Changes in banking and payment service outsourcing – table of contents

[Draft 1]

None.

[Draft 2]

The draft proposes changes to key laws from the perspective of financial market participants, including:

• Banking Law (Article 2, amendments in respect of bank outsourcing, business secret and powers of the Polish Financial Supervision Authority)
• Act on Investment Funds and Management of Alternative Investment Funds (Article 6, changes in regulation of securitization funds)
• Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organized Trading, and Public Companies (Article 7, amendments in respect of tender offers for sale or exchange of shares in a public company, the manner of their announcement, and terms of acquisition of shares under such tender offers)
• Act on Trading in Financial Instruments (Article 8, amendments in respect of trade secret, abandonment of the obligation for the Polish Financial Supervision Authority to hold a hearing before issuing a decision in capital market cases, amendments to allow custodian banks to participate in securities lending)
• Act on Capital Market Supervision (Article 9, amendments in respect of business secret and method of communication with the Polish Financial Supervision Authority)
• Act on Financial Market Supervision (Article 10, , amendments, among other things, concerning liability of supervised entities for violations, rules of issuing interpretations and rules of making information available by supervised entities)
• Act on Cooperative Savings and Credit Unions (Article 11, amendments to allow Cooperative Savings and Credit Unions (SKOK) to accept payment orders to deposit cash on the bank account of the creditor and money transfer orders from any payer)
• Payment Services Act (Article 12, changes in the powers of the Polish Financial Supervision Authority to impose penalties on current and former members of the bodies of the entities specified in the Act)
• Act on Insurance and Reinsurance Activity (Article 15, amendments in respect of business secret, the liquidation procedure of a business and the authority of the Polish Financial Supervision Authority to impose penalties)