{"id":5284,"date":"2025-04-30T10:33:54","date_gmt":"2025-04-30T08:33:54","guid":{"rendered":"https:\/\/blogs.dlapiper.com\/advocatus\/?p=5284"},"modified":"2025-09-15T09:34:21","modified_gmt":"2025-09-15T07:34:21","slug":"a-mar-modositasa-kulcsfontossagu-valtozasok-es-azok-hatasa-a-kibocsatokra","status":"publish","type":"post","link":"https:\/\/blogs.dlapiper.com\/advocatus\/2025\/04\/a-mar-modositasa-kulcsfontossagu-valtozasok-es-azok-hatasa-a-kibocsatokra\/","title":{"rendered":"A MAR m\u00f3dos\u00edt\u00e1sa: kulcsfontoss\u00e1g\u00fa v\u00e1ltoz\u00e1sok \u00e9s azok hat\u00e1sa a kibocs\u00e1t\u00f3kra"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5284\" class=\"elementor elementor-5284\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-afeaf45 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"afeaf45\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1e12fd2\" data-id=\"1e12fd2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4e90ae8 elementor-widget elementor-widget-spacer\" data-id=\"4e90ae8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-19ade10 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"19ade10\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-1ea7921\" data-id=\"1ea7921\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ddd6cca elementor-widget elementor-widget-text-editor\" data-id=\"ddd6cca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>2024. febru\u00e1r 7-\u00e9n jelent meg az Eur\u00f3pai Uni\u00f3 Hivatalos Lapj\u00e1ban az (EU) 2024\/2809 rendelet (\u201e<strong>Listing Act<\/strong>\u201d), amely jelent\u0151s v\u00e1ltoz\u00e1sokat hoz az uni\u00f3s t\u0151kepiaci szab\u00e1lyoz\u00e1sban. A rendelet f\u0151 c\u00e9lja a kis- \u00e9s k\u00f6z\u00e9pv\u00e1llalkoz\u00e1sok t\u0151kepiacokhoz val\u00f3 hozz\u00e1f\u00e9r\u00e9s\u00e9nek jav\u00edt\u00e1sa, a piac integrit\u00e1s\u00e1nak \u00e9s a befektet\u0151v\u00e9delem megfelel\u0151 szintj\u00e9nek biztos\u00edt\u00e1sa mellett.<\/p><p>A Listing Act egyik legfontosabb \u00faj\u00edt\u00e1sa a\u00a0<strong>piaci vissza\u00e9l\u00e9sekr\u0151l sz\u00f3l\u00f3 (EU) 596\/2014 rendelet<\/strong>\u00a0(\u201e<strong>MAR<\/strong>\u201d) m\u00f3dos\u00edt\u00e1sa. Az al\u00e1bbiakban \u00f6sszefoglaljuk a f\u0151bb v\u00e1ltoz\u00e1sokat \u00e9s azok gyakorlati k\u00f6vetkezm\u00e9nyeit a MAR hat\u00e1lya al\u00e1 tartoz\u00f3 kibocs\u00e1t\u00f3k sz\u00e1m\u00e1ra.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-19cbfef\" data-id=\"19cbfef\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-762cc89 elementor-author-box--align-left elementor-author-box--layout-image-left elementor-widget elementor-widget-global elementor-global-7172 elementor-widget-author-box\" data-id=\"762cc89\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"author-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-author-box\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.dlapiper.com\/en\/people\/s\/szalbot-balazs\" class=\"elementor-author-box__avatar\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/blogs.dlapiper.com\/advocatus\/files\/2025\/04\/Szalbot-Balazs-266x300.jpg\" alt=\"Picture of Szalbot Bal\u00e1zs\" loading=\"lazy\">\n\t\t\t\t<\/a>\n\t\t\t\n\t\t\t<div class=\"elementor-author-box__text\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.dlapiper.com\/en\/people\/s\/szalbot-balazs\">\n\t\t\t\t\t\t<h5 class=\"elementor-author-box__name\">\n\t\t\t\t\t\t\tSzalbot Bal\u00e1zs\t\t\t\t\t\t<\/h5>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-author-box__bio\">\n\t\t\t\t\t\t<p>Szenior \u00fcgyv\u00e9d,<br \/> Jogvitarendez\u00e9si \u00e9s Szab\u00e1lyoz\u00e1si csoport<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<a class=\"elementor-author-box__button elementor-button elementor-size-xs\" href=\"https:\/\/blogs.dlapiper.com\/advocatus?s=szalbot\">\n\t\t\t\t\t\tTov\u00e1bbi cikkek\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-395f1bc elementor-author-box--align-left elementor-author-box--layout-image-left elementor-widget elementor-widget-author-box\" data-id=\"395f1bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"author-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-author-box\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.dlapiper.com\/en\/people\/b\/bencze-mate-imre\" class=\"elementor-author-box__avatar\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/blogs.dlapiper.com\/advocatus\/files\/2025\/04\/BMI.jpg\" alt=\"Picture of Bencze M\u00e1t\u00e9 Imre\" loading=\"lazy\">\n\t\t\t\t<\/a>\n\t\t\t\n\t\t\t<div class=\"elementor-author-box__text\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.dlapiper.com\/en\/people\/b\/bencze-mate-imre\">\n\t\t\t\t\t\t<h5 class=\"elementor-author-box__name\">\n\t\t\t\t\t\t\tBencze M\u00e1t\u00e9 Imre\t\t\t\t\t\t<\/h5>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-author-box__bio\">\n\t\t\t\t\t\t<p>\u00dcgyv\u00e9djel\u00f6lt,<br \/> Jogvitarendez\u00e9si \u00e9s Szab\u00e1lyoz\u00e1si csoport<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<a class=\"elementor-author-box__button elementor-button elementor-size-xs\" href=\"https:\/\/blogs.dlapiper.com\/advocatus?s=bencze\">\n\t\t\t\t\t\tTov\u00e1bbi cikkek\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-459f1b1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"459f1b1\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0727d01\" data-id=\"0727d01\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-836fc45 elementor-widget elementor-widget-text-editor\" data-id=\"836fc45\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-size: 16px;\">Az elk\u00f6vetkez\u0151 h\u00f3napokban tov\u00e1bbi fontos fejlem\u00e9nyek v\u00e1rhat\u00f3k a MAR m\u00f3dos\u00edt\u00e1saival kapcsolatban. K\u00fcl\u00f6n\u00f6s jelent\u0151s\u00e9ggel b\u00edr az Eur\u00f3pai \u00c9rt\u00e9kpap\u00edr-piaci Hat\u00f3s\u00e1g (\u201e<\/span><strong