I wish all of you a Happy and Successful New Year!
Representing current practice of codification in Hungary we still did not transpose the UCP directive. Since both deadlines passed I am curious when the European Commission will launch an infringement procedure.
More interesting. Almost all retail banks settled in Hungary were fined for consumer deception recently (second half of 2007). The NCA did not accept arguments based on the UCP directive claiming that since the national law is not yet amended one can not rely on the directive.
I would have considered indirect effect…