A depository of an undertaking for collective investment in transferable securities (UCITS) must either have its registered office in the same EU country as that of the undertaking or be established in the EU country if its registered office is in another EU country (Directive 85/611/EEC). Domicile in Hungary or within the EEA is also required of Alternative Investment Fund (AIF) depositaries. Managers of AIFs must have their head office and registered office in Hungary, or be registered in another EEA state. Moreover, the provision of asset management services by branches of nonresident investors located outside the EU to private pension funds is restricted.
"§ 4. 
(1) For the purposes of this Act and legislation issued on the basis of the authorization of this Act:
1. AIF: an alternative investment fund, ie a collective investment undertaking that does not qualify as a UCITS, including sub-funds;
2. AIFM: an alternative investment fund manager, ie an investment fund manager that manages one or more AIF as a regular economic activity;
[...]
8. UCITS:
(a) a public open-end investment fund which complies with the provisions of the Government Decree on the rules for investment and borrowing of collective investment schemes issued under this Act, concerning UCITS, or
(b) a form of public open-ended collective investment created by transposing the rules of the UCITS Directive into the law of another EEA State;
[...]
68. custodian:
 (a) for UCITS:
aa) An investment firm or credit institution established in Hungary holding an authorization for a custody service specified in Section 5 (2) (b) the Bszt, or a Hungarian branch of an investment firm or credit institution established in another Member State authorized to perform this activity,
(ab) an undertaking which is entitled to act as depositary pursuant to the transposition of the UCITS Directive rules on depositary into the legal system of another EEA State,
 (b) for AIF:
(ba) a credit institution domiciled in Hungary and Directive 2013/48 / EC [...] A credit institution established in an EEA State authorized pursuant to the transposition of Directive 36 / EU into the legal system of an EEA State,
bb) An investment firm domiciled in Hungary and Council Directives 85/611 / EEC and 93/6 / EEC and Directive 2004/39 / EC [...] into the law of an EEA State is entitled to provide a service specified in accordance with point 1 of Section B of Annex I to this Directive; 
(bc) another institution subject to prudential regulation which is subject to ongoing supervision and which is authorized to conduct depositary activities on the basis of the transposition of Article 23 (3) of the UCITS Directive into the legal order of a Member State on 21 July 2011;
[...]
4. Authorization conditions for AIFM
§ 11. 
(1) The applicant shall attach to the application for a permit to carry out the activity specified in § 7 (1) -taking into account paragraph 1a -
(a) the instruments of incorporation of the AIFM, proof that both its head office and its registered office are located in Hungary, the name of the activity to be carried out and its rules of procedure in accordance with Annex 2 ;
[...]
§ 60. 
(1) An AIFM registered in another EEA State may perform the activity authorized for it in the form of a cross-border service and may also operate in the form of a branch in Hungary.[...]" (Law on Collective Investment Trusts and Their Managers, and on the Amendment of Financial Regulations (XVI of 2014), last amended 2 August 2021, §§ 4, 11 and 60 [google translation])
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"§ 66 [...]
(9) fund manager may only be an investment firm, financial institution, insurance company or investment fund manager which:
(a) carries out its activities with the permission of the Supervision, or
b) is established in another Member State of the European Union, is authorized to manage pension funds and carries out its activities in accordance with the provisions of other legislation in the framework of a cross-border service or through a branch in Hungary.[...]" (Law on private pensions and private pension funds (LXXXII of 1997), last amended 1 January 2021, § 66 [google translation])
Law on Collective Investment Trusts and Their Managers, and on the Amendment of Financial Regulations (XVI of 2014), last amended 2 August 2021, §§ 4, 11 and 60
Law on private pensions and private pension funds (LXXXII of 1997), last amended 1 January 2021, § 66
[<a href="https://njt.hu/jogszabaly/2014-16-00-00">Law</a>],[<a href="https://uj.njt.hu/jogszabaly/1997-82-00-00">Law</a>]