Authorisation to found a credit institution

The payment institution surrenders its activity licence in accordance with the relevant legal provisions. The consent of the Magyar Nemzeti Bank (MNB) is required to surrender the licence.

Kulcsszavak: bank, cooperative society, specialised credit institution, branch office, qualifying holding, company registration

In their application for authorisation to found, credit institutions are required to include all information necessary for the assessment of their potential market entry. The court of registry procedure connected to the foundation can only commence once the MNB has issued its authorisation.

Applications for authorisation to found credit institutions 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 substantive and formal requirements of electronic documents can be found on the MNB’s website under the following link:

For founders who are natural persons electronic administration is an optional procedural form.

Natural persons who are not obliged to communicate electronically may submit their application, notification or other petition by using the prescribed electronic form introduced for the purpose of the application, notification or other petition concerned that is available in the ERA System, or the ÁNYK form introduced for the purpose of the application, notification or other petition concerned that is available on the dedicated storage space in the Central Client Registration Database, simultaneously uploading any other documents required by the MNB.

The ÁNYK forms are also available on the MNB’s website at:  

Natural persons continue to be entitled to submit applications in hard copy by using the standard forms available on the MNB’s website and attaching the annexes required by law. The standard forms are available via the following link:

The provision of financial services and ancillary financial services without authorisation constitutes a criminal offence, and the MNB may commence a market surveillance procedure if it suspects engagement in any 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 should 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 authorisation to found credit institutions is available at:

A Q&A page on the authorisation procedure of the activities of payment institutions can be found on the following link:

Information about the policies to be attached to the application for the authorisation of the foundation of credit institutions can be found at:

The authorisation procedure is subject to the payment of an administrative service fee of HUF 1,100,000.

Additional information about the administrative service fee is available under the following link:

Magyar Nemzeti Bank, 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 resolution or 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 a 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:

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Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises

Act CXXXIX of 2013 on the Magyar Nemzeti Bank (Central Bank of Hungary)

Decree No 14/2015 (V. 13.) MNB  on the Administrative Service Fee of Certain Authorisation and Registration Procedures Performed by the Magyar Nemzeti Bank in the Framework of the Supervision of the Financial Intermediary System and with Regard to Fiduciary Asset Management Companies