Legal Environment

The following key regulations govern the activity and operation of KELER

KELER Central Depository Ltd. (hereinafter: KELER Ltd.) is a special credit institution operating pursuant to Act CXX of 2001 on the Capital Market (hereinafter: Act on the Capital Market) and Act CCXXXVII of 2013 on Credit Institutions and Financial Enterprises (hereinafter: Act on Credit Institutions).

KELER Ltd. operates in line with the provisions of the above acts and related additional legislation, the orders of the Magyar Nemzeti Bank (hereinafter: Supervisory Authority), and the regulatory documents of KELER Ltd.

Supervisory Authority Order 33001/1994 designated KELER Ltd. to undertake central securities depository activities in Hungary.

The legal entities that

  • are entitled to use the service concerned in line with regulatory provisions,
  • meet the requirements stated in the regulations of KELER Ltd.,
  • agree to meet the reporting obligations determined by KELER Ltd.,
  • agree to be bound by the regulations of KELER Ltd., and
  • comply with the material, technical requirements determined by KELER Ltd. for the use of the service

can become clients (hereinafter: Client) of KELER Ltd. (for example investment firms, credit institutions, commodity exchange service providers, investment fund managers, issuers of securities, exchange, the Hungarian State, the National Deposit Insurance Fund and the Investor Protection Fund).

As part of the central securities depository activity, KELER Ltd. as central securities depository issues securities codes (ISINs) in line with the Act on the Capital Market, MNB Order 20/2014. (VI.3.) and Supervisory Authority Order 3301/1994.

In line with the Act on the Capital Market and Government Decree 284/2001 (XII.26.), KELER Ltd. provides full-scale services related to dematerialized securities. For dematerialized securities KELER Ltd. maintains central securities accounts and the securities accounts in line with the provisions of the Act on the Capital Market.

The Depository of KELER Ltd. is responsible for the physical safekeeping, custody of the securities deposited in the Depository and provides the related services stated in the General Business Rules.

With respect to the legal entities making use of the services of its Client, KELER Ltd. acts as sub custodian of the physical securities.

Based on the cooperation agreement concluded with KELER CCP Central Counterparty Ltd., KELER Ltd. cooperates in the settlement of guaranteed market transactions.

Since 1 January 2004, KELER Ltd. operates as a special credit institution, therefore it is entitled to undertake credit and loan operations and offer money transmission services in line with the provisions of the Act on the Capital Market and the Act on Credit Institutions.


Effective Bylaws


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 Remuneration Policy


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