Hungary
Answer ... The EU Prospectus Regulation (2017/1129) and the Capital Market Act distinguish between offerings that require the publication of a prospectus and those that do not. Offerings are not subject to the publication of a prospectus in a limited number of cases – for example, if the security:
- is only offered to qualified investors; or
- is offered to fewer than 150 investors in an EU member state.
If an offering does not fall under the specific cases listed in the Prospectus Regulation, a prospectus must be prepared and published.
Under the EU Securitisation Regulation (2017/2402), the European Securities and Markets Authority has been mandated with regulating the disclosure requirements; therefore, the rules relating to public offerings are the same as those in all other EU member states. With some exceptions, a securities dealer (credit institution or investment company) is necessary for both public and private offerings. The fee of the dealer makes up a significant part of the transaction cost. A public offering, together with the necessary licensing phase, can take eight to 10 months.
The Securitisation Regulation, subject to certain exceptions, further provides that the originator, sponsor and securitisation special purpose entity of a securitisation must make certain information available to holders of a securitisation position, to the competent authorities and, upon request, to potential investors on the underlying exposures on a quarterly basis.
The Securitisation Regulation further requires the publication of quarterly investor reports.
Hungary
Answer ... See question 6.3.
Hungary
Answer ... See question 6.3.