Economy ministry to propose heavier fines for investment companies

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The National Economy Ministry (NGM) today said that it is planning to submit an amendment, jointly with the National Bank of Hungary (MNB), that will introduce stricter sanction rules, under which the supervisory authority could impose heavier fines, and would also clarify the definition of goodwill, Hungarian news agency MTI reported.

MNB earlier said that it is initiating legal changes for tighter oversight controls. According to the news agency, this would involve shortening the time between comprehensive reviews of financial institutions to three years from the present five.

The ministry confirmed to MTI in a statement that the planned amendment would also concern investment service providers in addition to credit institutions. The ministry added that the amendment would also specify more clearly the criteria those appointed to leading positions of financial institutions must conform to.

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