Financial Supervisory Authority |
Financial Supervisory Authority- Constitution of Hungary |
ChapterVIII/A - Hungarian Financial Supervisory Authority
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Article 40/D |
(1) The Pénzügyi Szervezetek Állami Felügyelete is the body responsible for oversight, monitoring and regulation of the financial intermediation system of the Republic of Hungary. The Pénzügyi Szervezetek Állami Felügyelete shall be responsible to ensure the smooth functioning of the financial intermediation system. |
(2) The President of the Pénzügyi Szervezetek Állami Felügyelete shall be appointed by the President of the Republic for a term of six years, and the vice presidents are appointed by the Prime Minister also for a term of six years. |
(3) The President of the Pénzügyi Szervezetek Állami Felügyelete shall report to Parliament on the work of the Authority on an annual basis. |
(4) The President of the Pénzügyi Szervezetek Állami Felügyelete shall within the framework of his responsibilities and duties issue decrees under authorization by an act, which may not be contradictory to any act or government decree, or decree adopted by the Governor of the Magyar Nemzeti Bank. The President of the Pénzügyi Szervezetek Állami Felügyelete shall have authority to delegate powers for adopting decrees on his behalf upon a vice president designated by decree.
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