Lawmakers could debate changes to financial sector oversight rules

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The Hungarian Parliament could debate amendments to the legislation that would make the Hungarian investment market more efficient and transparent through an expedited procedure to addressed in April, Fidesz Caucus leader Antal Rogán told Hungarian economic daily Napi Gazdaság today.

According to Rogán, the National Bank of Hungary (MNB), which also acts as the market watchdog, needs more effective tools such as the power to conduct more frequent reviews and enact consumer protection measures, while oversight commissioners should to be able to check up on companies even after problems are cleared up.

He added that he is in agreement with allowing MNB to involve outside consultants, to enable more thorough reviews. Rogán confirmed that the government is making an effort to tighten oversight of the financial sector in the wake of scandals at two big Budapest brokerages.

Rogán added that the financial sector should compensate the holders of Quaestor Group bonds, and said that the state-owned Hungarian Development Bank (MFB) would be among those suffering damages from the brokerage's demise, given that guarantees for the bank's HUF 17 bln loan to the brokerage may not be sufficient.

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