The role of the Polish Financial Supervision Authority in the new European architecture of supervision over the financial market

The purpose of this paper is to analyze the main provisions of the regulation of European financial supervision from the perspective of the competencies and functions of the Polish Financial Supervision Authority (KNF). It was also considered necessary by the Authors to present the current tasks, aims and competencies of the KNF. The implementation of a new supervisory structure in the EU brought about changes to the functioning of the KNF. These changes are particularly visible in the regulatory functions as domestic supervisory authorities are obliged to introduce uniform supervisory standards defined on a European level. The current reform of the European financial markets has shown that the role of national supervisors in the financial safety net requires a new approach. It is obvious that in these times of financial crisis, national supervisors must incur significant costs, namely the functional reduction of regulatory independence in some matters. This paper is a contribution to the discussion on the course of the development of Polish and EU financial markets supervision

New Technologies in the Control of Public Finances and Building Public Confidence in the State

This article addresses the directions of change in the area of control of the collection and distribution of public funds, in the context of the possibility of using new technologies, with a view to compliance with the legal standards of a democratic law-governed state and the challenges facing law-makers in properly legislating the use of AI. Issues related to the risks and threats posed by the implementation of new technologies in the public sector regarding technical (e.g. algorithmic bias) and legal (e.g. inadequate regulation of the possibility of using technology by a public administration) aspects are raised, bearing in mind that incorrect regulation of these issues is not without impact on trust in the state and ensuring the protection of democratic values. Analysing the issues related to the implementation of technological solutions to control public finances, it also indicates new areas for control in the public sector, for example the control of algorithm-based [email protected] University of Technology, PolandAuditing Machine Learning Algorithms: A White Paper for Public Auditors, http://intosaijournal.org/auditing-machine-learning-algorithms/.Banaszak B., Konstytucja Rzeczypospolitej Polskiej. Komentarz (2nd ed.), Warsaw 2012.Brennan B., Baccala M., Flynn M., Artificial Intelligence Comes to Financial Statement Audits, CFO.com (2017), http://bit.ly/2Jx3CYO.Calo R., Artificial Intelligence Policy: A Primer and Roadmap (9 August 2017), http://dx.doi.org/10.2139/ssrn.3015350.Centre for Data Ethics and Innovation, Review into Bias in Algorithmic Decision-Making (November 2020), https://cdei.blog.gov.uk/2020/11/27/overview-of-our-review-into-bias-in-algorithmic-decision-making/.Dickey G., Blanke S., Seaton L., Machine Learning in Auditing: Current and Future Applications, ‘The CPA Journal’ 2019, vol. 89, pp. 16–21.Ethics Guidelines for Trustworthy AI, https://digital-strategy.ec.europa.eu/en/library/ethics-guidelines-trustworthy-ai.Engin Z., Treleaven P., Algorithmic Government: Automating Public Services and Supporting Civil Servants in Using Data Science Technologies, ‘The Computer Journal’ 2019, vol. 62, no. 3, pp. 451–453.EU Guidelines on Ethics in Artificial Intelligence: Context and Implementation, https://www.europarl.europa.eu/RegData/etudes/BRIE/2019/640163/EPRS_BRI(2019)640163_EN.pdf.European Parliament resolution of 20 October 2020 on intellectual property rights for the