Capital Markets and Securities

The history of our capital markets team goes back to the early 1990s when the head of our capital markets team, Erika Tomori and our founding partner István Gárdos took part in the creation of the legislative framework of the Hungarian capital markets. Since then, we have been assisting in the listing of a great number of companies to the Budapest Stock Exchange, as well as in the public and private issuance of securities. Our clientele covers the main investment firms, investment funds and fund managers in Hungary. In addition to the traditional forms of business, we are also involved in working out innovative methods. Chambers, Legal500 and IFLR1000 rank our capital market department and several of its members.

What we do

Listing of companies to the stock exchange

Listing on the stock market is undoubtedly a cornerstone in a company’s life, which requires a significant commitment from the management. As legal advisors, we actively participate in the process and help our clients prepare for the requirements that shall be met for a successful listing. We represent our clients before the Budapest Stock Exchange and the central counterparty too.

Securities issuance

Our capital markets team has accomplished a considerable number of securities issuances, especially bonds, shares, investment units, both public and private, in the past decades. We also assist medium-sized companies with their bond issuances relating to the central bank bond purchase program in elaborating the documentation necessary for placement and listing. We regularly represent our issuer clients before the National Bank of Hungary in the process of authorization of the placement of the securities.

Capital investments, corporate transactions

Our capital markets team is frequently involved in transactions where we represent the seller, the target company or the investor. We provide legal guidance to the client during the negotiations with the other party, the drafting of the transaction documents and the closing of the transaction. In the course of the due-diligence process, we identify the risks of the potential transaction, and we provide solutions to handle such risks.

Establishment, licencing

Our clientele includes Hungarian investment firms, investment and venture capital funds and fund managers too, with whom we work from the very beginning of their operation. As we have gathered a broad knowledge in respect of requirements relating to investment firms and funds, we can help investors from the first steps when decisions on a potential establishment or licencing are taken. If such a decision is made, we provide legal assistance through the whole process, prepare the necessary documentation and represent our client both in negotiations with the authority and the licencing process. Apart from the daily issues relating to traditional operation of investment firms, funds and fund managers, we are committed to supporting our clients in inventing new business methods and products.


Compliance with a constantly changing legal environment can be burdensome even for investment firms or fund managers. Our capital markets team has a deep knowledge of the daily operation of investment firms and fund managers, gained during the past decades. We are proud that we have successfully prepared our clients to adapt to challenges arising from the MiFID2 regime. As such, we can provide answers to our clients even in questions of technical nature from anti-money laundering issues to market soundings. Apart from that, in the previous years, we have assisted our clients in investigations led by the regulatory authority, including comprehensive investigations, direct inquiries, thematic investigations, and special inquiries too.


We represent our clients in lawsuits relating to investment services and debates arising from financial products falling under the scope of MIFID2. Along with our litigation team, we can represent our clients both before ordinary courts and arbitration courts.


Although the Hungarian capital market is relatively small, we had the opportunity to gain experience in projects involving the takeover of public companies.

Latest deals

  • We had the opportunity to provide full-scale legal assistance (i.e. preparation of the information document and assisting the registration to the XBond / multilateral trading platform of Budapest Stock Exchange/) to a medium company client of a Hungarian bank with its bond issue in the amount of HUF 12 billion under the Bond Funding for Growth scheme of the National Bank of Hungary.
  • We are proud that we participated in the bond issue of a major Hungarian company whereby the value of issuance reached the level of 40 billion Hungarian forints under the Bond Funding for Growth scheme of the National Bank of Hungary.
  • We are happy that we assisted in the bond issue of a Hungarian medium-sized company operating in the food industry. The value of issuance reached 1 billion Hungarian forints.
  • We are glad that recently we took part in the establishment of a company limited by shares with a registered capital of HUF 100 million.
  • We represented a bank in a legal dispute whereby the court examined if a contract on investment advice should be deemed invalid on the basis that the service provider did not refuse to conclude the contract with the investor because of the lack of the suitability test.
  • We represented our client before the Arbitration Court in a legal dispute where the court examined if the client could enforce damages claims in respect of investment services if the damage itself incurred at the obligor of the deposit.

About us

About us