JD Supra (JD Supra Hungary)

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...

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...

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...

[co-author: Aron Mikos] Vaccine Requirements in Hungary - As from 7 March 2022, the Hungarian government has repealed most of the requirements, obligations and benefits relating to COVID-19 vaccination.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...

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 201

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...

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.

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...

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...

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...

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...

Child Labour Without the Authority’s Permit - New Legislation Enacted - As from January 1, 2020, a person under the age of sixteen may be employed in cultural, artistic, sporting or advertising activities without permission of the child protection authority; only a prior notification of 15 days before the employment is required.

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....

Q1/ Applicable legislation - (a) Have the requirements of the GDPR been addressed by introducing a new law, or by updating existing legislation? Old legislation has been updated....

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...