The bill, prepared by the Ministry of Justice, is aimed at ordering and streamlining the functioning of financial market entities.
In particular, its implementation is expected to eliminate some of the barriers to access to the financial market. It is assumed that it will improve the functioning of financial market supervision and increase the level of digitization in the work of the Financial Supervision Authority. It is also a guarantee of better protection of customers of financial institutions and minority shareholders. The proposed changes will cover a wide range of legal acts. It is worth remembering, however, that they relate mainly to the regulation of the capital market sector and the banking market and, to a lesser extent, the payment services market.
Many of the solutions proposed by the Ministry of Justice should be evaluated positively. Changes in the area of bank outsourcing are worth mentioning (e.g. implementation of EBA guidelines). Improvement of the institution of tender offers for sale or exchange of shares in public companies is also anticipated. In addition, changes may be expected in the area of professional secrecy. Ultimately, this will facilitate claims by clients of financial institutions.
In some legal areas, however, the proposed changes may be disappointing. This is because the issue has been treated without a holistic view of the whole (particularly in the payment services sector). Therefore, there is no doubt that it is necessary to continue working on the removal of barriers that limit the development of the financial market, and in particular the development of the fintech sector in Poland.
The adoption of the above bill by the government is tentatively scheduled for Q1 2022.