Commentary of the Capital Market Act Co-Authored by Erika Tomori

The Prospectus Regulation introduced several important changes relating to the issuing of securites. The Hungarian legislator amended several legal norms to bring Hungarian law in line with the Prospectus Regulation. Still, the Regulation, the Capital Market Act and the Civil Code use different terms, which makes the interpretation of these rules difficult. This not only raises interesting theoretical questions, but is also lead to the result that several issuances this year were significantly hindered. Although a recent amendment might help solving some of these problems, the situation is still far from clear.

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