BANKING AND FINANCIAL LAW SERVICES

FINANCIAL LAW SERVICES FOR BUSINESS OPERATORS

 

MNB licensing

We have significant experience in obtaining authorisations from the financial supervisory authority, the National Bank of Hungary, for the establishment and operation expansion of financial entities.

We undertake the full range of licensing procedures for lending, pledging, leasing, debt purchase and financial services intermediation.

We prepare all the regulations, model contracts, other model documents and declarations required for the licensing procedure, as well as other documents (business plan, list of conditions, agendas, etc.) that must be submitted for the licensing procedure.

Once the authorisation to incorporate has been obtained, we prepare the memorandum and articles of association and all the necessary annexes for the company registration procedure, which are filed with the competent company court in accordance with the rules of the company procedure for financial institutions.

In connection with the authorisation, if requested by the Client

we will advise

– on the organisational structure, the acquisition of the IT system, the staffing and equipment, and the security system,

– on the maintenance of their records and the preparation of MNB reports,

– as well as, on the operation of the KHR system.

 

At the request of existing financial enterprises, we review their policies and related documents. At their demand, we rework them accordingly and prepare missing policies and procedures.

 

Data protection audit

If the Client so requests, we will examine the operations, policies and documentation used solely from the point of view of compliance with the applicable data protection rules and provide an opinion. Upon request, we undertake to revise the examined policies and other documents accordingly and to prepare missing documents.

 

FINANCIAL LAW SERVICES TO INDIVIDUALS

Litigation for the invalidation of foreign currency loans, preparation of the underlying financial statements

We represent private clients in disputing the validity of their foreign currency bank loan contracts and, as a consequence of the invalidity, in applying to the competent court for the contract to be declared valid as a loan in forint.

We undertake to dispute the validity of foreign currency bank loan contracts before competent courts for our private clients and to apply for the contract to be declared valid as a HUF loan as a consequence of invalidity.

Act XL of 2014 provides, amongst others, for the settlement of foreign currency loans.

This Act provides that if the party requests the deduction of the legal consequence of invalidity, the party should also indicate which legal consequence the court should apply.

According to the provisions referred to, it is not enough to successfully challenge a foreign currency loan, but we must also be able to show in the claim that the agreement that is invalid as a foreign currency loan how would it be valid as a forint-based loan.

The requesting party should also be able to deduct the statement of account between the parties for all the financial flows in both directions, including interest and bank charges, incurred up to the date of the claim.

This financial statement must be prepared before the action is brought, as the action must be for the amount which gives rise to the account.

In preparing the financial statement, we either work on the basis of a forensic financial expert opinion provided by the Client, or we also prepare the financial statement, on the basis of supporting documents provided by the Client.