Firm Profile > Schoenherr Hetényi Ügyvédi Iroda > Budapest, Hungary
Schoenherr Hetényi Ügyvédi Iroda Offices
VACI UT 76
1133 BUDAPEST
Hungary
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Schoenherr Hetényi Ügyvédi Iroda > The Legal 500 Rankings
Banking, finance and capital markets Tier 2
Schoenherr Hetényi Ügyvédi Iroda has a strong focus on syndicated loans in the areas of corporate, acquisition and project financings. It also assists with refinancing, debt restructurings and non-performing loan transactions. Lead partner Gergely Szalóki regularly advises borrowers and lenders on regulatory matters in the banking and insurance sectors. In the capital markets space, he also handles bond issue transactions, representing both managers, issuers and investment funds.
Practice head(s):
Gergely Szalóki
Testimonials
‘Efficiency and professionalism strict deadlines’
‘My cooperation with Mr. Gergely Szaloky was excellent, standing out from the competition by the highest standards of professionalism.’
‘Hands-on, pragmatic and responsive firm, covering (with offices throughout Central Europe) all needs of our clients in this geographic area’
‘Business approach and very, very adequate legal opinion to resolve a problem’
‘good price-value rate; expected professional experience, almost good co-operation’
‘We have received precise, effective and quality legal support ’
‘They are very responsive and have an in-depth knowledge of the financial industry ranging from syndicate lending to NPL sale transactions.’
Key clients
Thomas Cook Kft.
Cantor Fitzgerald Securities
Unicredit Bank AG
Erste Group Bank AG
OTP Bank Nyrt
Erste Lakástakarék Zrt.
Bain Capital Europe LP
Interglobe Enterprise
DZ Bank AG
Deutsche Pritave Equity GmBH
Deutsche Bank AG, London Branch
Intesa Sao Paolo
Commercial, corporate and M&A Tier 2
Schoenherr Hetényi Ügyvédi Iroda's Budapest team has developed a solid offering in corporate and M&A activity in the energy, telecoms and media and automotive sectors. Other key areas of work include public tender offers, private equity and venture capital transactions, auction sales, privatisations, strategic alliances and joint ventures. The practice also works in tandem with the insolvency team to advise on on distressed M&A. Practice head Kinga Hetenyi is experienced in cross-border mergers, market entries and corporate restructuring.
Practice head(s):
Kinga Hetényi
Key clients
S. C. Medlife SA
Russmedia
Covivio
Salesianer
Volkswagen
Aqwise
ITRIS
Kelkoo
Robert Bosch GmbH
Pitcher AG
Skylotec
Infogroup
Competition Tier 2
Schoenherr Hetényi Ügyvédi Iroda's competition practice is led by counsel Anna Turi, who is 'the mastermind of the team's litigation strategies'. Turi is experienced in merger control proceedings, cartels and consumer protection cases. She is also highlighted for her representation of clients in follow-on damages litigation, challenges and appeals against decisions by the Hungarian Competition Authority. Associates András Nagy and Márk Kovács frequently work alongside Turi on the most high-profile mandates.
Practice head(s):
Anna Turi
Other key lawyers:
Andras Nagy; Mark Kovacs
Testimonials
‘Anna Turi is very diligent, easy to work with and commercial. She has impressive experience in litigation and competition/consumer matters. She is responsive and proactive.’
‘Anna Turi – Her personality and professionalism shape the whole team. Generally speaking, as a lawyer, she combines a really powerful intellect on the one hand with multifaceted expertise and rich experience on the other, which gives her a clear edge when dealing with complex issues, especially in the area of competition litigation. She is the mastermind of the team’s litigation strategies and sees to their efficient implementation in practice. She has an eye for detail, is a superb communicator and knows how to squeeze the best out of the members of her team.’
‘Mark Kovacs – Mark is the tireless engine of the practice: a thoughtful, highly motivated and precise lawyer who is destined to reach the level of an eminent practitioner in the near future. I consider him to be gifted with superb intelligence and great legal talent, which are at the basis of his superior strategic thinking and amazing drafting skills. In addition to that, he is always willing to go the extra mile and explore all possible solutions which might potentially help the client. In my opinion, he represents the future of competition litigation in Hungary. ’
‘Anna Turi is great in communication even in difficult cases, always responsive and competent’
‘Our partner lawyer in the Hungarian office (Anna Turi) is, first of all, extraordinarily committed and proves excellent knowledge of her field of activity (competition law). She is also extraordinary because she can explain sophisticated legal procedure details in an easily understandable manner for lay persons like us.’
‘Anna Turi and Christoph Haid have excellent knowledge, are extremely flexible, quick and pragmatic and do in all respects an excellent job.’
‘They are extremely skilled, pragmatic, friendly, flexible, quick and charge reasonably. They have never made anything which we were not fully satisfied with.’
‘We had very smooth cooperation in course of the cooperation with the dedicated team. They were very supporting and helpful in order to deliver the job on time even the given timeframe was very short’
Key clients
Daimler AG
Robert Bosch GmbH
Sonepar Kft.
