Author: Gárdos István
Practical Law Company Cross-Border Handbooks 2010, page 105-111
Issuing the securities
8. Are the securities issued by the SPV usually publicly or privately issued?
SPVs can legally issue securities publicly or privately, and different procedures apply to each. However, it appears that no SPV has issued securities in Hungary. 9. If the securities are publicly issued:- Are the securities usually listed on a regulated exchange in your jurisdiction or in another jurisdiction?- If in your jurisdiction, please briefly summarise the main documents required to make an application to list debt securities on the main regulated exchange in your jurisdiction. Are there any share capital requirements?- If a particular exchange (domestic or foreign) is usually chosen for listing the securities, please briefly summarise the main reasons for this.
There is currently no practice to comment on, but there are no legal barriers to listing the securities on the Budapest Stock Exchange (BSE). Only securities of public limited companies can be listed on the BSE. The minimum share capital of a public limited company is HUF20 million (about US$107,380). The issuer must prepare a prospectus which, before publication, must be approved by the HFSA.
Constituting the securities
10. If the trust concept is not recognised in your jurisdiction, what document are the securities issued by the SPV constituted by and how are the rights in them held?
The trust concept is not recognised in Hungary, so it is doubtful whether the securities issued by the SPV can be held by a third party on behalf of the investors.
Securities can be issued in paper form or in dematerialised form. In a private offering the issuer can choose the form, while in a public offering only dematerialised securities can be issued. Dematerialised securities are registered with the Central Depository, and the rights of the investors in the securities are proven by book entries in securities accounts held by investment service providers. In paper-based securities, the rights are proven by the certificate. Therefore, investors hold their bonds directly, either in paper form (that is, the securities are issued in a series of individual printed documents and each investor receives one or more printed securities) or in dematerialised form (that is, the securities are credited to the securities account of each investor) and the bonds represent their rights in relation to the issuer (SPV).
Honlapunk sütiket használ annak érdekében, hogy személyre szabott módon tudjuk megjeleníteni Önnek a tartalmakat. Kérjük, olvassa el Süti Kezelési Tájékoztatónkat, amelyben további információkat olvashat a sütikről és azok kezeléséről. Beállításait módosíthatja ezen a linken vagy saját böngészőjének beállításaiban.
Ezek a sütik szükségesek a weboldal futtatásához, és nem kapcsolhatók ki. Az ilyen sütik csak olyan műveletekre vonatkoznak, mint például a nyelv, az adatvédelmi preferenciák. Beállíthatja a böngészőjét, hogy blokkolja ezeket a sütiket, de webhelyünk esetleg nem megfelelően fog működik.
A Süti Adatkezelési Tájékoztatót megismertem és hozzájárulok ahhoz, hogy a Gárdos Mosonyi Tomori Ügyvédi Iroda, mint adatkezelő a Google Analytics sütikkel kapcsolatban az IP címemet statisztikai célból kezelje. Tudomásul veszem, hogy a hozzájárulásomat bármikor visszavonhatom.
