In accordance with the applicable statutory regulations, private limited insurance companies (public interest entity) and reinsurance companies or public insurance companies and reinsurance companies are required to operate an audit committee of at least 3 members, the members of which shall be elected by the supreme body (general meeting) from the members of the board of directors or the supervisory board.
The law ensures protection for the assets of minors with different limits considering the limited capacity of discretion of minors. Businesses to be concluded with minors require careful consideration having regard to these limits.
Act CXLIII of 2015 significantly changed the provisions regarding public procurement due to the new EU public procurement directives. The Bill currently submitted has already taken the practical experiences of the period passed since the entry into force of the new law into account. The most essential objective of the amendment is the expansion of competition and the tightening control over the use of public funds.
As many know, residential lease agreements may be validly entered into only in writing. However, it may arise as a question if our lessee does not pay or behaves in such a way which makes the maintenance of the lease impossible, whether we may terminate the residential lease agreement by email?
The Parliament adopted the amendments on tax laws. The most important changes will be summarised in the following.
Act I of 2012 on the Labour Code (“Labour Code”) has changed the former rules in several respects including the issue of fixed-term employment relationship. However, the original rules and related amendments have also become source of a number of misunderstandings and legal disputes.
It has not yet arisen as a question until recently what liability the managers of venture capital funds have for the capital funds managed by them or even towards the investors of the funds. No practice has developed in respect of Act on Investment Trusts and their Managers entered into force in 2014 either but it seems that their liability may be still dubious on the basis of the recently published data.
On the basis of the resolution made September 2016 of the National Bank of Hungary, neither financial enterprises nor credit institutions may carry out invoicing service as an authorised representative separately on a businesslike basis. The resolution basically examined this question on the side of financial enterprises, although it can be stated on the basis of its content that both credit institutions and financial enterprises, namely all the financial institutions are subject to the resolution.
A recently published decree of the Curia made in a specific case, the Curia took a stand on the question whether the holder of the lien established on a future claim of rent can be satisfied before the other creditors?
As a consequence of the amendment of Act LXXXII of 1991 on the Motor Vehicle Tax, the concept of long-term lease will be removed from the Act on the Motor Vehicle Tax from 1 January 2017 and the former regulation relating to long-term lease will be terminated, according to which the subject of company car tax was the long-term lessee instead of the owner and private individual as long-term lessee is not obliged to pay company car tax if certain conditions are met.
