Schoenherr Hungary has welcomed back Attorney at Law Daniel Varga, who, after leaving the firm to join DLA Piper in 2015, re-joins to head its regulatory team in Budapest.
The Hungarian banking transaction tax drives market players and private individuals to use cash rather than electronic payment methods. Eighty per cent of all payment transactions were in cash last year. But extensive use of cash negatively impacts the economy in several ways, such as the high cost of maintaining a large cash volume, easier tax evasion and expansion of grey and black markets.
“The beginning of 2018 brought a comprehensive transformation of legal procedures in Hungary,” reports Andras Daniel Laszlo, Partner at Laszlo Fekete & Bagamery. “Procedural rules changed, from the most basic public administrative procedures, like renewing an ID or applying for a building permit, through commercial litigation and arbitration procedure, including also tax, and, as of July 1, criminal matters.”
Based on the transparency requirements of the GDPR, companies must now provide more detailed information on data processing. The usual form of relaying this information to the public is through a privacy notice. Now that May 25, 2018 is fast approaching and companies are working towards GDPR compliance, such privacy notices must be finalized.
On January 11, 2018, CEE Legal Matters reported that Dentons advised the London branch of UniCredit Bank AG and MUFG as coordinators on a EUR 750 million revolving credit facility provided by a group of 13 banks to MOL Plc, the Hungarian multinational oil and gas company. CMS advised MOL on the deal, which represented the largest financing deal in Hungary in 2017.
The first Hungarian BIM Handbook has been prepared and published on the website of Lechner Tudásközpont on 22 June 2018, free of charge. Building Information Modelling (BIM) is a new approach to design, construction and facility management, where the digital representation of the building process is used to facilitate the exchange and interoperability of information in digital format. BIM is beginning to change the way buildings look, the way they function and how they are designed and built.
While no more applications for Micro Projects (those below 0.5MW) can be submitted under Hungary’s very generous mandatory off-take system since the end of April 2018, the Government seems to have acknowledged that the projects already licensed under the subsidy regime may not be physically implemented within the strict deadlines set forth in the original legislation. Therefore, it is now possible for entities that applied for licenses after January 1, 2016 to ask for a three- years extension to complete their projects without any sanction. This is good news for license-owners and potential investors, as they have a reasonable amount of time to manage the relatively burdensome permitting proceedings and can also secure project finance. This is also good news for the Hungarian state budget because the first heavy payments to the projects under the mandatory off-take system will be delayed by a few more years.
Several amendments to the Company Registry Act entered into force on 1 July 2018. The new provisions include a new information obligation for the legal representatives, meaning that in case of the indication of personal data in addition to the statutory data content of the company register, the legal representative must draw the attention of the natural person to the fact that his/her consent to include his/her natural data in the document means that such data will be available for the public.
The Hungarian real estate and housing market is experiencing golden days. Although the market took a serious hit during the financial crisis in 2008, today enormous sums are again being invested in office buildings, shopping malls, hotels, residential areas, and retail. In order to map the underlying reasons behind the market’s boom, and to better understand how the country is dealing with the high demand for development lands and properties, CEE Legal Matters sat down with six Hungarian lawyers specialized in Real Estate & Construction and a Legal Counsel from Prologis, a Real Estate & Supply Chain Logistics company.
In the summer of 2000 I was working for the University of Vienna, spending my time on academic research and fighting with topics like the (lack of) enforcement of judicial awards in Austria and Hungary. My one-day seminar at the University of Economics (FOWI) brought me several interesting contacts, including some young lawyers from the classy law firm CHS, that resulted in an offer to develop a new partner firm for CHS in Budapest.
Society is undergoing a new industrial revolution – with the global development of the Internet, life has changed radically in just a few decades, and legislation can barely keep up with adapting to a situation that was previously unimaginable. The Hungarian Competition Authority (HCA) has also been monitoring developments and it has not been afraid to intervene in the interests of fair competition and the protection of consumer rights.