The Council of Ministers adopted a bill amending the Act on Trading in Financial Instruments and certain other laws adapting Polish law to the EU.
Key solutions:
Investment firms will be divided into three categories due to their size and interconnection with other financial and economic entities.
The required level of initial capital of the brokerage house will depend on the services provided and the activities to which the brokerage house is authorised.
The obligation to meet the minimum capital requirement on a permanent basis equal to the level of initial capital required has been introduced.
The list of supervisory measures of the supervisory authority, i.e. the Financial Supervisory Authority, will be amended, which will be able to establish additional own funds or liquidity requirements if necessary.
Changes were made to the provisions on remuneration policy in brokerage houses. The remuneration policy will have to be gender neutral, among other things. It was also clarified when there is an obligation to set up a remuneration committee as well as the obligation to provide information to KNF about wages in brokerage houses.
A group capital test was introduced for simpler group structures consisting exclusively of investment firms.
The rules on cooperation between competent authorities in EU countries and NFCs in the event of an emergency have been regulated.
Provisions were introduced for reporting requirements for investment firms, proportional to business activities and prudential framework requirements.
New solutions are to enter into force after 14 days after publication in the Official Journal of the Laws, except for certain provisions which will become applicable later.