NEWSROOM

New provisions on immediate transfer from 1 April 2024

As of 1 April 2024, the decree of the Hungarian National Bank on the processing of payment transactions has been amended, which particularly affects the process of immediate transfers. The beneficiary may, based on an agreement with the payment service provider, initiate an immediate transfer to the payer in the form of a ‘payment request’ submitted for forwarding to the payment service provider. The amount of the immediate transfer order does not exceed HUF 20 million and does not incur a financial transaction duty liability.

Saul vs. Harvey – From screen to AI lawyers

In the ever-evolving landscape of legal technology, two notable players, SauLM-7B, and Harvey AI, have emerged with the aim of revolutionizing legal assistance through artificial intelligence. SauLM-7B and Harvey AI compete for prominence in the legal tech arena, their names both carrying a subtle nod to the realm of popular TV series – from Saul Goodman's legal antics in Breaking Bad and Better Call Saul to Harvey Specter's suave maneuvers in Suits.

Dr. László Madák has joined KCG Partners Law Firm

We are pleased to announce that Dr. László Madák has joined KCG Partners Law Firm as a Partner Attorney at Law. László has gained significant experience in the fields of legal support of M&A transactions, financing transactions and litigation, and he will use and develop this experience in the KCG Partners team in the future.

Google, Meta and Apple under investigation by the European Commission

Non-compliance proceedings were initiated by the European Commission on 25 March 2024 against Alphabet (owner of Google), Meta and Apple to determine the extent to which provisions of the DMA have been complied with. DMA (or Digital Markets Act) is an EU regulation that aims to shape the digital economy by introducing a higher degree of competition between companies.

New law on the horizon: stronger Competition Authority, risks for large firms’ owners

On 2 April 2024 a new bill was submitted to the Hungarian Parliament. Among other judicial system-related acts, the proposal aims to amend our Competition Act. The bill establishes the concept of ‘undertaking of fundamental importance’ (in Hungarian: “alapvető jelentőségű vállalkozás”) and gives new powers for the Competition Authority (HCA) in respect of these undertakings.

New EU Directive with tougher sanctions on environmental crime

In March 2024, the council (namely the agrifish council) formally adopted a directive on the protection of the environment via criminal law. This directive aims to enhance the detection and punishment of environmental crimes by setting forth minimum standards across the EU regarding the definition of criminal acts and the corresponding penalties, replacing the prior legislation from 2008.

New regulation on media freedom: The European Media Freedom Act

On 13 March 2024 the European Parliament adopted a new regulation called the European Media Freedom Act (“EMFA”). The purpose of the new regulation is to protect EU journalists and the press from political or economic interference. Under the new regulation Member States will be obliged to protect media independence and all forms of interventions will be banned.

Restrictions on taxpayer examinations in 2024

The National Tax and Customs Authority (NAV) published its 2024 audit plan on 26 March 2024, which shows that it plans to carry out more rigorous audits this year than in recent years. In the past years, the NAV has followed a supportive approach, allowing taxpayers to correct minor errors and shortcomings without sanctions, thus promoting voluntary compliance. However, the tax authority has recognized that there is a group of taxpayers who regularly comply with their obligations only on request. In the future, the support procedures will help taxpayers who do not intentionally make mistakes and who are compliant in general.

Company registration will be possible in 1 day also for foreigners soon

To enhance the competitiveness of the Hungarian economy, the Government plans to accelerate the process of setting up companies in Hungary for foreigners. Currently, individuals who do not understand Hungarian language, should wait days or even weeks to receive the decision from the Hungarian Company Registry Court certifying the registration of their new company.

The European Council approved the CSDDD

The European Council has approved the CSDDD with significant amendments on 15 March 2024. The aim of the proposal is to foster sustainable and responsible corporate behavior throughout global value chains.