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KELER Received a CSDR Licence

KELER Received a CSDR Licence

Hungary
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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

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

KCG Partners Law Firm is the result of the teamwork of passionate and talented lawyers guided by the same principles and sharing the same values: 

  • Our most valuable asset is our people. They are the engine of our business and the key to our success.
  • We push boundaries by looking for innovative solutions that can empower our clients to achieve greater results.
  • We place our experience, commitment and professionalism to your service.
  • We are driven by our vision to shape and lead the Hungarian legal market and become a first choice law firm in our practice areas.

Firm's website: http://www.kcgpartners.com