POLAND Law and Practice Contributed by: Marcin Olechowski, Wojciech Iwański, Tytus Brzezicki and Piotr Orłowski, Sołtysiński Kawecki & Szlęzak
insolvency of a bank. In the case of resolution, the depositors are protected, as the asset sepa - ration tool is usually utilised and the assets of the resolved bank are transferred – for example, to a bridge bank – free of most liabilities. In the case of the bridge bank’s insolvency, the regular deposit protection scheme should apply. Voluntary Protection System As of 2022, the BL provides the legal frame - work for voluntary protection systems. As a result, banks may engage in a contractual pro - tection system governed by the purposefully established joint stock company. The voluntary protection system may, inter alia, assist theBGF in resolution processes. As of now, one protec - tion system has been established by the Polish banks ( System Ochrony Banków Komercyjnych SA ). The regulation of ESG issues is one of the EC’s primary goals. Banks, to the extent that they have the status of obligated entities under ESG regulations, must adapt their activities to the new requirements. The steps taken by Polish banks in the transition to a low-carbon, more sustainable and resource-efficient closed-loop economy are increasingly visible in the market. This is related to the gradual entry into force of individual acts and their implementation into the Polish legal order. Obligations Under EU Legislation CRR/CRD 9. ESG 9.1 ESG Requirements Regulatory Framework Under Article 449a of the CRR, large institutions (as defined in the CRR) that issued securities admitted to trading on a regulated market of any
EU member state are obligated to disclose infor - mation on ESG risks, including physical risks and transition risks. The method of disclosure of this information is governed by the Commis - sion Implementing Regulation (EU) 2021/637 – in particular, Article 18a thereof. In June 2021, the EC published draft amend - ments to the CRR and the CRD under the so- called Banking Package. One of the three main objectives of the reform is to develop banks’ obligations to identify, disclose and manage ESG risks under existing risk management mechanisms. The final texts of Regulation (EU) 2024/1623 (the “Capital Requirements Regula - tions III” (CRR III)) and Directive (EU) 2024/1619 (the “Capital Requirements Directive VI” (CRD VI)) were published on 19 June 2024. CRR III will apply directly in all EU member states from 1 January 2025, with the exception of spe - cific amendments (eg, updates of definitions), which have already applied since 9 July 2024. NFRD/CSRD The current Directive 2014/95/EU (the “Non- Financial Reporting Directive” (NFRD)) imposes an obligation on certain entities (inter alia, banks) to report – as part of, for example, the manage - ment report – on their policies on human rights, environmental, social and labour issues, as well as on their policies on anti-corruption and anti- bribery issues. On 5 January 2023, the Corporate Sustainabil - ity Reporting Directive (CSRD), which amends the NFRD, entered into force. The CSRD aims to increase investment in sustainable operations in EU member states. According to the CSRD, all obliged entities must present information on ESG matters in their management report. This information will be reported according to the
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