Although the Hungarian capital markets are not the most sophisticated or capitalized in the region, as there is a relatively low quantity of public debt and equity offerings. There are a number of mature local investment services providers in Hungary as well as lawfully accessible cross border banks and investment banks who keep us up-dated with international trends and make available to Hungarian professional and retail customers all investment instruments and services which are traded at international capital markets, such as in stock exchanges, multilateral trading platforms and OTC.
Passporting and other Regulatory
In their service we often provide regulatory consultancy advice on the terms of offering cross border investment services and MiFID passporting, on the intermediation or marketing of services to Hungary and on the terms of establishment for an investment service provider or fund manager (mainly for the management of alternative investment instruments) in Hungary.
Occasionally, we also advise investment service providers in connection with investigations of and warnings from the National Bank of Hungary when it acts as the financial supervisory authority in connection with unauthorized investment services or other alleged misconduct.
Niche Dispute Resolution
We also have a niche dispute resolution practice which specializes in defending investment banks that are subject to prospectus liability claims.
Bond and Equity Offerings
We often represent international financial institutions or multinational corporate issuers in connection with bond offerings. In the case of the banks' own offerings we usually advise on prospectus and summary terms for cross border offerings to Hungary and applicable tax rules. In connection with bond offerings by international corporate issuers we usually advise on the Hungarian security documents that serve as collaterals made available by the local subsidiary guarantors, issue relating legal opinions and consulted on inter-creditor agreements with senior lenders.
We also represent a number of public issuers - some since their IPOs - on a daily basis, as well as assist international or domestic issuers in connection with public offering of equity securities.
We advise bidders in connection with public takeover bids. In other cases, for issuers we have developed and implemented various takeover defense mechanisms for our clients, including special charter and by-law provisions. If required, we also assist our clients in regulatory investigations related to insider trading and market abuse matters.
Employee Stock Option Schemes
We also often advise multinational issuers in connection with employee stock option schemes from capital markets to employment law and tax aspects.