development of artificial intelligence technologies (2020/2015(INI)), O.J. C 404, 06.10.2021.European Parliament resolution of 20 October 2020 with recommendations to the Commission on a civil liability regime for artificial intelligence (2020/2014(INL)), O.J. C 404, 06.10.2021.European Parliament resolution of 20 October 2020 with recommendations to the Commission on a framework of ethical aspects of artificial intelligence, robotics and related technologies (2020/2012(INL)), O.J. C 404, 06.10.2021.Explanatory Memorandum, Proposal for a Regulation of the European Parliament and of the Council laying down harmonised rules on artificial intelligence (Artificial Intelligence Act) and amending certain union legislative acts, 21.04.2021, COM(2021) 206 final, https://eur-lex.europa.eu/legal-content/PL/TXT/HTML/?uri=CELEX:52021PC0206&from=IT.Gov.uk, The Technology Code of Practice, https://www.gov.uk/guidance/the-technology-code-of-practice.High-Level Expert Group on Artificial Intelligence, A Definition of Artificial Intelligence: Main Capabilities and Scientific Disciplines, 8 April 2019, https://digital-strategy.ec.europa.eu/en/library/definition-artificial-intelligence-main-capabilities-and-scientific-disciplines.Kritikos M., Artificial Intelligence ante portas: Legal and Ethical Reflections, European Parliamentary Research Service 2019, STOA/Panel for the Future of Science and Technology, https://www.europarl.europa.eu/RegData/etudes/BRIE/2019/634427/EPRS_BRI(2019)634427_EN.pdf.Kuźniacki B., Zastosowanie sztucznej inteligencji do prawa podatkowego: Spojrzenie w przeszłość, teraźniejszość i przyszłość, ‘Kwartalnik Prawa Podatkowego’ 2017, no. 2, p. 67.Lausuntopalvelu.fi, Arviomuistio hallinnon automaattiseen päätöksentekoon liittyvistä yleislainsäädännön sääntelytarpeista (eng.Memorandum Assessing the Regulatory Needs of General Legislation Related to Automatic Administrative Decision-Making, https://www.lausuntopalvelu.fi/FI/Proposal/ParticipationNonJsShowReport?proposalId=081aedb9-f440–436f-abad-a71dd56a6ccaŁożykowski A., Sarnowski J., GovTech, czyli nowe technologie w sektorze publicznym, Warsaw 2019.Maas M.M., Regulating for ‘Normal AI Accidents’: Operational Lessons for the Responsible Governance of AI Deployment, Proceedings of 2018 AAAI/ACM Conference on AI, Ethics, and Society (AIES 18), 2–3 February 2018, New Orleans, Association for Computing Machinery (ACM), https://matthijsmaas.com/uploads/Maas%20-%202018%20-%20Regulating%20for%20Normal%20AI%20Accidents%20Operational%20Lessons.pdf.OECD, Artificial Intelligence, Machine Learning and Big Data in Finance: Opportunities, Challenges, and Implications for Policy Makers (2021), https://www.oecd.org/finance/artificial-intelligence-machine-learning-big-data-in-finance.htm.OECD, Building Trust to Reinforce Democracy: Main Findings from the 2021 OECD Survey on Drivers of Trust in Public Institutions, Paris 2022.O’Neil C., Broń matematycznej zagłady. Jak algorytmy zwiększają nierówności i zagrażają demokracji, Warsaw 2017.Resolution No. 196 of the Council of Ministers of 28 December 2020 on the establishment of ‘Policy for the development of artificial intelligence in Poland from 2020’, Polish Monitor of 2021.Suksi M., Administrative Due Process When Using Automated Decisionmaking in Public Administration: Some Notes from a Finnish Perspective, ‘Artificial Intelligence and Law’ 2021, no. 29, p. 89.Szostek D., Is the Traditional Method of Regulation (the Legislative Act) Sufficient to Regulate Artificial Intelligence, or Should It Also Be Regulated by an Algorithmic Code? ‘Białostockie Studia Prawnicze’ 2021, vol. 26, no. 3, pp. 45–46.Tribunal de Contas, https://www.tcontas.pt/pt-pt/MenuSecundario/Noticias/Pages/n20230130–1.aspx.282233

