Specialisation

Financial institutions and payment services law (FinTech)

Related people:
Advice in regulatory proceedings before the KNF (Polish Financial Supervision Authority) and the NBP (National Bank of Poland)

Our experts have extensive experience gained in regulatory proceedings before the KNF and the NBP and in supporting contacts with other regulators (e.g. the UOKiK (Office of Competition and Consumer Protection) or GIODO (Inspector General for Personal Data Protection)).

Our experience:

  • proceedings before the NBP to obtain the licence for the first nation-wide mobile payment system;
  • proceedings before the NBP to obtain the licence for an authorisation and settlement system;
  • proceedings before the KNF to obtain the licence for provision of payment services as a national payment institution, including as a clearing agent;
  • anti-monopoly proceedings relating to interchange fees (one of the largest anti-monopoly proceedings in Poland);
  • legal opinions and consultations with administration authorities concerning derogation of payment services regulations with respect to innovative payment instruments issued in the so-called limited-access networks of payment concentrators, including for the largest fuel station chains;
  • analysis of planned changes in the sector of on-line currency exchange operators running prepaid accounts for their customers;
  • proceedings before the KNF to obtain a foreign outsourcing licence, including for cloud computing, for a bank.
Regulatory outsourcing and secrecy protection

We provide legal support to our clients in regulatory outsourcing in the areas of banking, payment services, insurance, pension funds and anti-money laundering and in connection with secrecy protection (professional secrets in the financial market).

Our experience:

  • project relating to non-current assets and intangible asset sharing among members of one of the largest groups in Poland, including an insurance company, a bank and a pension fund company;
  • legal assistance and support (including draft contracts) in connection with establishment of the so-called distribution companies by several groups of companies and for top insurance companies (property and life insurance);
  • support during negotiations and creation of outsourcing agreements for banks, including those applied in relationships with a parent company established in another country;
  • legal advice in the area of secrecy protection, including to prevent insurance crime.

 

Intellectual property (IP), new technologies (IT) and personal data protection

Our company ensures dedicated legal support in the areas of IT law and personal data law, taking into account the specific features of those legal areas in operations of financial institutions.

Our experience:

  • preparation of various IT system implementation, maintenance and support agreements (SLAs) and software licence agreements for financial institutions and participation in negotiations of new and amendments to existing agreements, including for one of the largest insurance companies;
  • concept and legal analysis of marketing correspondence with the use of electronic communication tools for one of the leading banks;
  • advice to an insurance company in the area of insurance product distribution via a direct channel;
  • management of administrative and court-administrative proceedings and litigations to protect personal data and intellectual property rights for several leading financial institutions;
  • representation in the course of any proceedings before GIODO (Inspector General for Personal Data Protection) including in connection with transfers of personal data subject to professional secrecy to a third country;
  • compliance audits, due diligence and internal training in the area of professional secrecy and personal data protection for numerous financial institutions;
  • legal opinion on marketing activities carried out via ATMs.
Legislation and advice to sector organisations

Our experts represent organisations and associations embracing companies and institutions from the financial markets. Our team supports, among others, sectoral organisations of merchants – FROB (Cashless Trade Development Foundation) or POHiD (Polish Trade and Distribution Organisation) – and has been closely cooperating for many years with the PIU (Polish Insurance Association), which represents insurance companies.

Our experience:

  • we provide assistance to sectoral organisations and associations and represent them in legislative processes in Poland and before EU bodies, e.g. we took part in the works on the maximum interchange fee rate in Poland, the EU interchange fee regulations and the EU regulation concerning personal data protection;
  • we proactively contribute to activities of the Interchange Fee Working Party at the Payment System Board of the NBP;
  • we are involved in development of the concept and implementation of databases by the Polish Insurance Association, including databases of events and losses for the entire insurance sector;
  • we prepared the first commentary in Poland on the interchange fee provisions of the Payment Services Act;
  • we contribute to development of good practices for the insurance sector.
Banking and insurance products

Our advisory services and areas of expertise:

  • audit of contracts and internal regulations for banks, payment institutions and other financial services providers;
  • legal support at the stage of development and implementation of banking and insurance products;
  • advice in the area of distribution of financial products.
Dispute resolution

We help our clients resolve litigations and we represent them before public authorities.

Our experience:

  • court proceedings, including competition and consumer protection cases;
  • legal support in disputes between payment services providers and their contractors and clients, including consumers;
  • proceedings before arbitration and industry courts and tribunals.
Corporate advisory services

We support our clients in their ongoing operations and in resolving regulatory issues.

Our experience:

  • due diligence of activities of regulated entities, including for the purposes of M&A projects;
  • legal analyses of business models for businesses operating in or intending to enter the financial services sector;
  • legal opinions on disclosure requirements applicable to banks and investment funds, with a particular focus on consumer protection aspects;
  • ongoing legal assistance to banks, payment institutions, payment services bureaus and other financial services providers.
Training and workshops

Our experts lead training, workshops and conferences focusing on financial institutions law and the legal framework of marketing activities and personal data protection. These include internal training and workshops, adapted to the legal and business environment in which our clients operate. We often discuss issues relating to new regulations, where interpretation and identification of the possible legal risk is particularly problematic.

