August 09, 2017
On June 26, 2017 the Act LIII of 2017 on the Prevention and Combating of Money Laundering and Terrorist Financing came into effect introducing many substantial changes for attorneys regarding their client reporting obligations.   Attorneys are still required to comply with their client due diligence and reporting obligations as long as they manage client money or asset as a deposit, or are... »
July 27, 2017
Provisions of the Government Decree on consumer contracts relating to webshop purchases changed on May 6, 2017.   The amended rules of the Government Decree 45/2014 (II.26.) fine-tuned the already existing provisions but at the same time also introduced new elements for the protection of consumers.   One of the innovations is that consumers may withdraw their submitted orders... »
July 12, 2017
The Competition Authority will increasingly focus on online commerce in combatting anti-competitive agreements in the coming years.   A webstore may expect a massive monetary penalty if the Competition Authority finds out that the resale and algorithmic price fixings or geographical content blocking (geo-blocking) agreements of the webstore infringe the rules on the prohibition of... »
June 28, 2017
From July 1, 2017, rules on registered office services will be tightened.   Several companies register virtual offices at the company court of registration which means that the company does not actually operate at that place but postal deliveries are taken over by this service provider. Multinational enterprises often choose to establish daughter companies for taxation or any other... »
June 14, 2017
In June 2017 Dr. Gabriella Nagy-Fribiczer, having an outstanding expertise in public procurements, joined Ecovis Hungary Legal.   Our new expert began her career in public procurement at Public Procurement Council where she held various positions in the leadership for more than 13 years and also acquired rich experience as the head of international and educational department. Besides, she... »
May 30, 2017
According to the latest decision of the Central Bank Of Hungary (MNB) from May 1, 2017 financial institutions will no longer have to publish the fact of the completion of their settlement obligations and other information related to settlement and exchanging rates. The decision suggests that settlement cases were closed by the beginning of 2017 – typically by termination.   Statistical... »