The General Secretariat of the Belgian data protection authority has published an informational booklet outlining the relationship between the EU General Data Protection Regulation and the Artificial Intelligence Regulation, which came into force on 1 August 2024. The authority’s aim with the informational booklet is to provide insights into the application of data protection requirements during the development and deployment of artificial intelligence systems. Data protection requirements and legal standards are key to ensure that artificial intelligence systems operate ethically, responsibly and lawfully.

Oppenheim has advised Romania's MedLife Group affiliate Genesys Medical Clinic on the acquisition of Budapest-based VP-Med Health Centre from Attila Szabo and Olga Szegvari.

On October 25, 2024, White & Case has announced that E&'s acquisition of PPF Telecom Bulgarian, Hungarian, Serbian, and Slovakian assets (as reported by CEE Legal Matters on August 9, 2023) has now closed.

CMS has advised Werfen on its approximately USD 25 million acquisition of Omixon Biocomputing. Hogan Lovells advised Omixon.

The National Bank of Hungary (NBH) introduced a new guideline No. NBH's 9/2024, also known as the ESG (Environmental, Social and Governance) Guideline. This initiative aims to help financial institutions incorporate sustainability considerations into their risk management processes. The Guideline seeks to standardise the collection and assessment of ESG information, thereby enhancing predictability in legal compliance and reducing administrative burdens for businesses applying for credit.

Wolf Theiss has advised XPartners Samhallsbyggnad on its acquisition of Aqvila and its Hungarian subsidiary Aqvila Consult Hungary.

Former Dentons Partner Timea Bana has joined Kinstellar as a Partner and new head of the local TMT service line and sector.

Earlier in 2024, DLA Piper published its Medical Devices Advertising: CEE Comparison Guide, which reviews advertising regulations for medical devices in Austria, Croatia, the Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia. Life sciences team members who worked on the guide spoke with CEE Legal Matters about some of the regulatory differences across CEE and the practical implications for businesses.

Kinstellar has advised Banque Federative du Credit Mutuel on the acquisition of BNP Paribas’s Hungarian subsidiary Magyar Cetelem Bank. Wolf Theiss advised BNP Paribas.

Convertible loans have emerged as a pivotal financial instrument for start-ups navigating the challenging terrain of early-stage funding (pre-seed and seed), also called angel investment. These loans are a hybrid of debt and equity financing, offering a unique solution for companies that are not yet ready for a formal valuation or are seeking to bridge funding gaps between capital-raising rounds.

Adam Kaplonyi has joined Act Legal as a Partner in Budapest.

In the middle of July 2024, the Ministry of Energy announced that the Government will make it mandatory for manufacturers of batteries and their components, as well as battery waste managers, to carry out an environmental impact assessment procedure.

As of the 2024 financial year, companies in Hungary are facing new and stringent ESG (Environmental, Social, and Governance) reporting requirements under Act CVIII of 2023 (ESG Act). While large companies may already be familiar with the relevant EU directives (notably the CSRD and the CSDDD), the Hungarian regulations present unique challenges, especially for local subsidiaries of multinational corporations.

On 1 October 2024, the most important provisions of the new Hungarian Architecture Act will enter into force, completely transforming the current system of rules governing construction activity in Hungary.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With industry-specific software emerging left and right, the legal industry was not left behind. To explore some of the trends in this regard, we asked: What are some of the specific legal tech platforms you use?

For the pharmaceutical industry in the Hungarian market, the first half of 2024 involved several legislative changes with significant practical implications. Some of these changes have yet to unfold their full impact, due to the lack of implementing regulations and prerequisite authority actions.

The European Commission had previously indicated that it will review the provisions of the General Data Protection Regulation (GDPR) this year to see if any changes are needed in light of the experience of the past six years.

There’s a new windfall value-added tax (“VAT”) reclaim opportunity in Hungary based on a recent judgment of the Court of Justice of the European Union (“CJEU”).