KNFPolish Financial Supervision Authority

The Polish Financial Supervision Authority (PFSA), known as the KNF Board, began operating with the enforcement of the Act on Financial Market Supervision on September 19, 2006.

The Act came into force on July 21, 2006, dissolving and transferring the responsibilities of the Insurance and Pension Funds Supervision Commission and the Polish Securities and Exchange Commission to the PFSA.The PFSA incorporated the powers of the Commission for Banking Supervision on January 1, 2008, and subsequently regulated the entire financial sector under a single authority.

Scope of Supervision

The PFSA supervises a large variety of entities and activities for the financial markets, including:

• Banking institutions

• Capital markets

• Insurance and pensions

• Payment institutions and Payment services offices

• Electronic money institutions

• Credit unions

The PFSA ensures the financial markets operate properly, maintain stability and security, act transparently, and protect the interests of the market participants.

Key Responsibilities

The KNF Board is responsible for undertaking several essential tasks to support the development of Poland's financial market, including:

• Providing effective and proper functioning of the financial system.

• Supporting the development of the financial market and competitiveness.

• Providing education and information programmes to assist consumers in better understanding the financial system.

• Participating in the preparation of draft legislation related to financial supervision.

• Attempting to broker amicable solutions to the matter at hand where disputes arise, especially between market participants due to contracts between supervised entities and consumers.

• Consolidation of powers under the PFSA will reaffirm and promote national well-being.

The PFSA operates under the supervision of the Prime Minister, acting consistently with national policies and regulations.

Mission and Values

• Mission: To enable orderly functioning and a safe development of the financial market.

• Vision: A secure, transparent, and trustworthy financial environment for all stakeholders.

To fulfill its Mission and Vision, the PFSA promotes a proactive operating environment by leveraging new technologies to acquire knowledge and manage information effectively.

Core Values

The work of the PFSA is governed by values that shape the way the PFSA will conduct its activities and decision-making process:

• Responsibility - Exercise due care, responsibility, and diligence in its activities.

• Respect - Conduct dialogue and respect differences of opinion.

• Objectivity - Make decisions based on fact and without bias.

• Openness - Be alert to developments in the market and new market opportunities.

• Commitment - Cultivate and follow through with a commitment to each case of business with status quo, proactivity, or notification.

• Loyalty - Loyal to the Republic of Poland and her institutions.

• Professionalism - Use professional skills and expertise and contribute to the continuous enhancement of the quality of service.