HUNGARY Trends and Developments Contributed by: István Varga and Viktor Előd Cserép, PROVARIS Varga & Partners
Arbitration Court and the criteria for inclusion in the institution’s list of recommended arbitrators. Continuing modernisation of the Commercial Arbitration Court and new Rules of Proceedings The reshaping of arbitration law and its institu- tional framework has been accompanied by the development of a new set of institutional arbitra- tion rules of the Commercial Arbitration Court in line with international standards, authored by Ist- ván Varga and drafted in the PROVARIS offices. The new rules entered into force in early 2018 and have received three updates in response to regulatory needs in view of practical experience, for example with respect to standstill and dis- senting opinions. The latest version of the Rules is the one of 15 September 2024. The realistic perspective is one of healthy com- petition with bigger and sometimes more inter- national arbitration hubs, especially in matters with ties to Hungary where local procedural and substantive law know-how is needed.
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