On 19 March 2018 the annual exchange of views between the Committee on Economic and Monetary Affairs (ECON) of the European Parliament and the representatives of the IASB and the IFRS Foundation was significant in respect of information about IFRS 9 ‘Financial Instruments’ and IFRS 17 ‘Insurance Contracts’. During this annual exchange of views, the participants had the opportunity to discuss issues concerning the development of international accounting standards and their endorsement and application in Europe.
As of 1 July 2018, the provisions regulating the obligations of travel agencies in the Hungarian Commerce Act will be amended in order to comply with the EU directive on package travel and linked travel arrangements.
On 12 March 2018 the Hungarian National Bank (“MNB”) published its recommendation on the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance or other comparable guarantee. The addressees of recommendation are fintech companies, i.e. payment initiation service providers (PISPs) and account information service providers (AISPs).
On 8 March 2018 the European Commission unveiled its Fintech Action Plan for a more competitive and innovative European financial sector. One of the aims is to establish a unified regulatory framework for crowdfunding platforms that want to operate cross-border within the EU.
The European Commission released its Mid-Term Review of the Capital Markets Union Action Plan, proposing a more effective prudential and supervisory framework for investment firms as a part of the Commission’s REFIT programme, and in line with a mandate in the Capital Requirements Regulation (CRR).
Since the number of payment fraud cases have increased in the electronic payments in the previous years, the European Commission adopted stricter rules in November 2017 in order to make the electronic payments in shops and online safer, to reduce the number of frauds and to protect the confidential financial data of the users, especially relevant for online payments.