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The supervisory activity of the National Media and Infocommuncations Authority (“NMIA”) and the operation of communication service providers will be highly affected by the implemented provisions of the European Electronic Communications Code that prescribes the applicable new European framework of electronic communications.

According to a press release of the Hungarian Competition Authority (GVH) issued on 16 December 2020, GVH is launching a market analysis to investigate how customer datasets of e-commerce companies are created and also the role of such assets in the competition between online stores. The investigation will further cover the extent of the customers’ awareness of such data collection and its influence on their decisions.

In December 2020, KELER Kozponti Ertektar Zrt. (KELER Central Securities Depository Ltd.) (KELER), the central depository of Hungary, was granted an authorisation under the Central Securities Depositories Regulation (CSDR Regulation) and can now offer its clients services supporting an efficient and secure securities market as a central securities depository operating under unified European regulations.

At the end of December 2020, several new regulations have been accepted to facilitate constructions due to the state of emergency. As one of the most important news, the Hungarian Government has extended the application of simple notification to the construction activities of a residential building including maximum six flats, but having a total net floor space of maximum 1,000 sqm.

Looking at the volume of non-performing loans in the balance sheets of the Hungarian banks, it is possible to believe that the situation has never been better. In fact, however, this is primarily due to the general moratorium introduced by the Hungarian government in March 2020, which protected both companies and consumers against insolvency and non-payment. Now, eight months later, financial institutions are preparing for a potentially massive wave of bankruptcies, as they already reserved HUF 250 billion in the first half of this year.

One of the most important issues facing businesses in CEE is the impact of the ongoing COVID-19 pandemic on litigation and arbitration. In-person court and arbitration hearings have become problematic, if not impossible, and the importance of certain boilerplate contract clauses has skyrocketed. Zsolt Okanyi, Global Head of Dispute Resolution at CMS, Malgorzata Surdek, Head of Dispute Resolution at CMS Poland, and Daniela Karollus Bruner, Head of Dispute Resolution at CMS Austria, evaluate the current situation.

According to the changes of the act of the local business tax adopted on 26 November 2020, taxpayers have to submit their tax return to the tax authority, which means that what was an option until the end of the 2020 year, has become an obligation. As of 1 January 2021, the tax authority supervises and verifies the tax returns and also indicates immediately the calculation errors to the taxpayers, which can be corrected by correction or self-audit.

Dentons has advised a syndicate of underwriters including BNP Paribas, Citi, and J.P. Morgan, on Wizz Air’s successful issue of EUR 500 million 1.350% fixed Rate guaranteed notes due 2024 under Wizz Air's Euro Medium Term Note Program, which was oversubscribed with books exceeding EUR 2 billion. The notes were guaranteed by Wizz Air Holdings Plc. Clifford Chance and Ogier advised Wizz Air on the deal.

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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