A payment institution may surrender its activity licence if it provides evidence that it has no remaining liabilities arising from the provision of financial services, ancillary financial services or any other activity performed in the course of its operation.
In authorisation procedures, applications and notifications must be submitted, in addition to authenticated electronic copies of the relevant attachments, by using the electronic forms available on the ERA platform of the MNB’s website under the E-Administration / Licensing service. The MNB’s decisions, requests for supplementation, notices and other communications are delivered to financial institutions or their legal representatives via the customer’s electronic storage space.
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:
After the withdrawal of the activity licence the payment institution may no longer provide financial services. 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 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.
During the procedure commenced for the withdrawal of an activity licence upon request, the payment institution concerned must attach a statement – supported by documents (e.g. trial balance) – to the effect that it has no remaining liabilities arising from the provision of financial services, and the corporate decision on surrendering the activity licence.
Withdrawal of the activity licence of payment institutions upon request does not entail any fee payment obligation.
Magyar Nemzeti Bank (MNB), Money and Capital Markets Licensing Department
The MNB ruling terminating the procedure or resolution or rejecting the application 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 ruling/resolution on the grounds of infringement, by submitting an application to the Budapest-Capital Regional Court to initiate proceedings.
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: https://www.mnb.hu/felugyelet/engedelyezes-es-intezmenyfelugyeles/hatarozatok-es-vegzesek-keresese).
The submission of the application has no suspensive effect on the enforceability of the ruling terminating the procedure or resolution rejecting the application, 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.
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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)