Working group to address capital-market abuses

Deals

The National Bank of Hungary (MNB), the Interior Ministry, the Chief Prosecutor, the National Police Headquarters and the National Tax and Customs Authority (NAV) want to establish a joint working group to better crack down on abuses on money and capital markets...

The decision to establish the working group was taken as the result of a conference held on Thursday, the MNB said.

“Coordinating the work of organizations participating in the working group could significantly increase the efficiency of action taken to uncover and crack down on illegal activities and to fight market capital market abuse,” the MNB said.

The working group will coordinate professional consultations between its participants as well as operative measures linked to specific cases, it added.

The announcement came two days after the MNB fined eleven banks a combined HUF 9.5 billion for cartel activity during an early payback scheme for borrowers with forex-based loans that ran from late 2011 to early 2012.

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