Compensation of Hungaria Értékpapír clients begins

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Compensation for the clients of failed brokerage Hungária Értékpapír began on Friday and clients will be entitles to apply for compensation over a period of one year, Hungarian news agency MTI reported. 

The National Bank of Hungary (MNB) revoked the brokerageʼs license one month ago, clearing the way for the compensation procedure. The MNB partially suspended the brokerage’s operating license early in March, after discovering serious shortfalls in a targeted investigation.

The central bank and market watchdog also filed a criminal report with the investigative authority. The brokerage’s clients will be compensated from the Investor Protection Fund (Beva) up to the forint equivalent of €20,000 each.

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