Dentons (JD Supra Hungary)

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 („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...

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”).

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.

Status – Has any special status been introduced? As of February 22, 2021, the Hungarian government extended the state of emergency with a curfew.

A recent amendment by the Hungarian Energy Authority affects the implementation of power plants licensed either under the mandatory off-take scheme with guaranteed feed-in tariff, i.e. the so called KÁT and METÁR KÁT (“FIT projects”), or under the green premium subsidy without a tender procedure (“METÁR projects”). Please see full alert below for more information.

Update on recent developments in Hungarian employment regulations and on the human resources aspects of the current COVID-19 situation. On June 18, 2020, the Hungarian government lifted the state of emergency and the lockdown imposed in spring to combat the COVID-19 pandemic in Hungary, and introduced special interim rules on the roll-back of emergency legislation. This gave Hungarian employers...

On June 19, 2020, the Hungarian Competition Authority (“GVH”) adopted a decision providing guidance for financial investors and startups. The decision was a result of follow-up proceedings related to an acquisition of joint control by capital funds over CodeCool Kft., an undertaking involved in the development of innovative educational methods (the “CodeCool Case”).

We are delighted to announce the launch of our Private Equity Trends Monitor, which provides with an up-to-date overview of the latest and anticipated trends across the European private equity sector in the wake of the COVID-19 pandemic. Our Europe Private Equity team is closely following the development of COVID-19 and its impact on PE deal activity. Our lawyers on the ground in each of our...

As part of various measures aimed at countering the effects of the COVID-19 pandemic, the Hungarian Government recently introduced restrictions on certain transactions involving foreign investors. In our attached newsletter we summarize the key provisions of the decree and highlight certain key factors which should be taken into consideration. Please see full newsletter below for more...

The government of Hungary announced several immediate measures aimed to mitigate the negative effects of the COVID-19 pandemic on the Hungarian economy. These programs generally take the form of tax reductions, tax exemptions or are aimed at easing administrative requirements and tend to apply to specific sectors. The government follows the economic impact of COVID-19 contingencies closely and

Recent measures and restrictions regarding the COVID-19 pandemic induce or enforce social distancing. Working from home and social distancing will probably remain part of our everyday life in the weeks and months to come. To keep the economy going, businesses are seeking alternatives to conventional contracting mechanisms. It seems reasonable to use electronic means to enter into contracts...

With Message no. 1607 of April 14, 2020, INPS provided the operating instructions for extending access to wage supplementation treatments with the reason "national COVID-19" to workers for newly hired workers. In fact, as known, art. 41 of the DL 8 April 2020, n. 23 (Liquidity Decree) introduced the possibility of applying the ordinary wage supplementary benefits, ordinary allowance and...

In order to maintain good corporate governance and ensure that management and shareholders can continue to make key decisions during the state of emergency, the Hungarian Government issued Government Decree No. 102/2020 (IV.10.), which introduces extraordinary and temporary measures with respect to the decision-making process and general meetings of the corporate bodies of Hungarian companies....

Although there are still some uncertainties and shortages in the new regulation, overall, the new regulation follows more closely the actual European and domestic market developments in allowing the separation of the operation of electric charging equipment and the provision of electromobility services. Road to a competitive and resource-efficient transport system - Further to the...

Although there are still some uncertainties and shortages in the new regulation, overall, the new regulation follows more closely the actual European and domestic market developments in allowing the separation of the operation of electric charging equipment and the provision of electromobility services. Road to a competitive and resource-efficient transport system - Further to the...

The worldwide spread of coronavirus (COVID-19) puts heavy responsibility on employers. They must choose the measures to be taken in order to fight this escalating pandemic and arrest its spread in the workplace. Many employers have taken to monitoring their employees’ state of health or keeping track of their travel plans, so as to prevent the spread of the virus. However, it is important to...

Full balancing responsibility as of 1 April with a temporary compensation - Several amendments were made to laws impacting on renewable energy projects benefitting from support schemes at the end of last year. One of the most significant changes affects all feed-in tariff system (FIT) generators, irrespective of whether they are already in commercial operation or waiting to be commissioned....

On September 2, 2019 the Hungarian Energy and Public Utility Regulatory Authority launched its first tender to support renewable electricity producers under the METÁR system. Solar projects are attracting attention in the renewable energy world due to the introduction of the METÁR renewables support system on January 1, 2017. Under the new system, subsidies for photovoltaic projects with a...

Almost one year after the GDPR became applicable; Hungary enacted the long-awaited Data Protection ‘Salad’ Act. The Data Protection ‘Salad’ Act modified 86 Hungarian acts pursuant to the deregulation and implementation of the GDPR with the aim of bringing the Hungarian regulatory framework in line with the GDPR. The most important changes are the following...

The Hungarian Parliament has voted in favor of a bill to introduce a new form of asset management foundation (‘vagyonkezelo alapítvány’), which will serve as a special type of investment vehicle. The bill intends to enable the establishment of foundations for professional asset management purposes, which, according to the government, is a significant improvement to the current legislative...

Due to the nature of employment relationships, personal employee data are processed in countless contexts every day. However, Hungarian labor regulations have very limited provisions on data processing at the workplace. Despite the fact that the data protection commissioner and the president of the data protection authority have published several opinions and recommendations on this issue, a...

Data protection has become a focal issue for most enterprises. Companies offering a high level of data security and sensitivity to data protection are praised by their customers, while data breaches and negligent data protection practices may result in negative PR and investigations by authorities. 2016 will bring many interesting developments in terms of data protection in Hungary and in Europe...

From the 1st of October 2015, a change in law will allow Hungary to accept Binding Corporate Rules (BCRs) as providing an adequate level of protection for cross-border transfers. This is a very welcome change from the current position and provides for an European-wide solution as intended by the BCRs.

As you have probably heard in the news, the new Act CII of 2014 on the prohibition of work on Sundays in the retail sector entered into force on March 15, 2015. It is less known that Act I of 2012 on the Labor Code has been amended in line with the above-mentioned Act which entered into force on April 1, 2015. In this legal alert we would like to inform our clients of the changes introduced by...

Amint arról bizonyára értesült a sajtóból, 2015. március 15-én hatályba lépett a kiskereskedelmi szektorban történo vasárnapi munkavégzés tilalmáról szóló 2014. évi CII. törvény. Kevésbé ismert, hogy e törvény alapján a Munka Törvénykönyvérol szóló 2012. évi I. törvény is módosult 2015. április 1-jétol. Jelen hírlevelünkben e törvény folytán bekövetkezett változásokról és a vasárnapi munkavégzés...