First Gun Jumping Decision Of The Hungarian Competition Authority

The Hungarian Competition Authority ("HCA") has imposed a fine of HUF 1 million (approx EUR 3,200) on CEE Holding Group Limited and Olympic International Holdings Limited, for implementing a concentration prior to authorisation by the HCA (cf Vj/145/2015., the decision may be found here). By implementing the concentration without merger control clearance the applicants breached the standstill obligation enshrined in the Hungarian Competition Act. The HCA was notified voluntarily 64 days after the shares had been transferred. The oversight of the filing obligation in Hungary was put down to a misunderstanding on the managements' side (as provided by the applicants). This decision is the first fine for gun-jumping in Hungary and sheds some light onto how the HCA will make use of its newly acquired enforcement rights. It is also interesting to note that two companies (the acquirers) were held jointly and severally liable for the infringement.