MNB bans investment service providers from conducting unauthorized activity

Analysis

Different Choice FBC, registered in the Republic of Seychelles, and Forex Club, registered in the Republic of Panama, have been banned effective immediately from conducting unlicensed investment service activities and acting as agents in Hungary, the central bank said today in a statement.

The MNB has established as part of its ongoing supervisory procedure that the two companies allegedly conducted investment service and supplementary activities in Hungary without an operating license and acted as agents without having fulfilled their notification obligation, Hungarian news agency MTI said.

The central bank called the ban an interim measure and is expected to publish information on the results of the supervisory procedure and any further sanctions on its website when the procedure against the companies has been completed.

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