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KELER Homepage :: About KELER :: Legal environment

Domestic legislation

Laws Determining the Activity and Operation of KELER

Laws Determining the Activity and Operation of KELER Központi Elszámolóház és Értéktár (Budapest) Zrt. (hereinafter referred to as: KELER Zrt) is a clearing house operating on the basis of Act CXX of 2001 on the Capital Market (the “Capital Market Act”), and Act CXII of 1996 on Credit Institutions and Financial Enterprises.

KELER undertakes its activities on the basis of the aforementioned laws, related regulatory provisions, its regulatory documents and the provisions of the resolutions of the Financial Supervisory Authority (hereinafter referred to as: the “Supervisory Authority”).

With its Resolution No. 33001/1994, the Supervisory Authority designated KELER Zrt. to undertake central depository activities in Hungary.

KELER Zrt. as a central depository issues securities codes on the basis of the Capital Market Act, Ministry of Finance Decree No. 1/2010. (I. 8.) and Resolution No. 33001/1994 of the Supervisory Authority.

On the basis of the Capital Market Act and Government Decree No. 284/2001 (XII.26.) KELER Zrt. provides a comprehensive service concerning dematerialized securities. In respect of dematerialized securities it keeps central securities accounts and securities accounts as specified in the Capital Market Act.

The Depository (hereinafter referred to as: the “Depository”) of KELER Zrt. performs the physical safekeeping and custody of the securities deposited in the Depository and provides the services specified in the General Business Rules of the company.

In respect of the persons using the services of its Clients KELER Zrt. acts as a sub-custodian of physical securities.

On the basis of agreements concluded with the Budapest Stock Exchange KELER Zrt. as a clearing house performs the settlement of the transactions concluded at the Stock Exchange.

Since 1 January 2004 KELER Zrt. has been operating as a specialized credit institution, therefore in accordance with the provisions of the Capital Market Act and the Banking Act it is authorized to provide credits and loans and cash management services.