Mondi AG
Rewe Group
Fressnapf Hungária Kft.
Husqvarna Group
Manpower Kft.
Bell Food Group
Pipelife Hungária Kft.
Husqvarna Kft.
Zimbo Kft.
Projects and energy Tier 2
Schoenherr Hetényi Ügyvédi Iroda's Budapest team is particularly knowledgeable about energy regulations and legislative developments across the CEE region; Dániel Varga is currently involved in drafting a new electricity law for the Republic of Uzbekistan in compliance with the liberalisation strategy adopted by the Republic. Varga is a regulatory specialist who is active in the areas of energy generation, mining, environment and infrastructure.
Practice head(s):
Dániel Varga
Testimonials
‘Lots of experience in this legal field.’
Key clients
Doosan Group
GTC Magyarország Ingatlanfejlesztő Zrt.
E.On Hungária Zrt.
F-Trans Kft.
EBRD
Data privacy and data protection Tier 3
Schoenherr Hetényi Ügyvédi Iroda provides day-to-day data protection advice, as well as handling audits, GDPR compliance projects and assisting with due diligence and the implementation of internal policies. The practice has seen a growth in instructions in relation to the data protection aspects of monitoring employees and remote working, as well as in the retail and e-commerce sectors. Counsel Dániel Gera is the key figure.
Practice head(s):
Dániel Gera
Testimonials
‘Schoenherr Attorneys At Law is a reliable company in every respect: accurate, up-to-date, rapid and flexible as much as possible. Regarding Data privacy and data protection, they comply with the regulations 100 % from customer point of view.’
‘When asking for legal help, the direct partners are assisting in the whole process from the beginning to the end. In case of extremely important issues, they are always checking the results, and give feedback from time to time. It is really comforting for us as a customer that they are thorough and caring, and always up-to-date. ’
Key clients
BAUHAUS SZAKÁRUHÁZAK Kereskedelmi Betéti Társaság
Apple Inc.
Hays PLC
BMW Vertriebs GmbH
Makro Cz / Restu s.r.o.
M7 Real Estate Hungary Kft.
Manpower Business Solutions Kft.
Cargoe GmbH & Co KG Magyarországi Fióktelepe
Fressnapf-Hungária Kft.
Bystronic Magyarország Kft.
Employment Tier 3
Schoenherr Hetényi Ügyvédi Iroda has a strong non-contentious labour practice. It mainly assists clients with HR issues, transfers of employees, restructurings and benefits and compensation packages. It also demonstrates strong capabilities in litigation. Dániel Gera is the main point of contact.
Practice head(s):
Dániel Gera
Testimonials
‘Schoenherr are a trusted adviser for most of our legal needs. As our organization spreads in lots of countries, their ability to connect and give us a complete assistance is a great value. They are also able to work both as an external General Counsel and as an ad hoc Advisor on certain matters. Furthermore, their presence in the Eastern Europe is an additional value. Finally, all our partners at Schoenherr showed accountability, even when assignments extend for a longer time, losing no grip on the issues.’
‘In few words – accountability – strong legal knowledge – the ability to team work when matters cover multiple areas – the ability to operate timely’
‘Schoenherr Attorneys At Law is a reliable company in every respect: accurate, up-to-date, rapid and flexible as much as possible.’
‘The direct partners are assisting in the whole process from the beginning to the end. In case of extremely important issues, they are always checking the results, and give feedback from time to time. It is really comforting for us as a customer that they are thorough and caring, and always up-to-date.’
Key clients
Fressnapf Holding SE / Fressnapf Hungária Kft.
Arylux Hungary Kft. (Member of the ITW group)
Construcciones y Auxiliar de Ferrocarriles, SA (CAF) and its Hungarian subsidiary CAF Hungary Kft.
Manpower Kft.
GTC Hungary Real Estate Development Zrt.
Uniper Hungary Kft.
Clariant SE
Microban
Essentra Filter Products Kft.
Innoveo Kft.
UNIQA IT Services GmbH / Uniqa Raiffeisen Software Service Kft.
Heidelberger Druckmaschinen – Heidelberg Magyarország Kft.
Greiner Bio One Kft.
Benteler Autótechnika Kft.
Real estate and construction Tier 3
Schoenherr Hetényi Ügyvédi Iroda is experienced in cross-border real estate transactions, both as shares and asset deals, as well as lease negotiations, greenfield investments and real estate litigation. Multilingual in Hungarian, English and German, László Krüpl shows 'great understanding of the case' and is able to advise on high-value property sales and acquisitions, leases and investments into the Hungarian commercial real estate and infrastructure sectors.
Practice head(s):
László Krüpl
Testimonials
‘Laszlo Krüpl headed the team and was our contact. His dynamic and practical approach helped in our negotiations with the seller.’
‘We are very satisfied with Laszlo Krüpl, he is a dynamic and clever lawyer with a remarkable legal knowledge and excellent communication skills.’
‘They are very direct and immediate, so our communication is very good.’
‘The team provided very quick and professional approach with short reaction time. The team does have the experience needed to evaluate swiftly real estate contract conditions on the current real estate market.’
