MNB: Amendment to lift investor confidence

Telco

Jessica Fejos

Clients of investment companies operating in Hungary will be able to check their securities and equities account statements against data compiled by the market regulator from next year, the National Bank of Hungary (MNB) announced today (October 6) in a statement.

The building of the National Bank of Hungary. (Photo: Jessica Fejos)

Under an amendment to legislation, investment service providers must provide the MNB with information on a monthly basis, which can, in turn, be anonymously requested by investors, the statement reveals.

The central bank said that the change is expected to “strengthen client confidence in the financial sector”. Earlier this year, three independent Hungarian brokerages went insolvent, generating more than HUF 200 bln in losses.

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