Financial Regulatory Bodies in Hungary Keep a Watchful Eye on Service Providers

Introduction

The Hungarian National Bank (MNB) has launched a comprehensive public register containing data on financial service providers operating in the country. This move aims to ensure transparency and provide consumers with essential information about organizations and individuals licensed or registered by the MNB, as well as those subject to oversight by foreign regulatory authorities.

Requirements for Inclusion in the Public Register

According to Act CXXXIX of 2013, the register must include data on:

• Companies providing financial services in Hungary
• Investment fund managers
• Companies that have received warnings from the MNB or foreign peer authorities

This public database allows consumers and businesses to easily verify whether a financial service provider is operating legally in Hungary.

Benefits of the Public Register

The public register enables individuals to check whether a company they have dealings with holds the necessary license before engaging in any transactions. This provides an added layer of protection for consumers and helps prevent unauthorized activities.

Conclusion

Financial service providers are only permitted to offer their services in Hungary if they possess an MNB license or comply with registration requirements. The public register is an essential tool for ensuring compliance and providing transparency in the financial sector. By using this register, individuals can make informed decisions when dealing with financial service providers and ensure that they are operating legally in Hungary.