Financial institutions and payment services law (FinTech) Download PDF (765 kB)

Our experts offer legal assistance in the following sectors:

  • banking
  • payment services
  • insurance
  • pension funds

Our firm also provides legal support to businesses which want to start operations in those sectors. Our professional experience includes complex multisector projects and transactions which require legal solutions meeting regulatory requirements applicable in various segments of the financial market.

  • Advice in regulatory proceedings before the KNF (Polish Financial Supervision Authority) and the NBP (National Bank of Poland)

    Our experts have extensive experience gained in regulatory proceedings before the KNF and the NBP and in supporting contacts with other regulators (e.g. the UOKiK (Office of Competition and Consumer Protection) or GIODO (Inspector General for Personal Data Protection)).

    Our experience:

    • proceedings before the NBP to obtain the licence for the first nation-wide mobile payment system;
    • proceedings before the NBP to obtain the licence for an authorisation and settlement system;
    • proceedings before the KNF to obtain the licence for provision of payment services as a national payment institution, including as a clearing agent;
    • anti-monopoly proceedings relating to interchange fees (one of the largest anti-monopoly proceedings in Poland);
    • legal opinions and consultations with administration authorities concerning derogation of payment services regulations with respect to innovative payment instruments issued in the so-called limited-access networks of payment concentrators, including for the largest fuel station chains;
    • analysis of planned changes in the sector of on-line currency exchange operators running prepaid accounts for their customers;
    • proceedings before the KNF to obtain a foreign outsourcing licence, including for cloud computing, for a bank.
  • Regulatory outsourcing and secrecy protection

    We provide legal support to our clients in regulatory outsourcing in the areas of banking, payment services, insurance, pension funds and anti-money laundering and in connection with secrecy protection (professional secrets in the financial market).

    Our experience:

    • project relating to non-current assets and intangible asset sharing among members of one of the largest groups in Poland, including an insurance company, a bank and a pension fund company;
    • legal assistance and support (including draft contracts) in connection with establishment of the so-called distribution companies by several groups of companies and for top insurance companies (property and life insurance);
    • support during negotiations and creation of outsourcing agreements for banks, including those applied in relationships with a parent company established in another country;
    • legal advice in the area of secrecy protection, including to prevent insurance crime.

     

  • Intellectual property (IP), new technologies (IT) and personal data protection

    Our company ensures dedicated legal support in the areas of IT law and personal data law, taking into account the specific features of those legal areas in operations of financial institutions.

    Our experience:

    • preparation of various IT system implementation, maintenance and support agreements (SLAs) and software licence agreements for financial institutions and participation in negotiations of new and amendments to existing agreements, including for one of the largest insurance companies;
    • concept and legal analysis of marketing correspondence with the use of electronic communication tools for one of the leading banks;
    • advice to an insurance company in the area of insurance product distribution via a direct channel;
    • management of administrative and court-administrative proceedings and litigations to protect personal data and intellectual property rights for several leading financial institutions;
    • representation in the course of any proceedings before GIODO (Inspector General for Personal Data Protection) including in connection with transfers of personal data subject to professional secrecy to a third country;
    • compliance audits, due diligence and internal training in the area of professional secrecy and personal data protection for numerous financial institutions;
    • legal opinion on marketing activities carried out via ATMs.
  • Legislation and advice to sector organisations

    Our experts represent organisations and associations embracing companies and institutions from the financial markets. Our team supports, among others, sectoral organisations of merchants – FROB (Cashless Trade Development Foundation) or POHiD (Polish Trade and Distribution Organisation) – and has been closely cooperating for many years with the PIU (Polish Insurance Association), which represents insurance companies.

    Our experience:

    • we provide assistance to sectoral organisations and associations and represent them in legislative processes in Poland and before EU bodies, e.g. we took part in the works on the maximum interchange fee rate in Poland, the EU interchange fee regulations and the EU regulation concerning personal data protection;
    • we proactively contribute to activities of the Interchange Fee Working Party at the Payment System Board of the NBP;
    • we are involved in development of the concept and implementation of databases by the Polish Insurance Association, including databases of events and losses for the entire insurance sector;
    • we prepared the first commentary in Poland on the interchange fee provisions of the Payment Services Act;
    • we contribute to development of good practices for the insurance sector.
  • Banking and insurance products

    Our advisory services and areas of expertise:

    • audit of contracts and internal regulations for banks, payment institutions and other financial services providers;
    • legal support at the stage of development and implementation of banking and insurance products;
    • advice in the area of distribution of financial products.
  • Dispute resolution

    We help our clients resolve litigations and we represent them before public authorities.

    Our experience:

    • court proceedings, including competition and consumer protection cases;
    • legal support in disputes between payment services providers and their contractors and clients, including consumers;
    • proceedings before arbitration and industry courts and tribunals.
  • Corporate advisory services

    We support our clients in their ongoing operations and in resolving regulatory issues.

    Our experience:

    • due diligence of activities of regulated entities, including for the purposes of M&A projects;
    • legal analyses of business models for businesses operating in or intending to enter the financial services sector;
    • legal opinions on disclosure requirements applicable to banks and investment funds, with a particular focus on consumer protection aspects;
    • ongoing legal assistance to banks, payment institutions, payment services bureaus and other financial services providers.
  • Training and workshops

    Our experts lead training, workshops and conferences focusing on financial institutions law and the legal framework of marketing activities and personal data protection. These include internal training and workshops, adapted to the legal and business environment in which our clients operate. We often discuss issues relating to new regulations, where interpretation and identification of the possible legal risk is particularly problematic.