Hungarian government submits bill to fine-tune financial system regulations

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Hungaryʼs economy minister submitted a bill to lawmakers yesterday that would help fine-tune regulations governing the countryʼs financial intermediary system and transpose European Union directives into national law, Hungarian news agency MTI reported this morning.

“The goal of the bill is a revision of some elements of regulations concerning the system of financial intermediation as well as the implementation of some European Union legal measures in national law,” according to the justification of the proposed legislation.

The bill contains changes to rules affecting the areas of lending, capital markets, insurance and pension funds, and these changes require that amendments also be made to the law on the National Bank of Hungary (MNB) which is in charge of oversight of the financial sector.

The bill would establish two categories for securities in the capital markets act based on risk to make evaluation criteria “more precise and easier to track”.

It would also allow the bourse to operate “sub-markets tailored to the needs of SMEs” such as crowdfunding platforms.

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