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KELER Received a CSDR Licence

KELER Received a CSDR Licence

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In December 2020, KELER Kozponti Ertektar Zrt. (KELER Central Securities Depository Ltd.) (KELER), the central depository of Hungary, was granted an authorisation under the Central Securities Depositories Regulation (CSDR Regulation) and can now offer its clients services supporting an efficient and secure securities market as a central securities depository operating under unified European regulations.

The main objectives of the CSDR Regulation on central securities depositories are to increase the security and efficiency of securities settlement infrastructures in the European Union and to create an even playing field between the central securities depositories. In addition to central securities depositories, the CSDR Regulation will soon introduce new provisions governing a very strict settlement discipline for a broad range of capital market operators.

The new regulation seeks to establish a uniform regulatory framework for the authorisation, client access and risk management of central securities depositories, introducing standard capital requirements and prudential rules in order to maintain their solvency and also rules on operation and governance, and the provision of services. In this context, the CSDR requires all EU central securities depositories to initiate a new authorisation procedure. KELER, which operates as a specialised credit institution according to the Hungarian legislation, was granted a CSDR authorisation by the Central Bank of Hungary (MNB) for its ancillary banking services as a central securities depository and credit institution.

KELER has managed to take a significant step towards a more flexible, safer and more transparent operation not only of the Hungarian but also of the European capital market.

By Eszter Kamocsay-Berta, Managing Partner, KCG Partners Law Firm

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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