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A New Supervisory Authority for Regulated Services

A New Supervisory Authority for Regulated Services

Hungary
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On 27 April 2021 the Hungarian Parliament adopted a new legislation on the Supervisory Authority for Regulated Services, which will in the future supervise the judicial enforcement body, the liquidators and perform official tasks related to the retail sale of tobacco products and the organization of gambling. The new laws will enter into force on 1 October 2021. The purpose of the law is to strengthen the consumer protection, official control and supervision powers in relation to certain exclusive economic activities of the state.

The Authority will have the power to grant license and exercise official control and supervision over the retail trade of tobacco products, the tobacco retail supply activity and certain activities of tobacco wholesalers. It may, in addition, grant license and exercise official control and supervision over the gambling organizations. It will also have the right to supervise and regulate the independent system of judicial enforcers (bailiffs) and the supervision of the National Order of the Judicial Officers of Hungary. Finally, the Authority will be an independent regulatory body over the maintenance of the register of liquidators and other official registers of liquidator organizations, and it will exercise official supervision and control over the system of liquidator organizations.

The Authority will also perform tasks on behalf of the state relating to concession contracts. Within the Authority a Concession Council will operate in order to establish a uniform state concession law practice, and also to ensure the principles of the Concession Act and the sectoral laws defining the manner and conditions of carrying out economic activities on behalf of the state. The president of the Concession Council will be the president of the Authority, to be appointed by the Prime Minister for a term of nine years, who may be reappointed once at the end of the term.

By Levente Csengery, Partner, KCG Partners Law Firm

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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