Global Competition Law is primarly a practitioner's guide presenting the most salient aspects of the major competition laws country by country, giving an overview of their structure and most charasteristic elements.
Global Competition Law also provides insight into possible future developments in the field.

Global Competition Law

Upon receipt of notification of a concentration, the HCA begins its appraisal of the proposed concentration. The 2016 Amendments established an 8 days time-limit for the HCA to decide whether or not to launch phase 2 proceedings. If the transaction is not likely to harm competition, the HCA will issue an official clearance certificate. Where an in-depth investigation is decided, a decision on the  …

Proceedings before the HCA

Before the entry into force of the amendments introduced by Act No CCI of 2013, applications for merger authorization had to be submitted within thirty days of the conclusion of the contract or acquisition of controlling rights. Furthermore, the 1996 Act did not impose any suspension period meaning that the parties could implement the transaction before its clearance at their own risk. The 2013 Act changed those rules: although Section 28 no longer requires the parties to notify the transaction within thirty days, Section 29 now imposes a waiting period prohibiting the exercise of voting rights and the appointment of new executive officers before authorization. However, pursuant to Section 29/A the parties may request a derogation from that rule where the exercise of specific rights is necessary to preserve the value of the investment.

In addition, Act No CXCI of 2013 enpowered the Government to exempt, by Decree, concentrations of “strategic importance for the national economy” from the notification obligation. This exception notably covers mergers necessary for the preservation of jobs and security of supply.

The 9 December 2016 Amendments substituted by a system of notification the former application for authorization, with a substantial decrease in the amount of data to be communicated.

It is the obligation of the direct participants or the acquirer, as the case may be, to file a notification. The merger agreement is not valid until it has been authorized by the HCA. The 2016 Amendment reduced the filing fee to forints 1 million (EUR 2,400) in case of phase 1 proceedings and at forints 15 million (EUR 36,000) in case of phase 2 proceedings.

Merger notification

Upon receipt of notification of a concentration, the HCA begins its appraisal of the proposed concentration. The 2016 Amendments established an 8 days time-limit for the HCA to decide whether or not to launch phase 2 proceedings. If the transaction is not likely to harm competition, the HCA will issue an official clearance certificate. Where an in-depth investigation is decided, a decision on the merits of the concentration is made by the HCA, sitting as a panel of five members. The review process normally takes 120 days, and may be extended by a maximum of 60 days. 

If the HCA deems the parties have violated the suspension obligation or provided inaccurate or insufficient information, it is now allowed to carry dawn raids.

The authorization granted to a concentration covers all restrictive agreements necessary to its implementation.

Global Competition Law

386. Proceedings before the HCA

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Les notions juridiques connexes

386. Proceedings before the HCA

Demandez un accès gratuit au contenu exclusif Livv – juristes d’entreprise

Les notions juridiques connexes

Demandez un accès gratuit
au contenu exclusif Livv – juristes d’entreprise