János Kálmán

57226722425

Publications - 9

The Role of Regulatory Sandboxes in FinTech Innovation: A Comparative Case Study of the UK, Singapore, and Hungary

János Kálmán

Publication Name: Fintech

Publication Date: 2025-06-01

Volume: 4

Issue: 2

Page Range: Unknown

Description:

Regulatory sandboxes have emerged as policy instruments designed to support FinTech innovation while maintaining supervisory oversight. By allowing firms to test financial products in controlled environments, sandboxes aim to reduce regulatory uncertainty and facilitate market entry. Despite their growing adoption, empirical evidence of their effectiveness remains limited, particularly in emerging markets. This study explores the impact of regulatory sandboxes on innovation and market access through a qualitative comparative case study of the United Kingdom, Singapore, and Hungary. Drawing on document analysis and thematic coding, the research evaluates sandbox design, regulatory support, and innovation outcomes across the three jurisdictions. Findings show that sandboxes enhance access to funding, accelerate product development, and foster regulator–firm collaboration. While the UK and Singapore benefit from mature ecosystems and structured frameworks, Hungary illustrates sandbox potential in developing markets. The paper contributes to FinTech regulation literature and provides policy recommendations for optimizing sandbox design across varied institutional contexts.

Open Access: Yes

DOI: 10.3390/fintech4020026

The politics of digital sovereignty and the European Union’s legislation: navigating crises

András Lapsánszky Gábor Hulkó János Kálmán

Publication Name: Frontiers in Political Science

Publication Date: 2025-01-01

Volume: 7

Issue: Unknown

Page Range: Unknown

Description:

In recent years, the resistance of member states to the strengthening of the European Union and its ambition to extend the powers of nation states has become a dominant political element, especially in the countries of the Central and Eastern European region. At the same time, both nation states and the EU are facing a number of global challenges, one of the most significant of which, alongside climate change, is digitalization. At the dawn of the digital age, technological innovation and the free flow of information promised unprecedented opportunities. However, as digital technologies have increasingly permeated all aspects of economic, social and political life, they have created new crises and challenges, particularly with regard to digital sovereignty. This research explores the complex and interdisciplinary nature of digital sovereignty, with a particular focus on the crises that digitalization has triggered and caused. These crises manifest themselves in various forms, including cybersecurity threats, privacy issues and the economic dominance of global technology companies. The European Union’s legislative initiatives, including the Digital Services (DSA), Digital Markets (DMA) and European Media Freedom (EMFA) regulations, as well as the efforts to regulate artificial intelligence, are designed to address the crises inherent in the digital age, while at the same time posing new challenges to the sovereignty and perception of sovereignty of individual states. The research examines the EU’s legislative efforts in navigating the politics of digital crises. It sheds light on the interplay between national self-determination and the EU’s overall regulatory framework, highlighting the ongoing struggle to balance control and cooperation in a rapidly changing digital environment. The analysis will provide a deeper understanding of how digital sovereignty is shaped by and responds to crisis policy, and insights into the future of digital governance in an increasingly interconnected world. It also seeks to assess the extent to which recently introduced EU legislation can be harmonized with the policy objective of strengthening the autonomy of nation states. This is particularly important in the context of the legislation and practices observed in countries with relatively small populations, such as Hungary, Slovakia and the Czech Republic.

Open Access: Yes

DOI: 10.3389/fpos.2025.1548562

Public Law Liability of the Financial Market Supervisor

Michal Janovec János Kálmán

Publication Name: Journal of Risk and Financial Management

Publication Date: 2024-06-01

Volume: 17

Issue: 6

Page Range: Unknown

Description:

This article deals with the liability of the supervisory authority of the financial market. It could be questioned whether the supervisory authority, as the public authority, is liable for the supervisory performance. If the answer is yes, then the question is what kind of liability could be found and if any special conditions (prerequisites) are needed. In general, there could be two lines of public liability found. One is systemic liability for the safe financial market—e.g., financial market stability. The other perspective is individual liability for damages caused by unlawful administrative procedure or maladministration, where unlimited strict liability is granted. This kind of liability might be widely questioned, especially when the central bank is the supervisory authority, like in the Czech Republic, Slovakia, Hungary, and other EU member states. This article aims to evaluate the liability of the supervisory authority in the Czech Republic and Hungary concerning the European level of such liability.

