MNB to propose legislation tightening oversight

Telco

The National Bank of Hungary (MNB) will propose legislation shortening the time between full checks of financial companies, tightening controls of auditors and requiring identification of clients in transactions involving clearing house KELER, deputy governor László Windisch told a parliamentary committee today, according to Hungarian news agency MTI.

Windisch told Parliament's economy committee that the central bank and financial market regulator would make the proposals in a legislation package.

Windisch addressed the committee in the wake of the Buda-Cash scandal, which involves losses thought to reach HUF 100 bln at the Buda-Cash brokerage and a number of banks with which it has ties.

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