Due to legislative requirements first applicable for the first time to fiscal year started following 16 June 2016, public-interest entities need to review the duration of their existing engagement with their current auditors and, if necessary, to engage a new audit firm.
The local venture capital market has undergone significant developments due to the JEREMIE initiative launched in 2009 because 28 managing authorities participating in the initiative received mandate to pay out subsidy of HUF 131, 5 billion in order to boost the Hungarian SMEs sector. The allocation period just ended on 31 May 2016 but numerous irregularities have been already revealed. The expert of KRS Attorneys-at-Law, Dr. Attila Pintér was questioned about the liability of the managing authorities participating in the initiative and about repayment obligations.
Under the regulation of Act XLIX of 1991 on Bankruptcy Proceedings and Liquidation Proceedings (hereinafter referred to as “Cstv.”), due to the insolvency of so called economic operators specified therein, a multitude of ex-officio proceedings initiated by debtors or creditors are ongoing. Since the economic operators, in many cases, perform their economic activity across borders – and the territory of the European Union is mainly worth mentioning here – it is good to know when and which law shall govern during liquidation proceedings.
Act I of 2012 on the Labour Code provides, among others, protection against termination of employment for the total duration of pregnancy, as well as for a maximum of 6 month from the start of medical treatment relating to human reproduction process. The Labour Code relating to these cases initially ruled that the employee could only refer to the protection ensured by the Labour Code if she informed the employer of the pregnancy or the start of medical treatment relating to human reproduction process prior to the termination notice.
The control of the concentration of companies is aimed at preventing the creation of monopolies by instruments based on competition law. The modern market economy entails the phenomenon of the concentration of capital. The competition law does not wish to prevent its presence but it seeks to regulate and discourage concentrations, which present exceptionally harmful effects on competition.
Point a. of Subsection (1) of Section 294 of the Labour Code includes the definition of young worker. Accordingly, young worker shall mean any worker under the age of 18. In their case, having regard to their age, the law orders the application of more stringent rules. These more stringent rules appear on the establishment and termination of the employment relationship and on the provision of working time and rest period.
The Parliament adopted the amendment on tax laws and other related regulations and the amendment on National Tax and Customs Administration (NAV) on 7 June 2016. The most important changes will be summarised in the following.
The frameworks of regulations relating to business associations became more flexible with the entry into force of the new Civil Code. The greater freedom inherent in this has obviously limits and these lines may clearly and primarily crystallize on the basis of legal practice being expressed in emerging court decisions.
Act LIII of 1994 on Judicial Enforcement emphasizes the opportunity for involvement of the lien holder in the enforcement procedure, under a separate heading. The priority objective of legislation on involvement is that the interests of lien holder effectively prevail before its own enforcement procedure was initiated.
The Bill regarding Amendment to Act V of 2013 (the new Civil Code) designed to clarify dubious interpretation of the law concerning liabilities of executive officers has been submitted
