FINTECH LEGAL REPOSITORY
Print
How can I get an activity licence?
The operation of all financial service providers, therefore also of FinTech firms requires a licence. In Hungary, the Magyar Nemzeti Bank can provide a licence for the legal operation of FinTech firms. Before acquiring the licence, we also help to get prepared!
PREPARATION ON YOUR OWN
Preparation and studying the legislation make the authorization process faster
REGULATORY PROCESS
We clarify together the legal questions
AGREEMENT ON THE CONDITIONS
Establishment of the forms of the cooperation, potential completion of documents
ACQUIRING THE LICENCE
Informing about the forms and the frequency of the control inquiries
Which rules are applicable to my activity?
- Legislation
- Act CXXXIX of 2013 on the Magyar Nemzeti Bank
- Act LIII of 2017 on the Prevention and Combating of Money Laundering and Terrorist Financing
- Act CCXXII of 2015 on the General Rules for Trust Services and Electronic Transactions
- Act XLVII of 2008 on the Prohibition of Unfair Business-to-Consumer Commercial Practices
- Act XLVIII of 2008 on the Basic Requirements and Certain Restrictions of Commercial Advertising Activities
- Act CVIII of 2001 on Electronic Commerce and on Information Society Services
- Act XXV of 2005 on the Distance Marketing of Consumer Financial Services
- Decree No. 46/2018 (XII. 17.) MNB on the Detailed Rules of Forms and Methods of Complaint Processing Procedures of Financial Organizations
- MNB Decree 26/2020. (VIII. 25.) on the detailed rules concerning the implementation of the Act on the Prevention and Combating of Money Laundering and Terrorist Financing, as applicable to service providers supervised by the MNB, and concerning the minimum requirements for the development and operation of the screening system under the Act on the Implementation of Restrictive Measures Imposed by the European Union and the UN Security Council Relating to Liquid Assets and Other Financial Interests
- Decree No. 14/2015 (V. 13.) MNB on the Administrative Service Fee of Certain Authorization and Registration Procedures Performed by the National Bank of Hungary in the Framework of the Supervision of the Financial Intermediary System and with Regard to Fiduciary Asset Management Companies
- Decree No. 21/2017 (VIII. 3.) NGM of the Minister for National Economy on the mandatory content elements of an internal regulation to be prepared pursuant to Act LIII of 2017 on the Prevention and Combating of Money Laundering and Terrorist Financing and Act LII of 2017 on the Implementation of Financial and Proprietary Restrictive Measures ordered by the European Union and the UN Security Council
Innovations related to lending
- Legislation
- Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises
- Act CXXII of 2011 on the Central Credit Information System
- Act CLXII of 2009 on Consumer Credit
- Act XXXVIII of 2014 on the Resolution of Questions Relating to the Uniformity Decision of the Curia Regarding Consumer Loan Agreements of Financial Institutions
- Act CXIII of 1996 on Home Savings and Loan Associations
- Act XXX of 1997 on Mortgage Loan Companies and on Mortgage Bonds
- Decree No. 56/2014 (XII. 31.) NGM of the Minister for National Economy on Rules of Information relating to Credits to Consumers
- Government Decree No. 462/2015. (XII. 29.) on the rules relating to the procedure for granting and negotiating mortgage loans, the provision of advisory services on credit, and the professional knowledge of the staff
- Decree No. 3/2016. (I. 7.) NGM of the Minister for National Economy on the rules of providing information on mortgage loans
- Government Decree No. 361/2009 (XII. 30.) on the conditions of circumspect retail lending and the verification of creditworthiness
- Government Decree No. 435/2016. (XII. 16.) on the detailed rules for the complaints mechanism for investment firms, payment institutions, electronic money institutions, voucher issuing undertakings, financial institutions and independent financial service intermediaries, and for their complaints mechanism policies
- Government Decree No. 83/2010 (III. 25.) on the Definition, Calculation and Announcement of the Annual Percentage Rate Indicator
- Recommendations, statements
