Structured Finance and Securitisation 2010

Author: Gárdos István


Practical Law Company Cross-Border Handbooks 2010, page 105-111

28. Which of the various structures, set out in the Model Guide or otherwise, are commonly used in your jurisdiction?

There is currently no practice to comment on.


29. Please summarise any reform proposals and state whether they are likely to come into force and, if so, when. For example, what structuring trends do you foresee and will they be driven mainly by regulatory changes, risk management, new credit rating methodology, economic necessity, or other factors?

There is a government proposal for the regulation of securitisation (see Question 2). The proposal covers both true sale and synthetic securitisation. It defines in what form an SPV can operate. It further contains regulations on the securities issued by the SPV and provides for special rules relating to the insolvency and liquidation of the SPV.

The new Civil Code would introduce changes in the law relating to assignment. These changes were prepared to provide a more solid basis for securitisation transactions.


István Gárdos
Law Office of Gárdos, Füredi, Mosonyi, Tomori

T +36 1 3277560
F +36 1 3277561

Areas of practice/expertise. István Gárdos received his law degree in 1979 at the Eötvös Loránd University, Budapest. After being internal counsel at the Hungarian central bank, the National Bank of Hungary and senior legal counsel at the Hungarian Credit Bank, in 1992 he was one of the founding partners of Gárdos, Füredi, Mosonyi, Tomori.

His primary practice areas are banking and securities law. Besides advising banking clients in transactional and operational matters, he participated in legislative government projects in this field. He acted as Hungarian correspondent in the Secured Transactions project of the European Bank for Reconstruction and Development, and was a member of a legislation committee in relation to banking and secured transactions, on the creation of a new Civil Code.

He is a member of the Budapest Bar Association and the Association of Hungarian Lawyers. He is an arbitrator at the Money and Capital Market Arbitration Court.

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