Authorisation of the foundation and operation of financial enterprises

The foundation of financial enterprises is subject to authorisation by the Magyar Nemzeti Bank which, at the same time specifies the company’s scope of activities and entitles the company to commence operations.

Kulcsszavak: financial enterprise, foundation, financial institution, scope of activities, company registration

The foundation of a financial enterprise or a financial enterprise incorporated as a branch requires the authorisation of the Magyar Nemzeti Bank (MNB). The authorisation granted for the foundation of a financial enterprise also contains permission to establish the scope of activities and to commence business operations. The holder of the MNB’s binding authorisation for the foundation and operation of a financial enterprise may request that the competent court of registration within 15 days register the enterprise in the company register. The company is considered established as of the day on which it is entered into the company register.

Applications for the authorisation of the foundation of financial enterprises and the relevant attachments must be submitted by economic operators acting as customers or their legal representatives through the MNB’s ‘ERA’ system (Electronic System for Receiving Authenticated Data). Detailed information on e-administration and on the substantive and formal requirements of electronic documents can be found on the MNB’s website under the following link:

Natural persons acting without a legal representative can choose between paper-based and e-administration, as explained in more detail under the following link:

Without authorisation, the provision of the statutorily defined financial services and ancillary financial services constitutes an unauthorised activity, and the MNB may commence a market surveillance procedure if it suspects any engagement in unauthorised financial activities.

If the MNB finds that an activity is performed without authorisation, it will

a) prohibit the activity,

b) initiate criminal proceedings if, in its opinion, a criminal offence is involved under the Act on the Criminal Code,

c) apply measures or exceptional measures, and/or

d) impose a market surveillance fine.

If the submitted application contains insufficient information, within 45 days of receipt of the application the MNB will request that the applicant to submit supplementary information. In the case of complete applications, the MNB will make a decision within three months of receipt of the application.

A detailed guide to the authorisation of the foundation and operation of financial enterprises can be found at

An FAQ (frequently asked questions and answers) page on the foundation of the scope of activities of financial enterprises can be accessed via the following link:

Information about the policies to be attached to the application for the foundation of financial enterprises can be found at

The authorisation procedure is subject to the payment of an administrative service fee of HUF 1,100,000.

Additional information about the administrative service fee is available under the following link:

Magyar Nemzeti Bank (MNB), Money and Capital Markets Licensing Department

The MNB’s decision (resolution or ruling) may not be appealed; however, customers whose rights or legitimate interests are directly affected by the decision may initiate administrative court proceedings within 30 (thirty) days of the disclosure of the resolution or ruling on the grounds of infringement, by submitting an application initiating proceedings to the Budapest-Capital Regional Court.

Legal representation is mandatory in the court proceedings. The application must be addressed to the Budapest-Capital Regional Court, and submitted electronically using under the following link:

The submission of the application has no suspensive effect on the enforceability of the decision or the ruling, but the customer may request interim relief. As a general rule, the court rules in the proceedings without holding a hearing; however, the customer may request a hearing in the application. If no hearing is requested, a hearing may not be requested later on during the appeal procedure.

An application for remedy may be lodged by any party who goes over a time limit or misses a legal deadline during the procedure for reasons beyond their control.

Additional general information about the authorisation procedure is available at

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Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises

Act V of 2013  on the Civil Code

Act CXXXIX of 2013 on the Magyar Nemzeti Bank (Central Bank of Hungary)

Decree No 14/2015 (V. 13.) MNB on the Administrative Service Fee of Certain Authorisation and Registration Procedures Performed by the Magyar Nemzeti Bank in the Framework of the Supervision of the Financial Intermediary System and with Regard to Trust Companies