Polskie i unijne tendencje regulacyjne po transformacji ustrojowej w Polsce a rola banków spółdzielczych na współczesnym rynku finansowym – przyczynek do dyskusji

Autorka dokonuje analizy przepisów prawa bankowego regulującego działalność banków spółdzielczych, z punktu widzenia tendencji regulacyjnych prawodawców, unijnego i krajowego, przejawiających się w podejmowanych działaniach legislacyjnych. Przedstawione w artykule rozważania nie mają na celu wyczerpującego omówienia problemu, a jedynie wprowadzają do dyskusji nad uwarunkowaniami i kierunkami rozwoju banków spółdzielczych na polskim rynku finansowym.Publikacja dofinansowana przez Urząd Miasta Łodzi; Udostępnienie publikacji Wydawnictwa Uniwersytetu Łódzkiego finansowane w ramach projektu „Doskonałość naukowa kluczem do doskonałości kształcenia”. Projekt realizowany jest ze środków Europejskiego Funduszu Społecznego w ramach Programu Operacyjnego Wiedza Edukacja Rozwój; nr umowy: POWER.03.05.00-00-Z092/17-00

PROCES INTEGRACJI EUROPEJSKIEGO RYNKU USŁUG PŁATNICZYCH – WYZWANIA REGULACYJNE

The European payments market is recently subject to intense transformation. This results from the fact that the economic integration process in the making (with monetary integration being a part of this) makes possible, or even forces, the implementation of new instruments or legal solutions which increase the effectiveness of economic processes; among others, through the realisation of the free flow of capital and payments between countries. Some of the new legal acts of the European Union and the SEPA initiative were launched in order to enable and facilitate the integration of the European payments market. Thus, it is important to consider whether they will have a major influence on payment services in the internal market. On the other hand, a no less important question is that of the regulatory changes which lay before European and domestic legislators in order to achieve the integration of the payment market. The legal framework for payment services in the internal market of the EU and the European Economic Area (EEA) was described in the first part of the article. Directive 2007/64/EC on payment services in the internal market (PSD), adopted by the European Parliament and the Council of the European Union, comes under particular analysis. The building of the Single Euro Payments Area (SEPA) is the second import part of this research. Although SEPA is a self-regulatory initiative of the banking sector, the legislative initiative at the level of the European Commission was undertaken to support a fully integrated and highly standardised payments market. Both the European Payments Council’s and European Commission’s actions have been analysed. Finally, the problems of national and European legislators have been formulated based on  analysis.Europejski rynek płatności jest w ostatnich latach przedmiotem daleko idących transformacji. Wynika to z faktu, iż postępujący proces integracji gospodarczej, umożliwia, ale także wymusza, wprowadzanie nowych rozwiązań prawnych zwiększających efektywność procesów gospodarczych m.in. poprzez urzeczywistnienie swobody przepływu kapitału i płatności między państwami. W celu umożliwienia i ułatwienia integracji europejskiego rynku płatności zostało przyjętych kilka nowych europejskich aktów prawnych oraz podjęta inicjatywa SEPA. To sprawia, że istotnym jest rozważenie czy wpłyną one istotnie na usługi płatnicze świadczone na rynku wewnętrznym. Z drugiej strony, niemniej istotnym pytaniem jest jakie wyzwania regulacyjne stoją przed prawodawcami krajowym i europejskim dla osiągnięcia zintegrowanego rynku płatności. W pierwszej części artykułu opisane zostały ramy prawne świadczenia usług płatniczych na rynku wewnętrznym UE oraz EOG. W szczególności została dokonana analiza dyrektywy Parlamentu Europejskiego i Rady 2007/64/WE w sprawie usług płatniczych w ramach rynku wewnętrznego (PSD). Druga część rozważań dotyczy budowy Jednolitego Obszaru Płatności w Euro (SEPA). Pomimo, że SEPA jest inicjatywą samoregulacji sektora bankowego, to obecnie na poziomie Komisji Europejskiej podjęta została inicjatywa legislacyjna dla wsparcia w pełni zintegrowanego i znormalizowanego rynku płatniczego. Przedmiotem analizy w tej części są zarówno działania Europejskiej Rady ds. Płatności jak i Komisji Europejskiej. Na koniec, w oparciu o dokonaną analizę zidentyfikowano obszary problemów prawnych (wyzwań regulacyjnych) prawodawców krajowych i europejskiego

Instytucja informacji podatkowych w świetle polskich regulacji – dylematy prawne udostępniania danych

ANNA ZALCEWICZ – dr nauk prawnych, w latach 1997–2011 asystent, a następnie adiunkt w Katedrze Prawa Finansowego na Wydziale Prawa i Administracji Uniwersytetu Szczecińskiego w Szczecinie, obecnie adiunkt w Katedrze Prawa Finansów Publicznych w Europejskiej Wyższej Szkole Prawa i Administracji w WarszawieSANDRA DOMSKA – EOL Kancelaria Doradztwa Podatkowego, Szczecin10913

Challenges Posed to the EU Financial Market by the Implementation of the Concept of Sustainable Financing