- Recommendation 6/2017. (V. 30.) of the Magyar Nemzeti Bank on the negotiated restructuring process of claims against co-financed corporate borrowers
Peer-to-peer lending
Social scoring
- Legislation
- Decree No. 32/2014 (IX. 10.) MNB on the Regulation of the Debt Service-to-Income Ratios for Installment Payments and the Loan-to-Value Ratios
- Government Decree No. 361/2009 (XII. 30.) on the conditions of circumspect retail lending and the verification of creditworthiness
Intermediation
- Legislation
- Government Decree No. 462/2015. (XII. 29.) on the rules relating to the procedure for granting and negotiating mortgage loans, the provision of advisory services on credit, and the professional knowledge of the staff
- Decree No. 53/2016 (XII. 21.) NGM of the Minister for National Economy on General Rules of the Obligations to provide Preliminary Information by Intermediaries of Financial Services
- Government Decree No. 109/2010 (IV. 9.) on commission for intermediaries of financial services
- Government Decree No. 65/2014 (III. 13.) on commission payable to commercial agents under a long-term agency agreement
- Decree No. 40/2015. (XII. 30.) NGM of the Minister for National Economy on duties connected with official training and official examination for financial services intermediaries, insurance intermediaries and capital market traders
Innovations related to investments, savings
- Legislation
- Act CXX of 2001 on the Capital Market
- Act XVI of 2014 on Collective Investment Trusts and Their Managers, and on the Amendment of Financial Regulations
- Act CXXXVIII of 2007 on Investment Firms and Commodity Dealers, and on the Regulations Governing their Activities
- Act XXIII of 2003 on Settlement Finality in Payment and Securities Settlement Systems
- Decree No. 10/2009 (II. 27.) MNB on the Requirements for the Internal Regulations of the Central Securities Depository
- Decree No. 11/2009 (II. 27.) MNB on the Requirements for the Regulations of Organizations Pursuing Central Counterparty Activities Under the Act on the Capital Market
- Government Decree No. 435/2016. (XII. 16.) on the detailed rules for the complaints mechanism for investment firms, payment institutions, electronic money institutions, voucher issuing undertakings, financial institutions and independent financial service intermediaries, and for their complaints mechanism policies
- Government Decree No. 82/2010 (III. 25.) on calculating and announcing deposit interest rates and returns on securities
Robo-advisory
Personal financial management
Crowdfunding
Innovations related to payment services
- Legislation
- Decree No. 35/2017. (XII.14.) of the Governor of the Magyar Nemzeti Bank on Execution of Payment Transactions
- Act LXXXV of 2009 on the Pursuit of the Business of Payment Services
- Act CCXXXV of 2013 on Payment Service Providers
- Act CXVI of 2012 on Financial Transaction Duty
- Decree No. 35/2009 (XII. 28.) MNB on the Material, Technical, Security and Business Continuity Requirements Related to the Operation of the Payment System
- Decree No. 34/2009 (XII. 28.) MNB on Requirements for the Standard Service Agreement and Internal Regulations of Operators of the Payment System
- Government Decree No. 536/2013 (XII. 30.) on detailed rules of requirements for providing certain financial auxiliary services
- Government Decree No. 263/2016. (VIII. 31.) on payment account switching
- Government Decree No. 262/2016. (VIII. 31.) on access to payment accounts with basic features, and on the characteristics of and the fees related to payment accounts with basic features
Digital/mobile payment solutions
Innovations related to insurance, fund services
- Legislation
- Act LXXXVIII of 2014 on the Business of Insurance
- Act XCVI of 1993 on Voluntary Mutual Insurance Funds
- Act LXII of 2009 on Insurance Against Civil Liability in Respect of the Use of Motor Vehicles
- Act LXXXII of 1997 on Private Pensions and Private Pension Funds
- Act CXVII of 2007 on Occupational Retirement Pension and Institutions for Occupational Retirement Provision
- Decree No. 55/2015 (XII. 22.) MNB on the Calculation and Disclosure of the Total Costs Charged
- Decree No. 54/2015 (XII. 21.) MNB on the Maximum Technical Rate of Interest
- Decree No. 2/2019 (III. 28.) PM on the Form and Content Requirements Regarding the Information to be Provided to Clients in Connection with Unit-linked Life Insurance Policies