Open Access: Yes

DOI: 10.3390/jrfm17060232

Decisions with general scope in the light of special sectoral regulations in the Hungarian administrative system

János Kálmán

Publication Name: Hungarian Journal of Legal Studies

Publication Date: 2024-03-21

Volume: 64

Issue: 2

Page Range: 220-235

Description:

In the 21st century, the two administrative instruments that have the greatest impact on the legal situation of members of society, administrative enforcement and administrative legislation, have been and are being confronted with a number of social challenges (global economic crisis, refugee crisis, epidemics and pandemics). The challenges of the 21st century require public intervention to provide a rapid, accurate and effective response to the problems that arise, while ensuring legality and the protection of the rights of the citizens. The first responses to social problems are provided by sectoral regulations, which may conflict with general rules of administrative procedure. The study analyses administrative decisions of general scope in the light of special sectoral regulation and review the points of conflict with general rules of administrative procedure. The study concludes with a proposal.

Open Access: Yes

DOI: 10.1556/2052.2023.00439

Sustainability in Public Finances Concerning Transfer Pricing in the EU

András Lapsánszky Gábor Hulkó János Kálmán

Publication Name: Chemical Engineering Transactions

Publication Date: 2023-01-01

Volume: 107

Issue: Unknown

Page Range: 523-528

Description:

Ensuring the sustainability of public finances is a crucial concern for the European Union, particularly in the context of transfer pricing, which is focused on tax base erosion and profit shifting. Transfer pricing, involving the internal transfer of goods, services, or intellectual property between related entities, can significantly impact member states' tax revenues and overall economic stability. Base erosion and profit shifting is a term used to describe tax planning strategies that multinational companies use to exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax jurisdictions, thereby reducing their overall tax liability. The scope of this study examines these two topics, mainly by using jurisprudential methods and analysis of scientific sources, as well as to research the effect of tax-based erosion and inequality among state jurisdictions. The assessment and analysis of the problems in these areas have been going on for years, and in essence, the neuralgic points are clear in terms of problem definition. Nevertheless, appropriate normative solutions have either not been developed to a full extent or are being implemented slowly. Considering the lengthy process of adopting normative rules, the main aim of this study is to make suggestions for the field of law enforcement and organs of public administration that could lead to changes in the areas of transfer-pricing, base erosion, and profit shifting. In conclusion, three key areas of action are proposed. Firstly, the promotion and everyday implementation of digital taxation contribute to the efficient exchange of data. Secondly, much closer cooperation between tax authorities on this basis can be strengthened at the Member State level in practical administration. Thirdly, the more effective safeguarding of the single market by national administrations.

Open Access: Yes

DOI: 10.3303/CET23107088

Sustainability Objectives and Central Banks

András Lapsánszky Gábor Hulkó János Kálmán

Publication Name: Chemical Engineering Transactions

Publication Date: 2023-01-01

Volume: 107

Issue: Unknown

Page Range: 331-336

Description:

This article examines how addressing climate-related risks and supporting mitigation and adaptation policies fit into central bank mandates. According to this goal, the research conducts an empirical examination of current central bank mandates to investigate the extent to which central banks are equipped with objectives that task them to enhance sustainability and mainstream green finance. The analysis of mandates and objectives using the IMF’s Central Bank Legislation Database. Out of 159 IMF member countries and monetary unions, only 12 % have explicit sustainability mandates, while 33 % are mandated to support the government’s policy priorities, which mostly include sustainability goals. The research concludes that it should be clear that climate change and mitigation policies will have very profound impacts on economies, with potentially significant implications for price, macroeconomic, and financial stability. These need to be tackled by central banks as part of their core responsibilities. A central bank that does not address climate risks is failing to do its job.

