Changes in banking and payment service outsourcing (2021-2022*)
Currently, the following drafts are underway:
- Act amending the Payment Services Act (draft dated 01/11/2021) – “Draft 1″
- Act amending certain acts in connection with ensuring the development of the financial market and protection of investors in this market (draft of 07/15/2021) – “Draft 2”
(amendment to the Payment Services Act, changes to bank outsourcing, fines, deregulation of Payment Service Bureau)
The initial version of the draft primarily concerned changes in the functioning of payment service bureaus, changes in the obligations of small payment institutions at the stage of filing applications and in daily operations, changes in the area of supervision (e.g. as regards allocation of surpluses from payments to cover supervision costs) and included a number of systemic changes. During the public consultation, the scope of the draft was extended in key areas from the perspective of the payments industry in Poland.
The most important changes provided for in the draft concern the regulation of bank outsourcing and elimination of the maximum two-step outsourcing principle. An important change is also the elimination of the need to obtain a permit of the Polish Financial Supervision Authority in case of outsourcing with a non-EEA element. The draft also provides for amendment to the Payment Services Act with respect to the imposition of fines on, among others, members of the management boards of national payment institutions.
The primary objective of the draft was originally to deregulate payment service bureaus, which should lead to the reduction of the maintenance costs of these entities as well as to the simplification and streamlining of their operations.
In addition to the deregulation of the payment service bureaus, the changes in the draft include the expansion of regulatory requirements for small payment institutions. The new obligations refer, among other things, to the scope of documentation enclosed with the application for entry in the register of small payment institutions and the introduction of a requirement to notify the Polish Financial Supervision Authority of changes in certain data. The draft also contains modifications regarding payments made by payment institutions to cover the costs of supervision and exemption of Bank Gospodarstwa Krajowego (BGK) and Narodowy Bank Polski (NBP) from the obligation to use the Confirmation Availability of Funds (CAF) functionality.
The changes proposed by the legislators address such areas as authorization and authentication of payment transactions, the burden of proof, the exclusion of the application of the Payment Services Act in the case of commercial agents or the issue of exempted network and revocability of payment orders.
1. Changes in outsourcing:
The draft is aimed at adapting Polish regulations on bank outsourcing to European standards resulting from the EBA outsourcing guidelines. The most significant draft amendments must include:
- replacement of the agency agreement with some part of the outsourced activities
- liberalization of sub-outsourcing rules
- introduction of an obligation to notify the Polish Financial Supervision Authority of the intention to conclude an agreement with an element from outside the EEA, in place of the current obligation to obtain a permit for such outsourcing
- introduction of facilitations in establishing outsourcing between banks
- facilitation of electronic communication between banks and the Polish Financial Supervision Authority
If implemented, the entirety of the proposed changes will significantly flex the rules for establishing outsourcing relationships by banks and banks’ ability to use the services dedicated to the sector, in particular those related to the application of modern technologies.
2. Amendments to the Payment Services Act:
The proposed amendments to the Payment Services Act focus on modifying the rules for punishing members of the bodies of the entities referred to in the Act. The new rules repeal the current method for determining the amount of fines, based on three times the gross monthly remuneration of that person, calculated according to the average gross remuneration for the last 3 months prior to the imposition of the penalty, introducing instead a maximum amount threshold up to which the Polish Financial Supervision Authority will be able to impose a penalty of up to PLN 500,000.00.
Changes in banking and payment service outsourcing – impact and requirementChanges in banking and payment service outsourcing – impact and requirement
Changes in banking and payment service outsourcing – table of contentsChanges in banking and payment service outsourcing – table of contents
Changes in banking and payment service outsourcing – FAQChanges in banking and payment service outsourcing – FAQ
Changes in banking and payment service outsourcing – what we provideChanges in banking and payment service outsourcing – what we provide
For Draft 1:
- 01/28/2021 announcement of the draft act to amend the Payment Services Act (go to draft page)
- 06/25/2021 1st Consensus Conference (discussing additional comments raised during the consultation)
- 08/03/2021 2nd Consensus Conference (discussing additional comments raised during the consultation)
- The act will take effect 30 days after the date of announcement. The date of announcement is unknown.
For Draft 2:
- 07/20/2021 announcement of the draft act to amend certain acts in connection with ensuring the development of the financial market and protection of investors in this market (go to draft page)
- 10/05-08/2021 Consensus Conference
- The act will take effect within 30 days from the date of announcement. The date of announcement is unknown.
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