Schoenherr has reportedly advised a club of lenders led by Erste Group and including Raiffeisen Bank International, UniCredit Bank Austria, BAWAG, and Oberbank on a EUR 300 million COFAG-guaranteed and secured financing for Austrian Airlines.
The Hungarian National Authority for Data Protection and Freedom of Information (the "Authority" or "NAIH") recently imposed a fine of HUF 100m (approx. EUR 285,000) on one of the biggest electronic communication service providers Digi Távközlési Szolgáltató Kft. ("Digi"). This is the highest data protection fine imposed in Hungary since the entry into force of the GDPR and the highest ever fine levied in Hungary for a violation of data protection regulations.
The Hungarian government introduced a state of emergency in March and took several extraordinary measures to mitigate the economic consequences of the coronavirus crisis. These measures heavily affected the Hungarian economy and legal system. Since the Hungarian government revoked the state of emergency, it is time to summarize the relevant legal background.
On 25 May 2020, the Government of Hungary adopted a new decree on the screening of foreign investments in Hungary (the "Decree"). The new screening regime aims to protect public security, order and health during the COVID-19 pandemic, and introduced a new approval requirement for investments into certain Hungarian companies. The screening will be carried out by the Minister of National Economy (the "Minister"). The Decree entered into force on 26 May 2020 while leaving the earlier FDI screening mechanism unaffected (see our earlier FDI screening article). As a result, two parallel FDI screening mechanisms now apply in Hungary.
In 2010, France’s Agence Nationale de Sécurité du Médicament published the results of tests of breast implants produced by the French company PIP and banned their use, due to an increasing number of reports of incidents related to impaired implant integrity and subsequent health-related complications.