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Financial law - Implementation of the “basic bank account” and simplifying the change of a payment account

As a result of the implementation of Directive 2014/92/EU of the European Parliament and of the Council on the comparability of fees related to payment accounts, changing payment account and access to payment accounts with basic features, several decrees have been issued by the Hungarian Government.

Peter Voros will move from Baker & McKenzie to Kinstellar, where he will join as an Equity Partner and the head of competition, litigation, and environmental law practices of the Budapest office.

Construction inspection fines have been amended significantly 

After three years, the regulations on the construction inspection fines had been conceptually amended again as of June and July 2016.

Hengeler Mueller was lead counsel to the Chicago-based Filtration Group on its acquisition of the industrial filtration business of the MAHLE Group with Wolf Theiss advising on Polish, Romanian, Hungarian, Austrian, and Czech law aspects of the transaction. Slaughter & May advised in the UK, Paul Hastings in United States, Fangda in China, Bredin Prat in France, and Mori Hamada in Japan.

CHSH Dezso & Partners has acted as advisor to Air Liquide, the French multinational company which supplies industrial gases and services to various industries including medical, chemical, and electronic manufacturers, on the sale of its Hungarian subsidiary to the Messer Group, its German competitor. Oppenheim advised the Messer Group on the deal.

A change in the way law firms compete in the Hungarian market was highlighted by Eszter Kamocsay-Berta, Managing Partner of KCG Partners, who explained that, while law firms have tended to compete on fees in an otherwise saturated market over the last few years, there is now a trend of “moving beyond price competition.”

Cerha Hempel Spiegelfeld Hlawati, working in association with Gowling WLG, has advised the Convergys consumer management company on its EUR 123 million acquisition of buw, Germany’s largest service provider in the customer care industry in private ownership. Taylor Wessing advised sellers Karsten Wulf and Jens Bormannon on the deal, which remains contingent on certain adjustments and regulatory approvals.

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