Noerr’s Budapest office has advised UniCredit Bank on financing provided to GTC for the development of the 29,000 square meter Pillar office building in Budapest. CMS reportedly advised GTC on the deal.
The European Court of Justice's judgment in Schrems II case published on 16 July, 2020 founded the Privacy Shield Decision invalid. The judgement also stated that the Commission Decision on Standard Contractual Clauses for the transfer of personal data to processors established in third countries remain valid.
The Hungarian Parliament passed a new act on 14 July 2020 to regulate the short-term housing market (Airbnb services). The new legislation delegates a regulating tool to the local municipalities, so that they can decide on the conditions (especially the maximum renting period), under which a flat can be rented for short term. The new law only gives a regulatory framework for the local municipalities and the Hungarian Government; specific rules are yet unknown as they have to be made from 1 August 2020. According to press releases, some of the mayors are planning to maximize the number of days for Airbnb and other similar services and would prescribe that at least half of these “allowed” days should fall between June and August.
On 24 June 2020 the European Council amended Directive 2011/16/EU, in order to defer certain deadlines for filing and exchanging information under the Directive on Administrative Cooperation (“DAC”). The postponement is justified by the difficulties Member States and businesses are facing with during the pandemic.
The Hungarian Parliament passed a legislation on the ban of single-use plastic in Hungary on 7 July 2020 as part of the Climate and Nature Protection Action Plan. The legislation was meant to be accepted earlier this year, however then the proposal was withdrew because of the COVID-19 pandemic. According to an earlier press release from the Ministry for Innovation and Technology, the “Hungarian Government is committed to defend the created world”.