MNB levies HUF 43.5 mln in supervisory fines in Q1

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The National Bank of Hungary (MNB) levied a total of HUF 43.5 million in supervisory fines in the first quarter of the year, the central bank announced, according to Hungarian news agency MTI.

The MNB said that based on recent experience, its market supervisory activities will become “more proactive” to encourage issuers to voluntarily comply with rules and increase the transparency of the capital market. 

Gergő Szeniczey, MNB managing director for market supervision and consumer protection, noted that the central bank suspended trade in shares of ten companies from the start of the year, and the suspension is still in effect for six of these companies. 

In the future MNB will cooperate more closely with auditors and the Budapest Stock Exchange, hold on-site inspections without notice and attend general meetings to increase supervision, Szeniczey said. 

The central bank will even follow forums on the internet, track information on social media sites and “ follow a companyʼs business and legal lifecycle” to get a more detailed picture, he added. 

Szeniczey said the increased supervision is not aimed at levying bigger fines or enacting harsher sanctions, but to ensure that information is made available in a timely manner and is of sufficient quality to ensure equal opportunities for all investors.

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