MNB to propose legislation tightening oversight

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.

Int'l Relations

All Hungarian University Students to Regain Erasmus Access by October, Official Says

ÁKK: Euro Adoption May Cut Hungary’s Debt Costs by 50%

Figures

Hungary’s Average Gross Earnings up 7.5% in July

Culture

Why More Families Choose the DSB Preparatory Class

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.