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  13/05/2024

  Ungarn

  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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  13/05/2024

  South Africa

  An overview of the proposed JSE Market Segmentation Project

  IntroductionThe Johannesburg Stock Exchange (the "JSE") has seen an uptick in delisting transactions across various sectors in recent years. Various reasons have been cited as driving this trend, including the cost of compliance associated with being listed on the JSE. On 18 April 2024, the JSE published a notice announcing various proposed amendments to the JSE Listings Requirements ("Listings Requirements") as part of their market segmentation project. It appears that these proposed amendments are aimed at reducing the legal and administrative requirements imposed in connection with certain corporate...

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  07/05/2024

  Deutschland

  Obligation to include a "No Russia clause" in supply agreements

  For some export transactions, re-exportation to Russia must be contractually prohibited. Model clauses present conflicts with German law on general terms and conditions.Companies must keep abreast of the sanctions against Russia, especially when it comes to export transactions, and as far as possible prevent any attempts by their customers to circumvent these sanctions. Companies have been aware of this for a long time. What is new, however, is that since 20 March 2024, companies are legally required to explicitly prohibit re-exportation to Russia or re-exportation for use in Russia in...

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  06/05/2024

  Ungarn

  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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  03/05/2024

  Südafrika

  Access to the beneficial ownership register

  IntroductionFollowing the coming into effect of the General Laws of the Anti-Money Laundering and Combatting Terrorism Financing Amendment Act, 22 of 2022 ("GLA 2022"), companies and close corporations have had to familiarise themselves with the requirements of the Companies and Intellectual Property Commission ("CIPC") requiring them to keep beneficial ownership information and, in certain circumstances, to file such information with the CIPC.The keeping of beneficial ownership information was initially meant to serve as a repository of natural persons who own or exercise control over legal entities...

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  02/05/2024

  Ungarn

  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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