Changes in the rules of foreign investors’ notification obligation related to companies of strategic importance
Changes in the rules of foreign investors’...
A new Act, namely Act CIV of 2020 on certain rules relating to epidemiological measures and amending certain Acts relating to epidemiological measures (’Amendment Act’) is coming into force on 30 October 2020 amending numerous legislative acts introduced during the state of emergency period.
The Amendment Act includes changes in the rules of foreign investors’ notification obligation concerning Hungarian companies of strategic importance as provided under Act LVIII on temporary rules relating to the termination of state of emergency and the state of epidemiological preparedness.
The Amendment Act introduces three significant changes related to the notification obligation:
- The notification obligation stays in effect – by extending the previous deadline of 30 December 2020 – in connection with transactions concluded until 30 June 2021.
- The Amendment Act stipulates only the notification obligation of foreign investors, the acknowledgement of notification by the Ministry is deleted from the amended provision.
- As a new exception, transactions between foreign companies and their affiliates is exempted from the notification obligation.
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