There are substantial recent developments in dispute resolution and litigation in Hungary, with some uncertainty about the application of the CJEU’s jurisprudence to domestic litigation, as well as new arbitration rules coming into force, according to Provaris Managing Partner Istvan Varga.
Hot Practice in Hungary: Agnes Bejo on Jalsovszky’s M&A and Private Equity Practice
The dynamic M&A and Private Equity practice has been the standard bearer for Jalsovszky in the past few months, mainly driven by the post-pandemic release of investment funds and booming production and healthcare sectors in Hungary, according to Practice Leader Agnes Bejo.
Penteris, HKV, and Oppenheim Advise on Immofinanz's EUR 324.2 Million Acquisition of Retail Portfolio from CPI
Penteris, HKV, and Oppenheim have advised Immofinanz on the acquisition of a retail property portfolio from the CPI Property Group for EUR 324.2 million. Reportedly, BPV Braun Partners advised Immofinanz as well.
Hot Practice in Hungary: Adam Liber on Provaris’ Digital and Technology Practice
The very vibrant levels of work in Provaris’ Digital and Technology practice are being driven by the latest ECJ decisions, legislative changes, and a rising tide of privacy awareness, according to Partner Adam Liber, Co-Head of the firm's Digital and Technology practice.
Csongor Tompa Joins Bird & Bird as Head of Banking & Finance and Capital Markets
Former CMS Senior Counsel Csongor Tompa has joined Bird & Bird’s Budapest office as Head of the Banking & Finance and Capital Markets practices.
BSRP Advises Focus Ventures and Hiventures on Investment in Continest Technologies
Ban, S. Szabo, Rausch & Partners has advised Focus Ventures and Hiventures on their investment in Continest Technologies.
Doubling the Days for Paternity Leave Expected Soon
Based on Directive 2019/1158 of the European Parliament and of the Council of 20 July 2019 on work-life balance for parents and carers and repealing Council Directive 2010/18/EU (“Work-Life Balance Directive”), as of 2 August 2022 all Member States shall apply rules to improve work-life balance for parents and carers. In particular, Member States must ensure for working fathers at least 10 working days of paternity leave around the time of birth of the child and the paternity leave should be compensated at least at the level of sick pay.
Central Bank of Hungary Updated its Green Recommendation
On 5 August 2022, the Central Bank of Hungary (MNB) announced an update to its supervisory recommendation for credit institutions and Hungarian branches of credit institutions on climate-related and environmental risks. The recipients have to identify, manage, monitor and disclose climate and environmental risks.
DLA Piper and Baker McKenzie Advise on Wirtualna Polska’s Acquisition of Szallas Group
DLA Piper has advised Wirtualna Polska on its acquisition of the Szallas Group from Portfolion Capital Partners and private individuals. Baker McKenzie advised Portfolion.
New Special Rules for the Domestic Employment of Third-country Nationals
On 18 August 2022, a government decree on special rules for the employment of third-country nationals in Hungary during the emergency was published. According to the new rules, the list of cases in which the government office is not involved in the consolidated application procedure as a special authority, has been extended. This means that starting from 19 August 2022, government offices do not participate in the consolidated application procedure if the third-country national is employed by the general contractor or its subcontractor as defined under Act VII of 2015 on the investment related to the maintenance of the capacity of the Paks Nuclear Power Plant and on the amendment of certain related acts, including employment through a temporary agency, too.
Hungary Extends the Scope of Transaction Tax
As of 1 July 2022, Hungary's already existing financial transaction tax has been extended to payment service provision, credit and loan provision, currency exchange and mediated currency exchange services provided on a cross-border basis in Hungary. Provision of cross-border services means financial services provided in a country other than the country where the seat, place of business, head office, or branch of the service provider is located. Basically, this means that non-Hungarian service providers providing such services to Hungarian customers will most probably be affected by this extension.
Restructuring Laws and Regulations in Hungary
Contributed by Nagy es Trocsanyi.
Baker McKenzie Appoints Akos Fehervary as Budapest Office Managing Partner
Partner Akos Fehervary has been elected as the new Managing Partner of the Baker McKenzie Budapest office, as of July 1. Fehervary takes over the position from Partner Zoltan Hegymegi-Barakonyi, who led the operation for the past nine years.
Additional Cases Require the Opinion of Design Council, Postponed Energy Requirements
On 16 August 2022, a government decree was published amending certain construction, heritage protection, property management and government administration rules.
Eros Law Firm Opens Doors in Budapest
Former Wolf Theiss Partner Akos Eros has established a new firm in Budapest: Eros Law Firm.
Hungarian Motorways to be Operated by Private Companies
As a result of the concession procedure previously launched by the Hungarian Government, the Hungarian State handed over the operation and maintenance of 1,237 kilometers of motorway to five different private companies from 1 September 2022 for 35 years.
FDI Screening in Hungary
This article provides an up-to-date overview of the currently existing FDI regimes in Hungary.
Hot Practice in Hungary: Janos Rausch on Ban, S. Szabo, Rausch & Partners’ M&A Practice
Ban, S. Szabo, Rausch & Partners’ busiest practice has been M&A, primarily driven by the consolidation trend in the Hungarian market, availability of investment money, alongside major companies seeking product diversification, according to Managing Partner Janos Rausch.