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The European Commission published the Digital Single Market Strategy for Europe in 2015, the aim of which is the creation of a modern and more European copyright framework system. The Commission presented in 2016 its legislative proposals to modernise EU copyright law, which resulted in the adoption of two directives: one laying down rules on the exercise of copyright and related rights applicable to certain online transmissions of broadcasting organisations and retransmissions of television and radio programmes (“SatCab Directive”) and another on copyright and related rights in the Digital Single Market (“CDSM Directive”).

Hungary announced to cut the tax on cryptocurrency earnings by 50% to encourage investors to declare income from trading digital tokens such as Bitcoin. The Hungarian Parliament accepted the tax package for 2022 on 9 June 2021. The package contains inter alia significant simplification and tax reduction with regards cryptocurrencies.

Crowdfunding is a type of intermediation where the service provider operates a platform (e.g. website) open to the public. The purpose of that platform is to match enterprises seeking financing with prospective investors. The enterprises typically receive small amounts of money from many investors (usually natural persons), via lending (lending-based crowdfunding) or investment into shares (investment-based crowdfunding). Some of the best-known crowdfunding platforms are Kickstarter or Indiegogo. By introducing a single European regulatory framework, the uncertain Hungarian legal environment might change, potentially giving a boost to the crowdfunding market.

The global pandemic has impacted all markets, with subsequent ramifications for M&A. Investors are now seeking greater protection against general lock-downs and supply-chain disruptions, while governments aim to protect critical supplies and services by imposing new regulations on foreign investment in crucial or strategic industries. If you are considering investment opportunities in Hungary, take a look at this overview to get insight into the regulations on foreign investment in strategic industries.

Hungary was one of the last EU countries to introduce a register of ultimate beneficial owners. While the provisions of the Fourth and Fifth AML Directives were already implemented in the Hungarian AML Act, the technical conditions on the actual operation of the UBO register were only adopted by Act XLIII of 2021 ("UBO Register Act") and are in force as of 22 May 2021.

Hungary is one of the first countries in CEE to fully implement Directive 2019/790 on Copyright in the Digital Single Market ("CDSM Directive") and Directive 2019/789 ("SatCab 2.0 Directive"). The so-called "Copyright Reform Act" (Act XXXVII of 2021) was published in the Official Gazette on 6 May 2021, and the majority of the new rules will be effective as of 1 June 2021.

In any economy transport infrastructure is vital for enabling the flow of goods and people. Two salient features of the transport environment in Hungary are the country’s location “between East and West” and, within the country, the significant work which has been done to develop the motorway network. Many of the issues referred to below can be traced back to one or both those factors.

Starting from modest beginnings in the small Hungarian city of Eger, Agnes Molnar’s career has taken her across the world, from small local law firms to the Magic Circle, from state entities to global banks, and from Budapest to London to Vienna to Montreal. Now, some 10,000 kilometers away from her home country, she is a Partner at Travers Thorpe Alberga in the Cayman Islands. If, as the Chinese proverb has it, a journey of a thousand miles begins with a single step, Molnar is already half-way there.

The COVID-19 crisis continues to plague much of Europe. To get an overview of its effects across CEE – both on investment in the region and on the legal industry itself – we reached out to the members of Pontes the CEE Lawyers legal alliance, a Regional Sponsor at the upcoming Dealer’s Choice International Law Firm Summit.

The chain of general contractor and subcontractors behind large-scale construction and the occasional failure of certain subcontractors to obtain proper payment gave birth to the institution of construction payment agent, a form of collateral management. It was typical in the construction industry that subcontractors were exposed to circle debt. The construction payment agent is a unique statutory solution to eliminate such debts.

Facilitated by strong government support, a consolidated tendering practice, and the growing interest of both domestic and international investors, solar power is driving Hungary’s renewables market to new heights.

In response to the COVID-19 outbreak, the Hungarian government launched Government Decree 47/2020 (III. 18.), introducing a moratorium on the payment of principal, interest, and fees arising from facility, loan, and financial lease contracts until December 31, 2020. This moratorium, which we will call the “2020 Payment Moratorium,” was automatically available to both natural person and business entity borrowers, although they could opt out of if they wished.

The current backbone of the EU’s e-Commerce Directive was adopted 20 years ago. Since then, the landscape of the digital economy has changed significantly, as most online platforms in use today did not exist in 2000. As a result, many digital experts claim that competition enforcers have failed to tackle some of the specific challenges created by the new digital platforms.

Recently published case law from Hungary’s National Institute of Pharmacy and Nutrition – the Hungarian acronym is OGYEI – deals with various aspects of pharmaceutical promotional activities and interactions with health care providers. The OGYEI investigated the commercial practices of Aramis Pharma Kft., Lilly Hungaria Kft., and Sager Pharma Kft., and imposed fines following the discovery of infringements.

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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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