In recent weeks, the question of how to pay wages in euros has been raised more and more frequently. Can employees ask their employers to stop paying their monthly wages in forints and start paying them in euros? Considering the increasing importance of the issue, in the followings we are assessing whether Hungarian labour law allows for the possibility of setting and paying wages in foreign currency.

Hungarian lawyer Attila Bocsak has relocated to Doha, Qatar, to take on the role of General Counsel with Gulf Bridge International.

PeliPartners has advised Global Trade Center on the sale of Bucharest's Cascade Office Building to Hungarian Crown Holding Kft.

The Hungarian government has introduced an extra tax of 65% on particular turnover of energy producers from renewable sources.

Last year has been a busy time in terms of warranty & indemnity insurance for the CEE market, according to W&I Insurance Broker and Advisor and former M&A lawyer Gergely Juhasz.

Former EY Attorney at Law/Manager Judit Zalan-Lipak has joined Vanguards in Hungary as its Group Deputy General Counsel.

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.

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).

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.

Moore Legal Hungary has advised Alpac Capital on its EUR 2 million investment in TC2.

 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.

Havel & Partners, Savoric & Partners, ODI Law, and Hillbridges have advised a syndicate of banks on the approximately EUR 196 million syndicated cross-border refinancing loan to the CCC Group. Linklaters, Lakatos Koves & Partners, and Filip & Company reportedly advised the lenders as well.

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.

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").

On July 7, four leading lawyers from Austria, the Czech Republic, Hungary, and Ukraine sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the increasing prominence of ESG issues and their impact on M&A transactions, due diligence procedures, and the role of the lawyers themselves.

The importance of ESG in business has become clearer as the moral and ecological reasons are now obvious to everyone. In theory, all companies support the idea of doing business in a more sustainable and climate-friendly way. However, in practice, companies usually only do something when they have to. In Hungary, there isn’t any binding ESG supply chain act in place yet, which could wrongly lead to the conclusion that the topic is unimportant. Yet considerations about ESG in the supply chain are no longer nice-to-have but have become a must-have globally, and Hungary is no exception. There are various locally relevant reasons for which companies must start prioritizing the management of ESG risks in their supply chain.

Since the end of the 2010s foreign direct investment (“FDI”) considerations have been on the forefront of transaction planning and management. Although a unified EU-level screening mechanism is not in place, recently the European Commission (“EC”) closed a landmark case, while another one is currently ongoing before the European Court of Justice (“ECJ”) where the interplay of EU law and more specifically, EU merger law and national FDI rules were/are assessed. Dicta in these cases may have considerable implications in national FDI practice. This summary therefore provides a quick glance-through of the key notables taken from these cases.

Dentons has advised private investment firm B-Flexion and the Affidea Group on the sale of Affidea to Groupe Bruxelles Lambert. Kirkland & Ellis reportedly advised the buyer.