‘Mr. László Krüpl has showed great understanding of business case and a quick response which was highly appreciated.’
‘Very quick help and support. Recommendations are clear and practical. Always highlighting all pros and cons.’
‘In my view the law firm provides very good value services, the team members are promptly reachable and have an out-of-box thinking.’
Key clients
Covivio
GTC
B&B
Bridge Group
List Group
Doosan
Hauser
CargoE
Erste Bank der oesterreichischen Sparkassen
Euro Pool System
Private Client Fiduciary Corporation
Schott
Dispute resolution Tier 4
Kinga Hetenyi is the key partner at Schoenherr Hetényi Ügyvédi Iroda, which is regularly involved in Hungarian and cross-border disputes involving contract law, employment, consumer protection, IP, IT and energy law. Alexandra Bognár is a reputable counsel for white-collar defence.
Practice head(s):
Kinga Hetényi; Alexandra Bognár
Testimonials
‘The lawyers are professional, they are available many times. Their communication and their jobs are effective.’
‘Very good reaction, accurate and understandable explanations wherever requested.’
‘Schoenherr’s dispute resolution team has been consistent, devoted and very professional in my dealings with them. We’ve been working on a case for several years, with a difficult counter party, and they have remained responsive, attentive, and thoughtful throughout the entire time.’
‘The team has been creative and flexible in terms of reacting to court rulings, settlement proposals from the other side, and other developments in the case, and adjusting the litigation strategy in a thoughtful manner.’
Key clients
Swiss International Air Lines / Edelweiss Air / Helvetic AirWays
Apple
Daimler AG
ERSTE Bank Hungary Zrt
Richard Fritz GmbH / RF spol. s.r.o.
Hankook Tire
Monster Energy
Atradius
Andritz AG
Geismar
Bystronic
Schoenherr Hetényi Ügyvédi Iroda > Firm Profile
The firm: Schoenherr Hungary was established in 2008 when a well-established team of experienced legal professionals joined the Schoenherr network in order to benefit from Schoenherr’s strong position in the CEE/SEE region. The management of that team was taken over in 2010, and has been led since then by Kinga Hetényi. The main practice areas are: corporate/M&A, competition, banking and finance, real estate and labour law.
Areas of practice: Schoenherr Hungary has a long track record of representing foreign investors, mainly in acquisitions and greenfield investments, corporate, employment law, merger control filings and other competition matters such as cartel proceedings (before the authority and court) and dawn raids, consumer protection matters, finance and insolvency matters as well as real estate transactional mandates, construction and development, including large-scale infrastructure and energy projects. Additionally, the team advises numerous sizeable corporate clients on an ongoing basis on issues such as general corporate, commercial and regulatory matters, real estate and employment law. The office serves numerous international and domestic clients in the automotive, retail, banking, insurance, energy, food, technology and pharma sectors.
Main Contacts
| Department | Name | Telephone | |
|---|---|---|---|
| Corporate/M&A | Kinga Hetényi | ||
| Banking and finance/capital markets | Gergely Szalóki | ||
| Competition/EU | Anna Turi | ||
| Competition/EU | András Nagy | ||
| Data protection | Daniel Gera | ||
| Data protection | Dorottya Gindl | ||
| Labour and employment | Kinga Hetényi | ||
| Labour and employment | Dániel Gera | ||
| Litigation, arbitration | Kinga Hetényi | ||
| Litigation, arbitration | Alexandra Bognár | ||
| Regulatory | Daniel Varga | ||
| IP | Kinga Hetényi | ||
| IP | Márk Kovács | ||
| Insolvency and restructuring | Kinga Hetényi | ||
| Insolvency and restructuring | Gergely Szalóki | ||
| Insurance | Gergely Szalóki | ||
| Compliance and white-collar crime | Kinga Hetényi | ||
| Compliance and white-collar crime | Alexandra Bognár | ||
| Real estate | László Krüpl |
Staff Figures
Number of lawyers : 300+ At this office : 17Languages
English French German HungarianMemberships
Schoenherr Rechtsanwälte (Schoenherr Attorneys at Law)Other
Other offices : Belgrade Other offices : Bratislava Other offices : Brussels Other offices : Bucharest Other offices : Chisinau Other offices : Istanbul Other offices : Ljubljana Other offices : Podgorica Other offices : Prague Other offices : Sofia Other offices : Vienna Other offices : Warsaw Other offices : Zagreb Other offices : Albania Other offices : Bosnia & Herzegovina Other offices : North Macedonia Other offices : UkraineDiversity/Community
Schoenherr Hungary regards education as a focus of its CSR activities. We are committed to the future of the legal profession and actively contribute to the development of legal training in Hungary. Through a comprehensive internship programme in cooperation with universities and student alliances, our lawyers deliver university guest lectures with the aim of providing future lawyers with practical knowledge and skills.
Another significant issue that our firm is resolute to combat is the lack of education of underprivileged children. Through one of our initiatives, we have undertaken the task to boost the technological offering of schools to local students, by providing them with IT-related equipment including computers, laptops and monitors. Our partnership with Heliopolis the ‘Every Child is Precious’ Foundation further supports our aim to support disadvantaged young people in accessing foreign language learning opportunities and sick children in receiving better healthcare.
