Baker McKenzie has advised the Mandarin Oriental Hotel Group on setting up its first operation in Hungary following the renovation and rebranding of the former Gellert Hotel in Budapest.
Green Light for Wind Power Projects in Hungary
In December 2023, the Hungarian Government significantly eased the regulatory conditions for the establishment of wind turbine projects in Hungary in order to comply with EU requirements and enhance the utilization of green energy.
Changes to Hungarian Employment Law in 2024
This year several employment law rules of practical relevance will change in Hungary. These changes will have different entry into force dates, and are all briefly summarised below.
Employment Administration Speeds Up, Employment Certificate Is Introduced
We are witnessing an important advancement in the field of employment administration in Hungary. Starting from 1 January 2024, the Act on the Promotion of Employment and Unemployment Benefits was amended, introducing the obligation for employers to issue an employment certificate following the termination of employment.
Crido and DLA Piper Advise Duna Aszfalt on Acquisition of Mota Engil Central Europe
Crido has advised Duna Aszfalt on its acquisition of Mota Engil Central Europe. DLA Piper advised the sellers. Cerha Hempel reportedly advised Duna Aszfalt as well.
Pre-Emption Right for the Hungarian State in Case of Solar Power Investments
As of 13 January 2024, a new government decree amends the provisions of the clearance procedure of the Government Decree on certain foreign direct investments (“FDI”). The amendment grants the Hungarian State a right of first refusal in respect of acquisitions of strategic companies whose main or additional registered activity is electricity production and pursue solar power plant-related activity that are to be acquired by foreign investors.
Boost to Hungary’s Venture Capital Market – The Implementation of “Convertible Notes” in the Hungarian Legal System
Early-stage startups often face a significant challenge due to their very limited runway – as usually they burn money faster than they are able to acquire funding – which makes external capital crucial for sustainability. From the perspective of potential investors determining the worth of these startups is a key factor in deciding whether to invest or not into the specific project which is complex and time consuming, a luxury startups often lack.
Kinga Laszlo-Bolcskei Makes Partner at Ban, S. Szabo, Rausch & Partners
Kinga Laszlo-Bolcskei has been promoted to a Partner position with Ban, S. Szabo, Rausch & Partners in Budapest.
Closing: Sale of Cargo-Partner Subsidiaries to Nippon Express Now Closed
On January 4, 2024, Boyanov & Co announced that the EUR 1.4 billion sale of Cargo-Partner subsidiaries to Nippon Express (reported by CEE Legal Matters on May 17, 2023) had closed.
E-VAT System Goes Online in Hungary
The digitalisation of the Hungarian tax system has reached another important milestone: after lengthy preparatory work (and a few setbacks), the e-VAT system was launched on 1 January 2024, on a voluntary basis, for now.
Kinstellar Advises on EUR 800 Million Financing for AmRest
Kinstellar, working with Linklaters' Madrid office, has advised a consortium of lenders on their EUR 800 million financing for AmRest. Uria Menendez reportedly advised AmRest.
New Act on the Entry and Residence of Third-Country Nationals in Hungary
The Hungarian Parliament adopted a new act on the rules of the entry and residence of third-country nationals on 12 December 2023.
Statutory Opt-In Membership in the Hungarian Chamber of Agriculture from January 2024
In early January 2024, many managing directors in Hungary of companies with any agriculture-related activity could be surprised to receive a letter of the Hungarian Chamber of Agriculture stating that the company has become a member of the Chamber by law from 1st January. What does this chamber do, and what are the main consequences of the membership? Why it is worth to consider an opt-out from the Chamber? In this article, we address these issues.
The Inside Track: Parting Ways
In The Inside Track, General Counsels across CEE share the nuances of their roles, challenges, and strategies for success. Given the importance of relationships between in-house legal departments and law firms, this time we asked GCs: What is the most common reason for which you cease working with a specific law firm and what would you suggest firms definitely do to ensure they do not make the same mistake?
The Corner Office: Budget, Budget, Budget
In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With 2023 marching to an end, we looked ahead and asked about strategies for next year: As the budgeting period is around the corner, compared to 2023, what are the main budgeting lines you expect to increase for 2024 and why?
Regulating a Revolution: AI-Driven Innovation in CEE and Beyond
With artificial intelligence dominating tech conversations over the last year and with a draft AI Act being looked at by the EU, CMS Partners Dora Petranyi, Gabriela Staber, Klaus Pateter, and Olga Belyakova look at where AI is today and how European legislation might impact its future.
Hungary: Tendencies in Tax Procedures
I’ve always been very interested in trends and statistics, and recently have been looking at potential trends in applications for a legal award. Based on the call for submissions, you can apply in six categories, which include, of course, very trendy topics such as data protection, digital solutions, and ESG, the more traditional ones of M&A and intellectual property, but for the sixth consecutive year, there is a tax law category. Moreover, not only does such a category exist, but the number of applicants is outstanding.
Sam Baldwin Makes Partner at Szecskay Attorneys at Law
Sam MacMahon Baldwin has been promoted to a Partner position with Szecskay Attorneys at Law in Budapest.