According to the Act CXXXIX of 2013 on Magyar Nemzeti Bank (MNB), the national bank of Hungary (MNB Act) with effect as of 1 October 2013 the Hungarian Financial Supervisory Authority(PSZÁF) and the MNB are integrated into one new institution. The bank takes over all tasks from PSZÁF. The changes give MNB new tasks like the consumer protection, market oversight functions of financial market, and also oversight of money, capital and insurance markets.
Before the above law entered into effect, MNB asked for the opinion of the European Central Bank (ECB) on the planned amendments. ECB published an opinion under Nr. CON/2013/56 saying it "welcomes the integration of PSZÁF into the MNB, as this integrated institutional framework will improve the MNB's ability to safeguard financial stability and prevent or mitigate systemic risks". In EU Member States with a relatively small financial market, such as Hungary, there are strong arguments for concentrating supervisory and macro-prudential responsibilities within a single authority.