On December 14, 2022, the Lajer law firm announced that the sale of the Hungarian subsidiary of Commerzbank to Erste (reported by CEE Legal Matters on January 10, 2022) had closed.
Schoenherr has advised IT, consultancy, and recruitment company IDBC Hungary on securing its new headquarters in the Duna Tower through a lease agreement with GTC.
The Hungarian Parliament recently adopted a rather significant update to Act LVII of 1996 on the prohibition of unfair market practices and the restriction of competition (“Hungarian Competition Act”). The updates are, at a number of points, based on recommendations made by the Hungarian Competition Association (with DLA Piper’s antitrust group providing significant input). The amendments will generally enter into force on 1 January 2023 (with some exceptions for 1 February 2023). Below, we have collected some of the key changes for Hungarian and international businesses.
On December 1, 2022, SMM Legal announced that MOL's acquisition of Lotos Paliwa (reported by CEE Legal Matters on February 2, 2022) had closed. Subsequently, Baker McKenzie announced that Orlen Unipetrol's acquisition of Hungarian petrol stations from MOL (reported by CEE Legal Matters on February 1, 2022) had closed as well.
Hungarian merger control is generally aligned with the relevant EU rules with only relatively minor exceptions or special rules. For example, a notable special rule – which follows similar trends in major European jurisdictions – is the existence of the soft threshold regime, which enables the Hungarian Competition Authority (the Gazdasági Versenyhivatal, “GVH”) to intervene in case the traditional/“hard” thresholds are not met, but where competition is threatened on a specific market (e.g. in case of “killer acquisitions”).
On November 10, four Banking & Finance experts from Croatia, Hungary, Romania, and Serbia sat down for a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss banking consolidation, financing availability, the effects of high interest rates, bank capitalization, green financing, the specter of loan restructuring, and the other challenges the sector is facing.
The Tax Foundation issued its annual International Tax Competitiveness Index (ITCI) of 38 OECD countries. The Index seeks to measure the extent to which a country’s tax system adheres to two important aspects of tax policy: competitiveness and neutrality. The ranking weighs variables across five categories: corporate taxes, individual taxes, consumption taxes, property taxes, and international tax rules.