The Regulatory Committee has continued its aim to fulfil its legal supporting function assisting fellow committees and the AmCham Board, and operating as a workshop of many of the most highly skilled practicing attorneys in Hungary and the representatives of AmCham member companies.
The Committee continues to consist of various working groups corresponding to the relevant fields of law, each led by a highly reputed expert:
- Constitutional, Administrative & Tax Law – Dr. Péter Nagy
- IP, IT, Telecom, Data Protection – Dr. István Réczicza
- Civil, Commercial Law – Dr. János Tóth
- Customs, Trade Compliance – Dr. Tamás Lőcsei
- Corporate Law – Dr. Zoltán Csehi
- Public Procurement Regulation – Dr. Balázs Fazekas
- Labor Law – Dr. András László
- Energy – Dr. Zoltán Faludi
- Banking and Financial Markets – Dr. Erika Papp
- Competition / Unfair Trade Practices / Consumer Protection – Dr. Tihamér Tóth
- Anti-Illicit Trade – Dr. Gusztáv Bacher
- Property Law, Environmental Regulations – Dr. Györgyi Viszmeg
Ministry of Justice: Regular Consultation Continued
The Strategic Partnership Agreement – first signed in 2011, then re-confimed in 2014 – ensures that AmCham has a well-established, formal cooperation framework with the Ministry of Justice and can engage in regular and direct consultation on its legislative proposals with Government experts. As a result, AmCham had a solid base to contribute and make an impact on the Hungarian legislation.
On January 18, 2016, AmCham, represented by its President Ferenc Pongrácz, CEO Írisz Lippai-Nagy, Regulatory Committee Chairman Gábor Orosz, and several committee Working Group Leads, had a high-level meeting with Minister Trócsányi and Deputy State Secretary Zoltán Nemessányi, where Minister Trócsányi thanked the AmCham Regulatory Committee for its outstanding professional input that has been regularly provided within the framework of the Strategic Cooperation Agreement. He also shared his cabinet’s priorities with AmCham for the upcoming year. and confirmed that the Ministry views AmCham as a strategic ally in articulating the standpoint of businesses in Hungary and stressed that they look forward to continuing the well-established, close cooperation with the Chamber.
Most Remarkable Projects and Achievements in 2016
Member companies’ practical experiences in transatlantic data transfer
In March, AmCham has sent input to the Hungarian National Authority for Data Protection and Freedom of Information („NAIH”) on member companies’ practical experiences in transatlantic data transfer in order to support NAIH’s work, while there are great efforts made within the EU and the US to create a new, solid legislative basis for transatlantic data transfer, as soon as possible. In its position, the Chamber stressed the need for a timely solution and the importance of rapid implementation of the new scheme called EU-US Privacy Shield..
On June 6, a delegation of the Regulatory Committee met President of NAIH Attila Péterfalvi and his colleagues to discuss cooperation between the two organizations. The Regulatory Committee closely follows updates in this area and AmCham is dedicated to continue cooperation with NAIH to represent members’ interests.
Draft bill modifying the credit Collateral Register scheme
In April, the Regulatory Committee responded to the Ministry of Justice‘s request for recommendations on the draft bill modifying the credit Collateral Register scheme. In its response, AmCham welcomed the innovation that the new Collateral Register will officially certify the genuine existence of facts recorded in it and the requirement that entries may only be registered, amended or deleted subject to a legal statement, final and binding court order or official resolution. However, the Regulatory Committee opined that the rules of document review provided in the bill are too formal and do not ensure that the main goal set in the general reasoning of the bill is achieved.
New Civil Procedure Code
As requested by the Ministry of Justice, the Regulatory Committee has sent its recommendations on the draft bill on the New Civil Procedure Code (the “New CPC”) to the Ministry in June. The Regulatory Committee has been participating in the legislative reform process preparing the New CPC since early 2015 and had worked out proposals with regards to two specific areas: class action and the direction in substance of the course of proceedings, which was submitted to the Ministry of Justice in October 2015.
Modification of unfair and restrictive market practices legislation
Upon the request of the Ministry of Justice, AmCham has sent its position on the draft modification of the Act LVII of 1996 on Prohibition of Unfair and Restrictive Market Practices in September.The Regulatory Committee discussed key elements of the new legislation with Ministry experts, including Deputy State Secretary Zoltán Nemessányi at a meeting held in October .
Planned revision of legislation pertaining to in-house counsel regulation
The Ministry of Justice began the revision of legislation pertaining to in-house legal counsel this year. The Regulatory Committee has been engaged in active dialogue with representatives of member companies on this issue, and also has reviewed the guiding basic principles specific to planned revision, within the framework of public consultation. The Regulatory Committee will continue to closely follow legislative developments in this area.
Continued engagement of the Committee members
We have experienced a remarkable participation level from our Committee members in the course of 2016. These Committee Members dedicate their time and resources to a number of projects during the year and contribute to exceptionally high quality internal legal discussions over different proposals, all while duly representing AmCham in the Ministry consultations listed above.
The Regulatory Committee as a framework, provides legal professionals with a critical opportunity to discuss and advance common policy issues while exhibiting a strong track record of quality and productivity. As such, our main goal remains to provide well-researched and theoretically grounded, practical materials to reflect the members’ interests appropriately. The Committee also plays an important role by providing support to fellow Committees in legislative related issues, on their request.