Former CMS Senior Counsel Peter Szilas has joined Jalsovszky as a Senior Associate and Head of the firm's Commercial Litigation practice.
Baker McKenzie Advises Szechenyi Funds and Lead Ventures on Exit from aiMotive
Baker McKenzie has advised the Szechenyi Funds and Lead Ventures on the sale of their shares in aiMotive to Stellantis in a transaction that saw Stellantis acquire aiMotive. Dentons reportedly advised Stellantis.
Changes to the Labour Code: More Paternity, Parental and Carer Leave
A proposal for the modification of the Labour Code was filed to the Hungarian Parliament on 2 November 2022. The bill aims to ensure compliance with the EU Directives No. 2019/1158 on work-life balance for parents and carers and No. 2019/1152 on transparent and predictable working conditions.
Jalsovszky and Peremiczki & Turi Advise on Zambo Vagyonkezelo's Sale of Tuzallotechnika to Alba Industrial Holding
Jalsovszky has advised Zambo Vagyonkezelo on the pre-exit restructuring and the sale of Tuzallotechnika to Alba Industrial Holding. Peremiczki & Turi advised the buyer.
Does Direct Marketing Require Specific Consent?
The Hungarian data protection authority (NAIH) fined Magyar Éremkibocsátó Kft, a limited liability company engaged in the numismatic business, HUF 30m (approx. EUR 73,000) for unlawful direct marketing activities.
Hungary Remains in 7th Place in the International Tax Competitiveness Ranking
The Tax Foundation issued its annual International Tax Competitiveness Index (ITCI) of 38 OECD countries. The Index seeks to measure the extent to which a country’s tax system adheres to two important aspects of tax policy: competitiveness and neutrality. The ranking weighs variables across five categories: corporate taxes, individual taxes, consumption taxes, property taxes, and international tax rules.
Freshfields and Wolf Theiss Advise on EUR 800 Million Credit Line for Vitesco Technologies Group
Freshfields Bruckhaus Deringer and Wolf Theiss have advised a consortium of banks on the EUR 800 million revolving ESG-linked credit facility for the Vitesco Technologies Group. Creel Garcia-Cuellar Aiza y Enriquez and Yulchon reportedly advised the banks in Mexico and South Korea, respectively.
Kinstellar and Dentons Advise on S Immo's Acquisition of Budapest Office Properties from CPI Property Group
Kinstellar has advised S Immo on its EUR 238.3 million acquisition of Budapest office properties and a land plot from the CPI Property Group. Dentons advised the seller.
A New Legislative Package Was Adopted to Reshape the Hungarian Energy Market
The Hungarian Government has adopted new decrees concerning household power plants and microgrids. These new legislations aim to enable economic operators to cooperate in fulfilling energy needs in times of high demand as well as to regulate small household power plants. The rules in question entered into force on 26 October 2022 and presumably will remain in force at least until the end of the state of emergency.
Electronic Signatures, Contracts, and Archiving in Hungary
Contributed by Provaris.
RTPR and Allen & Overy Successful for Zenith Media Communications Before CJEU
Radu Taracila Padurari Retevoescu and Allen & Overy have successfully represented Romania's Zenith Media Communications before the CJEU in a dispute regarding the calculation of competition infringement-related fines.
Real Estate-Related Tax Changes from 1 January 2023
In mid-October 2022, a new bill has been submitted to the Parliament on the amendment of certain tax provisions in relation to real estates. The bill, on the basis of changes in the building regulations, clarifies the definitions of the properties under construction and built-on new properties. Thus, a built-on new property means also a property for which an occupancy permit was already issued, but then, its use or the number of its units changed (e.g. it was converted from a flat to an office) and 2 years have not yet elapsed until its sale. These properties will be sold subject to VAT.
Hot Practice in Hungary: Robert Szuchy on BSLaw Budapest – Szuchy Law Office’s Energy Practice
The global shift to renewable energy and aspirations to reduce carbon emissions, together with the war-related energy crisis are among the major drivers that keep BSLaw Budapest - Szuchy Law Office’s energy practice busy, as Office Managing Partner Robert Szuchy points out.
Changing the Oil in the Debt Management Machinery
As part of a comprehensive EU strategy to tackle non-performing loans, the European Parliament and the Council adopted a directive on credit servicers and credit purchasers, which Member States have until 29 December 2023 to transpose into national law.
The (Different Kind of) Changing of the Guard: An Interview with Oppenheim's New Management Board
On June 29, 2022, CEE Legal Matters reported that Oppenheim elected new members to its management board, with Istvan Szatmary becoming the firm’s new Managing Partner, while Jozsef Bulcsu Fenyvesi and Aron Laszlo undertook non-executive roles. We spoke with Szatmary, Fenyvesi, and Laszlo and discussed the process of transition, the firm's new agenda, and upcoming plans.
What Can We Expect from the Home Office: A Decrease in Employee Enthusiasm or a Growing Demand for Reimbursement from Employers?
Due to rising energy prices more and more employers are considering continuing or (re)introducing the home office (i.e. (partial) teleworking), previously introduced out of necessity, where workloads allow and now on the basis of cost efficiency. For the time being, the rise in energy prices does not seem to have discouraged employees from teleworking, and in many places the possibility of teleworking has become an expectation of employers.
KSB Advises on VGP’s Expansion of Warehouse Space in Slovakia and Hungary
Kocian Solc Balastik has advised the VGP Group on expanding its warehouse space in Slovakia and Hungary.
KSB, Szecskay, and DLA Piper Advise on Sandberg Capital’s Acquisition of Green Fox Academy
Kocian Solc Balastik, Szecskay, and DLA Piper have advised Sandberg Capital on its acquisition of a majority stake in the Green Fox Academy. The Arday, Sisa and Joosz Law Firm reportedly advised the sellers.