New Arbitration Act Shall Come Into Force On January 1, 2018

New competence, new name

The Act delegates all commercial cases handled by the permanent court of arbitration in Hungary to the competence of the Court of Arbitration attached to the Hungarian Chamber of Commerce and Industry excluding commercial cases within the competence of the Permanent Court of Arbitration for Sports and the Court of Arbitration maintained by the Chamber of Agriculture.

The Act names the new, integrated permanent arbitration court as the Court of Commercial Arbitration and creates its new rules of proceedings. The Permanent Court of Commercial Arbitration also replaces the Permanent Court of Arbitration for Money and Capital Markets and the Permanent Court of Arbitration for Energy effect, both folding their operation as of December 31, 2017.