Hungarian Competition Act Amended Effective The Start Of January

The Hungarian Competition Act (Act LVII of 1996 on the Prohibition of Unfair Market Conduct and Restriction of Competition) was amended effective 1 January. Below we provide a brief summary of the most significant changes.

Increased merger control thresholds

The Competition Act sets a dual turnover threshold to determine which transactions must be notified. These have all been increased, and from 1 January, only those concentrations must be notified where, in the last financial year for which a financial statement has been approved,

• the combined net turnover of all the groups of undertakings concerned (and their joint ventures, proportionately) exceeds HUF 20 billion (EUR 50 million) instead of HUF 15 billion (EUR 37.5 million), and