POLAND Law and Practice Contributed by: Marcin Olechowski, Wojciech Iwański, Tytus Brzezicki and Piotr Orłowski, Sołtysiński Kawecki & Szlęzak
regulates the obligations of banks as “obliged entities” and implements Directive (EU) 2015/849 (the “Anti-Money Laundering Direc - tive IV” (AMLD IV)); and • the Act of 10 June 2016 on the Bank Guar - antee Fund, deposit protection scheme and mandatory restructuring, which implements Directive 2014/59/EU (the “Bank Recovery and Resolution Directive” (BRRD)). Banks should also be aware of soft law instru - ments, positions, recommendations and guide - lines issued by the relevant regulatory authori - ties. Although formally non-binding, these soft-law sources usually provide a supervisor’s approach to, or interpretation of, binding legal acts. Regulatory Authorities The Polish Financial Supervision Authority (PFSA) ( Komisja Nadzoru Finansowego ) is the regulator responsible for the microprudential supervision of banks in Poland. Poland is not part of the eurozone and does not participate in the Banking Union or the Single Supervisory Mechanism. As such, the supervisory powers and duties lie with the national regulator. The Financial Stability Committee ( Komitet Stabilności Finansowej ) is the primary regulator responsible for the macroprudential supervi - sion of the banking sector. The Financial Sta - bility Committee issues recommendations and positions on macroprudential matters and co- ordinates the work of its members regarding macroprudential oversight. The Bank Guarantee Fund ( Bankowy Fundusz Gwarancyjny ) is the regulator responsible for run - ning the mandatory deposit protection scheme. It is also the local bank resolution authority.
The General Inspector of Financial Information ( Generalny Inspektor Informacji Finansowej ) is the regulator responsible for supervision in the AML/CFT field. 2. Authorisation 2.1 Licences and Application Process Authorisation There is only one type of banking licence avail - able. However, the scope of a bank’s permit - ted activities is determined by the scope of the application for the authorisation to set up the given bank and the decision issued by the PFSA. Commercial banks are usually formed as joint stock companies. In such cases, the number of founders (initial shareholders) cannot be fewer than three, unless the founder is another bank (from within Poland or from another country). The only sub-type of bank in the form of a joint stock company is a mortgage bank operating under the Act from 29 August 1997 on mortgage bonds and mortgage banks. These specialised banks may only engage in selected activities, which essentially include activities related to the mortgage market. Polish regulations also enable co-opera - tive banks ( banki spółdzielcze ) and credit unions ( Spółdzielcze Kasy Oszczędnościowo- Kredytowe ) to be established. The latter may engage in similar activities to those of banks, but represent a different kind of financial institution. Scope of Activities Banks may only engage in activities directly listed under the BL, referred to as “banking activities” ( czynności bankowe ). They primarily include:
464 CHAMBERS.COM
Powered by FlippingBook