Hungarian Watch Summer 2016
Hungarian Watch editions
Call for tenders for the reconstruction of the M3 metro line
Light at the end of the tunnel
The call for tenders for the reconstruction of the M3 metro line has finally been published. The invest-ment volume of this big-ticket project may be close to EUR half billion. This long awaited news will certainly attract the major players in the construction and railway sector. The tender will be closed within a month. Be ready and seize this exceptional investment opportunity.
Calls for tenders for hydrocarbon and geothermal energy concessions
New opportunities for the Hungarian upstream energy sector
The Ministry of National Development has recently published calls for tenders for the research, extraction and exploitation of geothermal energy as well as for the exclusive right of research, exploration and production of hydrocarbons under concession contracts. This opportunity may attract the major players in the Hungarian upstream energy sector.
First gun-jumping cases arrived in Hungary
New troubles in Hungarian M&A deals
For the very first time, The Hungarian Competition Authority („HCA”) has imposed fines in several cases where the parties implemented the merger transactions prior to the merger control clearance. In all four cases, the acquirers notified the HCA about the transactions, but only after their implementation. Clearly, the HCA started to develop consistent practice on gun jumping. Hence, businesses must be wary of the standstill obligation prior to clearance. Of course, VJT & Partners can assist the companies in careful deal planning during M&A transactions.
The new Law makes the Hungarian Residence Bond Program even better
Best immigration program in Europe
The Hungarian Residency Bond Program offers non-EU nationals permanent residency if they invest into governmental bond. The program is popular. More than 3500 applicants have entered the program so far. The new law has been recently adopted which makes the popular program even more attractive. VJT & Partners which was bestowed with the Best Immigration Law Firm Award will continue to provide legal advice and assistance in this program.
New hope for transatlantic businesses
Privacy shield finally approved, now what?
After months of uncertainty, the European Commission has finally approved, the new framework for transatlantic data transfers, the so-called Privacy Shield. International companies welcomed the agree-ment hoping for a better future in transatlantic businesses. But unfortunately, it may not be successful. It may face legal challenges because the mass surveillance is still allowed on the U.S. side on a continuous basis. Overall, the agreement has been approved, but uncertainties remain. Where do businesses go from here?