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Current State of MiFID Implementation Pro c ess in Poland

Current State of MiFID Implementation Pro c ess in Poland. Adam Blasiak Split, 15 June 2007. The Polish Financial Supervision Authority (PFSA). Set up on 19th September 2006

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Current State of MiFID Implementation Pro c ess in Poland

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  1. Current State of MiFID Implementation Process in Poland Adam Blasiak Split, 15 June 2007 The Polish FSA 2007

  2. The Polish Financial Supervision Authority (PFSA) • Set up on 19th September 2006 • New, integrated supervisor which took over the tasks of the Insurance and Pension Funds Supervisory Commission and the Polish Securities and Exchange Commission • Banking supervision to be included on 1st January 2008 The Polish FSA 2007

  3. Composition Stanisław Kluza- The Chairperson (5-year term in office) Iwona Duda-The Vice-Chairperson Marcin Gomoła- The Vice-Chairperson Other members: Arkadiusz Huzarek - The Representative of the Finance Minister Anna Kalata - Labour and Social Policy Minister Krzysztof Rybiński- The Deputy President of the National Bank of Poland Henryk Cioch - The Representative of the President of the Republicof Poland The Polish FSA 2007

  4. Aims • Co-operation with all market participants (we all work for market growth) • Clients’ protection and education • Risk-based supervision in the future The Polish FSA 2007

  5. Scope of activity • capital market supervision • insurance supervision • pension schemes supervision • complementary supervision of financial conglomerates • banking supervision, commencing 2008 The Polish FSA 2007

  6. Open pension funds – 15 Life insurance companies – 32 Non-life insurance companies – 33 Issuers of financial instruments – 304 Investment fund corporations – 26 Brokerage houses – 37 Banks conducting brokerage activities – 10 Custodian banks – 14 Securities brokers – 1 819 Investment advisers – 238 Insurance agents – 36 780 Brokers - 868 Actuaries – 154 Investment firms agents – 19 Pension fund agents – 111 099 Supervised entities The Polish FSA 2007

  7. MiFID Implementation ProcessJuly 2007:Anticipated notification of transposition to the European Commission • Transposition of Directive requires adoption of: • a Parliamentary Act: amended Law on Trading in Financial Instruments • secondary legislation in form of several executive regulations, most important one: Regulation on the mode and conditions for acting of investment firms and fiduciary banks (transposing majority of detailed provisions) The Polish FSA 2007

  8. - Amended Law on Trading in Financial Instruments – passed on by the Ministry for Finance to the Parliament on 25th May- Regulation on the mode and conditions for acting of investment firms and fiduciary banks – still drafted in the Ministry by a working group.Financial Market Development Council (est. 09/2006)- Consultative body of the Minister - Representatives of all institutions involved in financial market (platform for regulator’s cooperation with market participants e.g. investor associations, brokers chambers, issuers associations etc.) - Aim: formulating concrete proposals for development of financial market, in particular: „adapting the market to international standards and requirements with regard of market participants’ expectations (...)” The Polish FSA 2007

  9. Revolution or evolution? • „Revolution”: • - Definition of “financial instrument”, incl. commodity derivatives • - Remote transactions on regulated market • - New CSDs • - New regulations for an MTF • - Right to choose clearing & settlement system • - Transparency in OTC transactions • - Organisational requirements (e.g. Conflicts Policy) • Outsourcing of services • Passporting and cross-border services The Polish FSA 2007

  10. Revolution or evolution? - Investment services (core vs. ancillary)- Tied agents- Client classification- Best execution „Evolution”: The Polish FSA 2007

  11. You can reach us at:Pl. Powstańców Warszawy 100-950 WarsawPolandtel. + 48 (0 22) 33 26 600fax. + 48 (0 22) 33 26 602brw@knf.gov.plhttp://www.knf.gov.pl The Polish FSA 2007

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