- Expected Amendments To The Tax Legislation For 2017
- Supreme Court ruling on hostile takeover defence costs
- New rules of e-signature
- The Rules Of Compensation For Debt Recovery Costs
- Provisions on the new Employee Stock Ownership Plan
- Public Health Product Tax – Tax Allowance For Health Promotion Programmes
- The Most Important Tax Legislative Changes Effective From 2016
- The Legal Aspects Of Telework
- Easier Data Transfer To Countries Outsite The EU
- New Feature For Invoicing Softwares Required
- Mandatory Employment Of Fire Protection Specialists
- Amended Rules Of Proceedings For The Protection Of Possession
- Changing Advertising Tax Rates
COURT of ARBITRATION
The Reform of the Arbitration Court
The Permanent Arbitration Court attached to the Hungarian Chamber of Commerce and Industry was established in 1949. There were no interruptions in its continuous operation, though the applicable laws had changed from time to time. The Act no. LXXI of 1994 provided on arbitration previously, as from 1 January 2018 the provisions of Act no. LX of 2017 are in force. Due to the changes that have taken place in the recent years in the bank sector, in the field of crediting and in the energy trade, furthermore owing to the appearance of new players on the market the economic environment has also altered, which involved also changes in the duties of the arbitration courts, thus making the reform of the old arbitration system inevitable.
As from 1 January 2018 pursuant to the new Act the Permanent Arbitration Court attached to the Hungarian Chamber of Commerce and Industry performs the duties as permanent arbitration court also in the cases, still pending, but submitted earlier to the Permanent Court of Arbitration of the Money and Capital Markets, furthermore to the Permanent Energy Arbitration Court, both having ceased on 31December 2017. The cases pending on 1 January 2018 shall be conducted and closed in accordance with the rules of proceedings, effective at the time of the commencement of such cases. In case of the stipulation of the jurisdiction of the ceased arbitration courts prior to their cessation, after 1 January 2018 the Permanent Arbitration Court attached to the Hungarian Chamber of Commerce and Industry shall have jurisdiction to settle the legal dispute by arbitration. In such proceedings any agreement, stipulating the jurisdiction of the ceased arbitration courts, shall be regarded as an agreement stipulating the jurisdiction of the Permanent Arbitration Court attached to the Hungarian Chamber of Commerce and Industry.
The new Act effects changes also in the structural order of the Arbitration Court. The general decision-making body of the Arbitration Court will be the Presidium consisting of 7 members. The President and further two members are delegated by the Hungarian Chamber of Commerce and Industry, and the other members are appointed by the Hungarian Office for Energetics and Public Utility Regulation, the Budapest Stock Exchange Inc., the Hungarian Bank Association, furthermore the Hungarian Bar Association each. As from 1 January 2018 the Presidium has taken up its office and adopts the Working Order and the Rules of Proceedings, as well as makes the recommended list of arbitrators on its home page public until 31 January 2018. The HCCI shall provide the infrastructural background for the functioning of the Arbitration Court. Pursuant to the decision of the HCCI Presidium the divisions of the Arbitration Court ceased on 31 December 2017.