JD Supra Hungary

Publisher:: JD Supra
Publication date:: 2019-04-29

Publisher

JD Supra (53)

Law Firm

Latest documents

Establishing a Business Entity in Hungary (Updated)
Since 1990, the Hungarian economy is based on the principles of market economy and considers the freedom of economic competition as a priority. On such basis, the regulation of business associations went through significant changes before evolving into its current form in Act V of 2013 on the Civil Code („Civil Code”). The current regulations entered into force on 15 March 2014, replacing the provisions of Act IV of 2006 on the business associations. Both pieces of legislation present a set of rules that is reliable and enables market participants to customise their companies to their respective needs.
Buying and Selling Real Estate in Hungary (Updated)
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER HUNGARIAN LAW- 1. Types of real estate transactions - In the Hungarian market, the typical types of real estate transactions can be differentiated as follows. 1.1 Transfer of an undeveloped plot of land - Plots of land are often bought for the purposes of construction. In this regard, first and foremost the relevant Hungarian zoning and construction regulations should be previously checked, to ensure that the desired facility can indeed be developed on the given land.
Establishing a Business Entity in Hungary (Updated)
Since 1990, the Hungarian economy is based on the principles of market economy and considers the freedom of economic competition as a priority. On such basis, the regulation of business associations went through significant changes before evolving into its current form in Act V of 2013 on the Civil Code („Civil Code”). The current regulations entered into force on 15 March 2014, replacing the provisions of Act IV of 2006 on the business associations. Both pieces of legislation present a set of rules that is reliable and enables market participants to customise their companies to their respective needs. Please see full Chapter below for more information.
Vaccine Requirements – Hungary
[co-author: Aron Mikos] Vaccine Requirements in Hungary - As from 7 March 2022, the Hungarian government has repealed most of the requirements, obligations and benefits relating to COVID-19 vaccination. Immunity certification is no longer required in day-to-day relations, such as at cultural, music or sports events etc. (save for the exceptions set out below). Mandatory use of face coverings is no longer obligatory, except for residential social care and healthcare institutions. i. Vaccination - Vaccination is still encouraged in Hungary. Children aged above five years of age are eligible for vaccines. Children aged between five and 18 can receive two doses of vaccines, and adults up to four doses of COVID-19 vaccines. A booster may be requested four months after the second or first dose (in case of a single dose) of the vaccine. It is also possible for everyone after four months from their initial booster vaccination to request a second booster. Hungary has approved a wider range of vaccines including EMA and/or WHO approved vaccines as well. In addition to the generally approved COVID-19 vaccines like Janssen, Comirnaty (Pfizer), Spikevax (previously Moderna) or AstraZeneca (Vaxzevria), Sinopharm vaccines and Sputnik-V are also approved in Hungary. Please see full Chapter below for more information.
Establishing a Business Entity in Hungary (Updated)
1 Introduction - Since 1990, the Hungarian economy is based on the principles of market economy and considers the freedom of economic competition as a priority. On such basis, the regulation of business associations went through significant changes before evolving into its current form in Act V of 2013 on the Civil Code („Civil Code”). The current regulations entered into force on 15 March 2014, replacing the provisions of Act IV of 2006 on the business associations. Both pieces of legislation present a set of rules that is reliable and enables market participants to customise their companies to their respective needs. Generally, the Civil Code allows greater flexibility for the founders of Hungarian companies when determining the contents of the company’s establishing documents. This is so because, as opposed to the compulsory provisions of the previous regulations, deviation is generally allowed from the relevant rules of the Civil Code, subject to certain limitations. Please see full Chapter below for more information.
Buying and Selling Real Estate in Hungary (Updated)
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER HUNGARIAN LAW - 1. Types of real estate transactions - In the Hungarian market, the typical types of real estate transactions can be differentiated as follows. 1.1 Transfer of an undeveloped plot of land - Plots of land are often bought for the purposes of construction. In this regard, first and foremost the relevant Hungarian zoning and construction regulations should be previously checked, to ensure that the desired facility can indeed be developed on the given land. Please see full Chapter below for more information.
Register of ultimate beneficial owners is coming in Hungary too
The ultimate beneficial owners’ (“UBOs”) register (“Register”) is introduced, as the 4th and 5th anti-money laundering EU directives have been implemented in Hungary as of May 22, 2021. The UBO Register will work as a central database and will be managed by the Hungarian Tax and Customs Authority (“TA”).
A Gazdasági Versenyhivatal új antitröszt bírságközleménye: csökkenő kiszámíthatóság?
A Gazdasági Versenyhivatal („GVH”) az antitröszt ügyekben 2021. január 1-től alkalmazandó új bírságközleményt adott ki, amelynek első módosítására 2021. április 22-én került sor („Új Közlemény”).1 Az Új Közlemény a GVH tág mérlegelési jogkörének kihasználásához, alkalmazása az antitröszt ügyekben kiszabott bírságok jelentős emelkedéséhez is vezethet, amelyek összegét a vállalkozások által egyre bővülő körben felajánlható kompenzációk ellensúlyozhatják.
New antitrust fine notice of the Hungarian Competition Authority: less predictability?
Shortly after the Hungarian Competition Authority’s (“HCA”) notice related to fines in antitrust cases came into force on January 1, 2021, the HCA issued an amendment, which came into force on April 22, 2021 (the amended notice being the “New Notice”).
Auction time - Third METÁR auction to take place in July
After two successful METÁR tenders, on April 30, 2021 the Hungarian Energy and Public Utility Regulatory Authority launched the third METÁR tender to support renewable electricity producers under the green premium scheme.