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KELER Homepage :: About KELER :: Legal environment

Domestic legislation

Laws Governing the Activity and Operation of KELER
Central Clearing House and Depository (Budapest) Ltd. (hereinafter referred to as: KELER Ltd.) is a specialized credit institution operating on the basis of Act CXX of 2001 on the Capital Market (hereinafter: Tpt.) and Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises.

KELER Ltd. undertakes its activities on the basis of the aforementioned laws, related regulatory provisions, the regulatory documents of KELER Ltd. and the provisions of the resolutions of the Magyar Nemzeti Banky (hereinafter: the Supervisory Authority).

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

KELER Ltd. as a central securities depository issues securities codes (ISIN identifier) on the basis of the Tpt., MNB Decree No. 35/2013. (XII. 16) and Resolution No. 33001/1994 of the Supervisory Authority.

On the basis of the Tpt. and Government Decree No. 284/2001 (XII.26.) KELER Ltd. 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 Ltd. 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 Ltd. 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. 

Based on the co-operation agreement concluded with KELER CCP Ltd. KELER Ltd. co-operates in the settlement of guaranteed market transactions.

Since 1 January 2004, KELER Ltd. 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.

 Laws Governing the Activity and Operation of KELER