style=\"font-size: 16px;\">ESMA<\/strong><span style=\"font-size: 16px;\">\u201d) konzult\u00e1ci\u00f3s dokumentum\u00e1n<\/span><a style=\"font-size: 16px; background-color: #ffffff;\" href=\"#hivatkozas\">[1]<\/a><span style=\"font-size: 16px;\"> alapul\u00f3 technikai tan\u00e1csa, amely a bennfentes inform\u00e1ci\u00f3 k\u00e9sleltet\u00e9s\u00e9nek r\u00e9szletszab\u00e1lyait, illetve az elh\u00faz\u00f3d\u00f3 folyamatok v\u00e9gs\u0151 esem\u00e9nyeinek\/k\u00f6r\u00fclm\u00e9nyeinek indikat\u00edv list\u00e1j\u00e1t meghat\u00e1roz\u00f3, az Eur\u00f3pai Bizotts\u00e1g felhatalmaz\u00e1son alapul\u00f3 jogi aktus\u00e1ra vonatkoz\u00f3 v\u00e9gleges tervezetet is tartalmazni fogja, \u00e9s amelyet az ESMA-nak legk\u00e9s\u0151bb <\/span><strong style=\"font-size: 16px;\">2025. \u00e1prilis 30-ig<\/strong><span style=\"font-size: 16px;\"> kell az Eur\u00f3pai Bizotts\u00e1g el\u00e9 terjesztenie.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-62b7544 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"62b7544\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3be5d7b\" data-id=\"3be5d7b\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3921dda elementor-widget elementor-widget-text-editor\" data-id=\"3921dda\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><strong>1. Piaci tapogat\u00f3z\u00e1s (market sounding) \u2013 k\u00f6telezetts\u00e9g vagy lehet\u0151s\u00e9g?<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fee9358 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fee9358\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bfa38ef\" data-id=\"bfa38ef\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a3cb7c2 elementor-widget elementor-widget-text-editor\" data-id=\"a3cb7c2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A MAR 2024. december 4-t\u0151l hat\u00e1lyos sz\u00f6vege pontos\u00edtja a piaci tapogat\u00f3z\u00e1s keretrendszer\u00e9t. A MAR 11. cikke alapj\u00e1n amennyiben egy esetleges \u00fcgylet ir\u00e1nti \u00e9rdekl\u0151d\u00e9s felm\u00e9r\u00e9se kapcs\u00e1n a piaci tapogat\u00f3z\u00e1s felt\u00e9teleit betartj\u00e1k, <strong>\u00fagy kell tekinteni,<\/strong> hogy az inform\u00e1ci\u00f3t \u00e1tad\u00f3 piaci szerepl\u0151 &#8211; a piaci tapogat\u00f3z\u00e1s keret\u00e9ben &#8211; munkaviszony, valamely foglalkoz\u00e1s vagy meghat\u00e1rozott feladatok szok\u00e1sos teljes\u00edt\u00e9se keret\u00e9ben adja \u00e1t a bennfentes inform\u00e1ci\u00f3t \u00e9s ez\u00e9rt nem k\u00f6vet el piaci vissza\u00e9l\u00e9st az inform\u00e1ci\u00f3 \u00e1tad\u00e1s\u00e1val (\u00fan. \u201esafe harbour\u201d szab\u00e1ly).<\/p><p>A Listing Act \u00e1ltal meghozott m\u00f3dos\u00edt\u00e1s egy\u00e9rtelm\u0171v\u00e9 teszi, hogy egy esetleges \u00fcgylet ir\u00e1nti \u00e9rdekl\u0151d\u00e9s felm\u00e9r\u00e9se kapcs\u00e1n a MAR 11. cikk\u00e9ben szerepl\u0151 <strong>felt\u00e9telek teljes\u00edt\u00e9se nem k\u00f6telezetts\u00e9g, hanem opcion\u00e1lis <em>lehet\u0151s\u00e9g<\/em> a piaci szerepl\u0151k sz\u00e1m\u00e1ra<\/strong> a fentiek szerinti safe harbour ig\u00e9nybev\u00e9tel\u00e9re. \u00d6nmag\u00e1ban teh\u00e1t a piaci tapogat\u00f3z\u00e1s felt\u00e9teleinek val\u00f3 megfelel\u00e9s elmulaszt\u00e1s\u00e1b\u00f3l <strong>nem k\u00f6vetkezik automatikusan, hogy a piaci szerepl\u0151 jogellenesen adott \u00e1t bennfentes inform\u00e1ci\u00f3t, azonban a safe harbour nem lesz felh\u00edvhat\u00f3 ebben az esetben. <\/strong>Ha a bennfentes inform\u00e1ci\u00f3 \u00e1tad\u00e1s\u00e1ra munkaviszony, valamely foglalkoz\u00e1s vagy meghat\u00e1rozott feladatok szok\u00e1sos teljes\u00edt\u00e9se keret\u00e9ben ker\u00fcl sor, akkor a bennfentes inform\u00e1ci\u00f3 \u00e1tad\u00e1sa a safe harbour alkalmaz\u00e1sa n\u00e9lk\u00fcl is jogszer\u0171.<\/p><p>Ez a gyakorlatban nagyobb rugalmass\u00e1got biztos\u00edt a piaci szerepl\u0151k sz\u00e1m\u00e1ra a befektet\u0151kkel val\u00f3 inform\u00e1lis egyeztet\u00e9sek sor\u00e1n. Ugyanakkor fontos hangs\u00falyozni, hogy b\u00e1r a felt\u00e9telek opcion\u00e1lis jelleg\u0171ek, egy esetleges \u00fcgylet ir\u00e1nti \u00e9rdekl\u0151d\u00e9s felm\u00e9r\u00e9se kapcs\u00e1n <strong>a MAR szerinti piaci tapogat\u00f3z\u00e1sok alkalmaz\u00e1sa tov\u00e1bbra is aj\u00e1nlott<\/strong> annak \u00e9rdek\u00e9ben, hogy a piaci szerepl\u0151k egy\u00e9rtelm\u0171en kiz\u00e1rhass\u00e1k a jogellenes inform\u00e1ci\u00f3\u00e1tad\u00e1s gyan\u00faj\u00e1t.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-af82877 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"af82877\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bbe6916\" data-id=\"bbe6916\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9a37762 elementor-widget elementor-widget-text-editor\" data-id=\"9a37762\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><strong>2. A vezet\u0151i feladatokat ell\u00e1t\u00f3 szem\u00e9lyek \u00fcgyletei \u2013 tilalmi id\u0151szak alatt is lehet kereskedni?<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-735374f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"735374f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6c45b50\" data-id=\"6c45b50\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-873c860 elementor-widget elementor-widget-text-editor\" data-id=\"873c860\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>2024. december 4-t\u0151l m\u00f3dosultak a MAR-ban a vezet\u0151i feladatokat ell\u00e1t\u00f3 szem\u00e9lyek \u00fcgyletbejelent\u00e9si k\u00fcsz\u00f6b\u00e9rt\u00e9kei, illetve a tilalmi id\u0151szakok alatt keresked\u00e9sre ir\u00e1nyad\u00f3 szab\u00e1lyok.