Regulatory Alerts2021-03-17
Executive circular on written contracts and written declarations concluded by electronic means
The Central Bank of Hungary (MNB) issued this circular to establish unified criteria for financial institutions concluding written contracts and legal declarations via electronic means. Institutions must ensure their systems satisfy the Civil Code's triple conjunctive criteria for written form, including content retrievability, identity verification, and timestamping, while providing customers with certified copies and comprehensive pre-contractual information. The MNB mandates that supervised entities implement robust risk management, independent audits, and specific reporting procedures, with compliance expected by June 3, 2019.
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