Subscription for the CCIS is required by law, which contains an obligation for institutions subject to the Credit Institutions Act, the Capital Markets Act and the Investment Companies Act (Reference Data Providers) to subscribe for the CCIS. This ensures that all relevant institutions subscribe. In legal terms, institutions subscribe to the CCIS by entering into a Credit Information Service Agreement with BISZ Zrt., which regulates the use of the CCIS. By entering into such an agreement, the Reference Data Provider also acknowledges the provisions of BISZ Zrt.’s Terms of Service. The rules of using the CCIS not regulated by law are specified in the Terms of Service, the Credit Information Service Agreement and other documents explaining the rules of the system.
All subscribing partners subscribe by signing a standard model agreement. The agreement ensures that all contracted partners are subject to equal pricing and other terms. According to the principle of reciprocity, the system may only be queried by partners who also submit data. All partners are subject to the obligation of data submission as specified in law and partners have equal access to the system for querying, while anonymity is guaranteed for the institutions submitting data.
With newly established institutions and those subject to a recent obligation to subscribe, the agreement is concluded in two steps:
- Step 1: The future partner’s letter of intent concerning its subscription to the CCIS is submitted to BISZ Zrt. Based on that letter, BISZ Zrt. signs and delivers the Credit Information Service Agreement to the institution, as well as a statement on its admission to the group of CCIS users. In the course of issuing the operating license, the statement will be accepted by the HFSA as proof of compliance with section 18(2)(l) of the Credit Institutions Act or section 28(3) of the Investment Companies Act.
- Step 2: The operating license is issued (with an official notice sent by the HFSA to BISZ Zrt.) and the Credit Information Service Agreement is signed, following which the institution legally becomes a CCIS user.