<\/p><p>A m\u00f3dos\u00edt\u00e1s \u00e9rtelm\u00e9ben a vezet\u0151i feladatokat ell\u00e1t\u00f3 szem\u00e9lyek \u00e9s a vel\u00fck szoros kapcsolatban \u00e1ll\u00f3 szem\u00e9lyek \u00e1ltal a saj\u00e1t javukra bonyol\u00edtott, a kibocs\u00e1t\u00f3 r\u00e9szv\u00e9nyeivel vagy hitelviszonyt megtestes\u00edt\u0151 eszk\u00f6zeivel kapcsolatos, <strong>egy napt\u00e1ri \u00e9ven bel\u00fcl k\u00f6t\u00f6tt \u00fcgyletek bejelent\u00e9si k\u00f6telezetts\u00e9g\u00e9nek k\u00fcsz\u00f6b\u00e9rt\u00e9ke 5.000 eur\u00f3r\u00f3l 20.000 eur\u00f3ra emelkedett<\/strong>. A m\u00f3dos\u00edt\u00e1s ugyanakkor \u2013 a kor\u00e1bbi szab\u00e1lyokhoz hasonl\u00f3an \u2013 lehet\u0151v\u00e9 teszi a nemzeti szab\u00e1lyoz\u00f3 hat\u00f3s\u00e1gok sz\u00e1m\u00e1ra, hogy a k\u00fcsz\u00f6b\u00e9rt\u00e9ket 50.000 eur\u00f3ra emelj\u00e9k, vagy 10.000 eur\u00f3ra cs\u00f6kkents\u00e9k, ha azt k\u00fcl\u00f6nleges k\u00f6r\u00fclm\u00e9nyek indokolj\u00e1k.<\/p><p>A MAR 19. cikk (11) bekezd\u00e9se szerinti <strong>tilalmi id\u0151szak alatt a vezet\u0151i feladatokat ell\u00e1t\u00f3 szem\u00e9lyek nem kereskedhetnek a kibocs\u00e1t\u00f3 \u00e9rt\u00e9kpap\u00edrjaival, f\u00fcggetlen\u00fcl att\u00f3l, hogy a vezet\u0151i feladatokat ell\u00e1t\u00f3 szem\u00e9lyek a keresked\u00e9s id\u0151pontj\u00e1ban val\u00f3ban rendelkeznek-e bennfentes inform\u00e1ci\u00f3val<\/strong>. Ugyanakkor a kibocs\u00e1t\u00f3 bizonyos esetekben d\u00f6nt<em>het<\/em> \u00fagy, hogy a tilalmi id\u0151szak alatt is enged\u00e9lyezi a keresked\u00e9st a vezet\u0151i feladatokat ell\u00e1t\u00f3 szem\u00e9lyek sz\u00e1m\u00e1ra. A MAR 2024. december 4-t\u0151l hat\u00e1lyos m\u00f3dos\u00edt\u00e1sa egyr\u00e9szt pontos\u00edtja, hogy a kibocs\u00e1t\u00f3 mely esetben enged\u00e9lyez<em>het<\/em>i a keresked\u00e9st tilalmi id\u0151szak alatt is, m\u00e1sr\u00e9szt el\u0151\u00edrja, hogy <strong>az olyan \u00fcgyletek eset\u00e9ben, amelyek nem kapcsol\u00f3dnak a vezet\u0151i feladatokat ell\u00e1t\u00f3 szem\u00e9ly \u00e1ltal hozott akt\u00edv befektet\u00e9si d\u00f6nt\u00e9sekhez, vagy amelyek kiz\u00e1r\u00f3lag k\u00fcls\u0151 t\u00e9nyez\u0151kb\u0151l erednek, vagy el\u0151re meghat\u00e1rozott felt\u00e9teleken alapulnak, a kibocs\u00e1t\u00f3nak enged\u00e9lyeznie <em>kell<\/em> a n\u00e1la vezet\u0151i feladatokat ell\u00e1t\u00f3 szem\u00e9ly sz\u00e1m\u00e1ra, hogy saj\u00e1t maga vagy harmadik f\u00e9l jav\u00e1ra keresked\u00e9st bonyol\u00edtson a tilalmi id\u0151szak alatt is.<\/strong><\/p><p>Term\u00e9szetesen a kibocs\u00e1t\u00f3i felment\u00e9s <strong><u>nem<\/u> vonatkozik arra az esetre, ha az adott vezet\u0151i feladatokat ell\u00e1t\u00f3 szem\u00e9ly bennfentes inform\u00e1ci\u00f3val rendelkezik, <\/strong>hiszen az ilyen inform\u00e1ci\u00f3 birtok\u00e1ban t\u00f6rt\u00e9n\u0151 \u00fcgyletk\u00f6t\u00e9s (illetve megb\u00edz\u00e1s ad\u00e1sa, vagy visszavon\u00e1sa) <strong>bennfentes kereskedelmet val\u00f3s\u00edt meg.<\/strong> Fontos azonban hangs\u00falyozni a fenti mentess\u00e9g kapcs\u00e1n a MAR bennfentes kereskedelem al\u00f3li kiv\u00e9telszab\u00e1ly\u00e1t is, mely szerint nem val\u00f3s\u00edt meg bennfentes kereskedelmet, ha az adott szem\u00e9ly j\u00f3hiszem\u0171en, egy esed\u00e9kess\u00e9 v\u00e1l\u00f3 k\u00f6telezetts\u00e9get teljes\u00edt, ha ez a k\u00f6telezetts\u00e9g azt megel\u0151z\u0151en adott megb\u00edz\u00e1sb\u00f3l vagy k\u00f6t\u00f6tt meg\u00e1llapod\u00e1sb\u00f3l ered, hogy az \u00e9rintett szem\u00e9ly a bennfentes inform\u00e1ci\u00f3 birtok\u00e1ba jutott.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d84dd70 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d84dd70\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-573cb01\" data-id=\"573cb01\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-70fafce elementor-widget elementor-widget-text-editor\" data-id=\"70fafce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><strong>3. Elh\u00faz\u00f3d\u00f3 folyamatok, mint bennfentes inform\u00e1ci\u00f3k \u2013 k\u00f6zz\u00e9 kell tenni a k\u00f6ztes l\u00e9p\u00e9seket?<\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c98246c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c98246c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3891db0\" data-id=\"3891db0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-faef53a elementor-widget elementor-widget-text-editor\" data-id=\"faef53a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A MAR 2026. j\u00fanius 5. napj\u00e1t\u00f3l hat\u00e1lyos m\u00f3dos\u00edt\u00e1sa mentess\u00e9get vezet be a k\u00f6zz\u00e9t\u00e9teli k\u00f6telezetts\u00e9g al\u00f3l az elh\u00faz\u00f3d\u00f3 folyamatok k\u00f6zbens\u0151 l\u00e9p\u00e9seivel kapcsolatos bennfentes inform\u00e1ci\u00f3k kapcs\u00e1n. <strong>Elh\u00faz\u00f3d\u00f3 folyamatok eset\u00e9n a <\/strong><strong>kibocs\u00e1t\u00f3knak ezen folyamatok bennfentes inform\u00e1ci\u00f3nak min\u0151s\u00fcl\u0151 k\u00f6ztes l\u00e9p\u00e9seit nem, csak mag\u00e1t a v\u00e9gs\u0151 esem\u00e9nyt\/k\u00f6r\u00fclm\u00e9nyt kell k\u00f6zz\u00e9tenni\u00fck<\/strong>, \u00edgy a k\u00f6ztes l\u00e9p\u00e9sekkel \u00f6sszef\u00fcgg\u00e9sben<span style=\"font-size: 11.0pt;font-family: 'Aptos',sans-serif\"><span style=\"color: red\">\u00a0<\/span><\/span>\u00e9rtelemszer\u0171en k\u00e9sleltet\u00e9si k\u00f6telezetts\u00e9ge sem keletkezik a kibocs\u00e1t\u00f3knak.<\/p><p>Ha a kibocs\u00e1t\u00f3k \u2013 amennyiben nem \u00e1llnak fenn a k\u00e9sleltet\u00e9s felt\u00e9telei \u2013 nagyon korai szakaszban lev\u0151, el\u0151zetes jelleg\u0171 inform\u00e1ci\u00f3kat tesznek k\u00f6zz\u00e9 (pl. folyamatban l\u00e9v\u0151 t\u00e1rgyal\u00e1sokr\u00f3l), az megt\u00e9vesztheti a befektet\u0151ket ahelyett, hogy hozz\u00e1j\u00e1rulna a hat\u00e9kony \u00e1rk\u00e9pz\u00e9shez \u00e9s kezeln\u00e9 az inform\u00e1ci\u00f3s aszimmetri\u00e1t. <strong>A MAR m\u00f3dos\u00edt\u00e1s c\u00e9lja, hogy egy elh\u00faz\u00f3d\u00f3 folyamat sor\u00e1n a k\u00f6zz\u00e9t\u00e9teli k\u00f6vetelm\u00e9ny ne terjedjen ki a v\u00e9gs\u0151 esem\u00e9nyt\/k\u00f6r\u00fclm\u00e9nyt el\u0151id\u00e9z\u0151, bennfentes inform\u00e1ci\u00f3nak min\u0151s\u00fcl\u0151 k\u00f6ztes l\u00e9p\u00e9sekre<\/strong>, \u00edgy p\u00e9ld\u00e1ul a puszta sz\u00e1nd\u00e9knak, a folyamatban l\u00e9v\u0151 t\u00e1rgyal\u00e1soknak, vagy a t\u00e1rgyal\u00e1sok el\u0151rehalad\u00e1s\u00e1nak a bejelent\u00e9s\u00e9re.