As opposed to the previous practice, the act only defines private issuance. It means that when the issuance of a security does not comply with the conditions for private issuance, the rules of public issuance shall apply. Today, public issuance can be organised as early as on foundation, it is not necessary for a company to operate for several years prior to this. The private issuance of debt securities is tied to a nominal value of five thousand euros which is higher than previously. The limitation for the public issuance of debt securities in excess of the issuer’s equity capital is removed by the act; this aims to enforce guarantee rules primarily by requiring credit rating procedures, ensuring publicity and making the scope of power of the Supervisory Authority more efficient.

Mandatory listing has been omitted from the CMA, i.e. regardless of the extent of the public issuance, the initiation of listing is no longer a requirement. Effective from 1 January 2003, as a result of the legal harmonisation with EU directives, only those securities can be listed on the stock exchange which have the relevant licence from the Hungarian Financial Supervisory Authority (the Supervisory Authority). The intention for listing must be indicated in the brochure. The conditions for obtaining the licence are in practice the same as in the case of a public offering, thus no any extra burden is implied for the issuers. The stock exchange is entitled to make a decision on the actual listing based on its own regulations.