The occurrence and rapid spread of the COVID-19 disease and related legislation force companies and other business actors to rethink the method of their operation. The Hungarian Government declared a State of Danger through Government Decree No. 40/2020. (III.11.) and provided other provisions on the operation of legal entities in Government Decree No. 102/2020. (IV.10.) (hereinafter: “Government Decree”) in connection with the current situation. In this guide we intend to present the most important changes introduced by the Government Decree.
As already mentioned in our previous news on this topic, due to COVID-19 the Russian State Duma adopted on 18 March 2020 Federal Law No. 50-FZ according to which Russian joint stock companies (JSC) can, based on the decision of the Board of Directors, conduct annual shareholders’ meetings in 2020 via absentee voting.
Regulators and governments across CEE have introduced or are proposing several measures to mitigate the worst economic fall-out of the coronavirus situation. These measures generally include either hard (i.e. legally mandated) or soft (recommended) moratoriums on loans allowing for payment deferment without triggering default provisions, special state-guaranteed emergency financing schemes as well as certain broader macroeconomic remedial measures (bail-outs to impacted small entrepreneurs, tax deferments, “kurzarbeit”-type labour-cost subsidies etc.).
Following Mr. Putin’s speech on 2 April 2020, measures promoting isolation such as nationwide non-working days and regional quarantine measures are being extended until end of April/beginning of May. This will also impact the activity of the Russian Federal Antimonopoly Service (FAS). It can be expected that at least the measures currently implemented by FAS will be extended. So far FAS has done the following in connection with the COVID-19 epidemics.
The Covid-19 pandemic has created new legal challenges for many businesses worldwide. However, certain aspects of privacy law still have to be complied with, despite the difficult situation in the market. This poses additional challenges to businesses struggling in the new, rapidly changing environment. Recently, the Russian data protection authority (Roskomnadzor) clarified how employers could monitor the health status of their employees in compliance with Russian privacy law.
Almost one week after being publicly announced by Romanian officials, the Emergency Ordinance no. 37/2020 on granting certain facilities for loans granted by credit institutions and non-bank financial institutions to certain categories of debtors (OUG 37) was published in the Official Gazette in a different form than the one initially announced as a result of extensive negotiations with the banking system.
Companies whose business operations have been strongly affected by the state of emergency declared due to the SARS-CoV-2 pandemic will be able to receive a state of emergency certificate (CSU) to attest the connection between the state of emergency and their current situation using an emergency procedure which exempts the companies from the usual fees.
Noerr has advised the Doktor24 Group on a series of transactions, including raising private equity capital and acquiring two healthcare businesses in Hungary: Svabhegyi Gyermekgyogyintezet and Kastelypark Klinika. Dentons advised the co-investors on the funding, the Jalsovszky Law Firm advised the sellers of Svabhegyi Gyermekgyogyintezet, and Szabo Kelemen & Partners advised the sellers of Kastelypark Klinika.
According to the latest interpretation by the Romanian Trade Registry, all companies registered prior to 21 July 2019 (i.e. the date on which Law no. 129/2019 on the prevention of money laundering and terrorist financing (”Law no. 129/2019”) entered into force) must file an ultimate beneficial owner (”UBO”) statement by 15 days after the approval of their annual financial statements for 2019 or by 21 July 2020, whichever comes first.