<\/p><p>Az \u00faj szab\u00e1lyoz\u00e1s kifejezetten el\u0151ny\u00f6sen \u00e9rintheti a MAR hat\u00e1lya al\u00e1 es\u0151 kibocs\u00e1t\u00f3kat, enyh\u00edtve a kor\u00e1bbi bennfentes inform\u00e1ci\u00f3k k\u00f6zz\u00e9t\u00e9tel\u00e9vel\/k\u00e9sleltet\u00e9s\u00e9vel kapcsolatos szigor\u00fa megfelel\u00e9si k\u00f6vetelm\u00e9nyeket, k\u00fcl\u00f6n\u00f6sen a komplex tranzakci\u00f3k &#8211; pl. M&amp;A tranzakci\u00f3k, restruktur\u00e1l\u00e1si folyamatok &#8211; eset\u00e9n, mivel cs\u00f6kken a bennfentes inform\u00e1ci\u00f3 k\u00e9sleltet\u00e9s\u00e9hez kapcsol\u00f3d\u00f3 megfelel\u00e9si teher, illetve az id\u0151 el\u0151tti k\u00f6zz\u00e9t\u00e9tel kock\u00e1zata.<\/p><p>A szab\u00e1lyoz\u00e1s gyakorlati alkalmaz\u00e1sa sor\u00e1n k\u00fcl\u00f6n\u00f6s jelent\u0151s\u00e9ggel b\u00edr majd annak meghat\u00e1roz\u00e1sa, hogy mi tekintend\u0151 \u201ev\u00e9gs\u0151 esem\u00e9nynek\u201d vagy \u201ev\u00e9gs\u0151 k\u00f6r\u00fclm\u00e9nynek\u201d. A MAR m\u00f3dos\u00edt\u00e1s alapj\u00e1n szerz\u0151d\u00e9ses meg\u00e1llapod\u00e1sok eset\u00e9ben \u00e1ltal\u00e1ban \u00fagy kell tekinteni, hogy a v\u00e9gs\u0151 esem\u00e9ny akkor k\u00f6vetkezett be, amikor a meg\u00e1llapod\u00e1s alapvet\u0151 felt\u00e9teleir\u0151l meg\u00e1llapod\u00e1s sz\u00fcletett. A valamely egyszeri esem\u00e9nnyel, illetve adott k\u00f6r\u00fclm\u00e9nyekkel kapcsolatos, nem elh\u00faz\u00f3d\u00f3 folyamatok eset\u00e9ben azonban (k\u00fcl\u00f6n\u00f6sen, ha ezen esem\u00e9ny vagy k\u00f6r\u00fclm\u00e9nyek bek\u00f6vetkez\u00e9se nem f\u00fcgg a kibocs\u00e1t\u00f3t\u00f3l), a k\u00f6zz\u00e9t\u00e9telnek akkor kell megt\u00f6rt\u00e9nnie, amikor a kibocs\u00e1t\u00f3 tudom\u00e1st szerez az esem\u00e9nyr\u0151l vagy k\u00f6r\u00fclm\u00e9nyekr\u0151l. Nem mindig egy\u00e9rtelm\u0171 azonban annak a pontos id\u0151pontnak a meghat\u00e1roz\u00e1sa, amikor valamely k\u00f6r\u00fclm\u00e9nyek vagy esem\u00e9ny v\u00e9glegess\u00e9 v\u00e1lik, ez\u00e9rt az erre vonatkoz\u00f3 r\u00e9szletszab\u00e1lyokat az Eur\u00f3pai Bizotts\u00e1g felhatalmaz\u00e1son alapul\u00f3 aktusa fogja meghat\u00e1rozni.<\/p><p>Fontos hangs\u00falyozni, hogy a fentiek term\u00e9szetesen nem jelentik azt, hogy a kibocs\u00e1t\u00f3knak \u00e9s a bennfentes inform\u00e1ci\u00f3hoz hozz\u00e1f\u00e9r\u0151 szem\u00e9lyeknek ne kellene megfelelni\u00fck az egy\u00e9b, MAR-b\u00f3l fakad\u00f3 k\u00f6telezetts\u00e9geknek.<strong> A bennfentes inform\u00e1ci\u00f3k\u00e9nt azonos\u00edtott k\u00f6ztes l\u00e9p\u00e9sek kapcs\u00e1n teh\u00e1t a kibocs\u00e1t\u00f3knak tov\u00e1bbra is kiemelt figyelmet sz\u00fcks\u00e9ges ford\u00edtaniuk k\u00fcl\u00f6n\u00f6sen a vonatkoz\u00f3 \u00fcgyletspecifikus bennfentes jegyz\u00e9k vezet\u00e9s\u00e9re, illetve a bennfentes kereskedelmet tilt\u00f3 szab\u00e1lyokra. <\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8194256 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8194256\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e51d633\" data-id=\"e51d633\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-119fc1b elementor-widget elementor-widget-text-editor\" data-id=\"119fc1b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><strong>4. A bennfentes inform\u00e1ci\u00f3 k\u00f6zz\u00e9t\u00e9tel\u00e9nek k\u00e9sleltet\u00e9se \u2013 v\u00e1ltoz\u00f3 szab\u00e1lyok? <\/strong><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-93e96a0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"93e96a0\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0f4d6f1\" data-id=\"0f4d6f1\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-dce32ff elementor-widget elementor-widget-text-editor\" data-id=\"dce32ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A jelenlegi szab\u00e1lyoz\u00e1s szerint a bennfentes inform\u00e1ci\u00f3 nyilv\u00e1nos k\u00f6zz\u00e9t\u00e9tele k\u00e9sleltethet\u0151, amennyiben:<\/p><p>\u00a0 \u00a0 \u00a0 (i) az azonnali k\u00f6zz\u00e9t\u00e9tel val\u00f3sz\u00edn\u0171leg s\u00e9rten\u00e9 a kibocs\u00e1t\u00f3 jogos \u00e9rdekeit;<\/p><p><em>\u00a0 \u00a0 \u00a0(ii) a k\u00f6zz\u00e9t\u00e9tel elhalaszt\u00e1sa val\u00f3sz\u00edn\u0171leg a nyilv\u00e1noss\u00e1g sz\u00e1m\u00e1ra v\u00e9lhet\u0151en nem f\u00e9lrevezet\u0151, \u00e9s<\/em><\/p><p>\u00a0 \u00a0 \u00a0(iii) a kibocs\u00e1t\u00f3 k\u00e9pes biztos\u00edtani a bennfentes inform\u00e1ci\u00f3 bizalmas kezel\u00e9s\u00e9t.<\/p><p>A MAR 2026. j\u00fanius 5-t\u0151l hat\u00e1lyba l\u00e9p\u0151 m\u00f3dos\u00edt\u00e1s\u00e1val az i. \u00e9s iii. felt\u00e9tel v\u00e1ltozatlan marad, m\u00edg a ii. felt\u00e9tel m\u00f3dosul:<\/p><ul><li><em>bennfentes inform\u00e1ci\u00f3 nyilv\u00e1nos k\u00f6zz\u00e9t\u00e9tele csak akkor k\u00e9sleltethet\u0151, ha a k\u00e9sleltetni k\u00edv\u00e1nt bennfentes inform\u00e1ci\u00f3 nem \u00e1ll ellent\u00e9tben a kibocs\u00e1t\u00f3 vagy a kibocs\u00e1t\u00e1si egys\u00e9gek piac\u00e1nak szerepl\u0151je \u00e1ltal ugyanabban az \u00fcgyben tett legut\u00f3bbi nyilv\u00e1nos bejelent\u00e9ssel vagy m\u00e1s t\u00edpus\u00fa kommunik\u00e1ci\u00f3val, amelyre a bennfentes inform\u00e1ci\u00f3 vonatkozik.