Regulatory Requirements for Financial Institutions in Hungary

BUDAPEST, HUNGARY - As financial institutions in Hungary navigate the complex landscape of regulatory requirements, Amazon Web Services (AWS) is committed to providing customers with a strong compliance framework and advanced tools and security measures to evaluate, meet, and demonstrate compliance.

Who Regulates Financial Institutions in Hungary?

The Magyar Nemzeti Bank (MNB)

The MNB, also known as the Central Bank of Hungary, is the primary regulatory body for financial institutions in Hungary. It supervises a wide range of financial markets, including:

• Credit institutions
• Securities markets
• Brokers
• Fund managers
• Payment services providers
• Investment firms
• Insurance and reinsurance companies

Regulations Applicable to Financial Institutions Using AWS

Financial institutions in Hungary using cloud services may be subject to various regulatory requirements, including:

European Banking Authority (EBA) Guidelines on Outsourcing Arrangements

The EBA Guidelines provide guidance for EU-regulated credit institutions, investment firms, electronic money institutions, and payment institutions when they use or plan to use cloud services.

Local Regulations and Guidelines

In addition to the EBA Guidelines, local regulations and guidelines in Hungary may also apply to financial institutions using cloud services. For example:

Recommendation No. 4/2019 (IV. 1.) of the Hungarian National Bank on the Usage of Community and Public Cloud Computing Services

This recommendation is relevant for financial institutions in Hungary.

Key Considerations for Financial Institutions Using AWS

AWS encourages its customers to consider the following key factors when using cloud services:

• Purpose of the workload(s) under consideration and relevant categories of data
• Materiality or criticality of the relevant workload(s)
• Review of the AWS Shared Responsibility Model and mapping of responsibilities

Additional Resources

For more information on regulatory requirements for financial institutions in Hungary, please refer to the following resources:

• AWS Compliance Quick Reference Guide
• Implications of the Code of Conduct for Cloud Infrastructure Service Providers in Europe
• Navigating GDPR Compliance on AWS
• Using AWS in the Context of Common Privacy and Data Protection Considerations

Disclaimer

This document is provided for informational purposes only. This document does not create any warranties, representations, contractual commitments, conditions or assurances from AWS, its affiliates, suppliers or licensors. The responsibilities and liabilities of AWS to its customers are controlled by AWS agreements, and this document is not part of, nor does it modify, any agreement between AWS and its customers.