Együtt to motion for transparency of open-ended private funds

The opposition Együtt party will submit an amendment to ensure transparency of the ownership structure of open-ended private funds, the head of the party’s national board said on Wednesday.

The bill seeking to amend a law passed by the ruling Fidesz party in 2014 would require the release of the names of anyone owning more than 10 percent of shares in any of these funds, Viktor Szigetvári told a press conference.

Fidesz changed the law regulating capital markets, allowing such “domestic off-shore” funds the option of concealing their ownership structure, he said.

Együtt wants not only the release of names but public access to all data as well as regular updates.

The bill would also require shares to be registered in a “dematerialised form” on a securities account, allowing scrutiny of their true owner and all their transactions, he added.

It would require the release of ownership of over ten percent retroactively, Szigetvári said, noting that the bill dose not target regulations of open-ended public funds, such as life or property insurance funds, in which hundreds of thousands of Hungarian taxpayers keep their money.

Source: MTI