We vigorously encourage our lawyers to participate in pro bono projects which make a difference in the communities where we live and work. Recently, we organised employment law training primarily for non-profit organisations in the western-Hungarian region, through PILnet: The Global Network for Public Interest Law.
Our firm participates in various charity events. We are enthusiastic supporters of the annual CEE Legal Matters Budapest Law Firm Bowling Challenge with the proceeds donated to the winning team’s charity of choice, and we are actively engaged in expanding our CSR initiatives.
Press Releases
Austria/CEE: Schoenherr advises UNIQA on the acquisition of AXA subsidiaries in CEE for EUR 1bln
31st March 2020 Once again, Schoenherr has advised on a billion-euro transaction in the CEE region: An international Schoenherr team assisted UNIQA on the acquisition of AXA subsidiaries in the Czech Republic, Poland and Slovakia for a purchase price of around EUR 1bln.Austria/CEE: Schoenherr further strengthens leadership with promotions
31st March 2020 Schoenherr is strengthening the ranks of equity partner, contract partner and counsel with new promotions effective as of 1 February 2020. With Pawel Halwa and Thomas Kulnigg, Schoenherr promotes two longstanding Schoenherr experts to equity partners. Constantin Benes, Leon Kopecký, Günther Leissler, Laurenz Schwitzer, Manuela Zimmermann, Georgiana Bădescu, Mădălina Neagu and Miloš Laković are promoted to contract partners, and at counsel level, Dominik Hofmarcher and Clemens Rainer have moved up in the ranks.Legal Developments
European Court of Human Rights: Employers have limited rights to monitor employee communications at
26th September 2017A landmark decision was issued yesterday (Judgement Bărbulescu v. Romania), a source of debate in the media, in which the European Court of Human Rights clarified the restrictions on monitoring employees in the workplace.
Potential Hurdle for Acquisitions in Hungary by Non-EU and Non-EEA Investors
22nd September 2017The Hungarian Ministry of the Interior recently submitted a legislative proposal to the Hungarian Government to amend the Act on Hungarian National Security Services (the "Proposal"). The Proposal suggests an amendment pursuant to which investors from non-EU and non-EEA countries who wish to invest in Hungary would have to obtain prior permission from the minister responsible for national security (the " Minister.
If adopted, investors from outside the EU and EEA would need to apply and obtain such permission if they intend to acquire more than a 25 % interest in an existing or yet to be established company with its registered seat in Hungary, provided that this company pursues activities that are deemed sensitive for national security.
EU: High-Level Expert Group on Sustainable Finance delivers early recommendations
11th August 2017
On 13 July 2017, the High-Level Expert Group ("HLEG") on Sustainable Finance published its interim report ("Interim Report") setting out concrete steps to create a financial system that supports sustainable investments.
This Legal Insight is part of our dedicated newsletter series on the European Capital Markets Union ("CMU").
Background
The growing awareness of environmental challenges and sustainability risks as well as the adoption of the UN 2030 Agenda and the conclusion of the Paris Climate Agreement by the EU in 2015 call for an EU strategy on sustainable finance.
Establishing an EU strategy on sustainable finance is a priority action of the CMU. In December 2016, the HLEG was established to advise on the development of such an EU strategy. The recently published HLEG Interim Report was recently presented in a public hearing on sustainable finance on 18 July 2017. At the same time, the HLEG presented an online questionnaire on the Interim Report aimed at obtaining targeted feedback until 20 September 2017, which would be reflected in the final report of the HLEG scheduled for publication by the end of 2017.
Serbian Competition Authority Steps Up Antritrust Enforcement
11th August 2017
The Serbian Commission for Protection of Competition (the "Commission") recently intensified its antitrust activities before the new Administrative Act came into effect. In one week alone the Commission initiated four antitrust cases and conducted two dawn raids.
1. What/who will be on the Commission's radar?
First Annual Privacy Shield Review to take place in September 2017
11th August 2017One of the core principles of the EU-US Privacy Shield ("Privacy Shield") is its Joint Review mechanism, which obliges the European Commission, the US Department of Commerce and the Federal Trade Commission to jointly review the functioning of the Privacy Shield on an annual basis, together with its national security and law enforcement aspects. The very first Joint Review is scheduled for September 2017. This first review is considered especially important, as it will be the first opportunity for US and EU regulators to closely analyse the operation of the Privacy Shield, address possible concerns about its functioning, and seek to ensure that the Privacy Shield continues to be a valid legal basis for transfers of personal data from the EU to the US.
Hungary: Are Interim Measures Hard to Enforce?
21st July 2017The Hungarian Parliament recently passed new legislation on arbitration (Act LX of 2017 on Arbitration, the “2017 Act”) that will reform Hungarian arbitration law as of 1 January 2018.
The 2017 Act, considering both the shortcomings of the current Hungarian legislation (Act LXXI of 1994 on Arbitration, the “1994 Act”) and the amendment of the UNCITRAL Model Law on International Commercial Arbitration adopted in 2006 (the “Model Law”), repositions arbitration by reforming the choice of arbitrators, the institutional system of Hungarian arbitration panels, and the power of the panels ordering interim measures and preliminary orders. read more...