- Decree No. 21/2011. (VI. 10.) NGM of the Minister for National Economy on the bonus-malus system and being rated in it, and on the rules for issuing loss history certificates
- Government Decree No. 437/2016 (XII. 16.) on Detailed Rules relating to the Complaint Management Procedure and Complaint Management Regulation of Insurance Companies, Multiple Agents and Brokers
- Decree No. 20/2009 (X. 9.) PM of the Minister of Finance on motor vehicle categories applied for compulsory motor third party liability insurance
- Decree No. 34/2009 (XII. 22.) PM of the Minister of Finance on rules for means of confirmation of existence of compulsory motor third party liability insurance coverage of motor vehicles established in Hungary and of motor vehicles established in other Member States and with destination in Hungary
Intermediation
- Legislation
- Government Decree No. 65/2014 (III. 13.) on commission payable to commercial agents under a long-term agency agreement
- Decree No. 40/2015. (XII. 30.) NGM of the Minister for National Economy on duties connected with official training and official examination for financial services intermediaries, insurance intermediaries and capital market traders
- Government Decree No. 44/2015 (III. 12.) on the minimum content requirements of liability insurance contracts of multiple agents and brokers
- Legislation
- Act CXXXIX of 2013 on the Magyar Nemzeti Bank
- Act LIII of 2017 on the Prevention and Combating of Money Laundering and Terrorist Financing
- Act CCXXII of 2015 on the General Rules for Trust Services and Electronic Transactions
- Act XLVIII of 2008 on the Basic Requirements and Certain Restrictions of Commercial Advertising Activities
- Act CVIII of 2001 on Electronic Commerce and on Information Society Services
- Act XXV of 2005 on the Distance Marketing of Consumer Financial Services
- Decree No. 46/2018 (XII. 17.) MNB on the Detailed Rules of Forms and Methods of Complaint Processing Procedures of Financial Organizations
- MNB Decree 26/2020. (VIII. 25.) on the detailed rules concerning the implementation of the Act on the Prevention and Combating of Money Laundering and Terrorist Financing, as applicable to service providers supervised by the MNB, and concerning the minimum requirements for the development and operation of the screening system under the Act on the Implementation of Restrictive Measures Imposed by the European Union and the UN Security Council Relating to Liquid Assets and Other Financial Interests
- Decree No. 14/2015 (V. 13.) MNB on the Administrative Service Fee of Certain Authorization and Registration Procedures Performed by the National Bank of Hungary in the Framework of the Supervision of the Financial Intermediary System and with Regard to Fiduciary Asset Management Companies
- Decree No. 21/2017 (VIII. 3.) NGM of the Minister for National Economy on the mandatory content elements of an internal regulation to be prepared pursuant to Act LIII of 2017 on the Prevention and Combating of Money Laundering and Terrorist Financing and Act LII of 2017 on the Implementation of Financial and Proprietary Restrictive Measures ordered by the European Union and the UN Security Council
Innovations related to lending
- Legislation
- Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises
- Act CXXII of 2011 on the Central Credit Information System
- Act XXX of 1997 on Mortgage Loan Companies and on Mortgage Bonds
- Government Decree No. 462/2015. (XII. 29.) on the rules relating to the procedure for granting and negotiating mortgage loans, the provision of advisory services on credit, and the professional knowledge of the staff
- Decree No. 3/2016. (I. 7.) NGM of the Minister for National Economy on the rules of providing information on mortgage loans
- Government Decree No. 435/2016. (XII. 16.) on the detailed rules for the complaints mechanism for investment firms, payment institutions, electronic money institutions, voucher issuing undertakings, financial institutions and independent financial service intermediaries, and for their complaints mechanism policies
- Government Decree No. 83/2010 (III. 25.) on the Definition, Calculation and Announcement of the Annual Percentage Rate Indicator
- Recommendations, statements
