About the Capital Market Disclosure System
The Capital Market Disclosure System (System) operated by the Central Bank of Hungary (MNB or Supervision) is tasked to provide platform for the persons subject to notification and disclosure obligations according to Act CXX of 2001 on the Capital Market (Tpt.), according to Act CXXXVIII of 2007 on Investment Firms and Commodity Dealers and on the Regulations Governing their Activities (Bszt.), according to Act XVI of 2014 on Collective Investment Trusts and Their Managers, and on the Amendment of Financial Regulations (Kbftv.), and according to Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (MAR) to forward their notification and data to be disclosed by electronic means and to display them, within a single process, free of charge, on the MNB-operated website.
The System's reporting and disclosure functions are available as part of the services provided by the secure delivery services system (ERA system) designed and operated by the MNB for the provision of authentic data.
For the aforementioned reasons and according to Section 7(1) of PM Regulation 24/2008 on the detailed rules of the information obligation of the public securities (PM Regulation) the MNB operates a so-called „officially designated information storage system” (OAM) that stores and displays on the website www.kozzetetelek.hu the incoming controlled information that is submitted through the System.
The issuers of publicly issued securities (Issuers) shall meet their obligation of disclosure according to Section 56(3) of Tpt. and according to Section 7 of PM Regulation through the publication of information on the MNB-operated website.
The Issuers’ obligation to disclose information concerning inside information and to disclose the transactions of insiders via the System arises from the provisions of MAR and from its implementing regulations.
Investment firms’ and commodity exchange service providers’ obligations of notification and disclosure to the Supervision are regulated by Section 123(1)-(5), (7) and 123/A of Bszt. Investment fund management companies are subject to fulfill the obligations of notification and disclosure to the Supervision according to Section 141 and 167 of Kbftv. The closed-end public investment funds shall meet the requirements of notification and disclosure to the Supervision according to Chapter V of Tpt., whereas the open-ended public investment funds shall meet the requirements set out in Section 134 and 139 of Kbftv.
For the central counterparty organizations carrying out clearing and settlement services and for the central securities depository obligation of notification and disclosure to the Supervision is regulated by Section 395(1)-(5) and (8) of Tpt. The application of the System is not mandatory for these institutions, but the obligation of notification and disclosure is compiled simultaneously when forwarding information by using the System.
In addition to the use of their own websites, the Investor Protection Fund, the stock exchange, the central counterparty and the central securities depository must meet their information obligation under Tpt. on this website. The following sections of Tpt. apply for the information disclosure requirements: for the Investor Protection Fund Section 216(3), Section 221(3), Section 225(3) and Section 228(1) of Tpt., for the stock exchange Section 309(2), Section 317(10), Section 329(1) and Section 332(1)-(2), for the central counterparty and the central depository Section 395(1)-(5) and (8).
Based on the above, for the purpose of disclosure which is further described in the sectoral legislation, the use of the System is obligatory for the following persons:
Whereas the use of the System is voluntary for the following persons:
About the system principles in general
In addition to natural persons, the so-called representatives, who act on behalf of organizations, institutions (non-natural persons) or companies, or natural persons assigned on behalf of natural persons who make the disclosure, may also proceed.
Users of the System may make use of the services of the System after registration on the web-based surface of ERA system. When the registration is done, the required data and the certificates used for electronic signature will be added to the registry of persons authorized to use the System.
By using the System, documents and form data can be forwarded to the Supervision, electronically signed (Package). The creation, e-signing, and forwarding of the Package is supported by the „Publication” service of the ERA system. After an adequate identification (authentication) process the Package could be submitted to the MNB. A side component of the MNB’s application marks the authenticity of the electronic signature(s) of the Package received with a timestamp and forwards the information to the MNB’s portal.
On the administration area of the portal the identified user may receive information about all his packages, and – with proper authority, i.e. as a superuser – he may get information about all the packages of the person he represents, whereas on the public area of the portal any individual may view the disclosures, which have been published.
The entities subject to disclosure are obliged to use the Supervision’s website as the disclosure point must send the data of the first, so-called administrator user(s) on a paper-based registration form as requested by the Supervision, based on which the Supervision’s administrator records the data in the System. Following the registration, these administrator(s) may use the services of the System.
After the registration and once the necessary controls are carried out and the storage process is completed, an activation code is generated and sent by the application to the e-mail address indicated on the form. The activation code is designed to check the e-mail address shown on the form. The registration is only finalized if the e-mail address is genuine, and the registered person is able to read the mails sent to that address. To ensure this, upon the first log-in - on top of the username and the password - the registered person must also enter the activation code. Failing to do so, the administrator cannot enter the System and the notification will not be accepted.
During the registration process, the person who makes the registration must - in addition to filling the form - also upload a signing certificate. It may be an advanced or qualified certificate whose period of validity includes the date of registration, and its root certificate is provided by one of the authentication service providers registered in Hungary. The exact range of certificates that can be used is defined by the MNB in the electronic signature regulations (ESR) to be formulated for the System. The System can receive the certificates in a uniform „CER” format. This format can be generated from all certificates by using the export function of the certificate directory of the Windows operating system. It is checked during the receiving process whether the package and the documents it contains have been signed with the certificate uploaded. If the uploaded certificate also contains a private key, then we will deny the certificate uploaded and warn the user to take special care to manage its certificate in a secure way. The uploaded certificate will also be denied if the owner’s name indicated on it is not verbatim, failing to correspond to the data provided on the form.
The package, which consists of signed documents and the data form, signed also as a single file, can be uploaded from the Data Forwarding Program to the server of the MNB Disclosure’s web-based application. Forwarding packages to the MNB server can only be done with the help of this client program.
The package is not encrypted by the client application but is forwarded to the Supervision via an encrypted (https) channel. After a successful upload, the program informs the user with a reference to the area of the MNB portal, which will display the result of the packages, i.e. Reception Log. By clicking on the reference and after entering the name and password together, the publisher will be able to view the information relating to the packages on the surface of the MNB portal.
After receiving the package, we request in each case a timestamp for the package from an external service provider. The application will consider the time indicated on the timestamp as the reception time.
Checking the package
After a package is received, the file integrity and the version number of the Data Forwarding Programme, which has generated the package, as well as the electronic signature are checked.
Following a 4-hour waiting time from timestamping after the reception of the package – required by legal provisions and due to the technology applied – if the status of the package is invalid, the System re-checks the validity of the signing certificate on the package and on the documents, it contains based on the current status of the certificate revocation lists.
The sender is responsible for the content of the information disclosed on the website. The Supervision will not review the professional content of such information before display, but – in its role as a moderator - it endeavors to make sure that only information with a content complying with the legal conditions is displayed, i.e. it screens the documents received to eliminate words and expressions that may disturb public order or are contrary to public morals.
Display of the documents
After uploading the package, the sender may in each case learn the details of the package history on the administrator surface, i.e. view the given document and its data form, as well as the history of the given package, the signing certificates used and the status of the document (package).
The public area is accessible for all, free of charge, via the Supervision’s website. Documents are displayed on the area operated by the Supervision in a form and content as sent by the persons subject to disclosure. The documents can be printed, saved from the area, grouped and searched based on the individual data provided in the forms.
Responsibility of the MNB
The sender is responsible for the content of information disclosed on the website. The MNB makes every effort to reduce problems arising from technical errors. Notwithstanding, the MNB cannot guarantee that its service will not have to be interrupted or that possible technical errors may have an impact on the service.