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"In its judgement of 16 July 2026 in Case C-51/25, Betaal Garant Nederland CV v De Nederlandsche Bank NV, the Court of Justice of the European Union ("CJEU") provided important guidance on the scope of regulated payment services under the Second Payment Services Directive ("PSD2"). The CJEU held that a service whereby an intermediary receives customer funds, holds those funds in its own bank account, and releases them to a contractor only upon the customer's authorisation does not constitute a regulated payment service and, in particular, does not qualify as the execution of a credit transfer within the meaning of Article 4 para 3 in conjunction with Annex I no 3 lit c PSD2. The judgement confirms an important principle"

"Kinstellar, together with Homburger as lead counsel, has advised Temenos AG (SIX: TEMN), a global leader in banking technology, on the acquisition of Additiv AG, a Switzerland-based fintech company providing a specialist platform for orchestrating financial services. Kinstellar acted as local counsel in Romania, Ukraine, and Bosnia and Herzegovina.  The Kinstellar team was coordinated from the Vienna office by Hartwig Kienast (Partner), with key support from Svetlana Ruzicic (Associate), and included: Rusandra Sandu (Partner), Luiza-Elena Bedros (Partner), Andrada Popescu (Managing Associate), Mihai Stan (Managing Associate), Senior Associated Carmen Mazilu, Catalina Balus and Roxana Gheorghe, Mihai Mera (Junior"

"Summer 2026 marks the beginning of an ambitious new phase in Serbia's financial regulatory reform. In the context of the country's EU accession process and the continued harmonisation of domestic legislation with that of the EU, under Negotiation Chapter 9 – Financial Services, the National Bank of Serbia ("NBS") has presented an extensive package of draft legislation affecting virtually every segment of the financial sector, including banking, insurance, consumer protection, financial conglomerates, pension funds, and financial services regulation generally. As part of this package of reforms, the NBS has prepared amendments to the Law on Payment Services ("Draft PS Law"). The amendments proposed in the Draft PS Law"

"We are pleased to announce the expansion of our service offering with the launch of dedicated tax advisory capabilities in Serbia, enabling us to provide clients with comprehensive, integrated support across tax and legal matters. Our tax practice in Serbia is led by Miloš Gledović, Of Counsel, who advises local and international clients on a wide range of tax matters, including tax structuring, transaction support and audits and disputes. Working closely with our legal professionals, he helps clients navigate complex regulatory environments and achieve their business objectives. Our integrated approach enables us to deliver practical, commercially focused solutions that align legal, tax, and business considerations."

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