Budapest Stock Exchange sees authority broadened by Parliament
Image courtesy of Budapest Stock Exchange (BÉT)
The Hungarian Parliament yesterday voted to approve modifications to laws regulating the financial intermediary system, as well as broadening the authority of the Budapest Stock Exchange (BSE), according to reports. The BSE welcomed the changes in a statement issued after the vote.
The broadened authority granted the BSE entitles the institution to provide professional advisory services to companies wishing to list on the stock market, offering them more information and easing the process, Hungarian news agency MTI reported. Under the approved modification, the stock exchange is now entitled to operate platforms that support fund-raising from capital markets.
The new modifications also grant the BSE the right to block the listing or suspend the trading in shares of companies if they do not have a good track record. Companies listed on the stock exchange are no longer obliged to compile an interim management report, MTI added.
Issuing a statement after the vote, the Budapest Stock Exchange yesterday welcomed the changes, saying that they are in line with its strategy of developing the Hungarian stock market.
The National Bank of Hungary MNB officially announced the takeover of the BSE in November when it acquired majority ownership in the institution.
Central bank deputy-governor Márton Nagy was appointed chairman of the BSE and the MNB pledged to prepare plans for developing the Budapest bourse soon after the takeover.
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