On June 30, 2023, Schoenherr announced that OMV’s sale of OMV Slovenija to MOL (as reported by CEE Legal Matters on June 17, 2021) had closed.

Hungary’s agricultural sector has a rich historical tradition but faces challenges due to insufficient financing. The European Union’s Common Agricultural Policy (CAP) provides funding for farm restructuring and market support, while Hungarian farmers can seek financing from banks and cooperatives. The Hungarian government has also established various programs to provide financing for agriculture, including subsidies for machinery and technology investments and funding for training. 

The CEELM Top 10 series looks back over the past ten years and celebrates the milestones we have achieved together. First up: most-read Briefings, with each article featuring a short description reflecting the authors’ opinion at the time.

The passing of time makes claims unenforceable in front of courts. While in some countries, a simple notice letter interrupts the limitation period, in Hungary creditors who want to avoid the limitation of their claim must initiate a lawsuit. Is it always enough to start litigation to interrupt the limitation of claims in Hungary? The Hungarian Supreme Court addressed this question in a recent case.

Global law firm Baker McKenzie organized a competition and regulatory conference for pharma in Central and Eastern Europe (CEE) in Warsaw. During the conference, Baker McKenzie experts highlighted the hot topics of recent developments in EU Competition Law and Pharmaceutical Regulation that have direct effect on companies in the pharma and life sciences sector, discussing practical and pragmatic solutions with special regard to regional aspects in CEE in two round tables. The second one looked at regulatory hot topics and market access challenges in CEE and war-related changes in Ukraine.

After a long period of preparations the Whistleblower Protection Act has been finally passed.

Below is a round-up of selected updates on developments in Europe of ESG regulations and policies. Please note that this list is not comprehensive and may not include all such developments that may be relevant to your business.

In June 2023, Kinstellar announced that the first step of OTP Bank's acquisition of Ipoteka Bank in Uzbekistan – the acquisition of a 73.71% stake from the state – (reported by CEE Legal Matters on December 22, 2022) had closed. 

Kinstellar has advised the Budapest Stock Exchange Plc on listing its shares in the BSE regulated market Standard category. The company went public on June 21, 2023, on the 33rd anniversary of its re-establishment.

According to the legislation in force in Hungary, when entering into a sale or lease contract of a real property, the buyer or tenant must declare in the contract that he/she has received a document called energy performance certificate (“EPC”) which certifies the energy performance rating of the property and EPC’s unique identification number shall be included in the contract.

Global law firm Baker McKenzie organized a competition and regulatory conference for pharma in Central and Eastern Europe (CEE) in Warsaw. During the conference, Baker McKenzie experts highlighted the hot topics of recent developments in EU Competition Law and Pharmaceutical Regulation that have direct effect on companies in the pharma and life sciences sector, discussing practical and pragmatic solutions with special regard to regional aspects in CEE in two round tables. The first one looked at recent competition law developments.

Although probation may be one of the most well-known legal institutes of the Labour Code and is a standard element of the employment agreements, the latest amendment of the Labour Code will make the parties pay more attention to their related statements.

From 1 July 2023, the interest income of natural persons will also be subject to a 13% social contribution tax. This means that - inter alia - interest on deposit accounts, together with personal income tax, will be subject to a total of 28% tax rate.

Hogan Lovells and its Hungarian affiliate Partos & Noblet have advised Nissan on the sale of its Polish business – Nissan Sales Central & Eastern Europe Korlatolt Felelossegu Tarsasag – to Astara Mobility subsidiary Astara NIP Poland. Domanski Zakrzewski Palinka, working with Cuatrecasas, advised Astara.

A recently published government bill plans to modify the Hungarian personal income tax law by abolishing significant tax advantages associated with Hungarian trusts in a short period of time.

Sustainability is crucial for ensuring the long-term wellbeing of the planet and future generations. It encompasses responsible practices that preserve natural resources, mitigate climate change, and promote social and economic balance, ultimately creating a harmonious and sustainable world for all.

Lawyers are keeping busy with new legislation, dispute resolution, and technology work in Hungary, while transactional work and FDIs show a marked slowdown, according to DLA Piper Hungary Country Managing Partner Andras Posztl.

On June 7, 2023, the Arbitration Association of Central and Eastern Europe – ArbCEE – was officially launched in Bratislava.