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Banking & Finance


As a participant in the global banking and finance industry, you are faced with increasing financial, regulatory and political pressures. New rules on capital requirements, risk profile and investor protection pose challenges for your organisation. We have unmatched geographical coverage and more English and US qualified banking and finance partners on the ground in CEE than any other law firm. We are your first port of call whether you are planning a cross-border transaction with a multi-jurisdictional security package or loan portfolio or implementing a first-of-a-kind financing structure in your domestic market.

We turn to this firm when it is urgent or complicated, and we require high quality.
Chambers Europe, 2016

Whether you are a financial institution, equity house, asset manager, mutual fund, accountant, privately owned company, corporation or public entity, your business is only as good as the products and services you sell. That’s why we organise our teams along the business lines of your sector, giving us deep insight into the commercial and legal issues you face. From general corporate lending to acquisition and leveraged finance, derivatives and securitisations to real estate finance and corporate recovery, we can help you achieve the best outcome, both locally and across jurisdictions.

The Banking & Finance Team in Hungary is a leading practice and top-ranked by independent legal directories. With cca. 15 UK and locally qualified advisors it is the largest banking team in the country. Able to deliver a full legal service to clients, we often coordinate regional and cross-border transactions. CMS Hungary connects you to over 500 banking and finance lawyers in 34 countries worldwide.

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High­lights of ex­per­i­ence in Bank­ing & Fin­ance in Hun­gary


