The following Competition practice note provides comprehensive and up to date legal information covering:
A conversation with Aniko Kircsi, partner, and Dora Czegledi, senior associate in the Budapest office of international law firm CMS on key issues on foreign direct investment (FDI) control in Hungary.
The applicable legislation on the control of foreign investments in Hungary is Act LVII of 2018 on the Supervision of Foreign Investments Violating the National Security Interests of Hungary (the Act) and the relating implementation decree, Government Decree 246/2018 (XII.17) (the Governmental Decree), which came into force on 1 January 2019.
Additionally, temporary measures for foreign investments also apply in Hungary until 31 December 2020 pursuant to Act No LVIII of 2020 on the temporary measures applicable in connection with the termination of the state of emergency and on the preparedness for pandemics (Temporary Act) and the related new governmental decree (Supplementary Decree).
Investments falling within the scope of the applicable legislation are reviewed by the Minister of Interior Affairs. As part of the review procedure, the Minister of Interior Affairs will decide either (i) to approve the investment or (ii) to prohibit it.
The Constitution Protection Office (in Hungarian: Alkotmányvédelmi Hivatal) is responsible for the enforcement of the legislation and monitoring whether investors comply with the relevant provisions.
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