NEWSROOM

New anti-money laundering rules for bookkeepers, tax advisors and other service providers

At the beginning of February 2021, a new decree of the Hungarian Minister of Finance (“Decree”) was published on the detailed rules of the execution of the Money Laundering Act for certain non-financial service providers and the development and the minimum requirements of the operation of the filtering system. The decree enters into force on 19 March 2021.

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Member State proceedings against international companies under the GDPR

The GDPR legislation is in force since 25 May 2018 and is applicable among the countries of the European Economic Area. One of its main novelty is that it introduced much stricter and stronger rules regarding data protection than ever before, and the legislation can be applied extensively, so companies that have their registered seat outside of the European Economic Area can be involved in proceedings.

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Guidelines adopted on examples regarding data breach notification

In January 2021 the European Data Protection Board adopted guidelines on examples regarding data breach notification. These guidelines complement the Working Party 29 guidance on data breach notification by introducing more practice orientated guidance and recommendations.

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The right to disconnect as a new fundamental right?

The European Parliament adopted a legislative initiative in January 2021 that calls the European Commission to propose a law on the “right to disconnect” in order to enable smart working employees to disconnect from work related activities outside their working hours.

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New regulation on electronic communication

The supervisory activity of the National Media and Infocommuncations Authority (“NMIA”) and the operation of communication service providers will be highly affected by the implemented provisions of the European Electronic Communications Code that prescribes the applicable new European framework of electronic communications.

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E-commerce in the focus of the Hungarian Competition Authority

According to a press release of the Hungarian Competition Authority (GVH) issued on 16 December 2020, GVH is launching a market analysis to investigate how customer datasets of e-commerce companies are created and also the role of such assets in the competition between online stores. The investigation will further cover the extent of the customers’ awareness of such data collection and its influence on their decisions.

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KELER received a CSDR licence

On 16 December 2020, KELER Központi Értéktár Zrt. (KELER Central Securities Depository Ltd.) (KELER), the central depository of Hungary, was granted an authorisation under the Central Securities Depositories Regulation (CSDR Regulation) and can now offer its clients services supporting an efficient and secure securities market as a central securities depository operating under unified European regulations.

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Favourable provisions for builders due to pandemic

At the end of December 2020, several new regulations have been accepted to facilitate constructions due to the state of emergency.

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Program to help construction businesses announced by the Government

The Hungarian Government announced at the end of 2020, that similarly to previous years, it will launch the fifth edition of the so called ‘ÉPÍTŐ’ (“Constructing”) program.

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Wage subsidy extended for COVID second wave in Hungary

Protecting workplaces and businesses is still of foremost importance amidst fighting the second wave of COVID-19.

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