Technology have more room to improve our ability to per- Letters to the Editors: Review headline reading “Moore’s Law Is Dead. form our mission: providing “In-depth analysis Now What?” If you like what you read in these of the news and newsmakers that shape Eu- pages (or even if you don’t) we The article came to my mind recently, not simply rope’s emerging legal markets.” because it assumed Moore’s Law was no longer really do want to hear from you. But the most exciting part is that we are not applicable, but because it raised a natural ques- Please send any comments, crit- alone in this mission. Our recent Special Year tion: with that doubling process no longer pos- icisms, questions, or ideas to us End Issue featured a cover with photographs of at: sible, what new ways could be found to improve the over 300 leading lawyers in CEE that con- computing speed and potential? [email protected] tributed their expertise to various articles in the The year 2016 was a turning point for us at CEE CEE Legal Matters magazine throughout 2016. Disclaimer: Legal Matters as well. With lessons learned, net- It is because of the network of our readers and works developed, and a team backing us up, we contributors that we’ve been growing. We look At CEE Legal Matters, we hate boil- erplate disclaimers in small print as had grown our publication’s coverage at a whop- forward to expanding that growth even more. much as you do. But we also recognize ping pace. The deal list we ran in the first issue Always. the importance of the “better safe than of this magazine, back in February 2014, includ- sorry” principle. So, while we strive for So, without further ado, here it is, the first month- ed a whooping 39 deals that we had covered on accuracy and hope to develop our read- ly issue of our magazine, along with a promise ers’ trust, we nonetheless have to be ab- the CEE Legal Matters website in the previous that for this legal publication, law-breaking will solutely clear about one thing: Nothing two months. Two years later, our December in the CEE Legal Matters magazine or continue to be our norm as we refuse to let the website is meant or should be under- 2016 issue featured 213. In 2015 we switched end of Moore’s Law rule our growth. stood as legal advice of any kind. Read- from one market focus per issue, to two, and ers should proceed at their own risk, and Radu Cotarcea any questions about legal assertions, began introducing new and now regular fea- conclusions, or representations made in these pages should be directed to the person or persons who made them. Editor’s Note: In October 2016, CEE Legal Matters was informed by BDK Advokati that firm Senior Partner Vladimir We believe CEE Legal Matters can Dasic, Senior Associate Marija Doci, and Associate Jelena Zelenbaba had advised the Eldorado Gold Corporation, a global serve as a useful conduit for legal ex- gold mining company listed on the NYSE, on its acquisition of a 100% shareholding in South Danube Metals, a company perts, and we will continue to look for ways to exapnd that service. But now, owning an exploration license in the Karavansalija Mineralized Complex in southeastern Serbia. later, and for all time: We do not our- selves claim to know or understand the To our embarrassment, in February of this year BDK alerted us to the fact that we had failed to report the news, and as a law as it is cited in these pages, nor do result, information about the deal did not appear on the CEE Legal Matters website, nor in the Table of Deals that appeared we accept any responsibility for facts as they may be asserted. in the December 2016 issue of the magazine, nor in the year-in-review Table of Deals that appeared in our January 2017 special issue. CEE Legal Matters apologizes for the oversight. CEE Legal Matters 3 FEBRUARY 2017 PRELIMINARY MATTERS GUEST EDITORIAL: CEE – WHERE EVER-INCREASING SOPHISTICATION MEETS RESILIENCE By Kerem Turunc, Partner, Turunc I have been doing deals in the CEE region in one capacity or an- waiting in many cases – other for over a decade now. My initial introduction to the region for the dust to settle on was during my time in New York and London with Cleary Got- various worldwide elec- tlieb where I frequently instructed local law firms in the region on tion and referendum cross-border transactions. Perhaps because I grew up in Turkey results. Some of the until I started college, I found working in the CEE and with CEE deals put on hold earlier lawyers quite enjoyable and felt that we often “spoke the same lan- began to close towards guage” (despite the sometimes-inevitable tension between inter- the end of 2016, which national counsel and local counsel on transactions due to cultural gave a boost to the differences, multiple time zones, and what have you). Now that I year’s transaction value practice in Turkey, my involvement in the region has unsurprising- numbers. This makes ly increased and I find myself working as co-counsel with other me optimistic about firms in the CEE or referring work to one another almost on a 2017 and I expect that daily basis. And I still very much enjoy working in the region. many deals put on hold during the tumult of 2016 will close this year. I should note here that interestingly (and happily), Turkey, One thing has changed over time, though, and that is the level of despite internal political instability and regional conflicts causing deal sophistication among CEE law firms. The region has always its activities to drop to their lowest level since 2010, still remains had some top-class lawyers, on whom any multinational client a powerful M&A market with its position – both by number of could rely. Today, however, I observe a much deeper and sophis- deals and value of deals – being the fourth most active country in ticated legal market than I did a decade ago. In particular, I see the region. I expect Turkey to maintain its position, partly due to many younger lawyers with flawless English, as well as excellent the expected sale of the approximately 600 companies worth an drafting and negotiation skills, advising their clients with a level estimated total of EUR 9 billion, which have recently been seized of sophistication matching international law firm standards.

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