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  2. Leading individuals

Leading individuals

Allen & Overy has one of the busiest teams in Hungary for debt capital markets matters, and is expert in Eurobond issuances. It recently advised OTP Mortgage Bank on a €750m floating rate mortgage notes issuance. On the equity side, it advised Concorde Group on three planned IPOs. Practice head Zoltán Lengyel is ‘strong’ and ‘very experienced’.

Andrékó Kinstellar’s strength in finance and its broad American client base make it a leading player in capital markets. Team head Csilla Andrékó acts for several large issuers, and recently advised MOL on its second domestic bond programme. Dániel Straub assisted B-TEL with preparing and issuing bonds.

Horváth & Partners DLA Piper’s ‘efficient’ and ‘well-organised’ team provides ‘quick solutions for all types of legal matters’, and regularly advises the Hungarian government. Gábor Molnár recently acted for GEM Investments America on an equity line to EST Media, and András Nemescsói represented several clients in capital markets litigation. Managing partner András Posztl is also recommended.

Siegler Law Office/Weil, Gotshal & Manges has ‘a very strong reputation’ for its capital markets advice to some of Hungary’s leading financial institutions, including K&H and OTP Bank. Name partner Konrád Siegler and Gábor Zoltán Szabó acted for ING Bank on a put and call option agreement with Hungarian oil company MOL. László Nagy is also recommended.

At CMS, team head Erika Papp advised MFB on a €500m bond issue; and Iván Sefer assisted Crédit Agricole with a HUF10bn private bond issuance by MÁV Magyar Államvasutak.

Law Office of Gárdos, Füredi, Mosonyi, Tomori has ‘broad experience with corporate and capital market transactions’. The ‘business-focused’ Erika Tomori is ‘very committed’, and shows ‘comprehensive knowledge’ when it comes to securities issuances.

Pál Takács heads the team at Kajtár Takács Hegymegi-Barakonyi Baker & McKenzie, which regularly represents the local interests of US financial institutions and corporates. Dusán Lásztity recently acted for an Asian electronics firm on a securitisation transaction.

Lakatos, Köves and Partners advises international banks on securitisation transactions, capital markets regulations, and litigation. The team regularly acts for clients such as UniCredit Bank and Deutsche Bank as underwriters of sovereign foreign exchange issuances. Richard Lock has ‘broad-ranging abilities across capital markets and financial services regulation’. Péter Köves and Szabolcs Mestyán are also recommended.

Oppenheim provides regulatory advice to large financial institutions, and advises private equity funds on securities issuances. Mihály Barcza advises clients such as Goldman Sachs and Nomura.

Réczicza White & Case LLP has a cross-border practice, and advises clients such as Ukraine’s Ministry of Finance on numerous bond deals outside Hungary. Edward Keller heads the practice, and acts for clients including Bank of America Merrill Lynch and Electricité de France.

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Legal Developments in Hungary for Capital markets

  • Implementation of the European Semester

    After the publication of the Annual Growth Survey (AGS) by the European Commission, the Hungarian Presidency undertook to implement the first ever "European Semester" a six-month period of each year in which Member States' budgetary and structural policies are reviewed to identify any inconsistencies and emerging imbalances, so as to facilitate coordination before major budgetary decisions are finalised.
    - Andreas Neocleous & Co

Legal Developments in Hungary

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

  • Hungary: energy regulator restructured and further cuts in utilities prices expected

    In 2013, Hungary has introduced a 10% household utilities price cut in the field of electricity, gas and district heating. To ensure thorough enforcement of the price cuts, the country's energy regulator was restructured and several barriers were set to prevent energy companies from passing on these burdens to consumers.
    - Schönherr

  • Real Estate 2013. Chapter 19: Hungary

    This guide provides the international practitioner and in-house counsel with a comprehensive worldwide legal analysis of the laws and regulations of real estate. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Real Estate; published by Global Legal Group Ltd, London. www.iclg.co.uk )
    - Schönherr

  • Hungary: Amnesty for offshore wealth is over - is there any efficient way to tax it?

    Hungary seeks to impose a 35% withholding tax on offshore assets.
    - Schönherr

  • Lessons from the Most Recent Cross-Border Mergers with Hungarian Participation

    The complicated Hungarian legislation on domestic company mergers can cause headaches, including in cross-border mergers. These headaches result mostly from the fundamental differences between Hungarian law and the national laws of other EU member states, which remain applicable alongside the harmonised rules for cross-border mergers.
    - Schönherr

  • Hungary: Hungary to impose new tax on payment services

    On 9 July, the Hungarian Government adopted Act CXVI of 2012 on Financial Transactions Tax, which levies tax on payment services. The Hungarian government claims that this new tax - which is also being referred to as a "financial transaction levy" - is aimed at supplementing the extraordinary tax levied on Hungarian credit institutions. The tax comes into effect and will be payable as of 1 January 2013.
    - Schönherr

  • HUNGARIAN CASE LAW DEVELOPMENTS IN CARTEL MATTERS

    A recent second instance judgment by the Metropolitan Court of Appeal (“Court of Appeal”) provides some interesting insight into the court’s approach in cartel matters. The case before the Court of Appeal concerned the second instance review of a first instance judgment that annulled certain parts of the decision of the Hungarian Competition Office (the “HCO”).
    - Kinstellar

  • HUNGARIAN REAL ESTATE INVESTMENT TRUST REGIME

    Hungary is the first country in the CEE region to introduce the real estate investment trust (REIT) regime on the back of US and Western European examples. The new REIT regime took effect on 27 July 2011.
    - Kinstellar

  • Implementation of the European Semester

    After the publication of the Annual Growth Survey (AGS) by the European Commission, the Hungarian Presidency undertook to implement the first ever "European Semester" a six-month period of each year in which Member States' budgetary and structural policies are reviewed to identify any inconsistencies and emerging imbalances, so as to facilitate coordination before major budgetary decisions are finalised.
    - Andreas Neocleous & Co

  • LEGAL & TAX | NEWS September 2010

    BANKING & FINANCE  .  REAL ESTATE & CONSTRUCTION  .  PROCUREMENT & REGULATORY  .  EMPLOYMENT & PENSIONS
    - bpv Jádi Németh Ügyvédi Iroda

  • AMENDMENT OF THE FISCAL CODE AND OTHER FISCAL-FINANCIAL MEASURES

    Government Emergency Ordinance no. 58 (the “Ordinance”) for the amendment and completion of Law no. 571/2003 regarding the Fiscal Code (the “Fiscal Code”) and other fiscal-financial measures was published in the Official Gazette of Romania, Part I no. 431 of June 28, 2010. The Ordinance shall enter into force on July 1, 2010.
    - bpv Jádi Németh Ügyvédi Iroda

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