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  04/12/2024

  Hungría

  Hungary to introduce new statistical classification for economic activities on 1 January 2025

  As of 1 January 2025, a new version of the statistical industrial classification of activities (NACE’25) will replace the currently applicable classification system (NACE’08). The change was mandated by EU legislation, and as a result from 1 January 2025 economic activities pursued by Hungarian companies must be classified according to the new NACE’25.Hungary’s parliament has just adopted the act outlining the obligations of Hungarian companies regarding the upcoming changes to the activity-classification system specified below.Until 31 January 2025, the National Tax and...

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  29/11/2024

  Europe

  New phase in the TTBER Revision: What the European Commission's evaluation reveals

  1. What is the TTBER about?The TTBER exempts restrictions of competition in technology transfer agreements from the prohibition of agreements that restrict competition. Technology transfer agreements are agreements by which one party authorises another party to use certain technology rights. A technology transfer agreement is typically a licence agreement (e.g. patent, know-how and software licence agreements) in which the licence is granted to enable the licensee to use the licensed rights or know-how for the production of goods or services. Generally, most licence agreements are compatible with...

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  29/10/2024

  United Kingdom

  Test case for the CMO principle? Subsidy control and property development deals

  The new UK subsidy control regime replaced EU State aid rules post-Brexit in everywhere except Northern Ireland, which remains within the EU’s single market. Enforcement of the new UK regime is left largely to competitors or other ‘interested parties’, who have a right of action before the Competition Appeal Tribunal (the CAT) to have subsidy award decisions judicially reviewed. Many commentators have criticised the absence of any regulatory enforcement, citing the role of the European Commission in enforcing EU State aid rules compared to the role of the UK’s Competition...

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  14/10/2024

  United Kingdom

  Procurement Act go-live delayed to February 2025; but no hold-up in preparations for the new regime

  The six-month implementation period for entry into force of the new UK Procurement Act 2023 has been delayed a further four-months, with the new go-live date now being pushed back to 24 February 2025. This delay has not held up the Cabinet Office’s engagement with public sector and suppliers on the new features of the new Act, introducing the new Procurement Pathway for contracting authorities and engaging with suppliers on registering with the new Supplier Registration Service.Cabinet statement – reasons for delayThe new National Procurement Policy Statement (NPPS) issued in May before...

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  02/10/2024

  Belgium

  First annual report on Belgian foreign direct investment screening

  On 1 June 2022, following the adoption of Regulation (EU) 2019/452 of 19 March 2019 establishing a framework for screening foreign direct investments in the EU, the various Belgian competent governments concluded a draft cooperation agreement, ratified by all competent Belgian parliaments, which aimed to introduce a foreign direct investment (“FDI”) screening mechanism in Belgium.The FDI control mechanism, which entered into force on 1 July 2023, provides for a mechanism of mandatory ex ante notification to the Interfederal Screening Committee (“ISC”) for investment projects...

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  02/10/2024

  Hungría

  Hungary begins implementation of EU AI Act with passage of Resolution

  The Hungarian government has issued Resolution 1301/2024. (IX. 30.), which establishes the foundation for creating the body responsible for implementing the tasks required by the EU AI Act. In issuing this resolution, Hungary has begun preparations for enforcing the regulation, which means that companies should now prepare for compliance by reviewing the AI systems they use, assessing these systems' alignment with the EU AI Act's requirements, and preparing the necessary risk management documentation to ensure transparency, accountability, and safety.Hungary’s new enforcement body will:Operate...

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