Since 2020, EU Member States have been obliged to make specific information on ultimate beneficial owners (“UBOs”) of corporate and other legal entities available to the general public. However, in light of the recent judgment of the Court of Justice of European Union (“CJEU”), this obligation will not remain in effect and thus, changes to the accessibility of the Hungarian UBO register are to be expected.

Contributed by Nagy es Trocsanyi.

Entering into force on February 19, 2021, the EU Recovery and Resilience Facility aimed, according to the European Commission, “to mitigate the economic and social impact of the coronavirus pandemic and make European economies and societies more sustainable, resilient, and better prepared for the challenges and opportunities of the green and digital transitions.” CEE Legal Matters spoke with lawyers from Bulgaria, Greece, Hungary, Latvia, Poland, and Romania to learn what each country focused on, with its Recovery and Resilience Plan (RRP), and what difficulties lie ahead, now that these plans have been submitted to the EC.

On June 30, 2022, CEE Legal Matters hosted the fifth edition of the CEELM Budapest Law Firm Bowling Challenge: A competition of four-person teams from leading law firms in Hungary, with all proceeds going to the previous winner’s charity of choice. A total of 13 law firms competed for the trophy – and the bragging rights that go along with it.

A new tax regime and extended price cap regulations are aimed at addressing Hungary's high inflation rates and growing energy prices, while the economic prognosis for the autumn and winter seems gloomy, according to Nagy & Trocsanyi Managing Partner Peter Berethalmi.

All over the world, we feel the effects of global warming and a sense of urgency to take action against it. It is, therefore, a relief that Hungarian solar projects are coming online in an ever-increasing number. In order to ensure that this trend continues, we ought to take account of the challenges of the sector, not just of its opportunities.

Contributed by Nagy es Trocsanyi.

Assessing the damages resulting from competition law infringement is one of the main focal points of private antitrust litigation. However, in almost all cases, the assessment of damages and causation requires an expert with specialized expertise. Below, we review the methods available in the Hungarian legal system for providing expert evidence. In particular, we will show that the law only provides limited options in cases requiring special expertise. Moreover, this limitation may be even more pronounced due to the seemingly obscure nature of case law interpretations related to private expert evidence – interpretations that are currently being formulated.

Contributed by Nagy & Trocsanyi.

In Hungary, immunity to COVID-19 may be verified on the basis of Government Decree 60/2021 by way of an immunity certificate or the mobile app of the National eHealth Infrastructure (EESZT). While in principle both methods may establish immunity based on either vaccination or recovery from the illness, only the immunity certificate has been available for use since February 2021, as the EESZT mobile app is currently still in its introductory phase.

CMS' Malgorzata Surdek-Janicka has been appointed as Vice-President of the International Court of Arbitration at the International Chamber of Commerce in Paris. Aside from Surdek-Janicka, 33 lawyers from CEE were appointed as members and alternate members of the court.

The chain of general contractor and subcontractors behind large-scale construction and the occasional failure of certain subcontractors to obtain proper payment gave birth to the institution of construction payment agent, a form of collateral management. It was typical in the construction industry that subcontractors were exposed to circle debt. The construction payment agent is a unique statutory solution to eliminate such debts.

As the world continues to fight the challenges presented by COVID-19, some guidance on the effects on litigation of the COVID-19 crisis can be discerned from the past year. We know that some sectors have suffered more than others, and participants in industries most affected by COVID-19, like airlines, HORECA, tourism, entertainment, and the commercial real estate sector have already become involved in related legal disputes, such as contractual disputes concerning supply chain disruptions. The big question is whether the pandemic qualifies as a force majeure or a material adverse change that could allow the contracting parties to walk away.

On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.

Contributed by Nagy es Trocsanyi