EN         ECB -PUBLIC 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK  
of 3 June  2013  
on the new supervisory tasks of the Magyar Nemzeti Bank  
(CON/2013/ 40) 
 
Introduction and legal basis  
On 16 May  2013, the European Central Bank (ECB) received a request from the Hungarian Ministry for 
the N ational Economy (hereinafter the ‘consulting authority’) for an opinion on a draft law amend ing 
several financial -law related legal acts (hereinafter ‘the draft law’).  
The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the  Treaty on the 
Functioning of the European Union, and the third  and fifth indent of Article  2(1) of Council Decision 
98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national authorities 
regarding draft legislative provisions1, as the draft law concerns rules applicable to the Magyar Nemzeti  
Bank (MNB)  and to payment and settlement systems. In accordance with the first sentence of Article 17.5 
of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.  
 
1.  Purpose of the draft law  
1.1  The consultation request states that the Law on the MNB needs to be amended in order to 
harmonise Hungarian law with Regulation (EU) No 648/2012 of the European Parliament and of 
the Council of 4 July 20 12 on OTC derivatives, central counterparties and trade repositories2 
(hereinafter ‘EMIR’), as well as with Regulation (EU) No 260/2012 of the European Parliament 
and of the Council of 14 March 2012 establishing technical and business requirements for cred it 
transfers and direct debits in euro3 (hereinafter ‘SEPA’)4. To this end, t he draft law amends several 
Hungarian laws ; furthermore , it also contains provisions concerning other aspects go ing beyond the  
harmonisation of national legislation , as described in the follow ing.  
1.2  The draft law contains amendment s of the Law on credit institutions and financial enterprises5, 
which  aim, inter alia , to regulate the market for, and the issu ing, redemption, and supervision of 
activities and enterprises involved i n issu ing negotiable vouchers  not constituting legal tender  
                                                           
1  OJ L 189, 3. 7.1998, p. 42. 
2  OJ L 201, 27.7.2012, p. 1. 
3  OJ L 94, 30.3.2012, p. 22. 
4  Articles 14(1), 15(1), 18, 20, 20(1), 35, 41(1), 49(1), 54(1) of EMIR and Article 10 of SEPA. 
5  Law CXII of 1996. 
ECB -PUBLIC 
2 (hereinafter ‘negotiable vouchers ’), and it also contains rules on the role of the MNB as the 
competent authority for regist ering  and supervis ing entities issuing negotiable vouchers . 
1.3  The dra ft law purports to amend s everal laws governing specific segments of the financial markets, 
including  inter alia the Law on capital markets6, the Law on settlement finality in payment and 
securities settlement systems7, the Law on investment firms and comm odity exchange service 
providers and the rules of their activities8, the Law on consumer credit9, the Law on the Financial 
Supervisory Authority10, the Law on the financial stability of Hungary11, and the Law on the 
MNB12. 
1.4 The draft law purports to amend  the following aspects of  the Law on the MNB : (i) the scope of 
central bank audit of the issuers of negotiable vouchers ; (ii) the sanctions that may be imposed by 
the MNB where it establishes a breach of applicable rules during a central bank audit ; (iii) t he 
deadlines for certain administrative proced ures carried out by the MNB ; and ( iv) the scope of  the 
legislative power s of the Governor of the MNB.  
 
2.  General observations  
2.1 Appropriate time to consult the ECB  
The request  for an urgent opinion was justified by the consulting authority by the fact that the 
Hungarian Parliament intended to adopt the draft law in the course of May . 
According to Article  4 of Decision 98/415/EC the ECB must be consulted at an appropriate stage 
in the legislative process. This implies that the consultation should take place at a point in the 
legislative process that a llows the ECB sufficient time to examine the draft legislative provisions 
and adopt its opinion, and the national authorities to take into account the ECB’s views  in 
accordance with Decision 98/415/EC. Therefore, the ECB would appreciate the consulting authority honouring its obligation to consult the ECB in good time in future.  
2.2 Scope of the consultation  
Article  2(1) of Decision 98/415/EC provides that national  authorities shall consult the ECB on any 
draft legislative provision within its field of competence pursuant to the Treaty. Article  2(1) of 
Decision 98/415/EC contains a non -exhaustive list of matters which fall within the ECB’s field of 
competence, and on which t he ECB must be co nsulted by national authorities . 
                                                           
