The Competition Act may be amended at several points, and the GVH may receive new powers

By: Trademagazin Date: 2024. 04. 03. 14:01

The competition protection activities of the Economic Competition Authority (GVH) can be even more effective, as the competition law can also be amended at many points within the framework of the amendment of judicial laws.

In the announcement, it was highlighted that the draft law – in addition to numerous other amendments that make the GVH’s powers and tasks more efficient – includes the provision concerning businesses of fundamental importance. The planned new powers of the GVH are based on the German model. Based on the German competition law, the German competition authority is entitled to designate companies that have outstanding importance across markets. An illustrative list is also defined in the German Competition Act as to what aspects the authority must take into account during the selection process. The obligations that can be imposed on the designated company are largely the same, the competition office explained.They added that similar authorizations concerning ownership rights can be found in the Law on Credit Institutions and Financial Enterprises, and the powers are exercised by the Magyar Nemzeti Bank (MNB).

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