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Fintech

Work on the AI Act. The financial sector's perspective on artificial intelligence regulations

At the end of 2023, European Union bodies concluded trilogue negotiations on the draft Artificial Intelligence Act (AI Act) . Representatives from the European Commission, the European Parliament and the Council reached an agreement on the AI Act, the aim of which is to ensure the protection of fundamental rights, democracy and the rule of law in relation to the use of AI solutions within the European Union, while boosting innovation and making Europe a leader in the field of AI.

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Fintech

Oversight of lending institutions by the Financial Supervision Authority (KNF)

As of the new calendar year, lending institutions will be subject to Financial Supervision Authority (KNF) institutional oversight, and the respective legislative changes stem from the Anti-usury Act . On one hand, the Anti-usury Act imposes a range of new obligations on lending institutions, while on the other it gives the KNF tough oversight powers that extend far beyond the current power to keep a register of lending institutions and formally examine eligibility for registration. This article will focus on the major amendments to the Consumer Credit Act (UKK) that will soon affect or already affect the Polish lending sector, taking into consideration as well the recently adopted new EU Consumer Credit Directive (CCD2).

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An Act amending Certain Laws to ensure Growth of the Financial Market and Protect Investors on that Market (Warzywniak - the “general store” act)

29 August, 2023, saw the promulgation of the Act of 16 August 2023 amending Certain Laws to ensure Growth of the Financial Market and Protect Investors on that Market. This act, dubbed the Warzywniak – General Store act, amends several dozen legislative acts on issues such as the rules governing the functioning of the financial market, in particular Poland’s banking, payment, capital, and insurance markets. An amendment to the Banking Law of 29 August 1997 is particularly noteworthy. This makes changes to laws on outsourcing in the banking sector.

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New obligations for payment service providers under an amendment to the VAT Act

On May 18, 2023, the President signed into an act of 14 April, 2023, amending the VAT Act and certain other acts. Individual payment service providers involved in cross-border transactions will be subject to a reporting obligation as of 1 January, 2024. This will be an obligation to declare certain cross-border transactions to the Central Electronic System of Payment Information (CESOP), which is managed by the European Commission.

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Financial Information System Act - new regulations in the Polish financial sector

On 10 February, 2023, the Act of 1 December, 2022, on the Financial Information System (FIS) came into force. The Act implements three EU directives, including the directive known as 5AMLD.

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The Anti-usury Act, new legislation for the lending sector

On 10 November 2022, President Andrzej Duda signed into law the Anti-usury Act of 6 October 2022, changing the law to combat the operations of loan sharks . The act provides for a range of new requirements for firms providing consumer loans to ensure greater protection for consumers. The work on the Anti-usury Act was commenced at the initiative of the government, and the legislation goes beyond implementing the Consumer Credit (CCD) Directive.

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Regulator (KNF) scrutinizes limited network payment instruments

A process is underway to “reauthorize” entries in the Polish Financial Supervision Authority (KNF) register of payment instrument issuers on the basis of the limited network exclusion. This process follows adoption of European Banking Authority (EBA) Guidelines on the limited network exclusion under PSD2

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Incorporation of cloud computing into the banking sector and the outsourcing chain

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New legal situation regarding crowdfunding in Poland