The subject of this study is, firstly, the identification of new obligations for financial institutions and supervisors resulting from the normative inclusion of ESG (environmental, social and governance) policy in financial market regulation. Secondly, we will answer the question of whether and to what extent the current regulatory pattern is changing in connection with ESG policy and, for this purpose, conduct an examination in the light of the provisions of the sustainable finance risk law from the perspective of a financial institution operating on the financial market, taking into account supervisory regulations in this area. The study also aims to consider various possible solutions for the optimal implementation of the policy of counteracting sustainable development risks in financial market law.Magdalena Fedorowicz: [email protected] Zalcewicz: [email protected] Fedorowicz - Adam Mickiewicz University in Poznań, PolandAnna Zalcewicz - Warsaw University of Technology, PolandAct of 29 August 1997 on Banking Law (consolidated text: Journal of Laws of 2022, item 2324, as amended).Act of 21 July 2006 on Financial Market Supervision (consolidated text: Journal of Laws of 2022, item 660, as amended).Arner, D. W., Buckley, R. P., Zetzsche, D. A., & Veidt, R. (2020). Sustainability, FinTech and financial inclusion. European Business Organization Law Review, 21(1), 7–35.Chiu, I., Lin, L., & Rouch, D. (2022). Law and regulation for sustainable finance. European Business Organization Law Review, 23(1), 1–7.Directive (EU) 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009).Directive (EU) 2013/36/EU of the European Parliament and of the Counsil of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013).Directive (EU) 2014/95/EU of the European Parliament and of the Council of 22 October 2014 Amending Directive 2013/34/EU as Regards Disclosure of Non-Financial and Diversity Information by Certain Large Companies and Groups (O. J. L 330, 15.11.2014).Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the Prudential Supervision of Investment Firms and Amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (O. J. L 314, 05.12.2019).Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 Amending Regulation (EU) No. 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as Regards Corporate Sustainability Reporting (O. J. L 322, 16.12.2022).European Central Bank. (2022). Banks must sharpen their focus on climate risk, ECB supervisor stress test shows. https://www.bankingsupervision.europa.eu/press/pr/date/2022/html/ssm.pr220708~565c38d18a.en.htmlEuropean Commission. (2018). Communication from the Commission to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions. Action plan: Financing sustainable growth, COM/2018/97 final. https://eur-lex.europa.eu/legal-content/PL/TXT/?uri=CELEX- %3A52018DC0097European Commission. (2021). Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions. Strategy for financing the transition to a sustainable economy, COM/2021/390 final. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52021DC0390European Commission. (2022). Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 Supplementing Regulation (EU) 2019/2088 of the European Parliament and of the Council with Regard to Regulatory Technical Standards Specifying the Details of the Content and Presentation of the Information in Relation to the Principle of ‘Do No Significant Harm’, Specifying the Content, Methodologies and Presentation of Information in Relation to Sustainability Indicators and Adverse Sustainability Impacts, and the Content and Presentation of the Information in Relation to the Promotion of Environmental or Social Characteristics and Sustainable Investment Objectives in Pre-Contractual Documents, on Websites and in Periodic Reports (O. J. L 196, 25.07.2022).European Parliament. (2018). Resolution on Sustainable Finance of 29 May 2018 (2018/2007(INI)) (O. J. C-76, 09.03.2020).European Parliament. (2022, 17 March). Report from 2022 on the proposal for a regulation of the European Parliament and of the Council on markets in crypto-assets and amending Directive (EU) 2019/1937. https://www.europarl.europa.eu/doceo/document/A-9–2022-0052_EN.html#title1European Securities and Markets Authority. (2023, 13 March). Joint ESAs–ECB Statement on disclosure on climate change for structured finance products. https://www.esma.europa.euHertel, T. (2021). Integration von Klimarisiken in das finanzielle Risikomanagement – eine Systematisierung der Herausforderungen. Zeitschrift für Bankrecht und Bankwirtschaft, 33(5), 337–347.Katelouzou, D., & Micheler, E. (2022). Investor capitalism, sustainable investment and the role of tax relief. European Business Organization Law Review, 23(1), 217–239.Komisja Nadzoru Finansowego. (2020). Rekomendacja Z dotycząca zasad ładu wewnętrznego w bankach. https://www.knf.gov.pl/knf/pl/componenty/img/Rekomendacja_Z_70998.pdfNieborak, T. (2021). Human rights in the light of the process of financialisation. Białostockie Studia Prawnicze, 26(5), 161–185.Pollman, E. (2022). The making and meaning of ESG [Law working paper (659/2022)]. European Corporate Governance Institute.Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No. 648/2012 (OJ L 176, 27.6.2013).Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on the Prudential Requirements of Investment Firms and Amending Regulations (EU) No. 1093/2010, (EU) No. 575/2013, (EU) No. 600/2014 and (EU) No. 806/2014 (O. J. L 314, 05.12.2019).Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on Sustainability‐Related Disclosures in the Financial Services Sector (O. J. L 317, 09.12.2019)Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the Establishment of a Framework to Facilitate Sustainable Investment (O. J. L 198, 22.06.2020).Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulation (EU) No. 1093/2010 and (EU) No.1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (O.J. L 150, 9.6.2023).Regulation of the Minister of Finance, Funds and Regional Policy of 8 June 2021 on the Risk Management System and Internal Control System and Remuneration Policy in Banks (Journal of Laws of 2021, item 1045).United Nations Environment Programme. (2011). UNEP statement of commitment by financial institutions (FI) on sustainable development. https://www.unepfi.org/fileadmin/statements/UNEPFI_Statement.pdfWiedemann, A., Bouten, C., & Hertrampf, P. (2020). Risikokultur in Banken: eine systematische Literaturanalyse. Zeitschrift für Bankenrecht und Bankwirtschaft, 32(5), 286–303.Zetzsche, D. A., & Sørensen, L. A. (2022). Regulating sustainable finance in the dark. European Business Organization Law Review, 23(3), 47–85.Zhao, J., & Farinas, B. (2023). Artificial intelligence and sustainable decisions. European Business Organization Law Review, 24(1), 1–39.291475

