Directives 2006/48/EC and 2006/49/EC containing the new capital requirements for credit institutions and investment firms (Capital Requirements Directives, CRD) specify disclosure requirements for supervisory authorities as well (Article 144 of Directive 2006/48/EC). in line with the EU regulation, the HFSA discloses the information specified in points e) through h) of Section 9 (1) of Act CXXXV of 2007 on its website.

To ensure the comparability of information to be disclosed by the Member States’ supervisory authorities, the Committee of European Banking Supervisors (CEBS) issued guidelines on supervisory disclosure (www.c-ebs.org/formupload/d9/d93f7421-6708-40a5-9a7e-90900e5502c1.pdf), in which it describes in detail the content of information to be disclosed in each topic.

The HFSA disclosed the information related to the Capital Requirement Directive (CRD) in the framework developed by CEBS. Said information can be accessed at the following address (in English): Supervisory Disclosure

Supervisory disclosure extends – among other things – to the Hungarian legal regulations implementing the provisions of CRD, options and national discretions, the recognised external credit assessment institutions and their credit ratings, the supervisory approval of the application of the internal rating based method, the aspects of internal capital adequacy assessment and supervisory review, as well as the related supervisory recommendations and methodological materials.

The information disclosed by the Member States’ supervisory authorities can be accessed on the CEBS website grouped by topic and summarised incomparative tables, too, at the following address: www.c-ebs.org/Supervisory-Disclosure.aspx

11 September 2008

Hungarian Financial Supervisory Authority