A working group shall define legal barriers preventing FinTech development in Poland. By Mariusz Piękoś, Director Foreign Clients Office, GSS Poland
The number of companies offering modern IT technologies for financial services (FinTech) is rapidly growing. The digitalisation of financial services has become a fact and will replace many traditional banking services.
It is also expected that the FinTech working group established by Polish regulators will define the scope of action to be taken by respective regulators to support FinTech developments. It has been stressed that any financial technology innovation shall be accompanied by respective legal developments to ensure the safety of clients’ assets.
The Polish capital market is represented in the working group by the Polish CSD, the Warsaw Stock Exchange, the Custodian Banks Council, the Association of Local Brokerage Houses, the Assets Managers Association, the Issuers Association and the Polish Bank Association. The Polish Financial Supervision Authority has been appointed as the working group co-ordinator.
During its first two meetings the working group has defined 145 legal and supervisory barriers out of which 24 are related to capital market products and services. As its next step the working group has decided to create six sub-groups to review barriers for specific areas such as Payments/Blockchain/AML, Insurance, Capital Market, Consumer/Data Processing, Crowdfunding and Legal System.
The sub-groups have already met twice with the main topics of their discussion covering barriers related to:
- Efficient communication with regulators and information exchange
- Uncertainty of regulations concerning financial innovations
- The length of regulatory proceedings
- Cloud computing
- Physical documentation exchange for their digital equivalent
- Financial services outsourcing
- Personal data processing
- Limited access to public registers
The working group has stressed that some of the identified legal barriers can be removed during the incoming legislation process for several laws such as the law on payment services, AML regulations and the law on trading in financial instruments.
Director Foreign Clients Office