Minor changes regarding the administrative fees of the National Bank of Hungary

As of 1 July 2018, the National Bank of Hungary (NBH) with its Decree No. 18/2018 (V.31). amended the Decree No. 15/2105 (V.13) (hereinafter: Decree) on the administrative service fees of the authorization and registration procedures. According to the Decree, the registration fee for the newly emerging account information service providers (AISP) entering the market due to the implementation of PSD2 will be HUF 800,000. The registration fee for the similarly new-to-market data service providers under MiFID II, such as APAs, ATMs and CTPs which are not supervised by NBH will be HUF 600,000.

In addition, the Decree tailored the provisions of registration fees to the changes occurred due to the entry into force of the new Insurance Act (Act LXXXVIII of 2014). According to the previous provisions, the foundation of a business association to engage in independent insurance mediation activities in a third country as well as the acquisition of a qualifying interest in such company required an authorization from the NBH, therefore the Decree contained authorization fees for these proceedings before. As of 1 January 2016, the new Insurance Act narrowed the scope of the cases where authorization of the NBH is necessary, thus now it is enough if the acts listed above are reported to the NBH. Amendment of the Decree therefore repealed the provisions regarding authorization fees in respect of the above mentioned cases, while in other cases where the authorization or registration is still required (foundation of insurance companies, commencement of insurance activity, commencement of broker’s or multiple agent’s activities, employment of a natural person for the management of activities of multiple agents and brokers) amounts of the authorization and registration fees remained unchanged.

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