Open Access: Yes

DOI: 10.3303/CET23107056

The Legal Status of Independent Regulatory Organs and Their Place in the Hungarian State Administration

János Kálmán

Publication Name: Public Governance Administration and Finances Law Review

Publication Date: 2023-01-01

Volume: 8

Issue: 1

Page Range: 105-119

Description:

Independent regulatory organs as a type of administrative body were included among the central state administrative bodies upon the entry into force of the Fundamental Law of Hungary. The key feature of independent regulatory organs is that they also have the power to legislate within the framework of the regulatory authority’s activity; in other words, they can intervene in the relations of their administered sector through the creation of generally binding rules of conduct, which are enforced through the official activities falling within their scope of duties and powers. The characteristics of the legal status of independent regulatory organs and the components of their independence are therefore of particular importance in the system of public administration. The content and strength of their independence are not identical but are adapted to the professional content and EU and constitutional requirements of the specialised area of administration for which the Fundamental Law authorises the National Assembly to establish these bodies.

Open Access: Yes

DOI: 10.53116/pgaflr.6561

Mercenaries reloaded? Applicability of the notion of 'mercenaries' in relation to private military companies and their employees

János Kálmán

Publication Name: Acta Juridica Hungarica

Publication Date: 2013-12-01

Volume: 54

Issue: 4

Page Range: 367-383

Description:

The purpose of this study is to present the notion of mercenaries laid down in literature and in international law, as its applicability to private military companies and their employees so. The first chapter examines the use of the notion of mercenaries in literature and in international treaties. It explores whether the definition laid down in international treaties, reflect customary international law, or not. The second chapter of the study scrutinizes the various conditions listed in the afore-mentioned notions and tries to find out whether and to what degrees private military companies and their employees meet them. The final conclusion of this paper - of the perspective of international law - is that private military companies and their employees, in accordance with the rules of international law, cannot be considered mercenaries. © 2013 Akadémiai Kiadó.

Open Access: Yes

DOI: 10.1556/AJur.54.2013.4.5

Financial Supervision for the Green Transition: Comparative Insights From the EU, Hungary, and Singapore

András Lapsánszky Gábor Hulkó János Kálmán

Publication Name: Thunderbird International Business Review

Publication Date: 2025-01-01

Volume: Unknown

Issue: Unknown

Page Range: Unknown

Description:

This paper examines how financial supervisory authorities integrate Environmental, Social, and Governance (ESG) objectives into their regulatory mandates amid the accelerating green transition. It aims to understand how institutional variation shapes supervisory strategies for sustainable finance. The study employs a qualitative, comparative case study design across three jurisdictions: the European Union, Hungary, and Singapore. Drawing on regulatory theory and document analysis, this study identifies the key institutional logics, instruments, and governance mechanisms through which ESG considerations are embedded in financial supervision. The analysis reveals three supervisory models: the EU's rule-based legal harmonization through taxonomy and disclosure mandates, Hungary's responsive approach led by the central bank using soft tools and innovation, and Singapore's principle-based framework emphasizing strategic guidance and market collaboration. These pluralistic pathways highlight that ESG integration is shaped by legal mandates, legitimacy concerns, and adaptive governance. This study provides insights to policymakers and supervisors seeking to align financial oversight with sustainability objectives. This emphasizes the importance of institutional flexibility, regulatory legitimacy, and hybrid governance in designing effective ESG supervision frameworks. This study contributes to the literature on sustainable finance and regulatory governance by offering a comparative perspective on how financial supervision evolves in response to ESG risks. It advances a novel typology of supervisory models that can inform future regulatory design and policy debates.

Open Access: Yes

DOI: 10.1002/tie.70039