22 octobre 2014
Client Alert | Hungary | Banking & Finance | October 2014
In our latest newsletter of 24 September 2014, we informed you of the adoption of Act XXXVIII of 2014 on the Settlement of particular issues related to the Uniformity Decision of the Supreme Court (“Act 1”) which sets out the nullity of certain provisions of foreign exchange lease agreements.
While we were publishing this newsletter, the Hungarian government adopted the new Act XL of 2014 (“Act 2”) on Further Provisions and Rules of Settlement, which were left out of Act 1. Act 2 completes and modifies Act 1, and sets out rules on the legal structure and the guiding principles that influenced the legislator in setting out the basic rules of settlement. It was promulgated on 6 October 2014 and came into force on 15 October (certain provisions will come into force on 1 November).
Please click below to download the full newsletter.