This section provides information on:
Laws and regulations adopted in Hungary in the field of prudential regulation including the implementation of the provisions of the Directives 2006/48/EC and 2006/49/EC.

Tables of information:

1. Laws, Regulations and Administrative Rules:

• Transposition of Directive 2006/48/EC
• Transposition of Directive 2006/49/EC

2. External Credit Assessment Institutions' (ECAI) Recognition Process

3. Guidance for Model Validation

4. Guidance for Model Approval

5. Slotting Criteria

6. Other CRD disclosure requirements:

• Specific Treatment of Securitisations
• Disclosure on Waivers for Solo Supervision

7. Additional information

8. Supervisory Disclosure on Reporting (implementation questions on Reporting Frameworks)

• Use of the Guidelines on Common Reporting

• Use of the Guidelines on Financial Reporting (will be completed shortly)

• SD Detailed information COREP

Laws and regulations transposing Directive 2006/48/EC:

• Act No. CXii of 1996 on Credit institutions and Financial enterprises

• Act No. li of 2007 on the Amendment to Act No. CXii of 1996 on Credit institutions and Financial enterprises

• Government Decree No. 196/2007 on the Management of Credit risk and the Calculation of Credit Risk Capital Requirement

• Government Decree No. 200/2007 on the Management of Operational risk and the Calculation of Operational Risk Capital Requirement

• Government Decree No. 380/2007 on the Calculation of Capital Requirement for Securitisation

• Government Decree No 381/2007 on the Management of Counterparty credit risk

• Finance Minister's Decree No. 27 of 2007 on consolidated own funds and the calculation of consolidated capital requirements

• Government decree No. 234/2007 on disclosure requirements

Laws and regulations transposing Directive 2006/49/EC:

• Act No. CXXXViii of 2007 on investment firms and commodities firms and on the pursuit of business

• Act No. CXX of 2001 on capital market

• Act No. lii of 2007 on the Amendment to Act No. CXX of 2001 on capital market

• Government Decree No 244 of 2000 on the management of trading book positions, exposures, the control of large exposures and the calculation of foreign exchange risk capital requirement

• Government Decree No. 345 of 2007 on the amendment to Government Decree No. 244 of 2000

• Government Decree No. 169/2008 on the Management of Operational risk and the Calculation of Operational Risk Capital Requirement

• Government decree No. 164/2008 on disclosure requirements

Administrative rules. For the purpose of disclosure they are understood as instructions to supervised entities to fulfil certain legislative and regulatory requirements.

General guidance includes explicit disclosure requirements of the Directives 2006/48/EC and 2006/49/EC and explanations deemed necessary to set out how the rules should be applied by institutions. Additionally, such guidance covers any other relevant information that HFSA may wish to release in order to enhance the understanding of the new capital adequacy framework.

• Validation Guidelines on the implementation, assessment and approval of internal Ratings Based Approaches and Advanced Measurement Approaches

• Guideline on the internal Capital Adequacy Assessment Process

• Guideline on the Supervisory Review and Evaluation Process

• Recommendation No. 1/2008 of the Board of the Hungarian Financial Supervisory Authority on the recognition of external credit assessment institutions and their assessments

• Dear CEO Letter No. 7/2007 for the Chief Executive Officers of credit institutions and investment enterprises applying the standard method for determining the credit risk capital requirement

• Methodological guideline No. 2/2008 on the management of interest rate risk

• Methodological guideline No. 5/2008 on the governance and risk management in financial groups

• Methodological guideline No. 3/2008 on the application of COREP tables