Remarks on the New Hungarian Act on Arbitration from a Historical-comparative Perspective
Remarks on the New Hungarian Act on Arbitration from a Historical-comparative Perspective

Summary/Abstract: This paper summarizes the history of arbitration in Hungary with special emphasis on the antecedents of the valid act on arbitration. Since the Parliament of Hungary adopted a new act on arbitration in 2017 (Act LX of 2017 on Arbitration), the study describes the most important features of this Act from a historical-comparative view, highlighting the fact that this act is fully in line with the UNCITRAL Model Law on arbitration of 1985 and amended in 2006. The article stresses the annulment of arbitral awards, which seems to be a key – issue in international commercial arbitration. The study also introduces the new framework for arbitration regarding Arbitral Tribunal on Commerce as a permanent arbitral tribunal, which integrates the arbitral tribunal attached to the Hungarian Chamber of Commerce and Industry (MKIK), the Arbitral Tribunal on Energy, and the Arbitral Tribunal on Money and Capital Markets. The paper reaches to the conclusion that the Hungarian New Act on Arbitration is a turning point regarding the Hungarian arbitration in terms of legislation, and at it is to raise several important questions during its practical application.

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