New asset management foundations in Hungary

In March 2019 the Hungarian Parliament voted to introduce a new form of asset management foundation, which will serve as a real alternative to the fiduciary asset management (trust) system (“bizalmi vagyonkezelés” in Hungarian).

New act on the rules of bills of exchange and promissory notes

Since the new Hungarian Code of Civil Procedures applicable from 1 January 2018 contains no provisions relating to the bills of exchange (in Hungarian: idegen váltó) and promissory notes (in Hungarian: saját váltó), the special procedural regulations of the bill procedures are included in a separate act entered into force on 1 January 2018.

Information website has been launched about the electronic communication with courts and authorities

According to a recent amendment to the Hungarian act on the general rules of electronic administration and confidential services and to its implementing decree, all state organisations providing electronic administration, including all the courts and the National Office for the Judiciary (in Hungarian: “OBH”), must ensure the electronic communication in all matters falling within their competence.