A. LEGISLATION, TRENDS AND TENDENCIES
A. 1 Amendment to the Hungarian Arbitration Act
The Hungarian Arbitration Act3 (the “Act”) contains the
fundamental rules on domestic and international arbitration
procedures4 as well as related ordinary court procedures. The Act
is in conformity with the UNCITRAL Model Law.
The last substantial amendment to the Act was in 2012. The aim
of the amendment was to exclude the possibility of arbitration as
a means of resolving disputes relating to national assets located
in Hungary. In 2013, the Hungarian Constitutional Court
established that this amendment was constitutional, and
consequently, it may have a serious impact on Hungary’s
international commercial and economic relations.