6  Law CXX of 2001.  
7  Law XXIII of 2003. 
8  Law CXXXVIII of 2 007. 
9  Law CLXII of 20 09. 
10  Law CLVIII of 2010. 
11  Law CXCIV of 2011. 
12  Law CCVIII of 2011. 
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3 While the draft law contains 111 articles, t he consulting authority requested the ECB’s opinion 
only in respect of Articles  99 to 105 of the draft law13. The consulting authority is invited to 
caref ully consider whether any of the other provisions of the draft law are subject to  the 
requirement to consult  the ECB. 
Given the urgent nature of the consultation request, the ECB has considered only the provisions on 
which its opinion was requested14. 
 
3. Specific observations  
3.1 Changes to the legal framework of the MNB  
The draft law again purports to amend the recently adopted Law on the MNB15. The frequency of 
amendments to the Law on the MNB has been criticised in previous ECB Opinions16, as it  does not 
provide the solid legal framework necessary  for the central bank’s functioning. 
The ECB again emphasises its preference for addressing the outstanding  issues17 concerning the 
strengthening of the MNB’s independence as part of the present parliamentary proced ure on 
amendments to the Law on the MNB , in order to avoid the need for further amendments at a later 
stage.  
3.2 Harmonisation of national legislation and additional provisions  
3.2.1  In accordance with Decision 98/415/EC, this opinion is limited to those provisions of the draft law 
which relate to the MNB and which go beyond harmonisation of national law with EMIR and SEPA.  
3.2.2  While the EBC welcomes in general the fact that , under the draft law,  the MNB is appointed as the 
competent authority responsible for ensuring compliance with SEPA, it notes that Article  10 of 
SEPA provides that  each Member State was to designate its  competent authority by 1 February 
2013.  
3.2.3  The ECB welcomes the fact that the Hungarian market for negotiable vouchers  is to be regulated , 
and understands that : (a) negotiable vouchers do not fall within the scope of Directive 2007/64/EC 
of the European Parliament and of the Council of 13 November 2007 on payment services in the 
internal market
18; and ( b) regulation of this area will clearly define the central bank’s role by  
providing for  that the MNB is responsible for  regist ering  and supervis ing entities involved in 
issuing  negotiable vouchers , thereby ensuring consumer protection in this area . 
                                                           
13  Article 106, which was not the subject of the consultation request, also purports to amend the Law on the MNB. Articles 
2, 3, 12, 49 and 73 of the draft law a lso concern the role of MNB. 
14  I.e. Articles 99 to 105 of the draft law. 
15  The new Law on the MNB came into effect on 1 January 2012. 
16  See, for example, CON/2010/91, CON/2011/104 and CON/2012/43. All ECB opinions are published on the ECB’s 
website at w ww.ecb.europa.eu. 
17  See CON/2011/104, CON/2011/106 and CON/2012/43,  as well as section 6.5 of the ECB’s May 2012 Convergence 
Report , and Section 6.6 of the May 2010 Convergence Report. 
18  OJ L 319, 5.12.2007, p. 1. 
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4 3.2.4  As regards the amendment of the l egislative powers of the Governor of the MNB, the ECB would 
like to point out , in line with the point made  in paragraph  2.2, that draft national legis lation 
prepared for adopt ion by the Governor of the MNB falls within the competence of the ECB and is 
therefore  subject to the consultation requirement, in accordance with  the provisions of Decision 
98/145/EC.  
 
This opinion will be published on the ECB’s website.  
  
Done at Frankfurt am Main, 3 June 2013.  
 
[signed]  
 
The President of the ECB  
Mario DRAGHI