Amendment to regulatory framework (Solvency II) approved
The Directive establishes two types of requirements; the solvency capital requirement (SCR) will be calculated on the basis of a risk profile according to a set formula or internal model approved by the supervisory authority. It takes into account all types of risks, including operational. It must be constantly monitored and recalculated as soon as the risk profile changes significantly. For the minimum capital requirement (MCR) the Directive provides for various types of insurance and reinsurance the absolute lower limit below which sources should not fall in any circumstances.
The Directive aims to improve the supervision of the insurance sector. So-called supervisory authorities colleges will be established for the supervision of groups to ensure better coordination of procedures between the supervisory authority of the parent company and the supervisory authorities of its subsidiaries. Member States should implement this Directive by 31 October 2012.
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KŠB Assisted with the Refinancing of the BigBoard Group, a leading player in the premium outdoor advertising market
Our team provided legal advice to BigBoard Praha, a leading player in the premium outdoor advertising market in the Czech Republic, in connection with its refinancing. Founded in 1993, the BigBoard Group is the largest provider of premium outdoor advertising in the Czech Republic, with an approximately 70% market share and annual turnover of around CZK 2 billion. Its advertising media cover key locations across the country, including the Prague metro and major transport hubs.
KŠB Assisted Sandberg Capital with a Majority Investment in HotelTime Solutions
The KŠB team provided legal advice to the investment group Sandberg Capital on the completion of a majority investment in HotelTime Solutions, one of the leading providers of cloud-based software for hotel operations management.
KŠB assisted Seyfor with the extension of its financing provided by Raiffeisenbank, Tatra banka and, newly, Slovenská sporiteľňa.
The KŠB team provided legal advice to its long-standing client Seyfor in connection with the continuation and expansion of its syndicated financing. The existing lending banks, Raiffeisenbank Czech Republic and Tatra banka, decided to continue supporting Seyfor’s growth, with Slovenská sporiteľňa joining the financing as a new lender.
