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The longstanding partnership between Hungary and Serbia has taken another step forward with the recent amendment to the double taxation convention. These agreements are crucial for eliminating double taxation on income and assets for both individuals and companies, fostering a more favorable business climate.

On November 7, 2024, M&A experts from Austria, Bosnia & Herzegovina, Croatia, Greece, Hungary, Moldova, Romania, and Ukraine participated in a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the FDI screening regimes in their country and key developments in the area on the horizon.

On 10 October 2024, the Ministry of National Economy published a draft Government Decree on the National Trade and Consumer Protection Authority and another one on the amendments to the Government Decrees related to the establishment of the National Trade and Consumer Protection Authority.

The Hungarian Parliament voted to extend the state of emergency with an additional 180 days. The Hungarian Government declared a state of emergency by a government decree that entered into force on 25 May 2022.

The Ministry of Energy, taking into account regulatory experience as well as public feedback, has adjusted the emission limits for several particularly toxic air pollutants in factories, raising them to stricter levels in line with German standards, which are more stringent than the EU regulations.

Baker McKenzie and its Turkish affiliate Esin Attorney Partnership advised DFDS on its acquisition of Ekol Transport and the international transport network connecting Turkiye and Europe from Ekol Logistics and individual sellers led by founder Ahmet Musul. Caliskan Okkan Toker reportedly advised the sellers.

In a bid to enhance legal competitiveness, a new legislative proposal aims to streamline regulations in environmental protection, waste management, consumer rights and workplace safety, boosting the competitiveness of domestic businesses. The proposal is currently under public consultation, but it already highlights several key changes that may be of interest to various sectors.

From 1 August 2024, the maximum fine that can be imposed by the Hungarian Competition Authority equals 15% of the undertaking’s net turnover. According to the Authority’s statement, its primary objective is not to impose fines, however, the increase in the potential financial penalty is a strong deterrent. In any case, it can be observed that the Authority is becoming more and more stringent concerning fines: while in 2023 it imposed fines totalling HUF 2.2 billion, the total amount of fines imposed this year exceeded HUF 2 billion by August.

A new draft regulation was put to public consultation until 27 September 2024 that could bring significant changes to the operation of district heating systems in Hungary. The aim of the regulation is to increase the use of renewable energy sources such as geothermal and biomass in district heating, thus reducing dependence on natural gas and costs.

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.

According to the latest data from the Hungarian Central Statistical Office, nearly 100,000 foreign nationals were employed in Hungary as of July 2024, with almost 80% coming from third countries. After years of government-led anti-immigration messaging, many Hungarians have expressed fear and outrage at the sight of large groups of Indian, Filipino, and Vietnamese workers in smaller towns, perceiving them as competition for job opportunities.

On 1 October 2024, the Hungarian Government published a decree on the basic regulations of settlement planning and construction requirements, which fundamentally rewrites and clarifies the frameworks for construction and property planning in many areas. Among these, one regulates the placement of solar panels and solar collectors, while another sets out the general framework for the installation of wind turbines.

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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