Hungary

Recent Articles

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  15/05/2024

  EU

  The European Commission reports on the open and targeted consultations on the SFDR assessment

  BackgroundThe Sustainable Finance Disclosures Regulation (SFDR1) applies since March 2021 with a view to providing transparency to investors about the sustainability risks associated with their investments and potential adverse impacts such investments have on the environment and society.On 14 September 2023, the European Commission (the EC) published two consultation papers on SFDR. On the one hand, an open consultation on the practical implementation of SFDR aimed at a broader range of stakeholders with a more general knowledge of SFDR (the Open Consultation). On the other hand, a target consultation...

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  14/05/2024

  Hungary

  EU introduces criminal offences and penalties for sanctions violations

  Criminal offencesUnder the Directive, the following conduct constitutes a criminal offence when committed intentionally and in violation of restrictive measures or a national provision implementing restrictive measures:making funds or economic resources available directly or indirectly to, or for the benefit of, a designated person, entity or body;failing to freeze funds or economic resources belonging to or owned, held or controlled by a designated person, entity or body;enabling designated natural persons to enter into, or transit through, the territory of a EU member state;entering into or continuing...

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  13/05/2024

  Hungary

  UK's Accession to the 2019 Hague Convention to ensure enforcement of UK court judgments

  In January 2024, the UK acceded to the 2019 Hague Convention, which unequivocally permits the enforcement of UK court judgments, regardless of whether a jurisdiction clause is exclusive/symmetrical.The UK’s accession to the 2019 Hague Convention brings clarity and certainty regarding certain types of jurisdiction clauses and the enforcement of UK court judgments in other countries in the aftermath of the UK’s departure from the EU in 2020.As a reminder, prior to BREXIT on 31 December 2020, the UK through its EU membership was party to the Lugano Convention, which facilitated the enforcement...

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  07/05/2024

  International

  Energy and climate change: The most significant climate change litigation decision yet?

  In Verein KlimaSeniorinnen Schweiz and Others v. Switzerland (application no. 53600/20), the European Court of Human Rights (ECtHR) issued arguably the most impactful and far-reaching ruling on climate change by any European court. The decision has the potential to impact individuals, businesses, and governments in a radical way by casting the law (and courts) rather than governments (and parliaments) as the ultimate body responsible for deciding whether public authority action and inaction are appropriate in the context of climate change. Furthermore, if NGOs determine that a public authority...

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  06/05/2024

  Hungary

  Hungary passes legislation to expand scope of consumer protection provisions

  The following article summarises the main obligations contained in these legislative updates.Amendment of statutory warranty periods in case of certain non-perishable consumer goodsGovernment Decree No. 151/2003. (IX. 22.) on the Statutory Warranty for Certain Non-Perishable Consumer Goods currently prescribes one-, two- and three-year warranty periods, depending on the sales price of the specific goods. By passing Government Decree No. 93/2024. (IV. 23.) on the Amendment of Government Decrees Related to Consumer Protection, the government made the following changes to statutory warranty periods:Two-year...

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  02/05/2024

  Hungary

  Hungary expands scope of child protection measures

  Limitations and bans on the sale of specific products designed for childrenWith effect from 5 September 2021, the amendment to Government Decree No. 210/2009. (IX. 29.) on the Conditions for Performing Commercial Activities introduced special restrictions and prohibitions on the sale of certain products. By passing Government Decree No. 93/2024. (IV. 23.) on the Amendment of Government Decrees Related to Consumer Protection, the government has now broadened the scope of these limitations and bans with effect from 8 May 2024 as follows:It is prohibited to display in a shop window any product intended...

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