POLAND Law and Practice Contributed by: Marcin Olechowski, Wojciech Iwański, Tytus Brzezicki and Piotr Orłowski, Sołtysiński Kawecki & Szlęzak
• the bank’s founders provide a guarantee of the bank’s prudent and stable management; • the persons scheduled to take up positions on the bank’s supervisory board and manage - ment board meet the relevant legal require - ments; • the persons scheduled to take up the posi - tions of chair of the management board and the management board member responsible for risk management have proven knowledge of the Polish language; and • the (minimum of a) three-year plan presented by the founders indicates that these activi - ties will be safe for the funds collected in the bank. Process of Applying for Authorisation The authorisation to operate as a bank is grant - ed in two stages. Firstly, the authorisation to set up a bank and – secondly – an authorisation to start operations (an operating licence) have to be obtained. After obtaining these two authorisa - tions, an entity may start operating. A model process of applying for authorisation includes the following steps: • preparing and filing an application for the authorisation to set up a bank (approximately three to six months); • the first phase of the proceedings before the PFSA (approximately nine to 12 months); • registering the bank in the form of a joint stock company with the national court regis - ter (approximately three months); • preparing and filing an application for the authorisation to start operations as a bank (approximately three months); and • the second phase of the proceedings before the PFSA (approximately six to nine months).
The above-mentioned timelines constitute a rough approximation, given the amount and complexity of information to be provided to the PFSA. Other formalities include the usual filings and registrations for tax or employment pur - poses. The administrative fee in the proceedings before the PFSA amounts to 0.1% of the contemplated share capital of the bank and does not include other costs (eg, legal, consulting, or business advisory). Obtaining an EU Passport (Branches, Cross- Border Services) The opening of a branch of a credit institution in Poland starts with the submission of a noti- fication to the competent authority of its home member state in accordance with Article 35 of the CRD. Under the BL, a branch of a credit institution may commence its operations in Poland at the earliest two months after the date on which the following information has been received by the PFSA: • the name and address of the branch in the territory of the Republic of Poland, where it will be possible to obtain documents con - cerning its activities; • a programme of activity specifying, in particu - lar, the activities the credit institution intends to carry out and a description of the branch’s organisational structure; • the names of the persons intended to take up the positions of branch manager and deputy branch manager; • the amount of own funds of the credit institu - tion and the solvency ratio.
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