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PM proposes former head to take over market watchdog

Prime Minister Viktor Orbán has proposed Károly Szász to head financial market regulator PSzÁF, the prime minister's spokesman Péter Szijjártó said on Thursday.

Szász headed PSzÁF between 2000 and 2004. PSzÁF's former chairman Ádám Farkas resigned effective June 30.

Orbán has made the proposal in a letter sent to President László Sólyom, Szijjártó said. “On our part, there is naturally nothing in the way of seeing PSzÁF's new chief take his post as soon as possible,” he added.

By law, the prime minister proposes the chairman of PSzÁF and the president makes the appointment for a mandate of six years.

Answering a question, Szijjártó confirmed the government's earlier position that Hungary needs a strong market watchdog that can protect people “from speculation”. (MTI-Econews)