Réti, Várszegi és Társai Ügyvédi Iroda https://www.retivarszegipartners.hu/en PwC Legal Mon, 02 Nov 2020 15:58:17 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 Further delay in the introduction of the new reporting obligation regarding beneficial owners https://www.retivarszegipartners.hu/en/further-delay-in-the-introduction-of-the-new-reporting-obligation-regarding-beneficial-owners/ Mon, 02 Nov 2020 15:56:48 +0000 https://www.retivarszegipartners.hu/en/?p=5778 By virtue of EU anti money-laundering regulations, most European countries created national registers of ultimate beneficial owners (UBOs) in the previous years. The purpose of such registers is to ensure the availability of data as well as transparency in regard to a certain scope of service providers as to who the individuals truly standing behind...

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By virtue of EU anti money-laundering regulations, most European countries created national
registers of ultimate beneficial owners (UBOs) in the previous years. The purpose of such registers is to ensure the availability of data as well as transparency in regard to a certain scope of service
providers as to who the individuals truly standing behind legal entities or company groups as
ultimate beneficiaries are. In Hungary, such a register has not been established yet. For all we know, the electronic system will be available as of spring 2021 at the earliest.

 

The Hungarian AML Act (i.e. the Act on the Prevention and Combating of Money Laundering and
Terrorist Financing) has already prescribed service providers falling into the scope of the AML Act a
general obligation to report the data of the ultimate beneficial owners of their clients to the register
(once it has been created) since 2017. This obligation was originally due by 1 March 2021.
In December 2019, the legislator amended the above-mentioned provisions of the AML Act, as a
result of which the provisions could not even enter into force (as the UBO register still has not been
set up). In consequence, as of 1 December 2020 (i.e. from the planned date of the register’s
establishment) instead of service providers, companies and other organizations will have the
obligation to report the data of their UBOs to the register (UBO meaning any individual having at
least 25% of direct or indirect ownership or influence in a company). Additionally, they will also
have an obligation to keep their reported data updated, should there be any changes in their UBO
data. Organizations will have five working days to report any changes either from the
commencement of the operation or from the date of change. The current provisions also prescribe
that as of 1 December 2020, a service provider under the scope of the AML Act must obtain, as part
of its client due diligence process, a certificate from each of its new clients stating that the
respective client’s reporting obligations have been duly fulfilled. If a client fails to present such a
certificate, the service provider is not permitted to provide services to the client.
Without the register the above provisions are not interpretable. Therefore, hardly could it be
expected that either service providers or clients will need to face any detrimental legal
consequences or sanctions. Regardless, it would be reassuring if the legislator made a formal
decision to delay the provisions’ entry into force on 1 December 2020. In order for all concerned
parties to properly prepare for the fulfilment of their obligations, it would be of material
importance that the government decree regulating the operation of the beneficial owner register be
prepared as soon as possible and it be clarified how long a transitory period companies and other
organizations would have in hand to provide data and how noncompliance would be sanctioned.

dr. Réka Mihola (reka.mihola@pwc.com) attorney,
junior partner of Réti, Várszegi and Partners Law Firm PwCLegal

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COMPETITION LAW ENFORCEMENT AND COVID-19: Developments in Hungary https://www.retivarszegipartners.hu/en/competition-law-enforcement-and-covid-19-developments-in-hungary/ Fri, 26 Jun 2020 07:37:39 +0000 https://www.retivarszegipartners.hu/en/?p=5351 COMPETITION LAW ENFORCEMENT AND COVID-19: 1 July, Hungary. Central Europe Chapter of ASCOLA (Academic Society for Competition Law) organized a series of webinars on the upcoming challenges to effective protection of competition in the region after the pandemic. We are honored that our colleague Judit Firniksz, LL.M. was invited as a speaker. Registration

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COMPETITION LAW ENFORCEMENT AND COVID-19: 1 July, Hungary. Central Europe Chapter of ASCOLA (Academic Society for Competition Law) organized a series of webinars on the upcoming challenges to effective protection of competition in the region after the pandemic. We are honored that our colleague Judit Firniksz, LL.M. was invited as a speaker. Registration

