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Hungarian Government Decrees on Financial Services

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The following government decrees provide regulations and guidelines for various aspects of financial services, banking, insurance, and consumer protection in Hungary.

Consumer Protection

These decrees aim to ensure that consumers are informed and protected when taking out loans or credit agreements.

  • Decree No. 56/2014 (XII. 31.) NGM: Rules for Information on Consumer Credits
    • Provides rules for the information that must be given to consumers before they take out a consumer credit.
  • Decree No. 3/2016 (I. 7.) NGM: Rules for Providing Information on Mortgage Loans
    • Establishes rules for the information that must be provided to consumers before they enter into a mortgage loan agreement.
  • Government Decree No. 361/2009 (XII. 30.): Conditions of Circumspect Retail Lending and Verification of Creditworthiness
    • Sets out conditions for retail lending, including requirements for verifying the creditworthiness of borrowers.

Complaints Mechanism

These decrees establish procedures for handling complaints from consumers regarding financial institutions, investment firms, and insurance companies.

  • Government Decree No. 435/2016 (XII. 16.): Detailed Rules for Complaints Mechanism
    • Provides detailed rules for the complaints mechanism for financial institutions, investment firms, and intermediaries.
  • Government Decree No. 437/2016 (XII. 16.): Detailed Rules Relating to the Complaint Management Procedure and Complaint Management Regulation of Insurance Companies
    • Establishes rules for the complaint management procedure and complaint management regulation of insurance companies.

Payment Services

These decrees aim to ensure that payment services are accessible, secure, and convenient for consumers.

  • Government Decree No. 263/2016 (VIII. 31.): Payment Account Switching
    • Regulates the switching of payment accounts between financial institutions.
  • Government Decree No. 262/2016 (VIII. 31.): Access to Payment Accounts with Basic Features
    • Establishes rules for access to payment accounts with basic features.

Insurance

These decrees provide regulations and guidelines for insurance companies, including liability insurance contracts and complaint management procedures.

  • Government Decree No. 44/2015 (III. 12.): Minimum Content Requirements of Liability Insurance Contracts
    • Sets out minimum content requirements for liability insurance contracts.
  • Government Decree No. 437/2016 (XII. 16.): Detailed Rules Relating to the Complaint Management Procedure and Complaint Management Regulation of Insurance Companies
    • Establishes rules for complaint management procedures and regulations of insurance companies.

Financial Institutions

These decrees provide regulations and guidelines for financial institutions, including information system protection and official training requirements.

  • Government Decree No. 42/2015 (III. 12.): Protecting the Information System of Financial Institutions
    • Regulates the protection of the information system of financial institutions.
  • Government Decree No. 40/2015 (XII. 30.): Duties Connected with Official Training and Examination for Financial Services Intermediaries, Insurance Intermediaries, and Capital Market Traders
    • Establishes duties connected with official training and examination requirements for financial services intermediaries, insurance intermediaries, and capital market traders.

Miscellaneous

These decrees provide regulations and guidelines for deposit interest rates, securities returns, and other financial matters.

  • Government Decree No. 83/2010 (III. 25.): Definition, Calculating, and Announcing Deposit Interest Rates and Returns on Securities
    • Regulates the definition, calculating, and announcing of deposit interest rates and returns on securities.
  • Government Decree No. 82/2010 (III. 25.): Calculating and Announcing Deposit Interest Rates and Returns on Securities
    • Establishes rules for calculating and announcing deposit interest rates and returns on securities.

Please note that these summaries are based on the provided text and might not be comprehensive or up-to-date. If you need more information or specific details, I recommend consulting the original decrees or seeking advice from a qualified professional in the field of financial services law.