MNB revokes Hungária broker license

MNB

The National Bank of Hungary (MNB) said yesterday that it had revoked the operating license of broker Hungária and initiated its liquidation, thus enabling the compensation of its clients, according to Hungarian news agency MTI. 

Hungária is unable to pay its debts, and its property and assets are insufficient to cover settlement of its liabilities, the MNB said. Hungária’s clients will be compensated from the Investor Protection Fund (Beva) up to the equivalent of €20,000 each.

The MNB partially suspended Hungáriaʼs operating license on March 6, after discovering serious shortfalls in a targeted investigation. The central bank, also the market watchdog made a criminal report on the matter to the relevant authority.

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