The Polish Financial Supervision Authority, in Polish Urząd Komisji Nadzoru Finansowego (UKNF) is the main
financial regulatory authority
A financial regulatory authority or financial supervisory authority is a public authority whose role is to ensure the proper implementation of financial regulation within its scope of responsibility.
Financial regulatory authorities include t ...
for
Poland
Poland, officially the Republic of Poland, is a country in Central Europe. It extends from the Baltic Sea in the north to the Sudetes and Carpathian Mountains in the south, bordered by Lithuania and Russia to the northeast, Belarus and Ukrai ...
. UKNF was established in 2019 as a separate legal person under public law. It hosts the Financial Supervisory Commission or KNF (}), established in 2006 by merger of several pre-existing specialized authorities. The chair of the KNF is simultaneously the head of UKNF. The UKNF's responsibilities include oversight of
banking
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
,
capital market
A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers ...
s,
insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...
,
pension scheme
A pension (; ) is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be either a "Defined benefit pension pla ...
and
electronic money
Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital cu ...
institutions.
History
The KNF was formed on 19 September 2006 pursuant to the Financial Market Supervision Act of 21 July 2006. The new supervisory body took over the tasks of the Insurance and Pension Funds Supervisory Commission and of the
Securities and Exchange Commission (Poland), which were abolished pursuant to that act.
From January 1, 2008, the second phase of the merger of financial supervision in Poland, the Polish FSA took over from the
National Bank of Poland
The Narodowy Bank Polski (; the National Bank of Poland), often abbreviated to NBP, is the central bank of Poland, founded in 1945. It controls the issuing of Poland's currency, the Polish złoty. The bank is headquartered in Warsaw, and has bra ...
the powers of the Commission for Banking Supervision together with its office, the General Inspectorate of Banking Supervision.
The FSA is a publicly financed entity serving as the single contact point and watchdog for all segments of the Polish financial market. It has been credited with ensuring that Polish banks remained relatively healthy during the most recent global banking crisis by monitoring and responding to bank liquidity measures in the midst of the general slowdown in economic activity.
Structure and Responsibilities
The Prime Minister of Poland (President of the
Council of Ministers
Council of Ministers is a traditional name given to the supreme Executive (government), executive organ in some governments. It is usually equivalent to the term Cabinet (government), cabinet. The term Council of State is a similar name that also m ...
) appoints the chairperson of the KNF (and head of UKNF).
The UKNF exercises supervision over the banking sector, capital market, insurance and pension markets, supervision over payment institutions and payment service offices, electronic money institutions and the cooperative credit union sector.
The tasks of the Committee also include:
- taking actions aimed at the proper functioning of the financial market;
- undertaking activities aimed at the development of the financial market and its competitiveness;
- undertaking educational and information activities related to the functioning of the financial market;
- participation in the preparation of draft legal acts in the field of financial market supervision;
- creating the possibility of amicable and conciliatory settlement of disputes between financial market participants, in particular disputes arising from contractual relations between entities subject to UKNF's supervision and recipients of services provided by these entities;
- performing other tasks specified by law.
See also
*
Securities Commission
A securities commission, securities regulator or capital market authority is a government department or agency responsible for financial regulation of securities products within a particular country. Its powers and responsibilities vary greatly ...
*
National Bank of Poland
The Narodowy Bank Polski (; the National Bank of Poland), often abbreviated to NBP, is the central bank of Poland, founded in 1945. It controls the issuing of Poland's currency, the Polish złoty. The bank is headquartered in Warsaw, and has bra ...
*
List of financial regulatory authorities by jurisdiction
In this list of financial regulatory and supervisory authorities, central banks are only listed where they act as direct supervisors of individual financial firms, and competition authorities and takeover panels are not listed unless they are set ...
References
External links
Official site
{{authority control
Financial services companies established in 2006
Poland
Poland, officially the Republic of Poland, is a country in Central Europe. It extends from the Baltic Sea in the north to the Sudetes and Carpathian Mountains in the south, bordered by Lithuania and Russia to the northeast, Belarus and Ukrai ...
Government agencies of Poland
Financial regulatory authorities of Poland