Russia’s invasion of Ukraine represents one of the worst security crises in Europe. It is also expected to have far-reaching implications for the global economy, particularly given Russia’s role as the world’s second-largest producer of natural gas. Sanctions will mean higher energy prices in Europe.
Digital Market in the Crosshairs
The Hungarian Competition Authority ordered online shop Alza to compensate consumers for a total amount 11 times as much as the fine to be paid to the HCA.
What to Expect from the Hungarian Competition Authority in 2022?
The Hungarian Competition Authority ("HCA") has published a summary report of its 2021 activities. The HCA opened 51 competition proceedings against 124 undertakings, almost 25% more than in the previous year, and 42 cases were closed in 2021.
New Sanctions Regime against Russia
In view of the gravity of the current situation in Ukraine, the EU has introduced further restrictive measures related to Russia's finance, defence, energy, aviation, and space sectors. This Legal Insight will give you a brief overview of the sanctions regime as of 27 February 2022.
Daniel Gera Makes Local Partner at Schoenherr
Former Counsel Daniel Gera has been promoted to Local Partner with Schoenherr’s office in Hungary as of February 1, 2022.
Revised UTPs Act in Croatia Becomes Fully Applicable in March. Have You Aligned Your Agreements with Suppliers?
Back in September 2021, the revised Act on the prohibition of unfair trading practices in the business-to-business food supply chain (the "UTPs Act") entered into force. As in all other EU Member States, the Croatian UTPs Act was revised to bring Croatia's legal framework in the area of unfair trading practices in business-to-business relations in the agricultural and food supply chain into compliance with the UTPs Directive.
Romania: On-Call Work, Working Time or Rest Time?
Often associated with public sector emergency services, on-call work is being increasingly used by private sector employers to meet their business needs and ensure that unexpected problems or requests are immediately resolved.
Moldova: GDPR - Almost There
On 11 November 2021, the Moldovan Parliament passed a series of legal amendments ("Law 175/2021"), including to the existing Law on Personal Data Protection. Law 175/2021 entered into force on 10 January 2022 and partially transposes the European Union's General Data Protection Regulation ("GDPR").
Recent Legal Developments in Connection with Crowdfunding
The crowdfunding regulation of the European Union (Regulation (EU) 2020/1503 on European crowdfunding service providers for business, "ECSPR") entered into force on 10 November 2021, which was a long-awaited legal development both within the European Union and on the Hungarian market. Even the Hungarian National Bank suggested in its Fintech Strategy that a regulatory framework for crowdfunding would be essential to assist financing of SMEs and therefore, enhancing competitiveness on the Hungarian market. Prior to the ECSPR, there was no uniform crowdfunding regulation within the European Union and Hungary did not have a regulatory framework for crowdfunding; thus, the Hungarian National Bank had to assess such activity pursuant to the already existing rules. The ECSPR established a directly applicable and uniform regulatory framework aiming to facilitate cross-border provision of services. We summarize below the latest legal developments in connection with the ECSPR.
Measures to Boost Hungarian Green Lending
The MNB has launched its Green Program early 2019 to mitigate the risks associated with climate change and other environmental problems, to expand green financial services in Hungary, to widen the related knowledge base in Hungary and abroad, and to reduce financial market participants’ and its own ecological footprint. The Green Program relating to green financial services consists of several initiatives from analyzing the current situation of green financing to incentivizing the financial market participants to operate greener and engaging in green financial services (mainly loans and bonds).
Hungarian National Bank Issues Green Bond Guideline
The Hungarian National Bank ("MNB") issued a guideline this January to assist market participants in the issuances of green bonds. This guideline is one of the measures that the MNB introduced under its Green Programme, which it launched in early 2019 to mitigate the risks associated with climate change and other environmental problems, to expand green financial services in Hungary, to widen the related knowledge base in Hungary and abroad, and to reduce financial market participants' and its own ecological footprint. The Green Programme relating to green financial services consists of several initiatives, whose range continues to expand both in the banking sector and in capital markets with the sole aim of promoting green finance.
Crypto-Assets to Be Covered by Financial Regulation in the EU
The initiative of the European Commission aims to support innovation and fair competition by creating a framework for the issuance and provision of services related to crypto-assets. The Commission believes that where crypto-assets are not covered by the financial regulation of the European Union, the absence of applicable rules to services related to such assets leaves consumers and investors exposed to substantial risks. It aims to ensure a high level of consumer and investor protection as well as market integrity in the crypto-asset markets, and to address financial stability and monetary policy risks that could arise from the wide use of crypto-assets in financial markets.
Romania: Happy New Year, Happy New Tax Rules!
Romanian taxpayers had an exciting start to the year with the Government introducing changes to the country's main tax laws – the Fiscal Code and the Tax Procedural Code. These amendments, which follow others announced at the end of last year, were introduced in accelerated fashion, having been debated for only a few days prior to adoption.
Moldova: Digitalisation Has Made It Easier to Establish, Operate and Sell Companies
Through its 11 November 2021 law ("Law 175/2021"), the Moldovan Parliament passed certain amendments to existing legislation with the goal of digitalising the national economy. As a result, the norms implemented have made it simpler to establish, operate and sell companies in Moldova.
Implementation of Preventive Restructuring – A Revolution in Czech Insolvency Law
A long-awaited bill on preventive restructuring (Bill), implementing the directive on preventive restructuring frameworks, will introduce a brand-new legal tool preventing the insolvency of viable enterprises in temporary financial difficulties.
Marketing Law Firm Marketing: Planning the Marketing Budget
At the end of each year, business development and marketing specialists across the globe are busy identifying strategies and components to plan an annual marketing budget. Accordingly, this time around, given the season, we asked Law Firm Marketing experts across the CEE region a question: Which metrics do you look at when planning your marketing budget?
Building Real Estate: An Interview with Katarzyna Sulimierska of Schoenherr
On October 18, 2021, CEE Legal Matters reported that Katarzyna Sulimierska had joined Schoenherr as Head of Real Estate in Warsaw. We spoke with Sulimierska to learn more about her and her practice.
Hungary: Mandatory Vaccination as a Term and Condition of Employment
Government Decree 598/2021 (the Decree) has allowed employers to order their employees to be vaccinated against covid-19 since 15 November 2021. Since it came into force, the Decree has been the subject of much discussion and interpretation by legal practitioners and commentators.