- Recommendation 6/2017. (V. 30.) of the Magyar Nemzeti Bank on the negotiated restructuring process of claims against co-financed corporate borrowers
Peer-to-peer lending
Social scoring
Intermediation
- Government Decree No. 462/2015. (XII. 29.) on the rules relating to the procedure for granting and negotiating mortgage loans, the provision of advisory services on credit, and the professional knowledge of the staff
- Decree No. 53/2016 (XII. 21.) NGM of the Minister for National Economy on General Rules of the Obligations to provide Preliminary Information by Intermediaries of Financial Services
- Government Decree No. 109/2010 (IV. 9.) on commission for intermediaries of financial services
- Government Decree No. 65/2014 (III. 13.) on commission payable to commercial agents under a long-term agency agreement
- Decree No. 40/2015. (XII. 30.) NGM of the Minister for National Economy on duties connected with official training and official examination for financial services intermediaries, insurance intermediaries and capital market traders
Innovations related to investments, savings
- Legislation
- Act CXX of 2001 on the Capital Market
- Act XVI of 2014 on Collective Investment Trusts and Their Managers, and on the Amendment of Financial Regulations
- Act CXXXVIII of 2007 on Investment Firms and Commodity Dealers, and on the Regulations Governing their Activities
- Act XXIII of 2003 on Settlement Finality in Payment and Securities Settlement Systems
- Act XXIII of 2003 on Settlement Finality in Payment and Securities Settlement Systems
- Decree No. 10/2009 (II. 27.) MNB on the Requirements for the Internal Regulations of the Central Securities Depository
- Decree No. 11/2009 (II. 27.) MNB on the Requirements for the Regulations of Organizations Pursuing Central Counterparty Activities Under the Act on the Capital Market
- Government Decree No. 435/2016. (XII. 16.) on the detailed rules for the complaints mechanism for investment firms, payment institutions, electronic money institutions, voucher issuing undertakings, financial institutions and independent financial service intermediaries, and for their complaints mechanism policies
- Government Decree No. 82/2010 (III. 25.) on calculating and announcing deposit interest rates and returns on securities
Robo-advisory
Wealth management platforms
Crowdfunding
Innovations related to payment services
- Legislation
- Decree No. 35/2017. (XII.14.) of the Governor of the Magyar Nemzeti Bank on Execution of Payment Transactions
- Act LXXXV of 2009 on the Pursuit of the Business of Payment Services
- Act CCXXXV of 2013 on Payment Service Providers
- Act CXVI of 2012 on Financial Transaction Duty
- Decree No. 35/2009 (XII. 28.) MNB on the Material, Technical, Security and Business Continuity Requirements Related to the Operation of the Payment System
- Decree No. 34/2009 (XII. 28.) MNB on Requirements for the Standard Service Agreement and Internal Regulations of Operators of the Payment System
- Government Decree No. 536/2013 (XII. 30.) on detailed rules of requirements for providing certain financial auxiliary services
- Government Decree No. 263/2016. (VIII. 31.) on payment account switching
Digital/mobile payment solutions
Innovations related to insurance services
- Legislation
- Act LXXXVIII of 2014 on the Business of Insurance
- Act LXII of 2009 on Insurance Against Civil Liability in Respect of the Use of Motor Vehicles
- Decree No. 55/2015 (XII. 22.) MNB on the Calculation and Disclosure of the Total Costs Charged
- Decree No. 54/2015 (XII. 21.) MNB on the Maximum Technical Rate of Interest
- Decree No. 21/2011. (VI. 10.) NGM of the Minister for National Economy on the bonus-malus system and being rated in it, and on the rules for issuing loss history certificates
- Government Decree No. 437/2016 (XII. 16.) on Detailed Rules relating to the Complaint Management Procedure and Complaint Management Regulation of Insurance Companies, Multiple Agents and Brokers
- Decree No. 20/2009 (X. 9.) PM of the Minister of Finance on motor vehicle categories applied for compulsory motor third party liability insurance
- Decree No. 34/2009 (XII. 22.) PM of the Minister of Finance on rules for means of confirmation of existence of compulsory motor third party liability insurance coverage of motor vehicles established in Hungary and of motor vehicles established in other Member States and with destination in Hungary
