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Hungarian Competition Authority Collects Fines

admin 2014.07.26.

The Hungarian Competition Authority (Gazdasági Versenyhivatal, GVH) has closed 41 cases in the first half of the year, summing up a fine of EUR 10 million (3.2 billion HUF), reported the authority’s statement news agency MTI. According to the statement most fines came from consumer protection cases.

The statement revealed that the Competition Authority received many complaints regarding pharmaceutical products, dietary supplements, deceptive advertising and sale of vacation rights. GVH emphasized that last year’s outstanding event was the modification of the Law on the Prohibition of Unfair and Restrictive Market Practices, bringing Hungarian law closer to European jurisprudence.

The modification favored costumers as well, said the Hungarian Competition Authority, now there is shortened wait time at the oversight of company mergers, and cartel cases now have a new tool, the settlement mediation. Company mergers have simplified significantly, the average investigation time for simpler cases is 20-25 days and 90-100 days for more complicated ones. According to the review of Global Merger Control Index, the Hungarian practice now belongs to the best. (MTI)

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