EU: Council Introduces Action Plan for NPLs
21st July 2017On 10 July 2017, the Commission announced the public consultation on the development of secondary markets for non-performing loans (NPLs) and distressed assets. Following the commencement of this public consultation, the Council introduced its Action Plan for NPLs.
Bulgaria: Remedies imposed on fuel companies following cartel investigations
21st July 2017For the second time in less than five years, the Bulgarian Commission for the Protection of Competition ("Commission") has opened investigation proceedings regarding prohibited agreements and concerted practices against the major fuel companies in Bulgaria and closed them without issuing penalties.
Recast of the EU Regulation on Insolvency Law Applicable as of Today
14th July 2017The EU Regulation on Insolvency Law 1346/2000 (EIR) was considered a milestone in the cross-border coordination of national insolvency proceedings. The recast of the EU Regulation on Insolvency Law 2015/848, applicable to insolvency proceedings opened after 26 June 2017, considers substantial developments in national insolvency laws. read more...
Lessons Learned over Three Years: Amendment of the Hungarian Trust Regulation
14th July 2017The Hungarian Parliament passed an act in June 2017 with the aim of improving Hungary's business competitiveness. Among other things, the amendment has changed the regulation of trusts and their management, hopefully for the better, since the past three years have shown that a lack of such experience still exists. The legal concept of trust was introduced into Hungarian law in 2014, when the new Civil Code entered into force. Contrary to expectations, however, potential market players were hesitant to launch their businesses, mainly due to crippling bureaucracy and the vague regulation of trusts. read more...
Austria: Avoid Expensive Mistakes As Startup Employer
14th July 2017As violations may lead to enormous liabilities, start-up employers are advised from the outset to comply with the applicable laws pertaining to their personnel. In addition to being an underestimated factor when it comes to financial liabilities, employment-law-related mistakes may also result in difficulties in the course of a company's sales process. For a better understanding of what can go wrong in employment relationships, three of the most common mistakes that employers make are listed below. read more...
Renewable Energy: Amendment of the Austrian Green Electricity Act Doubles Funding
14th July 2017After four months of negotiations, the Austrian National Council has finally reached an agreement on the amendment of the Green Electricity Act ("Ökostromnovelle"). The required two-thirds majority was reached by a last minute agreement between the coalition parties and the Green Party. The aim of the new legislation is to increase the percentage of green electricity and to achieve an expansion of renewable energy in Austria. read more...
Austria: Slightly Lower Fees, a Little More Liberalisation – The 2017 Amendments to the Austrian Tra
14th July 2017Following a year of intense political discussion, the Austrian Parliament adopted numerous amendments to the Austrian Trade Act 1994 (Gewerbeordnung 1994, "GewO") at the end of June. While the reform falls significantly short of the outgoing government's original announcements last July with the aim to liberalise market access and to cut red tape for businesses, it nevertheless introduces several material changes to business activity in Austria. read more...
Austria: Major Changes in Personal Bankruptcy Law
11th July 2017On 28 June 2017 the Austrian Parliament passed the government's legislative proposal on insolvency law (Insolvenzrechtsänderungsesetz 2017). After lengthy negotiations, the government finally agreed to shorten personal insolvency proceedings to a maximum five years and to abolish the minimum insolvency quota of 10 % under certain conditions. The amendments will be applicable as of 1 November 2017. read more...
Significant Amendments to the Romanian Competition Rules – What’s New?
5th July 2017The newly adopted Government Emergency Ordinance No. 39/2017 (the "Ordinance") introduces significant changes to Romanian competition rules. For example, it implements the provisions on actions for damages resulting from competition law infringements, as regulated under Directive 2014/104/EU (the "Damages Directive") and sets out new provisions impacting the food/non-food retail sector, as well as the dawn-raid procedure and fines applicable by the Romanian Competition Council (the "RCC") to non-resident undertakings. read more...
The Austrian Law on the Responsibility of Associations: New tendency to prosecution authorities to t
21st June 2017The Austrian Law on the Responsibility of Associations (Verbandsverantwortlichkeitsgesetz, "VbVG") came into effect in 2006, stipulating that a company can be held criminally liable for certain criminal acts committed by its employees and decision-makers. According to new tendencies of prosecution authorities, the practical scope of the VbVG could expand in the future. read more...
Croatia: Lex Agrokor – Government Intervention at the Eleventh Hour
31st May 2017Lex Agrokor – behind the scenes
The hottest topic in Croatia right now is the Agrokor situation and the newly enacted Act on Compulsory Administration Procedure in Companies of Systemic Importance for the Republic of Croatia (Zakon o postupku izvanredne uprave u trgovačkim društvima od sistemskog značaja za Republiku Hrvatsku; the "Act"). The Act was immediately nicknamed "Lex Agrokor" because of what appears to be its main purpose.