Human Nature versus Financial Market Law Norms – Behavioural Factors in the Process of Enacting Financial Market Regulations

This paper is part of the discussion on the scope of application of the findings of behavioural sciences in law-making in order to effectively influence the formation of social relations in accordance with contemporary standards. The discussion focuses on the question of the extent to which the legislator can take into account the behaviour/emotions of clients of financial services institutions when creating financial market law. The subject of the analyses encompasses inter alia the scope and manner of its use of information concerning deviations from the choices assumed for a strictly rational person making a decision on the financial market, which raises questions about the normative and ethical aspects of taking into account behavioural factors in financial market law

EUROPEAN PAYMENTS MARKET INTEGRATION PROCESS – REGULATION CHALLENGES

The European payments market is recently subject to intense transformation. This results from the fact that the economic integration process in the making (with monetary integration being a part of this) makes possible, or even forces, the implementation of new instruments or legal solutions which increase the effectiveness of economic processes; among others, through the realisation of the free flow of capital and payments between countries. Some of the new legal acts of the European Union and the SEPA initiative were launched in order to enable and facilitate the integration of the European payments market. Thus, it is important to consider whether they will have a major influence on payment services in the internal market. On the other hand, a no less important question is that of the regulatory changes which lay before European and domestic legislators in order to achieve the integration of the payment market. The legal framework for payment services in the internal market of the EU and the European Economic Area (EEA) was described in the first part of the article. Directive 2007/64/EC on payment services in the internal market (PSD), adopted by the European Parliament and the Council of the European Union, comes under particular analysis. The building of the Single Euro Payments Area (SEPA) is the second import part of this research. Although SEPA is a self-regulatory initiative of the banking sector, the legislative initiative at the level of the European Commission was undertaken to support a fully integrated and highly standardised payments market. Both the European Payments Council’s and European Commission’s actions have been analysed. Finally, the problems of national and European legislators have been formulated based on  analysis.</p

Analiza soft law EBA na rynku usług płatniczych

The objective of this paper, entitled “An Analysis of EBA Soft Law on the Payment Services Market” is firstly to reconstruct the substantive content of the main types of EBA soft law for the payment services market and group the resulting findings according to thematically classified procedural standards and principles (as related, for example, to data aggregation) specified by EBA both for payment services providers, consumers and supervisory authorities. The second aim is to identify and classify the functions and roles arising therefrom and fulfilled by EBA soft law for the payment services market. The third research goal of this project is to answer the following question: is it possible to argue that EBA soft law on the payment services market has a special or distinct character compared to soft law from other segments of the European Union’s financial market?Celem opracowania Analiza soft law EBA na rynku usług płatniczych stało się po pierwsze, dokonanie materialnej rekonstrukcji głównych typów soft law EBA dla rynku usług płatniczych i pogrupowanie powstałej stąd materii w oparciu o wyodrębnione tematycznie określone przez EBA standardy i wzorce postępowań, tak dla dostawców usług płatniczych, jak i dla konsumenta rynku usług płatniczych oraz nadzorców (np. w zakresie agregacji danych). Po drugie, celem przedstawianego artykułu było również wyodrębnienie i nazwanie wynikających stąd funkcji i roli, jakie soft law EBA pełni na rynku usług płatniczych. Trzecim zamierzeniem badawczym stało się udzielenie odpowiedzi na pytanie czy w porównaniu do soft law z pozostałych segmentów rynku finansowego UE można w odniesieniu do soft law EBA na rynku usług płatniczych argumentować o istnieniu szczególnej specyfiki czy podziału