POLAND Law and Practice Contributed by: Marcin Olechowski, Wojciech Iwański, Tytus Brzezicki and Piotr Orłowski, Sołtysiński Kawecki & Szlęzak
Sołtysiński Kawecki & Szlęzak Jasna 26 00-054 Warsaw Poland
Tel: +48 22 608 70 00 Fax: +48 22 608 70 01 Email: office@skslegal.pl Web: www.skslegal.pl
1. Legal Framework 1.1 Key Laws and Regulations
tive (EU) 2015/2366 (the “Payment Services Directive” (PSD2)); • the Act of 15 September 2000 (the “Com - mercial Companies Code”), which sets out the general framework for joint stock compa - nies – ie, the form in which banks are usually formed; • the Act of 23 April 1964 (the “Civil Code”), which regulates the private law aspect of crucial banking agreements – eg, the bank account agreement and regular loan agree - ment ( umowa pożyczki ); • the Act of 12 May 2011 on consumer credit, which sets the rules for providing consumer credit under Directive 2008/48/EEC (the “Consumer Credit Directive” (CCD)); • the Act of 23 March 2017 on mortgage credit and the supervision of mortgage brokers and agents, which sets the rules for providing consumer credit under Directive 2014/17/EU (the “Mortgage Credit Directive” (MCD)); • the Act of 29 July 2005 on trading financial instruments (ATFI), which regulates the rules of public trade in financial instruments and implements Directive 2014/06/EU (the revised “Markets in Financial Instruments Directive” (“MiFID II”)); • the Act of 1 March 2018 on countering money laundering and terrorism financing, which
Given Poland’s EU membership, the legal frame - work applicable to financial institutions (including banks) is largely influenced by EU legislation – in particular, the Directive 2013/36/EU (the “Capital Requirements Directive” (CRD)) and Regulation (EU) 575/2013 (the “Capital Requirements Regu - lation” (CRR)). The latter is directly applicable to banks in Poland. The primary source of regulations governing the banking sector in Poland is the Act of 29 August 1997 (the “Banking Law” (BL)). The BL sets out, in particular, licensing conditions, prin - ciples applicable to conducting banking activ - ity, the terms of providing key banking products (deposits, loans, bank guarantees, etc), bank- specific principles for bankruptcy proceedings, and principles of exercising banking supervision. Other important legal acts governing the bank - ing sector include: • the Act of 19 August 2011 on payment ser - vices, which sets the regulatory framework of payment services and implements Direc -
463 CHAMBERS.COM
Powered by FlippingBook