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On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.

“The third wave of the pandemic, and unfortunately the most severe, has dominated the developments of the past month in Hungary,” says SBGK Partner Peter Lukacsi. He says that severe restrictions have been imposed in the country to combat the uptick in the numbers of newly infected people, including the closings of lower grade schools and kindergartens. “Courts have been closed as well,” he says, “and no personal hearings have been held in both civil and commercial matters since March 8.”

For our Checking In feature, we reach out to partners and heads of practice across CEE to learn how specific practice areas are faring in their jurisdictions. This time around we asked Data Protection experts: Overall, how compliant would you say economic agents are with relevant local regulations on data protection, and what are the main gaps that have yet to be addressed?

According to a Government Decree passed on 9 February 2021, lessees do not have to pay rent for a property owned by the Hungarian State or the local municipality (or by companies which are controlled by these) for the specified five-month period (February - June 2021). The decree specifies a list of 25 types of activities which are to be alleviated from paying rent, which includes:

The rules of obligatory invoice data supply were modified as of 4 January 2021 in a way that the data of such invoices, modifying or annulling invoices, which are subject to the invoicing requirements of the Hungarian VAT Act, must be supplied to the tax authority. As a result, the invoices issued for domestic or foreign natural persons, legal persons or organisations not subject to VAT as well as for not domestic persons subject to VAT are affected by the obligation of invoice data supply from 4 January 2021.

Ex Works (EXW) is an international trade term and is one of the 11 current Incoterms Rules, a set of standardized international trade terms that are published by the ICC (International Chamber of Commerce). EXW means that the seller fulfils his obligation to deliver when he has made the goods available at his premises (i.e., factory, warehouse, etc.) to the buyer. The buyer bears all costs and risks involved in taking the goods from the seller's premises to the desired destination.

2021 could greatly simplify the parcelling of jointly owned arable land. Also, the new rules will settle the status of land registered in the name of unidentifiable owners. At the same time, a clearer and more transparent title structure could not only enhance farming efficiency but also boost greenfield investments.

On 1 March 2021 a new Act on Labour Inspection, Employment Services and Grants will enter into force in Hungary, which replaces the "old" Act on Labour Inspection from 1996. While the new Act contains similar rules, there are some novelties too. Below we summarise the most important ones.

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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