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12/07/2024
Energy and climate change: The most significant (marine) climate change...
Continuing the theme of a number of recent court judgment regarding state and party obligations concerning climate change issues, the International Tribunal for the Law of the Sea (“ITLOS”) has recently...
12/07/2024
EU’s AI Act published in Official Journal, transition periods now known
Following the adoption of the "Regulation laying down harmonised rules on Artificial Intelligence" (AI Act) by the European Parliament and the Council of the European Union, this act was published in...
12/07/2024
Real estate finance law in Hungary
A. Mortgages 1. Can security be granted to a foreign lender? Yes. 2. Can lenders take a mortgage over land and buildings on the land? Land and the buildings erected on it are generally treated as one...
11/07/2024
Looking ahead to the EU AI Act
On 12 July 2024, the "Regulation laying down harmonised rules on artificial intelligence" (the so-called AI Act) was published in the Official Journal of the European Union. After a long and complex journey that began in 2021 with the European Commission’s proposal of a draft AI Act, the regulation will now enter into 20 days after its publication, i.e. on August 2, 2024. As the world's first comprehensive law to regulate artificial intelligence, the AI Act aims to establish uniform requirements for the development and use of artificial intelligence in the European Union. With this adoption of the world’s most significant legislation on Artificial Intelligence, the EU is solidifying its position as a pioneer among global legislators. This initiative aims to establish and reinforce the EU’s role as a premier hub for AI while ensuring that AI development remains focused on human-centered and trustworthy principles. The AI Act aims to ensure that the marketing and use of AI systems and their outputs in the EU are consistent with fundamental rights under EU law, such as privacy, democracy, the rule of law and environmental sustainability. Adopting a dual approach, it outright prohibits AI systems deemed to pose unacceptable risks while imposing regulatory obligations on other AI systems and their outputs. The new regulation, which also aims to strike a fair balance between innovation and the protection of individuals, not only makes Europe a world leader in the regulation of this new technology, but also endeavours to create a legal framework that users of AI technologies will be able to comply with in order to make the most of this significant development opportunity. In this article we provide a first overview of the key points contained in the text of the AI Act that companies should be aware of in order to prepare for the implementing regulation.
11/07/2024
Employment of foreigners in Hungary: a summary
In Hungary, the employment of third-country national citizens is generally subject to conditions. Normally, a residence permit for employment purposes or other special types of residence permits are...
11/07/2024
Space exploration: what goes up, must come down
BackgroundThe space economy is predicted to be worth a staggering $1.4 trillion by 2030.1 This exponential growth can be largely attributed to the new private “space race” dominated by the world’s...
11/07/2024
Cannabis law and legislation in Hungary
Medical use Generally, it is not permitted to grow, import or sell cannabis for medical use in Hungary. The production, manufacturing, export, import, transfer, purchasing, sales, storage, handling...
09/07/2024
CMS European Private Equity Study 2024
This study analyses hundreds of Private Equity deals that we advised on in 2023 and previous years, providing unique insights into market trends
08/07/2024
Legal guide for company directors and CEOs in Hungary
Because environmental, social and governance (ESG) is such an increasing focal point of good corporate governance, we address ESG duties and responsibilities first. For more general duties and re­spons­ib­il­it­ies...
05/07/2024
ESAs’ final reports on Greenwashing in the financial sector
Back­ground­Man­dated by the European Commission (the “EC”) in May 2022, the European Supervisory Authorities (“ESAs”) published their individual final report (the “Final Report”) on greenwashing...
05/07/2024
Ecommerce in Hungary
I. E-commerce sector – fact and figures 1. Recent growth and trends in e-commerce Pandemic-induced changes in shopping behaviour have transformed markets permanently, and this is true for Hungary...
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03/07/2024
Russia sanctions: Non-EU subsidiaries to comply with EU law
On 24 June 2024, the EU adopted the 14th package of sanctions against Russia, introducing new restrictions on goods and services and listing more individuals and legal persons. In practice, more relevant...