Financial Crime World

Hungarian Government Decrees Related to Financial Services

Overview of Hungarian Government Decrees

The following is a summary of key points from various government decrees related to financial services in Hungary:

Consumer Credit Regulations

  • Decree 56/2014 (XII. 31.) NGM: Sets rules for information relating to consumer credits, including mandatory content elements and disclosure requirements.
  • Decree 3/2016 (I. 7.) NGM: Establishes rules for providing information on mortgage loans, including mandatory content elements and disclosure requirements.

Mortgage Loan Procedures

  • Government Decree 462/2015: Regulates mortgage loan procedures, advisory services on credit, and professional knowledge of staff members in financial institutions.

Retail Lending Regulations

  • Government Decree 361/2009 (XII. 30.): Outlines conditions for circumspect retail lending and verification of creditworthiness.

Financial Auxiliary Services

  • Government Decree 536/2013 (XII. 30.): Details rules for providing financial auxiliary services, including minimum content requirements and disclosure obligations.

Unit-Linked Life Insurance Products

  • Decree 33/2002 (XI. 16.) PM: Regulates the form and content of information provided to customers in respect of unit-linked life insurance products.

Bonus-Malus System

  • Decree 21/2011 (VI. 10.) NGM: Establishes rules for the bonus-malus system, including rating requirements and loss history certificates.

Complaints Mechanisms

  • Government Decree 435/2016: Regulates complaints mechanisms for financial institutions, payment service providers, and investment firms.
  • Government Decree 437/2016: Regulates complaints mechanisms for insurance companies, multiple agents, and brokers.

Payment Account Switching

  • Government Decree 263/2016: Establishes rules for payment account switching, including requirements for notification and consumer protection.

Anti-Money Laundering Regulations

  • Decree 21/2017 (VIII. 3.) NGM: Sets mandatory content elements of an internal regulation to be prepared pursuant to anti-money laundering legislation.

Deposit Interest Rates and Returns on Securities

  • Government Decree 65/2014 (III. 13.): Outlines rules for calculating and announcing deposit interest rates and returns on securities.

Official Training and Examination for Financial Services Intermediaries

  • Decree 40/2015. (XII. 30.) NGM: Establishes duties connected with official training and examination for financial services intermediaries, insurance intermediaries, and capital market traders.

Access to Payment Accounts with Basic Features

  • Government Decree 262/2016: Regulates access to payment accounts with basic features, including characteristics of and fees related to such accounts.

Compulsory Motor Third-Party Liability Insurance

  • Decree 20/2009 (X. 9.) PM: Establishes motor vehicle categories applied for compulsory motor third-party liability insurance.
  • Decree 34/2009 (XII. 22.) PM: Regulates means of confirmation of existence of compulsory motor third-party liability insurance coverage of motor vehicles established in Hungary and other Member States.

Liability Insurance Contracts for Multiple Agents and Brokers

  • Government Decree 44/2015: Sets minimum content requirements of liability insurance contracts for multiple agents and brokers.

Protection of Information Systems

  • Government Decree 42/2015: Outlines rules for protecting the information system of financial institutions, insurance undertakings, reinsurance undertakings, investment firms, and commodity dealers.