<\/em><\/li><\/ul><p>A k\u00e9sleltet\u00e9si felt\u00e9telek m\u00f3dos\u00edt\u00e1sa gyakorlatilag az ESMA eddigi ir\u00e1nymutat\u00e1s\u00e1t \u00fclteti \u00e1t. Az ESMA ir\u00e1nymutat\u00e1sa ugyanis m\u00e1r kor\u00e1bban is meghat\u00e1rozta, hogy mely esetekben min\u0151s\u00fcl f\u00e9lrevezet\u0151nek a bennfentes inform\u00e1ci\u00f3 k\u00f6zz\u00e9t\u00e9tel\u00e9nek k\u00e9sleltet\u00e9se. Az \u00faj MAR-rendelkez\u00e9s teh\u00e1t jelent\u0151s m\u00e9rt\u00e9kben val\u00f3sz\u00edn\u0171leg nem fogja befoly\u00e1solni a kibocs\u00e1t\u00f3k gyakorlat\u00e1t, hiszen az \u00faj rendelkez\u00e9s l\u00e9nyeg\u00e9ben jogszab\u00e1lyi szintre emeli az ESMA kor\u00e1bbi \u00e9rtelmez\u00e9s\u00e9t az\u00e1ltal, hogy egy\u00e9rtelm\u0171en kimondja: <strong>a bennfentes inform\u00e1ci\u00f3 k\u00e9sleltetett k\u00f6zz\u00e9t\u00e9tele abban az esetben nem min\u0151s\u00fcl f\u00e9lrevezet\u0151nek, ha az adott inform\u00e1ci\u00f3 nem \u00e1ll ellent\u00e9tben a kibocs\u00e1t\u00f3 ugyanazon \u00fcgyben kor\u00e1bban k\u00f6zz\u00e9tett nyilv\u00e1nos k\u00f6zl\u00e9s\u00e9vel<\/strong>. Ehhez kapcsol\u00f3d\u00f3an az ESMA technikai tan\u00e1cs\u00e1ra vonatkoz\u00f3 konzult\u00e1ci\u00f3s dokumentuma tartalmaz egy felhatalmaz\u00e1son alapul\u00f3 jogi aktus tervezetet, amely hangs\u00falyozza, hogy tipikusan nem \u00e1ll fenn ez a k\u00e9sleltet\u00e9si felt\u00e9tel, ha p\u00e9ld\u00e1ul a kibocs\u00e1t\u00f3 el\u0151zetesen bejelentett p\u00e9nz\u00fcgyi eredm\u00e9nyei vagy \u00fczleti c\u00e9ljai l\u00e9nyegesen megv\u00e1ltoznak, ha egy kor\u00e1bban kommunik\u00e1lt projekt k\u00f6rnyezeti vagy t\u00e1rsadalmi hat\u00e1sai jelent\u0151sen elt\u00e9rnek a bejelentett\u0151l, vagy ha a kibocs\u00e1t\u00f3 p\u00e9nz\u00fcgyi helyzet\u00e9vel, \u00fczleti strat\u00e9gi\u00e1j\u00e1val, t\u0151keszerkezeti m\u0171veleteivel, ir\u00e1ny\u00edt\u00e1si strukt\u00far\u00e1j\u00e1val vagy jelent\u0151s szerz\u0151d\u00e9seivel kapcsolatban kor\u00e1bban k\u00f6z\u00f6lt l\u00e9nyeges inform\u00e1ci\u00f3k tartalma v\u00e1ltozik meg jelent\u0151sen.<\/p><p>Az ESMA legk\u00e9s\u0151bb 2025. \u00e1prilis 30-\u00e1ig k\u00f6teles a kapcsol\u00f3d\u00f3 technikai tan\u00e1cs\u00e1t el\u0151terjeszteni az Eur\u00f3pai Bizotts\u00e1g r\u00e9sz\u00e9re, amely tartalmazni fogja a kapcsol\u00f3d\u00f3 felhatalmaz\u00e1son alapul\u00f3 jogi aktus v\u00e9gleges tervezet\u00e9t is.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-dd7d007 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"dd7d007\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e6de225\" data-id=\"e6de225\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a083ba1 elementor-widget elementor-widget-text-editor\" data-id=\"a083ba1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><em>Szerz\u0151k: Szalbot Bal\u00e1zs, Bencze M\u00e1t\u00e9 Imre<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fa3489e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fa3489e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-a486f39\" data-id=\"a486f39\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0ca0344 elementor-flip-box--direction-left elementor-flip-box--effect-flip elementor-widget elementor-widget-global elementor-global-2933 elementor-widget-flip-box\" data-id=\"0ca0344\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"flip-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-flip-box\" tabindex=\"0\">\n\t\t\t<div class=\"elementor-flip-box__layer elementor-flip-box__front\">\n\t\t\t\t<div class=\"elementor-flip-box__layer__overlay\">\n\t\t\t\t\t<div class=\"elementor-flip-box__layer__inner\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-flip-box__image\">\n\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/blogs.dlapiper.com\/advocatus\/files\/elementor\/thumbs\/Nevtelen-terv-39-pf8fcpmrhalvdt2hu74np7lo8x3nt5pzp6d81o89dc.png\" title=\"Szalbot Bal\u00e1zs\" alt=\"Szalbot Bal\u00e1zs\" loading=\"lazy\" \/>\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-flip-box__layer__title\">\n\t\t\t\t\t\t\t\tSzalbot Bal\u00e1zs*\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-flip-box__layer__description\">\n\t\t\t\t\t\t\t\t\u00dcgyv\u00e9d,<p> Senior Associate\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<a class=\"elementor-flip-box__layer elementor-flip-box__back\" href=\"mailto:Balazs.Szalbot@dlapiper.com\">\n\t\t\t<div class=\"elementor-flip-box__layer__overlay\">\n\t\t\t\t<div class=\"elementor-flip-box__layer__inner\">\n\t\t\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-flip-box__layer__title\">\n\t\t\t\t\t\t\tSzalbot Bal\u00e1zs\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-flip-box__layer__description\">\n\t\t\t\t\t\t\tBal\u00e1zs a DLA Piper Hungary  jogvitarendez\u00e9si \u00e9s szab\u00e1lyoz\u00e1si csoportj\u00e1nak szenior \u00fcgyv\u00e9dje. F\u0151 szakter\u00fclete a p\u00e9nz\u00fcgyi piacok joga, els\u0151sorban hitelint\u00e9zeteknek, p\u00e9nzforgalmi szolg\u00e1ltat\u00f3knak, nyilv\u00e1nosan m\u0171k\u00f6d\u0151 r\u00e9szv\u00e9nyt\u00e1rsas\u00e1goknak, befektet\u00e9si szolg\u00e1ltat\u00f3knak, illetve befektet\u00e9si alapkezel\u0151knek ny\u00fajt jogi tan\u00e1csot magyarorsz\u00e1gi \u00e9s hat\u00e1ron \u00e1tny\u00fal\u00f3 tev\u00e9kenys\u00e9geikkel kapcsolatban.\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-flip-box__button elementor-button elementor-size-xs\">\n\t\t\t\t\t\t\tE-mailt k\u00fcld\u00f6k\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-d5ffe79\" data-id=\"d5ffe79\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-83afef9 elementor-flip-box--direction-left elementor-flip-box--effect-flip elementor-widget elementor-widget-flip-box\" data-id=\"83afef9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"flip-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-flip-box\" tabindex=\"0\">\n\t\t\t<div class=\"elementor-flip-box__layer elementor-flip-box__front\">\n\t\t\t\t<div class=\"elementor-flip-box__layer__overlay\">\n\t\t\t\t\t<div class=\"elementor-flip-box__layer__inner\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-flip-box__image\">\n\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/blogs.dlapiper.com\/advocatus\/files\/2025\/04\/mb.jpg\" title=\"\" alt=\"\" loading=\"lazy\" \/>\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-flip-box__layer__title\">\n\t\t\t\t\t\t\t\tBencze