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Hun­gary: first MTF opened by Bud­apest Stock Ex­change
In Septem­ber 2017, the Bud­apest Stock Ex­change (BSE) opened Xtend, its first mul­ti­lat­er­al trad­ing fa­cil­ity. Xtend is de­signed for me­di­um-sized com­pan­ies that plan sub­stan­tial busi­ness growth, seek ex­tern­al fund­ing to fin­ance this ex­pan­sion, and are able to.
Hun­gary: Re­cent modi­fic­a­tion of the Com­pan­ies' Act al­lows cash con­tri­bu­tion...
Ef­fect­ive from 23 June 2017, Act no. LXI of 2017 on the Amend­ment of Cer­tain Acts to In­crease the Leg­al Com­pet­it­ive­ness of the Busi­ness En­vir­on­ment (the “Amend­ing Act”) amended Act no. V of 2006 on Pub­lic Com­pany In­form­a­tion, Com­pany Re­gis­tra­tion and Wind­ing-Up.
Hun­gary: Trans­par­ency re­gister of be­ne­fi­cial own­ers
Dir­ect­ive 2015/849/EU, the Fourth Anti-Money Laun­der­ing Dir­ect­ive, has been im­ple­men­ted in Hun­gary by the new anti-money laun­der­ing act (Act LIII of 2017 on the Pre­ven­tion and Com­bat­ing of Money Laun­der­ing and Ter­ror­ist Fin­an­cing, the “Act”).
Hun­gary: A new way to move an EU-res­id­ent com­pany's re­gistered seat...
Re­cent modi­fic­a­tions of Act no. CXL of 2007 on the Cross Bor­der Mer­ger of Lim­ited Li­ab­il­ity Com­pan­ies (the “Cross Bor­der Mer­ger Act”), ef­fect­ive from 23 June 2017, in­tro­duced a new, sim­pli­fied pro­ced­ure for cross bor­der mer­ger that en­ables com­pan­ies from oth­er.
Pub­lic Coun­try-by-Coun­try Re­port­ing; Tax­pay­er­s' Rights
Ap­pro­pri­ate Use of Coun­try-by-Coun­try Re­ports The OECD has now pub­lished Guid­ance (avail­able here) on the ap­pro­pri­ate use of Coun­try-by-Coun­try Re­ports (‘Cb­CRs’) by na­tion­al tax au­thor­it­ies. This is in re­sponse to some val­id MNE con­cerns that tax au­thor­it­ies.
Hun­gary: In­vest­ments by non-EEA in­vestors in cer­tain sec­tors to re­quire...
A new pro­pos­al (“Pro­pos­al”) has been sub­mit­ted to modi­fy Act CXXV of 1995 on Na­tion­al Se­cur­ity Ser­vices, which, if ad­op­ted, would re­quire per­sons hold­ing cit­izen­ship of or com­pan­ies re­gistered in a coun­try that is out­side the European Eco­nom­ic Area to re­quest.
Hun­gary: Data Pro­tec­tion As­pects of Block­chain
NAIH, Hun­gary’s Au­thor­ity for Data Pro­tec­tion and Free­dom of In­form­a­tion, is­sued a guid­ance on block­chain data pro­tec­tion. The guid­ance an­swers the ques­tions of a private in­di­vidu­al in a spe­cif­ic case, and NAIH pub­lished it be­cause of pub­lic in­terest and the.
New anti-money laun­der­ing act in Hun­gary
By passing a new act on the pre­ven­tion of money laun­der­ing and the fin­an­cing of ter­ror­ism, Hun­gary has im­ple­men­ted the fourth EU dir­ect­ive to com­bat money laun­der­ing. Con­trary to the pre­vi­ous law, the scope of the new act does not ad­dress activ­it­ies, but rather.
The Re­cast EU In­solv­ency Reg­u­la­tion be­comes ef­fect­ive today
Since May 2002, we have had a re­gime which en­sures that an in­solv­ency pro­ceed­ing star­ted in one of the EU’s mem­ber states is, without fur­ther form­al­ity, re­cog­nised in all oth­er mem­ber states (ex­cept for Den­mark) and which de­term­ines the law ap­plic­able to such.
Hun­gary: Open bank­ing with Ac­cess-to-Ac­count through PSD2
The PSD2 has in­tro­duced the concept of “Ac­cess‐Ac­count” (XS2A), which ad­dresses li­ab­il­ity, IT and cost con­cerns in the bank­ing in­dustry. However, the big ques­tion: does PSD2 pose a threat to banks through dis­in­ter­me­di­ation, or will it be­ne­fit the in­dustry by.
New Ar­bit­ra­tion Act just ad­op­ted in Hun­gary
On 30 May 2017, the Hun­gari­an Par­lia­ment ad­op­ted a new Hun­gari­an Ar­bit­ra­tion Act re­pla­cing the cur­rent law that has been in force since 1994. Al­though the new rules will still be based on the UN­CIT­RAL Mod­el Law (fol­low­ing the 2006 UN­CIT­RAL text), the new law.
The European Com­mis­sion ex­am­ines com­pet­it­ive­ness of syn­dic­ated loans
In a re­cent ex­ample of en­force­ment af­fect­ing the bank­ing sec­tor across Europe, the European Com­mis­sion (“Com­mis­sion”) will look in­to the com­pet­it­ive as­pects of syn­dic­ated loans. A syn­dic­ated loan is a joint loan by two or more banks and in­sti­tu­tion­al in­vestors.
Pro­posed changes to the Hun­gari­an Bank­ruptcy Code
A draft bill on amend­ment to the Bank­ruptcy Code (Act XLIX of 1991 on bank­ruptcy pro­ceed­ings and li­quid­a­tion pro­ceed­ings) was in­tro­duced in­to the Par­lia­ment on 12 April 2017 and is cur­rently un­der re­view.
In­dia Budget 2017 - 2018
On 1 Feb­ru­ary, Fin­ance Min­is­ter Ar­un Jait­ley presen­ted In­dia’s an­nu­al Uni­on Budget for 2017-2018 (the “Budget”) for the fisc­al year be­gin­ning 1 April 2017. The cent­ral aim in this year’s Budget ap­pears to fo­cus on the most vul­ner­able with in­creased spend­ing.
Hun­gary: New prac­tice-ori­ented cloud re­com­mend­a­tion for fin­an­cial...
Fin­an­cial in­sti­tu­tions face many spe­cif­ic reg­u­lat­ory re­quire­ments – re­gard­ing such things as risk man­age­ment tasks, de­tailed cost-be­ne­fit ana­lys­is and man­dat­ory con­trac­tu­al terms – when out­sourcing their data pro­cessing op­er­a­tions to cloud ser­vice pro­viders.
New reg­u­la­tion comes in­to force sup­port­ing cre­ation of a European...
The new reg­u­la­tion n°655/2014 sup­port­ing the cre­ation of a European bank ac­count pre­ser­va­tion or­der pro­ced­ure came in­to force on 18 Janu­ary 2017. This is now en­force­able through­out the Mem­ber States of the European Uni­on, ex­clud­ing the United King­dom and Den­mark.
Im­ple­ment­a­tion of the Pub­lic Pro­cure­ment Dir­ect­ive in CEE - Con­tract...
Dir­ect­ive 2014/24/EU (the “Dir­ect­ive”) in­tro­duced a new con­tract award cri­ter­ia for pub­lic pro­cure­ments - con­tract­ing au­thor­it­ies are now ob­liged to choose the “most eco­nom­ic­ally ad­vant­age­ous tender” (the “MEAT”).
The up­com­ing money mar­ket fund reg­u­la­tion
I. The Reg­u­la­tion in­tro­duces two new cat­egor­ies of MMF, with each MMF re­quired to meet the re­quire­ments: short-term MMFs, whose ob­ject­ive is to of­fer money mar­ket rate re­turns while en­sur­ing the highest pos­sible level of safety.