Dentons has advised a syndicate of underwriters including BNP Paribas, Citi, and J.P. Morgan, on Wizz Air’s successful issue of EUR 500 million 1.350% fixed Rate guaranteed notes due 2024 under Wizz Air's Euro Medium Term Note Program, which was oversubscribed with books exceeding EUR 2 billion. The notes were guaranteed by Wizz Air Holdings Plc. Clifford Chance and Ogier advised Wizz Air on the deal.
In March 2020, the coronavirus crisis urged the Hungarian government to introduce extraordinary measures to mitigate the economic consequences. This led to a general moratorium for all retail and corporate financings until the end of 2020. As one of the last measures of 2020, the Hungarian government decided to prolong the moratorium due to the second wave of the pandemic.
The new year ushered in a new era for drone users in Hungary. On 1 January 2021, new regulations entered into force, introducing a new framework for drone usage, although many details remain unregulated. A significant part of the drone regulations is set forth on the EU level by Commission Delegated Regulation (EU) 2019/945 and Commission Implementing Regulation 2019/947. The new rules in Hungary promote the proper implementation of the relevant EU Regulations, and in some instances prescribe even stricter rules for drone users.
The Digital Markets Act proposal (DMA) is a collection of complex obligations imposed on certain digital service providers. We previously described the salient features of the DMA here. In this article we focus on the definition and designation of gatekeepers, the powers of the EC compared to Member States and the potential effects of the DMA initiative within CEE.
Over the course of our seven years, CEE Legal Matters has interviewed most of the British lawyers working on the ground in Central and Eastern Europe as part of our recurring “Expat on the Market” feature. We reached out to them recently and asked them to bring us up to speed on what they’re doing and/or share their thoughts on the ramifications of Brexit or the ongoing COVID-19 crisis.
The fast-paced changes brought about by digital technologies continuously challenge the slow-moving legal framework of the European Union. The European Commission (EC) has long grappled with the ever-evolving practices of tech-companies. Some players, spawned from garages and dorm rooms not long ago, are now entrenched gatekeepers and generate issues enforcers simply lack tools to deal with.
On 12 November 2020 the European Commission published the new standard contractual clauses (SCCs) on data transfer (model clauses), which would replace clauses C2C and C2P under Commission decisions issued under the European Data Protection Directive. The bill subjects international transfers to significantly stricter administrative conditions in the light of the Schrems II decision. The draft act is open for feedback for 4 weeks. Feedback will be taken into account for finalising the initiative.
The Hungarian Competition Authority ('HCA') was less active in abuse of significant market power cases in the past years, but the outcome of the competition supervision proceedings recently conducted against Spar Magyarország Kereskedelmi kft. ("Spar") leads to a forward-looking solution unprecedented in such cases so far: the supermarket chain will develop a new regional supply system as a proactive reparation for the infringement. The programme with a budget of HUF 1,7 billion will not only improve small producers' sales opportunities but will also create new jobs.