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Changes in the regulation of agricultural and food supply chain? https://www.retivarszegipartners.hu/en/changes-in-the-regulation-of-agricultural-and-food-supply-chain/ Wed, 08 Jan 2020 11:51:49 +0000 http://www.retivarszegipartners.hu/en/?p=5015 In 2019 new rules on the distribution of agri-food products were established across the European Union when Directive 2019/633 of the European Parliament and the European Council on unfair trading practices in business-to-business relationships in the agricultural and food supply chain (Unfair Trading Practices Directive – UTP Directive) was adopted in April 2019. Our competition law experts,...

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In 2019 new rules on the distribution of agri-food products were established across the European Union when Directive 2019/633 of the European Parliament and the European Council on unfair trading practices in business-to-business relationships in the agricultural and food supply chain (Unfair Trading Practices Directive – UTP Directive) was adopted in April 2019.

Our competition law experts, Judit Firniksz and Barbara Dávid, have examined the matter of harmonisation and the possible conclusions regarding the new regulation in the Value and Quality Award-winning Trade Magazine (the business magazine provides information related to FMCG market for the last decade and a half mainly to business decision makers).

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Competition Aspects of Info Sharing and Digitalization https://www.retivarszegipartners.hu/en/competition-aspects-of-info-sharing-and-digitalization/ Wed, 18 Dec 2019 14:35:25 +0000 http://www.retivarszegipartners.hu/en/?p=4993 In their study, our competition law experts, Judit Firniksz and Borbála Dömötörfy examined the effects of digitalized economic environment on the paradigms of competition law. The study titled “Information Exchange Going Digital” was published in the prestigious Yearbook of Antitrust and Regulatory Studies of Centre For Antitrust and Regulatory Studies by University of Warsaw.  

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In their study, our competition law experts, Judit Firniksz and Borbála Dömötörfy examined the effects of digitalized economic environment on the paradigms of competition law. The study titled “Information Exchange Going Digital” was published in the prestigious Yearbook of Antitrust and Regulatory Studies of Centre For Antitrust and Regulatory Studies by University of Warsaw.

 

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Annual conference of the Hungarian Assotiation of Dietetary Supplement Manufactures https://www.retivarszegipartners.hu/en/annual-conference-of-the-hungarian-assotiation-of-dietetary-supplement-manufactures/ Wed, 13 Nov 2019 14:06:07 +0000 http://www.retivarszegipartners.hu/en/?p=4926 Our colleague, dr. Kornél Matits was presenting on first tangible consequences of new EU regulation (applicable from 22 February 2019) of food for special medical purposes (FSMP) with special emphasis on the ban of health/nutriton claims in advertising at the annual conference of the Hungarian Assotiation of Dietetary Supplement Manufactures.

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Our colleague, dr. Kornél Matits was presenting on first tangible consequences of new EU regulation (applicable from 22 February 2019) of food for special medical purposes (FSMP) with special emphasis on the ban of health/nutriton claims in advertising at the annual conference of the Hungarian Assotiation of Dietetary Supplement Manufactures.

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Volunteering day October 2019 https://www.retivarszegipartners.hu/en/volunteering-day-october-2019/ Thu, 24 Oct 2019 11:37:14 +0000 http://www.retivarszegipartners.hu/en/?p=4890

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Meeting of Hungarian attorneys in the Carpathian Basin https://www.retivarszegipartners.hu/en/meeting-of-hungarian-attorneys-in-the-carpathian-basin/ Wed, 16 Oct 2019 13:49:30 +0000 http://www.retivarszegipartners.hu/en/?p=4872 Our colleague, dr. Miklos Klenanc, attorney-at-law was presenting on liability issues related to AI on 11 October 2019 at Sapientia Hungarian University of Transilvania in the frame of the first meeting of Hungarian attorneys in the Carpathian Basin: http://jog.sapientia.ro/hu/konferenciak-rendezvenyek/karpat-medencei-magyar-ugyvedek-talalkozoja

