Hungary has introduced a UBO register in line with the EU’s 4th Anti-Money Laundering Directive by way of Act XLIII of 2021 on the Establishment and Operation of the Data Reporting Background for the Identification Tasks of Financial and Other Service Providers (“Act”). Certain provisions of the Act will come into force at a later date.
Radovanovic Stojanovic & Partners and Cerha Hempel have advised AIK Banka, Gorenjska Banka, and Agri Europe Cyprus on their acquisition of Sberbank Europe’s shares in six CEE banks. Noerr advised the buyers on Hungarian law, while Maric & Co, Zuric and Partners, Tos & Partners, and Egorov Puginsky Afanasiev & Partners reportedly advised the buyers on Bosnian, Croatian, Slovenian, and Russian matters, respectively.
The Hungarian Parliament has recently put on its agenda a new bill, No. T/17280 (the “Bill”) that aims to implement two amendments to the “Consolidated Company Law Directive” of the European Union (Directive (EU) 2017/1132). One of them is the so-called “Digitalization Directive” (Directive (EU) 2019/1151 of the European Parliament and of the Council of 20 June 2019 amending Directive (EU) 2017/1132 as regards the use of digital tools and processes in company law).
Following intensive negotiations between the business community and the Romanian government, the Romanian parliament has issued a bill on the enforcement of a tax amnesty for tax liabilities, including late payment interest and penalties, imposed by the tax authorities following the reassessment of daily allowances as salary income.
According to Barbara Kusak, Partner at Noerr in Prague, the Czech Republic is currently preparing for its upcoming general elections. She also notes that the Czech economy shows no signs of contraction, despite the country’s abysmal COVID-19 infection rates, and that the infrastructure, IT, and e-commerce sectors are on the rise.
The COVID-19 pandemic has taken its toll on Poland, as it has on other European countries. In April, Poland recorded by far the biggest number of COVID-19 fatalities since the onset of the pandemic in March of last year. Consequently, most of the government’s plans to reform healthcare/pharmaceutical legislation have been either frozen or postponed. Most recent legislation has been aimed at legalizing the lockdown or enacting other pandemic measures, such as social distancing and mask-wearing in public spaces, as well as speeding up the vaccination rollout across the country. However, these new laws were essentially technical adjustments to the current framework, rather than revolutionary changes.
The Polish economy has recovered quickly following the lifting of COVID-19 restrictions and the number of transactions is fairly consistent across various industries, reports Radoslaw Biedecki, Partner at Noerr in Poland. The country is pushing for further digitalization of its public services, but draft legislation on media ownership has him concerned.
The European Data Protection Supervisor has published a case-law digest on the transfer of personal data to third countries¹. The case-law digest aims to clarify the structure of the analysis carried out by the Court of Justice of the European Union (“CJEU”) in judgments concerning the transfer of personal data to third countries, in particular by highlighting the steps followed and the jurisprudential acquis in relevant case law.