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In November 2021, a bill on the amendment of Act II of 2007 on the Entry and Stay of Third-Country Nationals in Hungary was accepted by the Parliament. The purpose of the modification is to create a new type of residence permit for “digital nomads” and it will enter into force on 1 January 2022.

At the end of October 2021, the Hungarian Government decided to take new protection measures to contain the fourth wave of the coronavirus outbreak, as a result, from 1 November 2021 employers have the right to require their employees to be mandatorily vaccinated. This means that to increase vaccination coverage and to protect workplaces, the Government allows employers to require their employees to be vaccinated against coronavirus as a condition of employment, either as a standard working condition for all employees or as an individual working condition depending on the job. For employees who have not yet been vaccinated, the employer may set a 45-day deadline for the first vaccination. Employers who require vaccination must inform the employee of the measure, the deadline and the possible legal consequences of not vaccinating, either electronically (in e-mail) or on paper. Furthermore, an employee who is medically certified as contra-indicated to be vaccinated against the coronavirus cannot expected to be vaccinated.

Immunisation Certificates played a big role in the previous wave of COVID-19 pandemic in Hungary. They were issued as a supplementary certificate to confirm that the cardholder had a positive COVID test or got at least the first shot of any of the available vaccines. At many stages of the pandemic, cardholders enjoyed specific privileges compared to the others (i.e. card was asked at many places that had an indoor room, such as theatres, cinemas, restaurants etc.). Even though the European COVID passport became available from 1 July 2021 among the EU, it is only issued for persons, who got an EU-approved vaccine. Since Hungary choose to vaccinate with non-EU-approved vaccines, the dichotomy of the certificates still remains.

Vukmir & Associates and Kapolyi, working together with Herbert Smith Freehills’ Paris office, have advised Engie on the spin-off and sale of its construction and services business to Bouygues. White & Case's Paris office advised the Engie board of directors. Reportedly, Wolf Theiss, AKK, and Python Avocats also advised Engie in Austria, the Czech Republic, and Switzerland, respectively.

Hungary has introduced a UBO register in line with the EU’s 4th Anti-Money Laundering Directive by way of Act XLIII of 2021 on the Establishment and Operation of the Data Reporting Background for the Identification Tasks of Financial and Other Service Providers (“Act”). Certain provisions of the Act will come into force at a later date.

Radovanovic Stojanovic & Partners and Cerha Hempel have advised AIK Banka, Gorenjska Banka, and Agri Europe Cyprus on their acquisition of Sberbank Europe’s shares in six CEE banks. Noerr advised the buyers on Hungarian law, while Maric & Co, Zuric and Partners, Tos & Partners, and Egorov Puginsky Afanasiev & Partners reportedly advised the buyers on Bosnian, Croatian, Slovenian, and Russian matters, respectively.

The Hungarian Parliament has recently put on its agenda a new bill, No. T/17280 (the “Bill”) that aims to implement two amendments to the “Consolidated Company Law Directive” of the European Union (Directive (EU) 2017/1132). One of them is the so-called “Digitalization Directive” (Directive (EU) 2019/1151 of the European Parliament and of the Council of 20 June 2019 amending Directive (EU) 2017/1132 as regards the use of digital tools and processes in company law).

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Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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