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Regulators and governments across CEE have introduced or are proposing several measures to mitigate the worst economic fall-out of the coronavirus situation. These measures generally include either hard (i.e. legally mandated) or soft (recommended) moratoriums on loans allowing for payment deferment without triggering default provisions, special state-guaranteed emergency financing schemes as well as certain broader macroeconomic remedial measures (bail-outs to impacted small entrepreneurs, tax deferments, “kurzarbeit”-type labour-cost subsidies etc.).

The currently running Public Administration and Public Service Development Strategy 2014-2020 program has set high goals for the processes of public administration, including organization, consistency, professionally trained staff, cost-effectiveness and competitive service fees. To reach these goals, the debate of a legislative package aiming to simplify the operation of government offices started in November 2019 in the Hungarian Parliament. The package was accepted in December 2019, with the majority of the changes getting into effect starting in March 2020, and the remainder coming in September 2020 and January 2021.

The Hungarian Data Protection and Freedom of Information Authority (NAIH) released its annual report on March 31, 2020, regarding the Agency’s activities in 2019, including detailed enforcement statistics.

In response to the new trends in the labour market, the rules on training grant financed from the Hungarian National Employment Fund are changing in 2020. Favorable amendments will make the process of applying for and using this grant more flexible and as a new option, grant may also be applied for job keeping purposes.

Due to the state of emergency related to the coronavirus outbreak, sooner or later many business owners, company managers, and chief legal or financial officers will be relieved of their more routine, day-to-day work. This is a time when it might be worthwhile to sort out the company’s legal or financial issues that you may not have had time for during your day-to-day operations. Here are five tips worth considering.

In the framework of the Hungarian ‘Public Administration and Public Service Development Strategy 2014-2020’ a single building authority system was introduced as of 1 March 2020.

Noerr has advised the Doktor24 Group on a series of transactions, including raising private equity capital and acquiring two healthcare businesses in Hungary: Svabhegyi Gyermekgyogyintezet and Kastelypark Klinika. Dentons advised the co-investors on the funding, the Jalsovszky Law Firm advised the sellers of Svabhegyi Gyermekgyogyintezet, and Szabo Kelemen & Partners advised the sellers of Kastelypark Klinika.

In its judgement of 2 March 2020, the Court of Justice of the European Union (CJEU) established that Member States are free to impose registration obligation for foreign suppliers and levy penalties on foreign entities for incompliance with the obligation, even if resident entities are exempt from that obligation. The judgement, however, also contains that the Hungarian legislation is disproportionate and as such, it is incompatible with the EU rules.

The coronavirus outbreak is unfortunately having an impact on every aspect of our lives, and sets to affect a considerable number of businesses. For this reason we’ve summarised the five most important legal considerations that no business can afford to ignore at this time.

On 18 March the Hungarian prime minister announced extraordinary measures to be taken as a result of the national emergency caused by COVID-19. Most of these measures have a strong impact on the Hungarian economy; in particular, the banking sector.

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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