POLAND Law and Practice Contributed by: Marcin Olechowski, Wojciech Iwański, Tytus Brzezicki and Piotr Orłowski, Sołtysiński Kawecki & Szlęzak
The draft, among other things, appoints the PFSA as the supervisory authority for ensuring the operational digital resilience of the financial sector, obliges financial entities to inform the PFSA of the manner in which the recommen - dations have been implemented and of amend - ments to the provisions of the contract conclud - ed with the ICT third-party service provider, and amends provisions on banking outsourcing. The draft is currently at the stage of public con - sultation and submission of comments. The date of entry into force of the legislation is planned to be 17 January 2025. Many regulatory developments affecting Polish banks are being initiated at the EU level. Among the upcoming important developments are the following. • Payment Services Regulation/PSD3 package – the EC presented a proposal for a review of the existing legal framework for payment services in the EU in June 2023. Most mate - rial obligations under the PSD2 will be moved to a regulation to ensure uniform application across the EU. Work on the regulations is still ongoing at EU level. • Financial Data Access Regulation (FiDA) pro - posal – FiDA is an “open finance” proposal to allow for an exchange of data on financial products also outside the already-covered scope under the PSD2. 11. Horizon Scanning 11.1 Regulatory Developments EU-Level Developments • Digital euro proposal – the EC presented a legislative proposal establishing a framework for the issuance of digital euros by the Euro - pean Central Bank.
• EU Banking Package – the new banking package, consisting of CRR III and CRD VI, was published. The new amendments to the CRD/CRR framework are aimed at finalising the implementation of Basel III Accords and at introducing ESG risks in banks’ risk man - agement systems. CRR III will be applicable from 1 January 2025 (with some provisions applying since July 2024). EU member states must adopt and publish the laws, regulations and administrative provisions necessary to comply with CRD VI by 10 January 2026. • AML/CFT package – on 19 June 2024, the EU published the final version of an AML/ CFT regulatory package consisting of three legal acts. This comprehensive framework introduces significant changes for obliged entities across the EU. A key component is the establishment of the Anti-Money Launder - ing and Countering the Financing of Terrorism Authority (AMLA), which will focus on enhanc - ing co-ordination and oversight of AML/ CFT measures among member states – for instance, developing Regulatory Technical Standards. • EU AI Act – Regulation (EU) 2024/1689 adopted on 13 June 2024 sets an uniform framework for the use of AI-powered tools. Among the “high-risk AI systems” subject to an increased regulatory burden are the systems intended to be used to evaluate the creditworthiness of natural persons or to establish their credit score. The AI-related risks will be part of the risk management sys - tems of EU banks. • Revision of the Consumer Credit Directive 2008/48/EEC – Directive (EU) 2023/2225 of 18 October 2023 (“CCD2”) introduces many changes to the existing rules. The most important include extending coverage to currently excluded interest-free loans and introducing new information obligations.
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