ECB Publishes Practical Fit and Proper Assessments Guide for Board Members of Credit Institutions
22nd May 2017On 15 May 2017, the European Central Bank ("ECB") published a guide on fit and proper assessments (the "Fit and Proper Guide"), which reflects the result of a public consolidation launched by the ECB on 16 November 2016.
Austria: Draft Data Protection Amendment Act 2018 in Appraisal
22nd May 2017National Room for Manoeuvre Despite the GDPR
About a year before the General Data Protection Regulation (GDPR) comes into full effect, the Austrian legislator officially started a six-week consultation process for the national Data Protection Amendment Act 2018 (Datenschutz-Anpassungsgesetz 2018). The GDPR will harmonise the EU's data protection laws, but numerous so-called "opening clauses" allow national leeway. Besides, EU Directive 2016/680 requires implementation into national law and provides specific regulations on data processing by security authorities for the purpose of law enforcement. The published draft implements the Directive's provisions in a separate chapter (Hauptstück). read more...
European Commission Proposes EMIR Reform that will Minimise the Clearing Obligation for NFC and Cert
16th May 2017On 4 May 2017, the European Commission published its proposal for an amendment of the European Market Infrastructure Regulation (EMIR). The Commission calls the proposed amendment a good example of "better regulation in practice" which is "essential to the creation of the Capital Markets Union (CMU)".
Hungary: New Arbitration Legislation?
2nd May 2017The Ministry of Justice has circulated its initiative for improving the legal environment with the aim of increasing Hungary's competitiveness by amending certain regulations and institutions. Among other things, the initiative concerns cross-border mergers and operation of trustees, and generally aims to lighten administrative burdens. Most notably, if adopted in its current form, it will reform the Hungarian arbitration regulation. read more...
Significant amendments to Austrian Competition Law – Part I (Overview)
7th April 2017On 6 April 2017, the Austrian Parliament adopted significant amendments to Austrian competition law, as set forth in the Austrian Cartel Act ("KartG") and the Act on the Austrian Federal Competition Authority ("WettbG"). The amendments concern three main areas: (i) implementation of the EU Damages Directive; (ii) introduction of an additional transaction value test in merger control; and (iii) certain adjustments to strengthen public enforcement of antitrust infringements. read more...
ECJ Allows Prohibition of Headscarves at Workplace
7th April 2017Employers may prohibit their employees from wearing Islamic headscarves and other religious or political symbols, subject to certain conditions. On 14 March 2017, the European Court of Justice (the "ECJ") adopted a corresponding ruling in Luxembourg and decided on two cases in this respect, one dealing with a receptionist from Belgium and the other with a software designer from France. read more...
Slovenia Adopts New State Aid Legislation
7th April 2017Slovenia adopted a new law regulating rescue and restructuring state aid, which entered into force in mid-February. When notified to the European Commission as a state aid scheme, it will allow the Republic of Slovenia to support companies and cooperatives in difficulty without having to notify support mechanisms in accordance with the provisions of the law as an individual aid measure to the European Commission. read more...
Individual Tax Rulings Now Possible in Moldova – And They’re Binding!
30th March 2017What previously was impossible and not foreseen by local legislation is now possible. Starting 1 January 2017, the Tax Code of Moldova (the "Tax Code") was amended by Law 281/2016 to include a separate norm (Art. 136¹) on individual tax rulings ("ITR") for the benefit of entrepreneurs. Within the limits of its scope and in respect of a concrete beneficiary, an issued ITR is binding on the State Tax Service (the "STS"). The Government and the Ministry of Finance are expected to approve the secondary legislation to regulate the details of the procedure. read more...
Bulgaria: Opening the gas market for foreign traders!
20th March 2017Most recently, the Bulgarian Energy Regulator has taken significant steps towards the full liberalisation of the natural gas market: In December 2016, the Bulgarian Energy Regulator adopted legislative amendments to the Rules for Trading of Natural Gas (Правила за търговия с природен газ, "Trading Rules") and the Rules for Access to the Gas Transmission and/or Gas Distribution Networks and the Natural Gas Storage Facilities (Правила за предоставяне на достъп до газопреносните и/или газоразпределителните мрежи и за достъп до съоръженията за съхранение на природен газ, "Access Rules"). Moreover, it adopted new Rules for Balancing of the Natural Gas Market (Правила за балансиране на пазара за природен газ, "Balancing Rules"). read more...
New regulation on unit-linked life insurance in Hungary
20th March 2017Policyholders of unit-linked life insurance products pay an agreed sum for the unit-linked insurance to the insurance company, as a regular premium, or in one lump sum. These payments cover the life insurance component as well as the investment, administrative costs, contracting fee and the commissions. The "total cost charged" ("TCC") is an indicator – calculated in line with the rules of Hungarian insurance regulations – showing all costs charged on life insurance policies having a savings element, reflected as a percentage value. The regulation of the TCC in Hungary has been amended effective 1 January 2017. read more...
Hungary: Increase of Minimum Sale Price May Affect Retail NPL Transactions?