Intermediation
- Legislation
- Government Decree No. 65/2014 (III. 13.) on commission payable to commercial agents under a long-term agency agreement
- Decree No. 40/2015. (XII. 30.) NGM of the Minister for National Economy on duties connected with official training and official examination for financial services intermediaries, insurance intermediaries and capital market traders
- Government Decree No. 44/2015 (III. 12.) on the minimum content requirements of liability insurance contracts of multiple agents and brokers
Innovations related to complying with prudential requirements
- Legislation
- REGULATION (EU) No 575/2013 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012
- Decree No. 36/2017 (XII. 27.) MNB on the Rules of Electronic Communication in Administrative Proceedings before the National Bank of Hungary
- Decree No. 57/2015 (XII. 22.) MNB on the Conditions for Establishing a Countercyclical Capital Buffer and on the Countercyclical Capital Buffer Rate
- Decree No. 35/2015 (IX. 24.) MNB on the Minimum Level of Liquidity Ratio of Credit Institutions
- Decree No. 20/2015 (VI. 29.) MNB on the Regulation of the Forint Maturity Matches of Credit Institutions
- Decree No. 14/2014 (V. 19.) MNB on the Amendment Regulation of Credit Institutions’ Foreign Currency Position Maturity Match and the Amendment of Decree No. 43/2013 (XII. 29.) MNB on the Reporting Obligations of Money and Credit Market Institutions to the Central Bank Information System with the Primary View of the Performance of the Supervisory Tasks of the National Bank of Hungary
- Decree No. 10/2014 (IV. 3.) MNB on Capital Requirements, Unrealized Gains and Losses Measured at Fair Value, Related Deductions and Acquired Rights in Capital Instruments
- Decree No. 39/2014 (X. 9.) MNB on the Rules Related to the Calculation, Record Keeping and Disclosure of the Discounted Value of Performance Based Remuneration
- Decree No. 25/2015 (VII. 30.) MNB on the Approximation of Common Currency Mismatches Between Assets and Liabilities of Credit Institutions
- Decree No. 39/2016 (X. 11.) MNB on Prudential Requirements Relating to Exposures in Default and Restructured Receivables
- Decree No. 40/2016 (X. 11.) MNB on the Prudential Requirements for the Rating of Customers and Partners, and for Collateral Valuation
- Decree No. 58/2015 (XII. 22.) MNB on the Static Data Reporting Obligation of Persons and Organizations Falling under the Supervision of the Financial Intermediary System
Innovations related to inner processes and systems
- Legislation
- Government Decree No. 42/2015. (III. 12.) on protecting the information system of financial institutions, insurance undertakings, reinsurance undertakings, investment firms and commodity dealers
- Recommendations, statements
- Recommendation 12/2020. (XI.6.) of the Magyar Nemzeti Bank on the information security requirements of teleworking and remote access
- Recommendation 8/2020. (VI.22.) of the Magyar Nemzeti Bank on the protection of information systems
- Recommendation 4/2019 (IV. 1.) of the Magyar Nemzeti Bank on the usage of community and public cloud computing services
RegTech
Artificial Intelligence
Big Data
LegalTech
Innovations related to data management and supervisory reporting
- Legislation
- MNB Decree No. 27/2017. (XI. 21.) on the reporting obligations for the central bank information system to be fulfilled primarily in the relation to carry out the basic tasks of the Magyar Nemzeti Bank
- Act C of 2000 on Accounting
- Decree No. 58/2015 (XII. 22.) MNB on the Static Data Reporting Obligation of Persons and Organizations Falling under the Supervision of the Financial Intermediary System
Account information services
- Legislation
- Decree No. 35/2017. (XII.14.) of the Governor of the Magyar Nemzeti Bank on Execution of Payment Transactions
- Act LXXXV of 2009 on the Pursuit of the Business of Payment Services
- Act CCXXXV of 2013 on Payment Service Providers
- Decree No. 35/2009 (XII. 28.) MNB on the Material, Technical, Security and Business Continuity Requirements Related to the Operation of the Payment System
- Decree No. 34/2009 (XII. 28.) MNB on Requirements for the Standard Service Agreement and Internal Regulations of Operators of the Payment System
Big Data