In August 2022 the Hungarian Competition Authority (GVH) closed its accelerated sector inquiry into the market for insulation materials, providing recommendations to manufacturers, the public, waste management operators and the legislator, aiming for a decrease in product prices.
Compensation of Non-material Damage for the Violation of Personal Data
The Regional (Labour) Court in Schleswig-Holstein (Germany) has recently passed a judgement ordering the personal data controller to pay EUR 2,000 in compensation of non-material damage for the violation of personal data, as a result of publishing a promotional video featuring the employee without its informed and written consent.
The Central Bank of Hungary Suspended the Placement of Shares of a Public Limited Company
On 22 July 2022, the Central Bank of Hungary (MNB) suspended the placement of shares of FuturAqua Nyrt. (Issuer) to be issued in the course of the share capital increase and imposed a supervisory fine of HUF 5 million (~ EUR 12,500).
FDI Screening in Montenegro
Montenegro does not have a foreign investment screening regime comparable to those emerging now in European Union in light of the EU FDI Screening Regulation. It operates a sector-specific authorisation system covering the defence sector.
Corporate Proceeding Changes from 1 August 2022
The main amendments to the decree of the Ministry of Justice on certain aspects of the company registration procedure and the register of companies entered into force on 1 August 2022, while certain provisions enter into force on 1 September 2022. The new rules became necessary to comply with Directive (EU) 2017/1132 of the European Parliament and of the Council.
Romania – Trade Registry and Companies Law Updates
On July 26, 2022, Law no. 265/2022 regarding the Trade Registry and for amending and supplementing certain legal enactments impacting the registration in the Trade Registry has been published in the Official Gazette of Romania (“Law 265/2022”).
Accountability or Not, the Ultimate Question for AI
Today, the futuristic enthusiasm which was created in minds with the term "artificial intelligence" is accompanied by some anxiety for uncertainty. The term "artificial intelligence", about which a wide variety of definitions have already been made, means systems or machines that imitate human intelligence to perform tasks and can gradually improve itself with the information it collects. Autonomous delivery robots that can bring our orders to our home, a chess robot that breaks its opponent's finger in an uncompromising way because of a faulty move, robot surgeons which successfully perform abdominal surgery without any help and many other AI algorithms that can write poetry, produce visual works, and write articles for newspapers…
US Terminates the Double Taxation Treaty with Hungary
On 8 July 2022, the U.S. Treasury Department announced the termination of the double taxation treaty with Hungary concluded in 1979. The termination is effective from 1 January 2024.
FDI Screening in North Macedonia
North Macedonia does not have a foreign investment screening regime comparable to those now emerging in the European Union in light of the EU FDI Screening Regulation, but operates a single-sector authorisation system specifically covering the defence sector. Additionally, there is mandatory registration of all direct investments made by non-residents.
Romania: Significant Changes to the Authorisation Framework of the Romanian Representative Offices of Foreign Companies
The legal framework regarding representative offices of foreign companies in Romania was recently amended with the publication in the Official Gazette of Romania, Part I, no. 779 of 4 August 2022, of Ordinance no. 18/2022 on the authorisation and operation in Romania of representative offices of foreign companies and business entities (“Ordinance”).
KATA Taxation Closed down in Hungary
On 12 July 2022, just one day after its proposal, the Hungarian Parliament accepted the new law that affects more than 430,000 KATA taxpayers in Hungary, most of whom will no longer be eligible for this tax regime starting from 1 September 2022.
Carta Serbica – A New Repatriation Initiative Introduced by the Serbian Government
The new repatriation program – Carta Serbica – has been recently introduced allowing people with Serbian roots to obtain temporary residence and possible citizenship in the land of their ancestors.
FDI Screening in Moldova
This article provides an up-to-date overview of the currently existing FDI regimes in Moldova.
FDI Screening in Poland
This article provides an up-to-date overview of the currently existing FDI regimes in Poland.
Ultimate Beneficial Owner Registration in Slovakia
The Slovak Republic has transposed regulations to prevent money laundering and terrorist financing. These regulations are mainly stated in the AML Act.
Hungary Opens Its Online Sports Betting Market from 2023 and Sets Licensing Conditions
Hungary has ended the state monopoly on the online sports betting market and this now makes way for the market entry of operators incorporated in the European Economic Area (EEA) ("EEA Operators").
New Decision from BRSA: Turkish Lira Credit Restrictions Have Been Softened
With the Banking Regulatory and Supervisory Authority’s [the “BRSA”] decision numbered 10250 and dated 24 June 2022 [the “Restriction Decision”], TRL borrowing by Companies [“Companies”], other than banks and financial institutions, which are subject to independent audit has become subject to a foreign currency asset [“FX-Asset”] restriction was introduced.
Romania – New Legislation on Representative Offices
On August 4, 2022, Ordinance no. 18/2022 on the authorization and functioning of representative offices of foreign companies and economic organizations in Romania (“GO 18/2022”) adopted by the Romanian Government has been published in the Official Gazette.