A financial enterprise can only pursue activities that are permitted for financial enterprises by Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises (hereinafter: Credit Institutions Act) and are covered by its licence. Permitted financial services and other economic activities are defined in the Credit Institutions Act. The MNB’s authorisation is required for any amendment of a financial enterprise’s scope of activities. Active financial enterprises may add new activities, and the MNB may also limit its authorisation to specific business lines or products. If the financial enterprise later wishes to discontinue the business line or product limitation, the authorisation procedure must be recommenced.
Applications for the amendment of the scope of activities 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 formal requirements of electronic documents can be found on the MNB’s website 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 amendment of the scope of activities of financial enterprises can be found at https://www.mnb.hu/letoltes/1-2-5-1-engedelyezesi-utmutato-tevekenysegi-kor-modositasa.pdf.
An FAQ (frequently asked questions and answers) page on the amendment 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 amendment of the scope of activities of financial enterprises can be found at
The procedure to amend the scope of activities of a financial enterprise does not entail any fee payment obligation.
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 through the MNB’s form submission support service.
(The form submission support service can be accessed at:
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. The customer, however, may request a hearing in the application initiating the proceedings. 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 https://www.mnb.hu/felugyelet/engedelyezes-es-intezmenyfelugyeles/engedelyezes/tajekoztatok.
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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)