A financial enterprise may surrender its activity licence to the MNB if it provides evidence that it has no remaining liabilities arising from the provision of financial services or ancillary financial services. In order to surrender the licence, a procedure must be commenced, at the end of which the MNB withdraws the licence and initiates the company’s voluntary winding up or orders its liquidation. Consequently, after the withdrawal of the licence, the financial enterprise may no longer operate as a company.
Applications for the termination of the operations 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:
Although surrendering a company’s licence is a procedure commenced upon request, the MNB may also revoke the licence of a financial enterprise as a sanction if the authority establishes, in the framework of its supervisory activity, that the company’s operation does not comply with statutory requirements.
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 termination of the operations of financial enterprises can be found at https://www.mnb.hu/letoltes/1-2-3-1-engedelyezesi-utmutato-mukodesi-engedely-visszaadasa.pdf.
An FAQ (frequently asked questions and answers) page on the termination of the operations of financial enterprises can be accessed via the following link:
The procedure of terminating the operations of financial enterprises 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 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 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)