Jalsovszky has advised Zambo Vagyonkezelo on the pre-exit restructuring and the sale of Tuzallotechnika to Alba Industrial Holding. Peremiczki & Turi advised the buyer.

The Hungarian data protection authority (NAIH) fined Magyar Éremkibocsátó Kft, a limited liability company engaged in the numismatic business, HUF 30m (approx. EUR 73,000) for unlawful direct marketing activities.

The Tax Foundation issued its annual International Tax Competitiveness Index (ITCI) of 38 OECD countries. The Index seeks to measure the extent to which a country’s tax system adheres to two important aspects of tax policy: competitiveness and neutrality. The ranking weighs variables across five categories: corporate taxes, individual taxes, consumption taxes, property taxes, and international tax rules.

Freshfields Bruckhaus Deringer and Wolf Theiss have advised a consortium of banks on the EUR 800 million revolving ESG-linked credit facility for the Vitesco Technologies Group. Creel Garcia-Cuellar Aiza y Enriquez and Yulchon reportedly advised the banks in Mexico and South Korea, respectively.

Kinstellar has advised S Immo on its EUR 238.3 million acquisition of Budapest office properties and a land plot from the CPI Property Group. Dentons advised the seller.

The Hungarian Government has adopted new decrees concerning household power plants and microgrids. These new legislations aim to enable economic operators to cooperate in fulfilling energy needs in times of high demand as well as to regulate small household power plants. The rules in question entered into force on 26 October 2022 and presumably will remain in force at least until the end of the state of emergency.

Contributed by Provaris.

Radu Taracila Padurari Retevoescu and Allen & Overy have successfully represented Romania's Zenith Media Communications before the CJEU in a dispute regarding the calculation of competition infringement-related fines. 

In mid-October 2022, a new bill has been submitted to the Parliament on the amendment of certain tax provisions in relation to real estates. The bill, on the basis of changes in the building regulations, clarifies the definitions of the properties under construction and built-on new properties. Thus, a built-on new property means also a property for which an occupancy permit was already issued, but then, its use or the number of its units changed (e.g. it was converted from a flat to an office) and 2 years have not yet elapsed until its sale. These properties will be sold subject to VAT.

The global shift to renewable energy and aspirations to reduce carbon emissions, together with the war-related energy crisis are among the major drivers that keep BSLaw Budapest - Szuchy Law Office’s energy practice busy, as Office Managing Partner Robert Szuchy points out.

As part of a comprehensive EU strategy to tackle non-performing loans, the European Parliament and the Council adopted a directive on credit servicers and credit purchasers, which Member States have until 29 December 2023 to transpose into national law.

On June 29, 2022, CEE Legal Matters reported that Oppenheim elected new members to its management board, with Istvan Szatmary becoming the firm’s new Managing Partner, while Jozsef Bulcsu Fenyvesi and Aron Laszlo undertook non-executive roles. We spoke with Szatmary, Fenyvesi, and Laszlo and discussed the process of transition, the firm's new agenda, and upcoming plans.

Due to rising energy prices more and more employers are considering continuing or (re)introducing the home office (i.e. (partial) teleworking), previously introduced out of necessity, where workloads allow and now on the basis of cost efficiency. For the time being, the rise in energy prices does not seem to have discouraged employees from teleworking, and in many places the possibility of teleworking has become an expectation of employers.

Kocian Solc Balastik has advised the VGP Group on expanding its warehouse space in Slovakia and Hungary.

Kocian Solc Balastik, Szecskay, and DLA Piper have advised Sandberg Capital on its acquisition of a majority stake in the Green Fox Academy. The Arday, Sisa and Joosz Law Firm reportedly advised the sellers.

Drakopoulos has advised the European Commission's Directorate-General for Energy on reviewing the transposition process of Directive 2018/2001 (RED II) on the promotion of the use of energy from renewable sources into the Greek legal framework. Dimitrov Petrov & Co, Kirm Perpar, Wardynski & Partners, and Kinstellar Croatian affiliate Zuric i Partneri advised on the transposition review in Bulgaria, Slovenia, Poland, and Croatia, respectively. CLM Bitai & Partners and Vojcik & Partners also reportedly advised the European Commission.

No one signs a commercial contract expecting or wanting a dispute. But a watertight contract with a solid arbitration clause can provide a vital sense of security to the signing parties. In some cases, however, an arbitration clause itself can cause procedural complications that have to be addressed even before a dispute between the parties can begin to be solved.

Lakatos Koves & Partners has advised the Japan-based Toyo Ink Group on its market entry and operation of its new battery component plant in Hungary.