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Legal market overview
A weak forint and sectoral taxation of foreign investment continued to foster uncertain conditions, with law firms reporting another quiet year. The lack of foreign investment remains the primary reason for the dearth of new-money financings, leading to a focus on restructuring and refinancing. State-funded real estate acquisition activity has led to a small revitalisation of that market.
The Hungarian Competition Authority’s cartel investigations into foreign exchange mortgage loans and abuse of dominant position benefited firms with strong competition law practices.
Legal Business: country analysis
Breaking new ground – advisers hope shale revolution can restart CEE market
Weighed down by political unrest and slowing economies, energy and infra projects look like one area to be driving
the CEE economy. Can the shale revolution power up
Click here to read the feature.
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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.
BANKING & FINANCE . REAL ESTATE & CONSTRUCTION . PROCUREMENT & REGULATORY . EMPLOYMENT & PENSIONS
Government Emergency Ordinance no. 58 (the “Ordinance”) for the amendment and completion of Law no. 571/2003 regarding the Fiscal Code (the “Fiscal Code”) and other fiscal-financial measures was published in the Official Gazette of Romania, Part I no. 431 of June 28, 2010. The Ordinance shall enter into force on July 1, 2010.
Das Magazin FOCUS hat in seiner aktuellen Spezialausgabe wieder eine Liste der führenden Steuerkanzleien in Deutschland veröffentlicht. GSK Stockmann + Kollegen wurde dabei erneut im Bereich „Umwandlung, Umstrukturierung und M&A“ als Top-Steuerkanzlei ausgezeichnet und erhielt das damit verbundene FOCUS-Siegel „Top-Steuerkanzlei 2015“.
The VEGAS LEX law firm and the Union of Industrialists and Entrepreneurs (RSPP) have discussed the current problems and development prospects of public procurement regulation in a roundtable conference also attended by the Federal Antimonopoly Service.
Dr. Jürgen Heyer, President of the German Federation of Housing, Urban Development and Regional Planning and former Minister of Building and Transport in Saxony-Anhalt joins the Berlin office of GSK STOCKMANN + KOLLEGEN as Of Counsel effective 1 May 2015. GSK thus continues focusing on the public sector and growth of their Berlin office.
Singapore Managing Partner Shortlisted for Prestigious Financial Times Innovative Lawyer of the YearMorgan Lewis Stamford among Most Innovative Asia-Pacific Law Firms According to Annual FT Report
Monday, March 16, 2015
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.
Kim & Chang has been named in ‘Global 100,’ a special feature of The American Lawyer Magazine (ALM), a renowned US-based legal magazine. Our firm was ranked amongst Top 100 firms in ‘Most Lawyers (List of the number of lawyers)’ chart, in ‘Most Global (List of the number of countries in the firm has offices)’ chart, as well as in ‘Pro Bono Commitment’ chart. Kim & Chang is the only Korean firm to be listed inthese charts.
Kim & Chang was recognized as one of the top 10 leading law firms in the world for its pro bono services according to Who’s Who Legal Pro Bono Survey 2014 for two consecutive years. Kim & Chang is the only Asian firm to be listed. Who’s Who Legal, an international legal media, conducts global surveys on law firms’ pro bono services since 2013.
Kim & Chang was recognized in the Legal 500 Asia Pacific (2015 edition), a leading global law firm directory published by Legalease, UK legal media, as a band 1 law firm for all 14 practice areas surveyed as below.