Despite 2024 being a relatively slow year in terms of real estate transactions, Act Legal Partners Adam Kaplonyi and Gergely Ban see ample signs to be optimistic about the sector's outlook in Hungary.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

Adam Kaplonyi has joined Act Legal as a Partner in Budapest.

Tuca Zbarcea & Asociatii has advised Romanian entrepreneurs Gianina and Iulian Nica – owners of the retail chain operating under the “La Cocos” brand – on a strategic investment from EBRD, Morphosis Capital Fund II, and CEECAT Capital. Act Legal Romania, working with Mihaela Mindru Law Office, Bryan Cave Leighton Paisner, and Van Campen Liem, advised the investors.

Nowadays, climate and environmental issues are increasingly important to many consumers. Being “eco” has become fashionable nowadays. Environmental issues are now recognized as an important market factor that allows a given company to improve its market position.

The new legislation regarding agreements to complete a job has not even come into effect yet, and the Chamber of Deputies has already introduced further updates.

Over the past year, Act Legal Hungary’s labor practice has been fueled by recent whistleblowing legislation, according to Partner Peter Weidinger, with ESG likely bringing forth additional work in the future.

For several years, ESG (Environmental, Social, Governance) standards have increased globally, the EU being a pioneer in the field through the adoption of a significant number of directives and regulations subsequently implemented at Member States’ national level in relation to these three most dynamic letters in today’s business world.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

While the business landscape is well-acquainted with the established Merger Control regime (MC), characterized by extensive practice and ongoing efforts by the Competition Council to streamline processes, attention must also be directed towards two additional control regimes that have been implemented: the investment control regime and the subsidy control regime.

Allen & Overy has advised Grupa Archicom on its joint venture with Rank Progress to develop a new residential project in Wroclaw.

Today, more and more companies are trying to convince consumers with the pretence of a sustainable future and environmental awareness. However, in many cases, there is no real responsibility behind such marketing activities, which are simply intended as an effective advertising ploy to make green claims.

Due to the holiday season and the legislative dumping at the end of the year, the important new milestone in the ESG field did not receive much publicity, even though Act CVIII of 2023, the ESG Act, which is the first comprehensive Hungarian regulation in the field, entered into force as of January 1, 2024. The field, which until now has mostly been covered by EU sources of law and in one Hungarian law, has finally ceased to be a stepchild and has been given the first comprehensive and unified law, which the legislator himself named the ESG Act.

As background, in December 2022, the EU Council adopted the policy programme ‘Path to the Digital Decade’, aiming to facilitate a seamless transition to digital transformation by 2030, aligning with EU values. This program sets specific digital targets for EU countries to achieve by 2030, including the development of national trajectories and strategic roadmaps to enhance digital infrastructure's security, accessibility, and sustainability. Notably, a key focus area of the EU digital strategy is digital services.

Act Legal has advised Doosan Skoda Power on executing an EPC agreement with Orlen. SSW Pragmatic Solutions advised Orlen. The total value of the project exceeds EUR 125 million.

In a significant development, a provisional agreement between the Council presidency and the European Parliament has set the stage for a proposed EU law targeting businesses involved in waste generation, operation, or disposal. The agreement, which took place late last year, reflects a commitment to stricter penalties for environmental crimes, doubling the number of offences from the soon-to-be-replaced Directive 2008/99/EC.

Former Counsels Andrei Croitoru and Iustina Oblu have been appointed as Partners with Act Botezatu Estrade Partners.

Kondracki Celej has advised the shareholders and management of Skriware on the full sale of the company to Shape Robotics. Act Legal BSWW reportedly advised on the sale as well.