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Banking & Finance

Hungary

As a participant in the global banking and finance industry, you are faced with increasing financial, regulatory and political pressures. New rules on capital requirements, risk profile and investor protection pose challenges for your organisation. We have unmatched geographical coverage and more English and US qualified banking and finance partners on the ground in CEE than any other law firm. We are your first port of call whether you are planning a cross-border transaction with a multi-jurisdictional security package or loan portfolio or implementing a first-of-a-kind financing structure in your domestic market.

We turn to this firm when it is urgent or complicated, and we require high quality.
Chambers Europe, 2016

Whether you are a financial institution, equity house, asset manager, mutual fund, accountant, privately owned company, corporation or public entity, your business is only as good as the products and services you sell. That’s why we organise our teams along the business lines of your sector, giving us deep insight into the commercial and legal issues you face. From general corporate lending to acquisition and leveraged finance, derivatives and securitisations to real estate finance and corporate recovery, we can help you achieve the best outcome, both locally and across jurisdictions.

The Banking & Finance Team in Hungary is a leading practice and top-ranked by independent legal directories. With cca. 15 UK and locally qualified advisors it is the largest banking team in the country. Able to deliver a full legal service to clients, we often coordinate regional and cross-border transactions. CMS Hungary connects you to over 500 banking and finance lawyers in 34 countries worldwide.

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10/02/2017
India Budget 2017 - 2018
On 1 February, Finance Minister Arun Jaitley presented India’s annual Union Budget for 2017-2018 (the “Budget”) for the fiscal year beginning 1 April 2017. The central aim in this year’s Budget appears to focus on the most vulnerable with increased spending.
07/02/2017
Hungary: New practice-oriented cloud recommendation for financial...
Financial institutions face many specific regulatory requirements – regarding such things as risk management tasks, detailed cost-benefit analysis and mandatory contractual terms – when outsourcing their data processing operations to cloud service providers.
06/02/2017
New regulation comes into force supporting creation of a European...
The new regulation n°655/2014 supporting the creation of a European bank account preservation order procedure came into force on 18 January 2017. This is now enforceable throughout the Member States of the European Union, excluding the United Kingdom and Denmark.
02/02/2017
Implementation of the Public Procurement Directive in CEE - Contr...
Directive 2014/24/EU (the “Directive”) introduced a new contract award criteria for public procurements - contracting authorities are now obliged to choose the “most economically advantageous tender” (the “MEAT”).
24/01/2017
The upcoming money market fund regulation
I. The Regulation introduces two new categories of MMF, with each MMF required to meet the requirements: short-term MMFs, whose objective is to offer money market rate returns while ensuring the highest possible level of safety.
23/01/2017
Hungarian Competition Office launches sectoral inquiry into payme...
As outlined in its recent press release, the Hungarian Competition Office (“HCO”) initiated a sectoral inquiry to assess the conditions of competition in the market of payment card acceptance services.
19/01/2017
Hungary: Comprehensive and strict guidance on workplace privacy
NAIH, Hungary’s Authority for Data Protection and Freedom of Information, issued a new, comprehensive guidance on the general requirements of workplace data processing. The 41 page guidance provides detailed insight on NAIH’s approach to the most common employment-related.
18/01/2017
Amended Hungarian competition act: new antitrust damage provision...
As we reported previously, most of the new provisions in the amended Hungarian competition act (“Amendment”) came into force on 15 January 2017. One of the main changes is the introduction of a new chapter in the Hungarian competition act that largely mirrors.
10/01/2017
Hungary: Recent amendment to Public Procurement Act
The Hungarian Parliament recently adopted an amendment (“Amendment”) to the Public Procurement Act (“PPA”). The Amendment concerns several topics which have great impact on future public procurements.
12/12/2016
Amendment of the competition act: merger control changes and a bi...
The Hungarian Parliament has adopted the latest amendment of the Hungarian competition act. The amendment primarily concerns the clearance of mergers and antitrust damages actions but it also brings a couple of other important changes.
01/12/2016
BEPS Update: Multilateral Instrument Published
The OECD has now published the multilateral instrument (“MLI”) that will implement certain of the treaty-related proposals from its project on tackling base erosion and profit shifting (“BEPS”).
29/11/2016
Tips and considerations when planning an asset or business transf...
The number of asset deals involving branch offices in Hungary are increasing. Due to EU passporting opportunities, financial institutions and insurance companies are inclined to operate in the form of a branch office in Hungary instead of establishing an independent.
28/10/2016
European Commission publishes Corporate Tax Reform Package, relau...
As part of a Corporate Tax Reform Package, the EC has published four proposals for Council Directives. 1. Proposals to relaunch the Common Consolidated Corporate Tax Base First, the European Commission (“EC”) has announced that it is relaunching its proposal.
20/09/2016
When the Dust Settles: Cross-border restructuring and insolvency...
As the dust begins to settle after the EU referendum and the potential ramifications of Brexit continue to be digested, we examine the potential impact of Brexit on the UK cross-border restructuring and insolvency regime and its consequences for the UK’s reputation.
28/07/2016
US rules on Bitcoin (and what the EU thinks)
Bitcoin has become increasingly popular as a virtual currency. It is estimated that venture capital investments in the currency now total more than €1 billion. As Bitcoin begins to break into the mainstream, the European Parliament and a Florida court have.
27/06/2016
Amendment of the Labour Code
The Hungarian Parliament recently adopted Act LXVII of 2016, which amends parts of Act I of 2012 of the Labour Code (the "Labour Code"). Most of these changes came into force on 18 June 2016. The amendments changed and clarified certain rules on working time,.
20/06/2016
Public procurement in Hungary - more relaxed rules on the exclusi...
The recently adopted Hungarian Public Procurement Act (“PPA”) was again amended with effect from 15 June 2016 in respect of the exclusion ground relating to the violation of the prohibition of agreements and concerted practices restricting competition (“Amendment”).