Exchange of views with ECON, IASB and IFRS Foundation

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.

Recommendation on the insurance requirements of FinTech companies

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).

The e-payment will be safer and more innovative

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.