In a previous article, we analyzed the phenomenon where courts typically reduce the attorney fees awarded to the winning party. This essentially forces the winner to incur unjustified losses, indirectly causing market distortion. Now, the Supreme Court has responded to this phenomenon with a precedent-setting, binding decision. Let's first look at the key developments and then how this affects litigation strategy!

On 15 May 2024, amendments to the Labour Code of Ukraine came into effect aiming to regulate the rights and obligations of parties in labour relations during a change of control over business. The Ukrainian parliament adopted such amendments to align Ukrainian legislation with EU Directive 2001/23/EC, dated 12 March 2001.

In the audit practice of the Hungarian Tax and Customs Administration (HTA), the audit of transfer pricing is gaining importance. Moreover, the relevant regulations are becoming more complex with each passing year. As the deadlines for transfer pricing documentation approach, it is worth reviewing what hidden pitfalls should be avoided when preparing documentation and providing data.

Despite the ongoing war, there was a significant increase in Mergers & Acquisitions (M&A) transactions and private equity (PE) investments in 2023 compared to 2022, predominantly in the IT sector. Openly accessible market evaluations indicate that the volume of M&A deals might have reached $1.7 billion in 2023, five times more than in 2022. While that does not quite match the level of activity observed in 2021, it sets a cautiously optimistic tone for 2024.

The decision of the U.S. Securities and Exchange Commission (SEC) on January 10 has stirred significant attention, as it granted approval for the listing of certain products based on Bitcoin on the stock exchange. The impact of this decision on the European and American securities markets, and whether similar steps will be taken, depends largely on the details – including the names assigned to cryptocurrency-based products.

The Court of Justice of the European Union has decided in two cases concerning Hungary in its judgments in joined cases C-420/22 and C-528/22, published on 25 April 2024.

The recent modifications to Law 17/2014 regarding on the regulation of sale of extramuros agricultural land („Law 17”) came into force through the modifications brought by Law 116/2024, adopted on 29 April 2024 and published a day later.

This legislative monitoring report covers the introduction of new rules regulating public procurement in international relations, the adoption of the Free Trade Agreement between the Republic of Moldova and EFTA member states, the introduction of new rules regulating trademarks from 2027, the adoption of the regulation on audiovisual content. The document also provides for the approval of the regulation on the environmental management of mercury waste, the adoption of the law on hunting and the protection of game resources, the implementation of the national programme for the development of creative industries "Creative Moldova" for the years 2024-2027, as well as the optimisation of the use of industrial parks. 

On 13 May 2024, the Parliament of Montenegro passed the Draft Law on amendments to the Copyright Law. The entry into force is yet to be announced, but it could be expected after June 2024.

A new decree entered into force on 9 April 2024 on the ban of employment of guest workers in the public sector in Hungary.

One of the measurable success stories of the fintech revolution is how donation and subscription-based community financing has become an alternative to traditional fundraising methods such as classical bank financing or venture capital investments. From this rapid development, it follows that there is a less uniform picture in the public consciousness about the phenomenon of "crowdfunding." How many forms are there? Which ones are regulated? Who are the actors in the process? What regulations apply to it? How are they taxed? Among many clarifications to be made, the main question, however, is whether specialized crowdfunding service providers for this purpose will emerge in Hungary as well.

In Serbia, most of the exclusivity arrangements between pharma companies need to be, prior to their implementation, individually exempt by the Serbian Competition Authority (“SCA”). Most recently, the SCA issued two decisions in the individual exemption process. In one it denied, while, in the other it only conditionally approved individual exemptions for exclusive distribution agreements between pharmaceutical companies. These developments show a noticeable shift in the SCA’s stand towards exclusivity arrangements with the SCA taking a stringent approach, limiting the parties' ability to contract exclusivity arrangements in the sector.

The new European data regulation introduces new rules for the use of information from smart devices. These rules define rights to access and use data created in the EU across all economic sectors and across smart devices from different manufacturers.

The Supreme Court of Cassation of the Republic of Bulgaria recognized under "exceptional circumstances," the right of an active partner in a limited liability company to act as an ad hoc representative. This decision references to Articles 6 and 13 of the European Convention for the Protection of Human Rights and Fundamental Freedoms (ECPHRFF) and the case law of the European Court of Human Rights (ECHR).

Starting with May 16, 2024, the Law no. 126/2024 on some measures to strengthen the capacity to combat tax evasion, as well as to amend and supplement some normative acts, enters into force.

North Macedonia faces an increasing interest and need to attract foreign workers to fill low-skilled job positions. The existing regulatory framework, however, poses significant barriers to employing foreign nationals. This article will outline the benefits of simplifying these procedures, the pressing need for reform, and how changes could align Macedonia with broader European Union trends.

We bring you a brief overview of important legislative news from the Czech Republic that should not escape your attention.

According to the decision of the Court of Justice of the European Union of 16 May 2024 (C-746/22), the Hungarian rule that does not allow foreign taxpayers in VAT refund cases to submit their documents even in the appeal procedure is contrary to EU law. We have summarised the key lessons learned from the case which was handled by our office.