Hungary joins global minimum corporate tax agreement, as Mihály Varga, Finance Minister on Hungary announced on 8 October 2021. Mr. Varga highlighted three key points of the deal for Hungary.

Former Kapolyi Attorney Daniel Nagy has joined Kinstellar’s Budapest office as a Senior Associate and Head of the firm's local TMT practice.

Increased awareness of competition law in the past few years, alongside the evolving legislative framework and practice on the EU level, has led to the continuous growth of CMS’s competition law practice, according to CMS Partner Szabolcs Szendro.

CMS has advised Hungarian entities of the Green Source group on the refinancing of a loan and sale of the companies to the Obton group. Dentons reportedly advised K&H Bank.

Dentons has advised 4iG on the acquisition of Invitech ICT Services’ business quota from Rotamona Limited. CMS advised Rotamona Limited on the deal.

TechLegal has advised Russmedia Equity Partners on its acquisition of Hungarian classifieds platform Startapro.hu from the Central Media Group. Lendvai and Partners reportedly advised the seller.

Kapolyi has advised Wing Real Estate Development and Investment on its HUF 25.3 billion issuance of green bonds. Szabo Kelemen & Partners Andersen Attorneys advised MTB on covering the issuance.

Former Kinstellar Budapest Head of TMT Zsombor Orban has joined Deloitte Legal as a Partner and Head of Privacy and TMT in Hungary. He is followed by former Kinstellar Associates Daniel Nagy and Flora Szalai.

Business start-ups and terminations reflect the recovery of the Hungarian economy after the downturn following the outbreak of the coronavirus epidemic. In the second quarter of last year, when the epidemic hit the country, only 5,041 companies were set up. Meanwhile, in the last three months of last year, the number was close to 9,000 and in the first quarter of this year it has already exceeded 9,000, as we discussed in a recent joint webinar with OPTEN.

The European Data Protection Supervisor (“EDPS”) has issued a guidance document entitled “Return to the Workplace and EUI’s (European Institutions, Agencies and Bodies) screening of Covid immunity or infection status” (the “Guidance”).

Hungarian law firm KNP Law has promoted Laszlo Agai to Partner.

Dentons has advised SPI International shareholders Loni Farhi and Berk Uziyel on the sale of a 70% stake in the company to Canal+. Rymarz Zdort advised the buyer.

Schoenherr has advised Berlin-based electric scooter rental startup Tier on its entrance into Hungary.

CMS and Sorainen have advised the Greco Group on its acquisition of MAI CEE Insurance Brokers.

The draft of a huge EU solar tender for the residential sector was published by the Hungarian Government at the end of August 2021. The draft proposal shows that households earning less than the national average income will be eligible for 100% non-repayable grants of between HUF 3-11.5 million (EUR 8,500 – 31,500) for green investment purposes.

The Curia has made a legal uniformity resolution no. 7/2021 PJE on the enforcement of the rules of contract transfer. The resolution has been trying to put an end to the issues of contract transfer, especially in the case of agricultural leases. The previous legal practice was based on the interpretation that the contract shall be deemed to be a new contract in respect of all rights and obligations transferred.

With respect to the evaluation of the success of the incorporation of certain provisions of the Hungarian Civil Code in the practice and the regulatory proposals developed by the case law, the amendment of the Civil Code has become necessary, therefore, at the end of June 2021, an act amending the Hungarian Civil Code has been published.

The European Commission approved the creation of a new synthetic securitisation product under the EU State aid regulation. The new product is in the form of guarantees on synthetic securitisation tranches to help companies affected by the COVID-19 outbreak in the 22 participating Member States (i.e. Austria, Belgium, Bulgaria, Croatia, Cyprus, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Lithuania, Luxemburg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain and Sweden). The product is under the European Guarantee Fund and managed by the European Investment Bank Group (EIB Group). The dedicated budget is EUR 1.4 billion, however, it is expected to mobilise at least EUR 13 billion of new lending to companies affected by the COVID-19 outbreak.