Hungary: Gárdos Mosonyi Tomori Law Office looks at MAR
![Hungary: Gárdos Mosonyi Tomori Law Office looks at MAR](/assets/image-cache/uploads/images/members/GMT.95537990.jpg)
The MNB, the competent authority for the supervision of securities issuers in Hungary, frequently draws the attention of the issuers to obligations arising from the MAR (Market Abuse Regulation). In its most recent official circular, the MNB highlighted that inside information should be disclosed as soon as possible. Therefore issuers shall set up the organisation in a way that enables them to meet this obligation. The MNB also noted that delaying such disclosure is lawful only in exceptional cases and if specific conditions under the MAR are met. About the 30-day prohibition on managers’ deals, the MNB recalled that this is an objective prohibition. Since insider lists are valuable instruments for the supervisor when monitoring the way of inside information, the MNB also highlighted that issuers should accurately keep their records on those who had access to such information.
In the previous years, several new issuers appeared in the Hungarian capital markets, in particular in the Xtend market operated by the Budapest Stock Exchange. Xtend is a special market for SME-s, where the issuers have the opportunity to learn the rules governing public companies before entering into the stock exchange. Therefore, these MNB circulars help these market players adapt to the stricter requirements of public companies.