PSZÁF

PSZÁF is the acronym for Pénzügyi Szervezetek Állami Felügyelete, which translates to the State Financial Supervision Authority in English. This was the former regulatory body responsible for overseeing financial services in Hungary. Established in 2000, its primary mission was to ensure the stability and integrity of the Hungarian financial market. PSZÁF supervised a wide range of institutions, including banks, insurance companies, investment firms, and pension funds.

The authority's responsibilities included licensing financial institutions, monitoring their compliance with laws and regulations, and taking enforcement actions when necessary. It also played a role in consumer protection within the financial sector, aiming to safeguard the interests of clients. PSZÁF was a key player in the Hungarian economy, contributing to a secure and transparent financial environment.

In 2013, as part of a significant restructuring of Hungary's financial regulatory framework, PSZÁF was merged with the Hungarian National Bank (MNB). This integration aimed to create a more unified and efficient supervisory system, consolidating responsibilities under a single authority. The MNB now incorporates the functions and responsibilities that were previously held by PSZÁF, continuing the work of financial supervision and market stability in Hungary.