Attila Korencsi, the Head of Compliance Department of the Central Bank, told in its expose that the aim of calling into existence the MNB Compliance Club is to provide the proper forum for the MNB’s colleagues to follow and discuss the actual issues from compliance-related trends.
Bernát Török, the head of Informational Society Institute, gave his lecture with the title “Algorithms and the rule of law” and provided a detailed insight on the challenges of the automatized decision-making process, that is based on algorithms mostly, from the perspective of the rule of law and fundamental rights protection. Bernát Török highlighted the fact that the very requirements were binding upon the states for now (like transparency, predictability) tend to be more and more relevant in private sector as well, in the discourse of regulating algorithms.
András Pünkösty spoke on the “Competition law implications of the data-driven economy and algorithmic decision making” where he analysed the particular design of the online markets that require discernment in finding the proper law enforcement and regulating tools for maintaining the competition policy objectives. András focused in his presentation mainly on the merger control development on the European level and the effects of the algorithmic decision making on the competition and the possible collusions deriving from thereof.
The presentations were followed with lively discussion, particularly relating to the developments of the finance sector and FinTech solutions.