20th March 2017On 7 March 2017, the Hungarian parliament adopted a law that increases the minimum sale price of a residential property in the enforcement procedure from the current 70% of its market value to 100% (market value to be understood as the price set by the appraisal of the bailiff), provided that (i) the claim to be enforced stems from a consumer contract; (ii) the real property is the debtor's only real property; and (iii) the debtor resided in that real property for at least six months prior to the initiation of the enforcement procedure. read more...
Hungary: Registration Fees for Company Establishment Abolished
20th March 2017In an aim to simplify state administration and support economic growth, the Hungarian Parliament adopted a new law abolishing the registration fee and the publication cost for incorporating limited liability companies ("LLC") (korlátolt felelősségű társaság), limited partnerships (betéti társaság), general partnerships (közkereseti társaság), and sole entrepreneurships (egyéni cég). The new law becomes effective on 16 March 2017. read more...
When Arbitration Meets Insolvency in Montenegro – Can They Coexist?
20th March 2017Even at first blush, it is apparent that arbitration and insolvency make strange bedfellows.
The reason they make such an odd couple is the different underlying policies, objectives, and purposes they stand for. The heart of arbitration lies at the privity of contract and the existence of party autonomy independent from the state. In contrast, insolvency reflects a centralized and to a certain extent state-managed procedure that holds all creditors equal, within a set system of ranking – a transparent and accountable process governed by mandatory substantive and procedural law provisions. read more...
Legislative vacuum filled: Czech Republic introduces comprehensive new national legislation on e-cig
9th March 2017New legislation regulating e-cigarettes in the Czech Republic entered into force on 1 March 2017, introducing specific safety and quality requirements on e-cigarettes in the country for the first time. read more...
Bulgaria: Amendment to the pricing and reimbursements process for pharmaceuticals
6th March 2017The amendment aims at alleviating the existing regime for pricing of pharmaceuticals for home treatment of chronic, genetic and/or rare diseases and paid by the National Health Insurance Fund (NHIF). It affects the interests of individuals with health insurance and the activities of more than 290 authorisation holders, of the wholesalers of pharmaceuticals, and of pharmacies (as retailers). read more...
Austria: Hospital Consolidation – a Driver of M&A Activity
27th February 20172016 has seen a surprising level of deal activity in the (private) Austrian hospital sector: in Vienna, PremiQaMed, a 100 % subsidiary of UNIQA insurance group, acquired a 75 % stake in the renowned private hospital "Goldenes Kreuz", and the hospitals Hartmannspital and St. Elisabeth announced a merger to form the new "Franziskus" hospital. In Linz (Upper Austria), the "Elisabethinen" and the hospital operated by the Sisters of Charity agreed to combine to form a regional player with approx. 1,200 beds. read more...
The EU Capital Markets Union – Recent developments on Venture Capital
27th February 2017On 16 December 2016, the Council of the European Union announced agreement on its negotiating stance in relation to the proposed regulation amending the European Venture Capital Funds ("EuVECA") Regulation (Regulation (EU) No 345/2013) and the European Social Entrepreneurship Funds ("EuSEF") Regulation (Regulation (EU) No 346/2013), which is now at the European Parliament's ECON committee, scheduled to be voted on, on 22 March 2017. On 31 January 2017 the call for expression of interest for selecting a fund manager of the Pan-European Venture Capital Fund-of Funds closed; and tax incentives for venture capital and business angels are expected to be proposed in the course of 2017 to foster investment in SMEs and start-ups, close the funding gap and thereby remove obstacles to economic growth in Europe. read more...
Boost your Start-Up with an Advisory Board – Points to consider
27th February 2017Most start-ups are founded by first-time founders directly after graduation, with the founding team consisting, also in most cases, of not more than two members. Such founders are naturally not equipped for all of their business challenges. Founders thus often make mistakes, especially at the very beginning of their activities, e.g. in relation to developing and distributing their products, when and how to raise capital and developing or moving into new markets. read more...
Albania: Finally on track for a comprehensive support scheme for renewable energy?
22nd February 2017Current status
Albania has one of the highest percentages of electricity produced from renewable energy sources (RES) in its electricity mix – more than 95 % of electricity generated in Albania comes from hydropower generation. In spite of that (or maybe because of that), Albania has not had a comprehensive policy on the support of RES in place to date. read more...
No Smoking: After a long battle in Parliament, the Czech Republic finally adopts smoking ban
17th February 2017One last hurdle – the signature of Czech President Miloš Zeman –before the so called Anti-Smoking Bill enters into force on 31 May 2017.
On 19 January 2017, the Senate of the Parliament of the Czech Republic approved the government bill of the Act on Protection from the Harmful Effects of Addictive Substances (the "Bill"), which is due to enter into force on 31 May 2017, subject to signature by the President. read more...
Facilitation or Liability Trap for Foreign Employers? – The Revised Austrian Law against Wage and So
3rd February 2017On 1 January 2017, the revised Austrian Law against Wage and Social Dumping ("Lohn- und Sozialdumping Bekämpfungsgesetz" or "Revised LSD-BG") came into force. The Revised LSD-BG applies to matters arising after 31 December 2016.
