Open banking is coming to Hungary

The revised payment services directive (“PSD2”) has already been implemented in Hungary, most of the provisions will be effective on 13 January 2018. PSD2 will open up the payment market to new players (“fintech companies”) in the payment services, particularly to payment initiation service providers (“PISPs”) and to account information service providers (“AISPs”), and introduces strict security requirements for the initiation and processing of electronic payments (strong customer authentication – “SCA”).

Freedom of establishment covers the transfer of registered office within the EU

According to a recent decision of the European Court of Justice, it is possible to transfer the registered office of a company from a Member State to another Member State, for the purposes of its conversion, when there is no change in the location of the real head office of that company. With this decision, the Court reaffirmed that in case a company formed in accordance with the legislation of one Member State converts itself into a company under the law of another Member State, it falls within the scope of freedom of establishment, provided that the conditions required by the legislation of that other Member State are satisfied, and, in particular, that the ‘test’ adopted by the latter State to determine the connection of a company to its national legal order is satisfied.

New provisions on the Hungarian State Treasury

In November 2017 a new government decree entered into force on the status, organisation and tasks of the Hungarian State Treasury (Treasury).
As of 31 October 2017 in the new governmental organisational structure the National Pension Insurance Agency terminated with succession by merging to the Treasury.

The main areas of the latest EUTMR reform

Following the previous modification of the Community Trade Mark Regulation (“EUTMR”, Regulation (EU) 2015/2424), further changes entered into force on 1 October 2017. The main cornerstones of the reforms are the abolishing of the graphical representation requirement and introducing the EU certification marks.