EN 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 8 May 2009 
on alignments of the Magyar Nemzeti Bank’s legal framework to new administrative rules 
(CON/2009/44)  
 
Introduction and legal basis  
On 22 April 2009 the European Central Bank (ECB) r eceived a request from the Hungarian Ministry of 
Finance for an opinion on a draft law1 (hereinafter the ‘draft law’ ) amending Law LVIII of 2001 on the 
Magyar Nemzeti Bank2 (hereinafter the ‘Law on the MNB’). 
The ECB’s competence to deliver an  opinion is based on Article 105(4) of the Treaty establishing the 
European Community and the third 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 
provisions3, as the draft law relates to the Magyar Nemz eti Bank (MNB). 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 
On 15 December 2008 the Hungarian Parliament accepte d certain amendments to the Law on the general 
rules for administrative proceedings and services4 (‘Law on administrative proceedings’) with a view to 
making administrative proceedings smoother, faster and more efficient. Since the Law on administrative proceedings is a general code, the relevant legal act s need to be amended and harmonised with the new 
rules under the draft law. Concerning the Law on the MNB the draft law aims to: 
(a) align the MNB’s legal framework with  the Law on administrative proceedings,  
(b) create uniform rules for the MNB’s administrative proceedings, 
(c) establish the MNB’s right to impose sanctions,  (d) authorise the MNB’s Governor to establish  the fees payable for the MNB’s proceedings. 
 
                                                     
 
1  Draft law T/9354 on the amendment of several acts in connec tion with the entry into forc e of Law CXI of 2009 amending 
Law CXL of 2004 on the general rules for administrative pr oceedings and services and with the transposition of  
Directive 2006/123/EC of the European Parliament and of the Council of 12 December 2006 on services in the internal 
market, OJ L 376, 27.12.2006, p. 36. 
2  Magyar Közlöny 2001. VII. 5. 
3 OJ L 189, 3.7.1998, p. 42. 
4  Magyar Közlöny 2004. XII. 28.  
2 2. General observations 
The ECB has no objections to the Law on administrativ e proceedings in the matters and subject to the 
particular rules specified in the Law on the MNB, provided it does not jeopardise the MNB’s 
independence. The ECB understands that the draft law does not affect the MNB’s ability to adopt 
monetary policy decisions and that the obligation of  professional secrecy under Article 38.1 of the Statute 
of the European System of Central Banks and of  the European Central Bank is fully respected.  
 
3. Specific observations 
Sanctions of the MNB 
3.1  According to the proposed Article 29/C and 29 /D to be added to the Law on the MNB, the MNB 
may take the measures prescribed in the Law on administrative proceedings and impose fines (hereinafter referred to collectively as ‘sanctions’)  for any infringement of the legislation listed in 
the proposed new Article 29(1) or of the MNB’s administrative decisions by any inspected organisations or persons on beha lf of such organisations. The ECB understands that the new 
sanctioning powers apply in the following areas: payment and settlement systems, including securities settlement systems; cash processing; statistical compliance under the central bank 
information system; compliance with minimum r eserve requirements; prevention of counterfeiting 
of legal tender and of money laundering. The E CB welcomes the fact that once the draft law is 
enacted the MNB will be authorised to impose san ctions directly. The ECB also notes that any 
widening of the MNB’s powers has to be suppor ted by providing it with sufficient human and 
financial resources, both in terms of quantity an d quality, to carry out its new tasks without 
affecting its capacity to carry out its tasks rela ted with the European System of Central Banks. 
Fee regime 
3.2  According to the proposed subparagraph i) to  be inserted into Article 60(1) of the Law on the 
MNB, the Governor will be authorised - in contrast  to under the general rules - to regulate alone in 
a decree the amount of the administrative servi ce fee charged for any MNB proceedings requested 
(with certain exceptions) and the rules relating to  the payment of such fees. The ECB welcomes 
this new power. 
Miscellaneous 
3.3  The ECB understands that the remaining rules of  the draft law amending ot her various legal acts do 
not affect the MNB’s independence. 
 
3 This opinion will be published on the ECB’s website.  
  Done at Frankfurt am Main, 8 May 2009. 
 
[signed] 
 
The President of the ECB 
Jean-Claude TRICHET