M\u00e1t\u00e9 Imre\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-flip-box__layer__description\">\n\t\t\t\t\t\t\t\t\u00dcgyv\u00e9djel\u00f6lt,<p> Junior Associate\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<a class=\"elementor-flip-box__layer elementor-flip-box__back\" href=\"mailto:mate.bencze@dlapiper.com\">\n\t\t\t<div class=\"elementor-flip-box__layer__overlay\">\n\t\t\t\t<div class=\"elementor-flip-box__layer__inner\">\n\t\t\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-flip-box__layer__title\">\n\t\t\t\t\t\t\tBencze M\u00e1t\u00e9 Imre\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-flip-box__layer__description\">\n\t\t\t\t\t\t\tBencze M\u00e1t\u00e9 Imre a DLA Piper Hungary Jogvitarendez\u00e9si \u00e9s Szab\u00e1lyoz\u00e1si Csoportj\u00e1nak \u00fcgyv\u00e9djel\u00f6ltje. \nF\u0151 tev\u00e9kenys\u00e9gi ter\u00fcletei a p\u00e9nz\u00fcgyi szolg\u00e1ltat\u00e1sok, t\u0151kepiaci jog, bankjog \u00e9s fel\u00fcgyeleti hat\u00f3s\u00e1gi elj\u00e1r\u00e1sok. \nA Szellemi Tulajdon Nemzeti Hivatal\u00e1nak tudom\u00e1nyos p\u00e1ly\u00e1zat\u00e1n szerz\u0151i jogi kateg\u00f3ri\u00e1ban els\u0151 helyez\u00e9st, a Magyar Szerz\u0151i Jogi F\u00f3rum Diplomad\u00edj p\u00e1ly\u00e1zat\u00e1n pedig harmadik helyez\u00e9st \u00e9rt el.\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-flip-box__button elementor-button elementor-size-xs\">\n\t\t\t\t\t\t\tE-mailt k\u00fcld\u00f6k\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ab01839 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ab01839\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cce9847\" data-id=\"cce9847\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-196f836 elementor-widget elementor-widget-spacer\" data-id=\"196f836\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-287e1913 elementor-section-height-min-height elementor-section-boxed elementor-section-height-default elementor-section-items-middle\" data-id=\"287e1913\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-narrow\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-7113336c\" data-id=\"7113336c\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4d8d9348 elementor-widget elementor-widget-text-editor\" data-id=\"4d8d9348\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\" style=\"font-size: 18px;font-style: normal;margin-bottom: 0px;line-height: 1\"><b>K\u00e9rd\u00e9se van? Keressen minket bizalommal!<\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7661e787 elementor-align-center elementor-widget elementor-widget-global elementor-global-5282 elementor-widget-button\" data-id=\"7661e787\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"mailto:hungary@dlapiper.com\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-envelope\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Kapcsolatfelv\u00e9tel<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-5b90d9d\" data-id=\"5b90d9d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-54501c10 elementor-widget elementor-widget-text-editor\" data-id=\"54501c10\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\" style=\"font-size: 18px;font-style: normal;margin-bottom: 0px;line-height: 1\"><b>K\u00f6vesse LinkedIn oldalunkat!<\/b><\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1cb98f17 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"1cb98f17\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.linkedin.com\/showcase\/dla-piper-hungary\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-bell\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">DLA Piper Hungary<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a9ee99e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a9ee99e\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0e301d7\" data-id=\"0e301d7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1fffd9f elementor-widget elementor-widget-spacer\" data-id=\"1fffd9f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2bc23b3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2bc23b3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3a59a0d\" data-id=\"3a59a0d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a23021d elementor-widget elementor-widget-text-editor\" data-id=\"a23021d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4 style=\"text-align: center\"><strong>Legfrissebb tartalmaink<\/strong><\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-63c1fe1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"63c1fe1\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-584f013\" data-id=\"584f013\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-66fcbf3 elementor-grid-3 elementor-grid-tablet-2 elementor-grid-mobile-1 elementor-posts--thumbnail-top elementor-posts--show-avatar elementor-card-shadow-yes elementor-posts__hover-gradient elementor-widget elementor-widget-posts\" data-id=\"66fcbf3\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;cards_columns&quot;:&quot;3&quot;,&quot;cards_columns_tablet&quot;:&quot;2&quot;,&quot;cards_columns_mobile&quot;:&quot;1&quot;,&quot;cards_row_gap&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:35,&quot;sizes&quot;:[]},&quot;cards_row_gap_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;cards_row_gap_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"posts.cards\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-posts-container elementor-posts elementor-posts--skin-cards elementor-grid\" role=\"list\">\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-7498 post type-post status-publish format-standard has-post-thumbnail hentry category-infrastruktura tag-reinforced-transport-corridors tag-resilience-and-innovation\" role=\"listitem\">\n\t\t\t<div class=\"elementor-post__card\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/blogs.dlapiper.com\/advocatus\/2026\/06\/dual-use-infrastructure-investment-implementation-models-in-europe-lessons-for-hungary\/\" tabindex=\"-1\" ><div class=\"elementor-post__thumbnail\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1200\" height=\"300\" src=\"https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/06\/Highway_lights_S_0336_PPT-1-1.jpg\" class=\"attachment-full size-full wp-image-7501\" alt=\"adv_cikk\" srcset=\"https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/06\/Highway_lights_S_0336_PPT-1-1.jpg 1200w, https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/06\/Highway_lights_S_0336_PPT-1-1-300x75.jpg 300w, https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/06\/Highway_lights_S_0336_PPT-1-1-1024x256.jpg 1024w, https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/06\/Highway_lights_S_0336_PPT-1-1-768x192.