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An Employee Stock Ownership Plan (ESOP) can be established for boosting the company’s economic performance by providing the company's workforce with business interest in the company. As a result of the newly adopted Hungarian legislation on ESOP, financial institutions and insurance companies are no longer excluded from the possibility of creating an ESOP, which, nevertheless, remains an available tool for other companies as well.  

Women’s Day is behind us, but the subjects of gender equality and equal opportunity are of year-round concern. This, the first part of a special two-part CEE Legal Matters article on women in private practice in CEE, provides the numbers and percentages from leading law firms across CEE, as well as a more thorough snapshot of one representative market. Part II of the report, in the June issue, will pull back the curtain even more, providing feedback and perspectives from lawyers across the region.

Employing overqualified employees has long been a source of debate among human resources (HR) professionals. Several practical HR aspects must be addressed when employing such workers, which often give rise to legal issues. This update highlights these issues in the context of Hungarian law.

Hungary has recently provoked criticism and elicited recommendations on account of its unfriendly environment towards investors, with a report issued by the EBRD having significant impact.

On 11 January 2016, the Hungarian Competition Authority (Authority) announced the highest fine it has ever imposed on an association on account of horizontal information exchange. The fine of ca. EUR 12.7 million (HUF 4 billion) was imposed on the Hungarian Banking Association (Association) for the Association's database, which included not only strategically relevant, but also confidential data.

The use of temporary staff agencies and agency workers has increased steadily in Hungary over the past two decades. The legal relationship in this context is usually referred to as 'workforce lending', as it is understood that the agency's assignment of workers to the undertaking that uses them constitutes lending.

Dentons has advised South African integrated discount retailer Steinhoff International Holdings in its acquisition of a 50.8% majority stake in Hungarian e-commerce company Extreme Digital — with Wolf Theiss advising Extreme Digital. Neither Dentons nor Wolf Theiss was able to provide additional details on the transaction.

The Cathay Associates network of law offices, which was launched by the Chinese boutique Kejie Law Office in September 20015, reports 9 CEE members. The network was initiated to offer global coverage, with a special focus on China and cross-border matters.

White & Case has advised Super Group Limited (Super Group) on its acquisition of the IN tIME group from funds advised by Equistone Partners Europe, in a deal that values the company at EUR 153.5 million. Equistone was advised by P+P Pollath + Partners. The transaction should complete in the autumn after approval by the central bank of South Africa.

White & Case and Dentons have confirmed to CEE Legal Matters that the Reczicza White & Case office in Budapest has agreed to join Dentons, and that after the May 3, 2015 move, White & Case itself will no longer have an office in the Hungarian capital.

In December 2014 CEE Equity Partners Limited acquired  a majority stake in BKF University of Applied Sciences, a private higher education business in Hungary.

White & Case advised them in the transaction. The White & Case team in Budapest that advised CEEEP was led by Partner Edward Keller and included Partner Rob Irving and Associates Zita Albert, Balazs Varszeghi, and Akos Mates-Lanyi.

We reached out to Judith Gliniecki, the General Counsel at CEE Equity Partners, with several questions about the deal.

Hungary Knowledge Partner

Established in 1957, Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 300 lawyers in 13 offices located in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

All News about, and Legal Analysis by, Wolf Theiss can be found here.

Firm's website: http://www.wolftheiss.com/

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