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- Top 100: Africa
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- The Legal 500 United Kingdom Awards 2014
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- The Legal 500 Latin America Awards (coming soon)
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- Frequently asked questions
- Legal market overview
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Legal market overview
Positive messages from the Hungarian market included the full repayment of the country’s IMF loan in August 2013, but the weakening of the forint and sectoral taxation to the detriment of foreign investment mean the market outlook remains uncertain.
With certain taxation aimed at financial institutions and the lack of foreign investment contributing to the ongoing dearth of new-money financing, many law firms have shifted their focus from new projects to restructurings and refinancings of existing transactions. The real estate market remained quiet, as did the energy sector, which has been badly hit by the government’s push to lower energy prices.
The state has become an increasingly important player in the market, with recent transactions including its acquisition of stakes in two local banks, and state-owned energy group MVM’s acquisition of E.ON’s natural gas division; these and other examples ensured that law firms with connections to state entities remained busy through 2012-13. Firms with strong competition law practices also had an active year, with headline matters including the Hungarian Competition Office’s continuing cartel investigation into foreign exchange mortgage loans.
Among the prominent international law firms are Andrékó Kinstellar, CMS, Horváth & Partners DLA Piper, Kajtár Takács Hegymegi-Barakonyi Baker & McKenzie Ügyvédi Iroda and Réczicza White & Case LLP. Leading independent firms include Nagy és Trócsányi Ügyvédi Iroda, Oppenheim and Szecskay Attorneys at Law.
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Hungary's new law on information security will plug a hole in existing legislation, but may prove to be excessive in addressing security issues.
In 2013, Hungary has introduced a 10% household utilities price cut in the field of electricity, gas and district heating. To ensure thorough enforcement of the price cuts, the country's energy regulator was restructured and several barriers were set to prevent energy companies from passing on these burdens to consumers.
This guide provides the international practitioner and in-house counsel with a comprehensive worldwide legal analysis of the laws and regulations of real estate. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Real Estate; published by Global Legal Group Ltd, London. www.iclg.co.uk )
Hungary seeks to impose a 35% withholding tax on offshore assets.
The complicated Hungarian legislation on domestic company mergers can cause headaches, including in cross-border mergers. These headaches result mostly from the fundamental differences between Hungarian law and the national laws of other EU member states, which remain applicable alongside the harmonised rules for cross-border mergers.
On 9 July, the Hungarian Government adopted Act CXVI of 2012 on Financial Transactions Tax, which levies tax on payment services. The Hungarian government claims that this new tax - which is also being referred to as a "financial transaction levy" - is aimed at supplementing the extraordinary tax levied on Hungarian credit institutions. The tax comes into effect and will be payable as of 1 January 2013.
A recent second instance judgment by the Metropolitan Court of Appeal (“Court of Appeal”) provides some interesting insight into the court’s approach in cartel matters. The case before the Court of Appeal concerned the second instance review of a first instance judgment that annulled certain parts of the decision of the Hungarian Competition Office (the “HCO”).
Hungary is the first country in the CEE region to introduce the real estate investment trust (REIT) regime on the back of US and Western European examples. The new REIT regime took effect on 27 July 2011.
After the publication of the Annual Growth Survey (AGS) by the European Commission, the Hungarian Presidency undertook to implement the first ever "European Semester" a six-month period of each year in which Member States' budgetary and structural policies are reviewed to identify any inconsistencies and emerging imbalances, so as to facilitate coordination before major budgetary decisions are finalised.
BANKING & FINANCE . REAL ESTATE & CONSTRUCTION . PROCUREMENT & REGULATORY . EMPLOYMENT & PENSIONS
On September 23, 2014, VEGAS LEX partner and head of the International Projects Group Yuriy Bortnikov spoke before an audience of major venture funds and IT companies including Facebook, LinkedIn and Survey Monkey in Palo Alto, California. His presentation Doing Business in Russia: Essential Legal Matters was devoted to the legal specifics of the Russian environment for business.
Hengeler Mueller advises arrangers and underwriters on financing of planned acquisition of Sigma-AldMerck, a leading company for high-tech products in the pharma, performance materials and life science sectors, and Sigma-Aldrich, also a leading life science and technology company, today announced that they have entered into a definitive agreement under which Merck will acquire Sigma-Aldrich for €13.1bn (converted). A USD 15.6bn bridge financing has been secured for the all-cash transaction. The final financing structure will comprise a combination of cash on Merck's balance sheet, bank loans and bonds. Deutsche Bank, J.P. Morgan and Société Générale acted as arrangers and underwriters in respect of the financing transaction. Closing is expected in mid-year 2015, subject to regulatory approvals, approval by a special shareholders' meeting of Sigma-Aldrich and other customary closing conditions.
AstapovLawyers is pleased to announce it has become an official legal partner of the Ukrainian Tennis Federation. AstapovLawyers will provide full legal support to the Federation including advice on on-going matters, drafting and negotiating contracts, employment, tax and corporate issues. AstapovLawyers has become the first law firm to act as an official legal partner of the Ukrainian Tennis Federation.
The plenary session of the PharmaStrategies-2015 conference focused on several key issues including a planned international pharmaceutical market information system for anti-monopoly regulators, changes in the federal law o n circulation of medicines and the application of the law on public procurement contracts system.
On September 29, 2014, the Government of the Russian Federation and RT-Invest Transport Systems signed a concession agreement on one of the largest investment projects in Russia to introduce a tolling system for vehic les heavier than 12 metric tons.
VEGAS LEX managing partner Alexander Sitnikov spoke at a conference sponsored by the Khanty-Mansiysk Non-State Pension Fund focused on Russia's pension system and relevant federal legislation earlier this month.
This Client Briefing has been prepared for the assistance of directors of investment funds listing "equity securities" as defined in Chapter I of the listing rules (the Listing Rules) of the Channel Islands Securities Exchange (the Exchange) under Chapter VII of the Listing Rules. This Briefing sets out certain of the continuing obligations which an issuer is required to observe once any of its securities have been admitted to listing. This Client Briefing should be read in conjunction with the ‘Channel Island Securities Exchange - Listing of Securities of Investment Funds' Briefing.- Ogier
Following the opening of our offices in Lugano in 2013, Walder Wyss has further expanded its operations with the opening of new offices in Basel. We warmly welcome our new team which consists of 12 experienced legal professionals and 9 staff members.
The Delhi High Court in case of DIT v Panalfa Autoelektrik Ltd: 49 taxmann.com 412 , held that export commission for arranging export sales could not be considered as consideration for providing managerial, consultancy or technical services, and therefore would not be taxable in India.
Boult Wade Tennant is delighted to announce the firm has maintained our top tier rankings in leading industry directory: The Legal 500 in both the patent and trade mark categories.