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/div><\/a>\n\t\t\t\t<div class=\"elementor-post__badge\">Infrastrukt\u00fara | Infrastructure<\/div>\n\t\t\t\t<div class=\"elementor-post__avatar\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/blogs.dlapiper.com\/advocatus\/2026\/06\/dual-use-infrastructure-investment-implementation-models-in-europe-lessons-for-hungary\/\" >\n\t\t\t\tDual-use infrastructure investment implementation models in Europe: Lessons for Hungary\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>This article shifts focus from the level of possible commitments to their substantive implementation: it examines how NATO allies within the EU have implemented dual-use infrastructure developments in practice, and what realistically transferable solutions Hungary can draw knowledge and practical experience from.<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/blogs.dlapiper.com\/advocatus\/2026\/06\/dual-use-infrastructure-investment-implementation-models-in-europe-lessons-for-hungary\/\" aria-label=\"Read more about Dual-use infrastructure investment implementation models in Europe: Lessons for Hungary\" tabindex=\"-1\" >\n\t\t\tTov\u00e1bb \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-author\">\n\t\t\tDLA Piper\t\t<\/span>\n\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\t2026-06-02\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-7492 post type-post status-publish format-standard has-post-thumbnail hentry category-infrastruktura tag-ellenallo-kepesseg-es-innovacio tag-megerositett-kozlekedesi-folyosok tag-strategiai-csomopontok\" role=\"listitem\">\n\t\t\t<div class=\"elementor-post__card\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/blogs.dlapiper.com\/advocatus\/2026\/06\/kettos-felhasznalasu-infrastruktura-beruhazasok-europai-modelljei-tanulsagok-magyarorszag-szamara\/\" tabindex=\"-1\" ><div class=\"elementor-post__thumbnail\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1200\" height=\"300\" src=\"https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/06\/Highway_lights_S_0336_PPT-1-1.jpg\" class=\"attachment-full size-full wp-image-7501\" alt=\"adv_cikk\" srcset=\"https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/06\/Highway_lights_S_0336_PPT-1-1.jpg 1200w, https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/06\/Highway_lights_S_0336_PPT-1-1-300x75.jpg 300w, https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/06\/Highway_lights_S_0336_PPT-1-1-1024x256.jpg 1024w, https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/06\/Highway_lights_S_0336_PPT-1-1-768x192.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/div><\/a>\n\t\t\t\t<div class=\"elementor-post__badge\">Infrastrukt\u00fara | Infrastructure<\/div>\n\t\t\t\t<div class=\"elementor-post__avatar\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/blogs.dlapiper.com\/advocatus\/2026\/06\/kettos-felhasznalasu-infrastruktura-beruhazasok-europai-modelljei-tanulsagok-magyarorszag-szamara\/\" >\n\t\t\t\tKett\u0151s felhaszn\u00e1l\u00e1s\u00fa infrastrukt\u00fara beruh\u00e1z\u00e1sok eur\u00f3pai modellje: Tanuls\u00e1gok Magyarorsz\u00e1g sz\u00e1m\u00e1ra\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>Jelen cikk azt vizsg\u00e1lja, hogy az EU-n bel\u00fcli NATO-sz\u00f6vets\u00e9gesek a gyakorlatban mik\u00e9nt val\u00f3s\u00edtottak meg kett\u0151s felhaszn\u00e1l\u00e1s\u00fa infrastrukt\u00fara fejleszt\u00e9seket, \u00e9s Magyarorsz\u00e1g milyen megold\u00e1sokb\u00f3l mer\u00edthet tud\u00e1st \u00e9s tapasztalatot.<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/blogs.dlapiper.com\/advocatus\/2026\/06\/kettos-felhasznalasu-infrastruktura-beruhazasok-europai-modelljei-tanulsagok-magyarorszag-szamara\/\" aria-label=\"Read more about Kett\u0151s felhaszn\u00e1l\u00e1s\u00fa infrastrukt\u00fara beruh\u00e1z\u00e1sok eur\u00f3pai modellje: Tanuls\u00e1gok Magyarorsz\u00e1g sz\u00e1m\u00e1ra\" tabindex=\"-1\" >\n\t\t\tTov\u00e1bb \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-author\">\n\t\t\tDLA Piper\t\t<\/span>\n\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\t2026-06-02\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<article class=\"elementor-post elementor-grid-item post-7485 post type-post status-publish format-standard has-post-thumbnail hentry category-finance tag-debt-finance tag-hitelfinanszirozasi-piac tag-refinanszirozas\" role=\"listitem\">\n\t\t\t<div class=\"elementor-post__card\">\n\t\t\t\t<a class=\"elementor-post__thumbnail__link\" href=\"https:\/\/blogs.dlapiper.com\/advocatus\/2026\/05\/fokuszban-a-refinanszirozas-a-hitelfinanszirozasi-piac-fo-trendjei-2025-2026-ban\/\" tabindex=\"-1\" ><div class=\"elementor-post__thumbnail\"><img decoding=\"async\" width=\"1200\" height=\"300\" src=\"https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/05\/Gray-spiral-building-at-night_PPT-1.jpg\" class=\"attachment-full size-full wp-image-7488\" alt=\"adv_cikk_finance\" srcset=\"https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/05\/Gray-spiral-building-at-night_PPT-1.jpg 1200w, https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/05\/Gray-spiral-building-at-night_PPT-1-300x75.jpg 300w, https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/05\/Gray-spiral-building-at-night_PPT-1-1024x256.jpg 1024w, https:\/\/blogs.dlapiper.com\/advocatus\/files\/2026\/05\/Gray-spiral-building-at-night_PPT-1-768x192.