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Our colleague, dr. Miklos Klenanc, attorney-at-law was presenting on liability issues related to AI on 11 October 2019 at Sapientia Hungarian University of Transilvania in the frame of the first meeting of Hungarian attorneys in the Carpathian Basin: http://jog.sapientia.ro/hu/konferenciak-rendezvenyek/karpat-medencei-magyar-ugyvedek-talalkozoja

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New Notification obligation of foreign investors acting in certain strategic industries https://www.retivarszegipartners.hu/en/new-notification-obligation-of-foreign-investors-acting-in-certain-strategic-industries/ Fri, 16 Nov 2018 10:23:01 +0000 http://www.retivarszegipartners.hu/en/?p=4183 dr. Dániel Kelemen, dr. Péter Zalai, dr. Matits Kornél, Tax & Legal Alert, 16 November 2018

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dr. Dániel Kelemen, dr. Péter Zalai, dr. Matits Kornél,

Tax & Legal Alert,

16 November 2018

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Our colleague has been elected as the Hungarian national representative of the International Association of Young Lawyers (AIJA) https://www.retivarszegipartners.hu/en/our-colleague-has-been-elected-as-the-hungarian-national-representative-of-the-international-association-of-young-lawyers-aija/ https://www.retivarszegipartners.hu/en/our-colleague-has-been-elected-as-the-hungarian-national-representative-of-the-international-association-of-young-lawyers-aija/#respond Tue, 12 Sep 2017 12:36:14 +0000 http://www.retivarszegipartners.hu/en/?p=3179 The International Association of Young Lawyers (AIJA) held its 55th annual congress in Tokyo. This year’s main topic was artificial intelligence and the relating legal issues. Réti, Antall and Partners PwC Legal Law Firm was represented by dr. Miklós Klenanc, attorney-at-law, who has been dealing with liability issues pertaining to robots, self-driving cars and other...

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The International Association of Young Lawyers (AIJA) held its 55th annual congress in Tokyo. This year’s main topic was artificial intelligence and the relating legal issues. Réti, Antall and Partners PwC Legal Law Firm was represented by dr. Miklós Klenanc, attorney-at-law, who has been dealing with liability issues pertaining to robots, self-driving cars and other vehicles, drones, etc., for a while now, and who was elected as the national representative of Hungary in AIJA (an international organisation with more than 2,000 members worldwide) at the event held with the participation of approximately 500 attorneys, in-house counsels and young lawyers. Participants from all over the world arrived with the aim of developing new business and professional relationships – while maintaining their already existing ones – which served as an extraordinary opportunity for gaining prospective new engagements. At the same time, the overall program of the conference provided a good chance for us to confirm that the ongoing professional work in our law firm relating to legal aspects of AI is strong enough to hold its ground and to compete with the currently ongoing international work.

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Tax Litigation practice of Réti, Antall & Partners PwC Legal earns a prestigious Tier 2 Rank in the newly announced The Legal 500 EMEA 2017 https://www.retivarszegipartners.hu/en/tax-litigation-practice-of-reti-antall-partners-pwc-legal-earns-a-prestigious-tier-2-rank-in-the-newly-announced-the-legal-500-emea-2017/ https://www.retivarszegipartners.hu/en/tax-litigation-practice-of-reti-antall-partners-pwc-legal-earns-a-prestigious-tier-2-rank-in-the-newly-announced-the-legal-500-emea-2017/#respond Tue, 25 Apr 2017 08:13:22 +0000 http://www.retivarszegipartners.hu/en/?p=3115 Clients recommend ‘innovative attorney’ Dániel Kelemen and Zoltán Várszegi, who ‘has significant experience in tax-related court cases’.

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Clients recommend ‘innovative attorney’ Dániel Kelemen and Zoltán Várszegi, who ‘has significant experience in tax-related court cases’.

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