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.

In February, the EU Commission issued its new White Book on Artificial Intelligence – a European Approach to Excellence and Trust. The White Book is the prelude to a new EU regulatory framework for AI that aims to minimize the risks of AI and seize the opportunities it offers.

Erdos | Katona has advised Hell Energy on its refinancing of an existing loan with four unidentified Hungarian banks. Kinstellar reportedly advised the banks.

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.

Following the approval of a directive in June 2020, consumers across the EU will be granted broader access to collective redress.

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.

We decided to lighten the mood this time around by asking our Law Firm Marketing experts from across the region a non-law-firm related question: “What did you most want to be when you were little?”

A CEELM Profile of Daniel Szabo, Central Europe Team Lead at Hewlett Packard Enterprise in Budapest.

On January 1st, 2020, the Hungarian government adopted new legislation making continuing professional education compulsory for lawyers, post-qualification, along the lines of post-certification training and education that tax advisors and accountants had been forced to obtain for many years.

Erdos | Katona has advised Cordia International Zrt. on Cordia International Zrt.’s July 23, 2020 HUF 36 billion bond issuance, made pursuant to the Bond Funding for Growth Program of the Hungarian National Bank. Allen & Overy advised Raiffeisen Bank, the lead arranger.

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”.

Kinstellar has advised the Hungarian State on a greenfield investment in helicopter spare parts manufacturing plant to be established in Hungary by Airbus Helicopters and the Hungarian state-owned NLP Nemzeti Legiipari Projekt Kft.

Lawmakers have adopted new rules protecting consumers against faulty goods applicable as of 1 January 2021.

Eva Nikolic has become Senior Director Legal, Developed Markets at the Astellas pharmaceutical company, where she will head the company's commercial legal agenda and lead related legal support in 22 European markets, including Central Europe and the Adriatic and Baltic regions.

After the successful first METAR tender last year, on July 15, 2020 the Hungarian Energy and Public Utility Regulatory Authority launched the second METAR tender to support renewable electricity producers under the green premium scheme.

Stay informed about the latest developments in competition law in Central and Eastern Europe with Schoenherr's multi-jurisdictional newsletter. Each issue offers insight into developments in merger control, anti-trust, as well as public and private enforcement in the region.

The amendments to the Hungarian Bankruptcy Act enter into force on 1 August 2020, aiming at modernizing the rules of the insolvency law, maintaining employment and facilitating the agreement between the creditors and the debtor in the course of the bankruptcy and liquidation proceedings.