Austria: Court rules on rights in environmental impact assessment
23rd January 2017If there are two or more conflicting water use projects (eg, hydroelectric power stations), the Water Act provides for a special conflict procedure. A pending conflict procedure suspends decisions in all underlying approval procedures. As a result of the conflict procedure, the project which serves public interests best will take priority over the inferior project. read more...
2016 brought some substantial changes in Austria’s Criminal Law provisions – A Review
17th January 2017In 2016, Austrian Criminal Law experienced some substantive legal developments in both, procedural and material aspects. The following overview reflects the most relevant developments in Austrian Criminal Law in 2016.
1. Material changes
1.1. Breach of trust
With effect from 1 January 2016, the offence "breach of trust" in sec 153 of the Austrian Criminal Code ("ACC") has been fundamentally revised. At first glance, sec 153 of the ACC is not a very complex provision. It states, quite simply, that whoever knowingly abuses the authority conferred to him or her shall be liable, if he or she intends to cause and eventually causes financial harm to his or her principal (eg the company). Thus, sec 153 ACC has three prerequisites: (i) an abuse of authority, (ii) financial harm and (iii) criminal intent. With the reform of sec 153 ACC the Austrian legislator finally addressed the concern that the scope of what constitutes an "abuse of authority" is not always easy to assess: read more
Austrian Supreme Court Establishes New Standards as Regards the Decisive Underlying Reasoning of Arb
3rd January 2017The decisive underlying reasoning ( motifs, Begründung) is, without doubt, an essential part of any arbitral award and as such bears the potential of frustrating parties and arbitrators alike. On the one hand, elaborate reasoning in arbitral awards more often than not comes at the price of long waiting periods for the issuance of the awards, and periods of meticulous drafting on the part of the arbitrator(s). On the other hand, a lack of elaborate reasoning may likewise be a headache, since it exposes the arbitral award to setting aside. read more...
The Czech Republic joins other European countries in regulating the sale and advertising of unhealth
19th December 2016From January 2017, selling and/or advertising chips, soft drinks or mayonnaise-filled sandwiches to children in schools will be illegal.
The Constitutional Court of Moldova has spoken: No Need for Acquirer of a Share Stake to Obtain Shar
6th December 2016Through its 27 September 2016 decision ("Decision 27/2016"), the Constitutional Court of Moldova ("Constitutional Court") has declared certain provisions of the local Law on Limited-Liability Companies ("Law 135/2007") unconstitutional. In particular, it ruled that the operation of amendments to constitutive acts cannot constitute a condition and impediment to an acquirer registering its property right over a share stake in the State Register of Companies. read more...
European Commission releases “Clean Energy Package”
6th December 2016On 30 November 2016 the European Commission published its "Winter Package" containing proposals for new rules for a consumer-centered clean energy transition. The 500 page Winter Package had been eagerly awaited by the energy industry since it was to contain the major energy regulations for 2020 onwards. As expected, the most substantial measures and amendments proposed concern renewables and energy efficiency in the European Union. In addition, the electricity market design is proposed to be amended. read more...
Protection of new and interim financings in restructuring? – The European Commission’s proposal on e
2nd December 2016Since the European Commission adopted the recommendation on restructuring and second chance in 2014, it has been working on the evaluation of its initiative and the introduction of a European legal framework. In 2015 the Capital Markets Union Action Plan included the announcement of a legislative initiative on early restructuring and second chance. Finally, on 22 November 2016, the European Commission published its proposal for a European Directive on preventive restructuring frameworks and a second chance for entrepreneurs. The proposal includes, inter alia, provisions protecting new and interim financing in restructurings. read more...
Austria: Upcoming ban on speculative financial transactions for public bodies
22nd November 2016 The Austrian Federal Government agreed in its 2013-2018 work programme, on the implementation of a nationwide ban on speculative financial transactions for the Federation, the Austrian Federal States, Austrian Municipalities, and other public bodies. read more...The EU Capital Market Union – European Commission establishes expert group to develop strategy on su
16th November 2016On 28 October 2016, the European Commission decided to establish a High Level Expert Group on sustainable finance, one of the European Commission's primary objectives within the EU Capital Markets Union ("CMU").
This Legal Insight is the first part of our dedicated newsletter series on the CMU. We will provide regular updates on CMU-related topics. read more...
Slovenia: Do companies have the right to be heard during a dawn raid?
16th November 2016The Slovenian courts were recently asked to rule on companies' right to be heard during unannounced investigations (so-called 'dawn raids') by the Competition Protection Agency. read more...
Romania: New rules on labelling products that use frozen food in the preparation process
11th November 2016As of 20 October 2016, new legal provisions are in place in Romania setting out how consumers should be informed of products that use frozen foods in their preparation. In this respect, the consumer protection authority enacted Order 183/2016 ("Order 183") published in the Official Gazette on 20 September 2016. read more...
Legal Briefings
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Hungary – discouraging litigation?
Since 2018, Hungary has a new act on civil court procedures (Act CXXX of 2017 – the Act) which has brought about significant reforms after 50 years. The reforms were aimed at healing previous shortcomings, such as lengthy and tedious procedures, and making court cases concise, yet professional in quite a tight structure. As almost …