Regarding the new General Data Protection Regulation of the European Union (GDPR) apart from the professional and systematic challenges of the domestic interceptions, the were dominated by new fines. It is well known that the general maximum of the fine will be EUR 20 million, while and it may be 4% of their annual turnover in case this latter amount is higher, although the principles of imposing these fine are further from the centre of attention.
Regarding the practice of courts of appeal prior to the entrance into force of Act CXXX of 2016 on the Code of Civil Procedure, on the 1st January of 2018, the chambers of second instance often annulled the decisions of the courts of first instance and ordered them to carry out once more a procedure and render a decision in the end. However, the aforesaid practice often lead to unreasonably dragged on procedures.
According to the decision of the Court of Appeal of Budapest, the debtor cannot make a recognition statement of debts prior to the payment of the sum of the loan.The reason that this case is remarkable is that the credit banks often require one-sided statement of commitment throughout the lending. The question arises, in which are the cases when the aforesaid statements are null and void.
In the last couple of weeks deepfake has become known as the most frightening online practice. In the common language, deepfakes are known as the videos in which – with the help of artificial intelligence and computer learning- some parts of the original content will be overwritten, meaning that in typical cases one person’s face will be replaced by another person.
In a recently rendered decision of the Hungarian Curia, the chamber was raising the question of the following issue. Namely, if there is any chance, that a right acquired under an agreement, but not registered in Real Estate Register, is prior to a right acquired under an agreement concluded later but registered in the Real Estate Register.
According to the decision recently published of the Curia, the change of the registered seat is a decision regarding the assets of the owner, which can be made by the liquidator rather than the owner of the company under liquidation.
The Curia has decided in a recent decision that while performing bank transfers, the beneficiary is not a customer of the bank performing the payment; therefore the bank has no obligation to identify the customer.
The Constitutional Court of Hungary has recently published its decision in which it declared that it is a constitutional requirement that the participation in main proceedings and the right to appeal against decisions must be provided to the former general partner of the limited partnership as the secondary obligor as well; if the underlying responsibility of the general partner may arise.
Act I of 2012 on the Labour Code (the new Labour Code) has significantly amended the rules of employment on many fields. Such an example is wrongful termination of employment. As from the entry into force of the new regulation, the employee may not claim punitive damages anymore and the claim for reinstatement can rarely be submitted either. The amended regulation considers wrongful termination of employment as damages.
KRS Attorneys at Law held its third event in connection with the law of capital investments this year. At this time, it was about the legal nature of the term sheet and its content elements. The guest of the event was Tamás Balassa, the investment manager of PortfoLion Venture Capital Fund Management.