In the past few years, Hungary has witnessed accelerated merger trends in the fields of TMT, healthcare, and energy, among others. We reached out to several competition lawyers and spoke about Hungarian merger control regulations and the role of the Hungarian Competition Authority (HCA).
Trends and Challenges for Hungarian Solar Projects
All over the world, we feel the effects of global warming and a sense of urgency to take action against it. It is, therefore, a relief that Hungarian solar projects are coming online in an ever-increasing number. In order to ensure that this trend continues, we ought to take account of the challenges of the sector, not just of its opportunities.
Keyword Advertising as Trademark Infringement
Keyword advertising is one of the most important and most common tools in online advertising. Google Ads is the biggest platform for keyword advertising, where companies pay to have their advertisement appear above or below the natural (non-paid) results of a Google search for a certain term. Choosing the right keywords is therefore crucial for businesses to reach as many potential customers as possible.
The New Land Registry Code in Hungary
The current Hungarian Land Registry Act will entirely be replaced by a new Land Registry Code with effect from February 1, 2023. Hereunder we briefly introduce certain rules that might have practical effects on the legal and administrative aspects of real estate development projects being implemented in Hungary.
Hungarian Corporate Migrations Within the EU
There is a long-standing and yet unresolved debate within the European Union on how to best provide the freedom of movement and establishment for legal entities under the Treaty on the Functioning of the European Union while, at the same time, protecting the interests of public policy or security at national levels, e.g., creditors or local regulators.
The Impact of Data Protection Compliance on M&A Transactions
In recent years, innovative Hungarian companies are increasingly attracting foreign professional and financial investors who seek their state-of-the-art products and services.
Green Energy in Hungary – New Developments on Renewable Energy Guarantees of Origin
The rules in Hungary for guarantees of origin (GO) changed at the beginning of this year to ensure the ascension of the Hungarian Energy and Public Utility Regulatory Authority (Hungarian Energy Authority) to the European Energy Certificate System, as a result of which Hungarian GOs will be accepted on international markets.
Unfair Commercial Practices in the Digital Space
Fair commercial practices and communication with consumers have always been a mandatory requirement for all businesses but now, with the updated regulations on unfair consumer practices, communication has an even higher importance – especially in light of rapid technological developments, the growing digital space, new digital solutions, and consumers becoming more and more vulnerable, both as a result of these developments and the already two-year-long pandemic.
Visa Travel to the EU Becomes Easier
At the end of April 2022, the Commission proposed the digitalization of the Schengen visa process, replacing the visa sticker, and introducing the ability to submit visa applications online through a visa platform. This way, applying for a Schengen visa will become easier and the visa itself will be more secure and less vulnerable to theft and fraud.
LKT Advises GLP on Lease Agreement with Alza.hu
Lakatos Koves and Partners has advised GLP on its long-term lease agreement with online retailer Alza.hu for a 22,000 square-meter warehouse within the Sziget Logistics Centre in Hungary.
VJT & Partners and GMT Advise on Blue Planet Climate Protection Fund Investment in Navitasoft
VJT & Partners has advised Navitasoft and its owner on the three-round HUF 1.2 billion capital investment by the Blue Planet Climate Protection Fund. Gardos Mosonyi Tomori reportedly advised the fund.
EU VAT Reform 2025: Amendments on VAT Rates and Place of Supply Rules
On 6 April 2022, Council Directive (EU) 2022/542 amending the EU VAT Directive was published in the Official Journal of the EU with substantial changes on place of supply rules and re-shaping the VAT rate system.
Andrea Magdolna Nagy Joins EY Law Hungary
Former Head of the Consumer Protection Group at Cerha Hempel Andrea Magdolna Nagy has joined EY Law Hungary and will lead the firm’s Consumer Protection practice.
LKT Advises Egeria on Isoplus Acquisition
Lakatos, Koves and Partners, working alongside Clifford Chance’s Munich office, has advised Egeria Capital Behar BV on the acquisition of 100% of the shares of Isoplus. DLA Piper reportedly advised the sellers on the deal.
Hungarian National Bank and European Investment Bank Agree to Boost Green Financing
The European Investment Bank (EIB) will support Hungarian green financing with long-term forint-denominated loans. The cooperation agreement, which was entered into this May and allows the EIB to provide more fixed-rate long-term loans in Hungarian forints to the local economy, aims to boost sustainable economic and social growth, the post-pandemic recovery and climate action in Hungary. It is the EIB's response to growing market demand for local currency lending in EU Member States that are not part of the euro area.
Demands of the Hungarian Trade Union Confederation
The Hungarian Trade Union Confederation (Magyar Szakszervezeti Szövetség, “MASZSZ”) put together in a ten-point manifesto its long-standing demands accumulated over the past few years. The president of the Confederation announced the manifesto on 27 April 2022. As soon as possible after the formation of the new Hungarian government, the Confederation sends its manifesto to all decision-makers and the leaders of the parliamentary parties.
Significant Growth in the Green Finance Market
In 2021, the green financial markets substantially increased according to the Green Finance Report of the Central Bank of Hungary (MNB). Credit institutions launched green lending, and four banks are taking advantage of the MNB's green capital requirement discount for housing. Among green financing products, the green bonds are very popular both at public and corporate level, and green lending has also been launched on the corporate side. In the investment segment, ESG products are already available, but only to a limited extent.
Attorneys’ Escrows Held by Sberbank May be Released
At the initiative of the Ministry of Justice, the Hungarian National Bank and the Hungarian Bar Association, the Government adopted a Government Decree in April 2022 regulating in detail the payment of lawyers' deposits at financial institutions in the event of liquidation and winding-up proceedings. The Government Decree provides that in the event of the winding-up and liquidation of a financial institution, the provisions of the Bankruptcy Act, the Company Registration Act, the Act on Credit Institutions and Financial Undertakings and the Investment Firm Act shall apply with the additions and derogations included in the Government Decree.