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Financial Regulations in Hungary

Consumer Protection

In Hungary, consumer protection regulations are in place to ensure that consumers have access to clear and accurate information when it comes to credits. Some key points include:

  • Decree No. 56/2014 (XII. 31.) NGM: Provides rules for information relating to credits to consumers.
  • Government Decree No. 361/2009 (XII. 30.): Regulates circumspect retail lending and the verification of creditworthiness.

Financial Intermediaries

Financial intermediaries in Hungary are subject to regulations that ensure they provide accurate and timely information to their clients. Some key points include:

  • Government Decree No. 109/2010 (IV. 9.): Regulates commission for intermediaries of financial services.
  • Decree No. 53/2016 (XII. 21.) NGM: Establishes general rules for the obligations to provide preliminary information by intermediaries of financial services.

Payment Services

Payment services in Hungary are regulated to ensure that consumers have access to secure and efficient payment systems. Some key points include:

  • Government Decree No. 263/2016 (VIII. 31.): Regulates payment account switching.
  • Government Decree No. 262/2016 (VIII. 31.): Establishes rules for access to payment accounts with basic features and the characteristics of and fees related to such accounts.

Insurance

Insurance regulations in Hungary are designed to ensure that consumers have access to accurate and timely information about their insurance policies. Some key points include:

  • Government Decree No. 44/2015 (III. 12.): Regulates liability insurance contracts of multiple agents and brokers.
  • Government Decree No. 437/2016 (XII. 16.): Establishes detailed rules relating to the complaint management procedure and complaint management regulation of insurance companies, multiple agents, and brokers.

Anti-Money Laundering

Anti-money laundering regulations in Hungary are designed to prevent and combat money laundering and terrorist financing. Some key points include:

  • Decree No. 21/2017 (VIII. 3.) NGM: Regulates the mandatory content elements of an internal regulation to be prepared pursuant to Act LIII of 2017 on the Prevention and Combating of Money Laundering and Terrorist Financing.

Other Regulations

Other regulations in Hungary include those related to commercial agents, official training, and examinations for financial services intermediaries. Some key points include:

  • Government Decree No. 65/2014 (III. 13.): Regulates commission payable to commercial agents under a long-term agency agreement.
  • Decree No. 40/2015 (XII. 30.) NGM: Regulates duties connected with official training and official examination for financial services intermediaries, insurance intermediaries, and capital market traders.

If you have any questions or need further clarification on any of these points, please don’t hesitate to ask!