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/div><\/a>\n\t\t\t\t<div class=\"elementor-post__badge\">Finance | Bankjog<\/div>\n\t\t\t\t<div class=\"elementor-post__avatar\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__text\">\n\t\t\t\t<h3 class=\"elementor-post__title\">\n\t\t\t<a href=\"https:\/\/blogs.dlapiper.com\/advocatus\/2026\/05\/fokuszban-a-refinanszirozas-a-hitelfinanszirozasi-piac-fo-trendjei-2025-2026-ban\/\" >\n\t\t\t\tF\u00f3kuszban a refinansz\u00edroz\u00e1s: a hitelfinansz\u00edroz\u00e1si piac f\u0151 trendjei 2025\u20132026-ban\t\t\t<\/a>\n\t\t<\/h3>\n\t\t\t\t<div class=\"elementor-post__excerpt\">\n\t\t\t<p>Megjelent DLA Piper leg\u00fajabb Debt Finance Intelligence Reportja, amely r\u00e9szletesen elemzi a hitelfinansz\u00edroz\u00e1si piac 2025-\u00f6s teljes\u00edtm\u00e9ny\u00e9t, valamint a 2026-os \u00e9vet meghat\u00e1roz\u00f3 f\u0151bb trendeket \u00e9s kih\u00edv\u00e1sokat.<\/p>\n\t\t<\/div>\n\t\t\n\t\t<a class=\"elementor-post__read-more\" href=\"https:\/\/blogs.dlapiper.com\/advocatus\/2026\/05\/fokuszban-a-refinanszirozas-a-hitelfinanszirozasi-piac-fo-trendjei-2025-2026-ban\/\" aria-label=\"Read more about F\u00f3kuszban a refinansz\u00edroz\u00e1s: a hitelfinansz\u00edroz\u00e1si piac f\u0151 trendjei 2025\u20132026-ban\" tabindex=\"-1\" >\n\t\t\tTov\u00e1bb \u00bb\t\t<\/a>\n\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-post__meta-data\">\n\t\t\t\t\t<span class=\"elementor-post-author\">\n\t\t\tDLA Piper\t\t<\/span>\n\t\t\t\t<span class=\"elementor-post-date\">\n\t\t\t2026-05-28\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t<\/div>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-82c09c3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"82c09c3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-989cedd\" data-id=\"989cedd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a70d2da elementor-widget elementor-widget-spacer\" data-id=\"a70d2da\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-aa965bf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"aa965bf\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-46e5469\" data-id=\"46e5469\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-657be48 elementor-widget elementor-widget-text-editor\" data-id=\"657be48\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"hivatkozas\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5 style=\"text-align: center\">Hivatkoz\u00e1sok<\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f7f9649 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f7f9649\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-007d572\" data-id=\"007d572\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-681e5cd elementor-widget elementor-widget-text-editor\" data-id=\"681e5cd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h6>[1] <a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/2024-12\/ESMA74-1103241886-1086_Consultation_Paper_technical_advice_concerning_MAR_and_MiFID_II_SME_GM.pdf\">ESMA74-1103241886-1086 Consultation Paper on the Draft technical advice concerning MAR and MiFID II SME GM<\/a><\/h6>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>2024. febru\u00e1r 7-\u00e9n jelent meg az Eur\u00f3pai Uni\u00f3 Hivatalos Lapj\u00e1ban az (EU) 2024\/2809 rendelet (\u201eListing Act\u201d), amely jelent\u0151s v\u00e1ltoz\u00e1sokat hoz az uni\u00f3s t\u0151kepiaci szab\u00e1lyoz\u00e1sban. <\/p>\n","protected":false},"author":1,"featured_media":5291,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[392],"tags":[997,1581,1582,1554],"coauthors":[705],"class_list":["post-5284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulatory","tag-esma","tag-listing-act","tag-mar","tag-modositas"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A MAR m\u00f3dos\u00edt\u00e1sa: kulcsfontoss\u00e1g\u00fa v\u00e1ltoz\u00e1sok \u00e9s azok hat\u00e1sa a kibocs\u00e1t\u00f3kra<\/title>\n<meta name=\"description\" content=\"A cikk \u00f6sszefoglalja a piaci vissza\u00e9l\u00e9sekr\u0151l sz\u00f3l\u00f3 rendelet, vagyis a MAR f\u0151bb v\u00e1ltoz\u00e1sait \u00e9s azok gyakorlati k\u00f6vetkezm\u00e9nyeit a piaci tapogat\u00f3z\u00e1s, az elh\u00faz\u00f3d\u00f3 folyamatok k\u00f6ztes l\u00e9p\u00e9sei, a vezet\u0151i feladatokat ell\u00e1t\u00f3 szem\u00e9lyek \u00fcgyletei \u00e9s a bennfentes inform\u00e1ci\u00f3 k\u00f6zz\u00e9t\u00e9tel\u00e9nek k\u00e9sleltet\u00e9se tekintet\u00e9ben.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.dlapiper.com\/advocatus\/2025\/04\/a-mar-modositasa-kulcsfontossagu-valtozasok-es-azok-hatasa-a-kibocsatokra\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A MAR m\u00f3dos\u00edt\u00e1sa: kulcsfontoss\u00e1g\u00fa v\u00e1ltoz\u00e1sok \u00e9s azok hat\u00e1sa a kibocs\u00e1t\u00f3kra\" \/>\n<meta property=\"og:description\" content=\"A cikk \u00f6sszefoglalja a piaci vissza\u00e9l\u00e9sekr\u0151l sz\u00f3l\u00f3 rendelet, vagyis a MAR f\u0151bb 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\/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"DLA Piper\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"DLA Piper\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/blogs.dlapiper.com\/advocatus\/2025\/04\/a-mar-modositasa-kulcsfontossagu-valtozasok-es-azok-hatasa-a-kibocsatokra\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/blogs.dlapiper.com\/advocatus\/2025\/04\/a-mar-modositasa-kulcsfontossagu-valtozasok-es-azok-hatasa-a-kibocsatokra\/\"},\"author\":{\"name\":\"DLA 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