- How do the awards work?
- The Legal 500 United Kingdom Awards 2013
- The Legal 500 United States Awards 2014 - In-house winners
- The Legal 500 United States Awards 2014 - Law firm winners
- The Legal 500 Latin America Awards (coming soon)
- The Legal 500 Germany Awards (coming soon)
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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
Studio Legale Villata, Degli Esposti, Perfetti e Associati is pleased to announce the forthcoming publication of the sixth edition of Professor Villata's monograph entitled " Pubblici Servizi. Discussioni e Problemi " (Public Services. Issues and Debates) and issued by the law publishing house Giuffrè. The volume consists of an in-depth analysis of the much-discussed subject of public services and provides a remarkable intake on the matter from an exceedingly knowledgeable scholar, in light of recent developments in legislation and jurisprudence.
Budidjaja & Associates becomes the Indonesian law firm member of TAGLaw, an international alliance of independent law firms
AstapovLawyers has been recognized TOP-3 band in corporate/M&A and tax in Ukraine according to the latest survey 2014 by KyivPost, a well-known English speaking edition. The survey findings are based on a peer review conducted by the Kyiv Post in August of 90 law firms.
The Administrative Court of Hamburg decided on 27 August 2014 that Uber, a provider for a smartphone-app for on-demand transportation services, may continue providing its services in Hamburg. With its decision, the Administrative Court ordered the suspensive effect of the objection against the prohibition order of the city of Hamburg. The decision of the Hamburg authorities were formally unlawful as the traffic authorities were not the responsible authority and the prohibition order could not be based on the Passenger Transportation Act (Personenbeförderungsgesetz).
The Companies (Guernsey) Law, 2008 (" Companies Law ") provides for companies, protected cell companies (" PCCs "), incorporated cell companies (" ICCs ") and cells of PCCs and ICCs to be placed into administration and for an administrator to be appointed to manage that entity's affairs whilst the administration order remains in force.- Ogier
A company incorporated and existing in one jurisdiction may consider it desirable to continue as a company existing elsewhere for a variety of reasons including, for example: to be in a time zone closer to investors; to conduct its affairs in a manner more familiar to its stakeholders; to benefit from a more modern and/or flexible statutory or regulatory environment and/or a more appropriate tax framework.- Ogier
Kim & Chang has been named as the "Best Law Firm for Asset Management" from AsianInvestor Korea Fund Awards 2014 , hosted by AsianInvestor affiliated with Haymarket Media Ltd, a global media company. It is the fourth consecutive year that the firm has been honored for this award.
Kim & Chang has been selected for the "Legal Innovation in Real Estate Finance" award for providing exceptional legal advice in connection with the case involving KHFC's issuance of two different types of covered bonds in the first-ever Financial Times (FT) Asia-Pacific Innovative Lawyers Awards 2014 .
Kim & Chang has been recognized as one of the world's top 150 law firms in the Who's Who Legal 100 (2014 edition, 3rd edition) , published by Who's Who Legal that is an international publication affiliated with London-based publishing group, Law Business Research. Kim & Chang has been the only law firm in Korea to be included in the list for three consecutive years.