Legislative overview | Banking today and tomorrow

8 September 2022 | Knowledge, News

Amendment to the Act on Liability of Collective Entities for Prohibited Acts Subject to Penalty (corporate criminal liability)

The key change is a new definition of collective entity limiting the scope of such entities. According to the bill, the Act will be applicable to:

  • Collective entities employing at least 500 persons in at least one of the last two financial years, or
  • Entities with an annual net turnover from the sale of goods, products and services and from financial operations exceeding €100 million.

The final version of the bill is expected to be presented in Q3 2022.

Amendment of the legislation on mortgage agreements

The Senate amendments to the amendment on mortgages and the supervision of mortgage brokers and agents.

The amendments extend applicability of the law to cover loan agreements – in the case of a loan secured by a mortgage, the mortgage agreement may specify the additional cost of the loan to be borne by the consumer until the mortgage is registered.

The European Banking Authority against terrorist financing

The European Banking Authority has published guidelines setting out the roles and responsibilities of the AML/CFT compliance officer and of the management body of credit or financial institutions.

Financial media overview

  • A bill to amend the Act on Competition and Consumer Protection, according to which, among other things, the powers of the President of the Office of Competition and Consumer Protection (UOKiK) are extended. The bill is currently being assessed.
  • Draft ordinance of the Council of Ministers to change the list of procedures and services in which an electronic document and certificate can be used to establish the identity of a Ukrainian citizen. The ordinance is scheduled for adoption in Q3 2022.

Sectoral AML Service Centre

The National Clearing House (KIR) and the Polish Bank Association (ZBP) are launching a solution to streamline the detection of illegal transactions.

The Sectoral Service Centre has been tasked to provide structural and organisational assistance to banks in fulfilling their obligations under money laundering regulations.

Inflation in the eurozone

Inflation in the eurozone reached 9.1% in August and turned out to be higher than expected. This may result in the European Central Bank hiking its key interest rate by up to 75 bps at its meeting of 8 September.

Rising inflation in the eurozone is also the reason why the European Central Bank has introduced a new asset purchase programme – the Transmission Protection Instrument (TPI), which is designed to limit yield spreads between member states’ bonds.

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Latest Knowledge

Bill on employment of foreigners – it is to be easier and faster

On 13 September, a bill on the employment of foreigners was published in the list of legislative work. The draft law is currently at the stage of interdepartmental consultations and is expected to enter into force later this year. The new law is essentially based on the existing fundamental principles regarding the employment of foreigners, though it introduces a number of new solutions.

Banks | We are on the verge of a breakthrough in online services

The metaverse is much more than technology. It is a symbiotic environment of new possibilities, experiences and dynamically changing IT systems that follow the needs and ideas of creators and users. At its core, the metaverse is about building a sense of mutual, seamless interpenetration between the real and virtual worlds.

Well-known brands prepare to enter the Metaverse

What do brands such as Maserati, Yves Saint Laurent, Coco Chanel, Master Card and Volkswagen have in common? It is that their owners are filing trademark applications for goods and services to be protected in the Metaverse.

High penalties for polluting the environment

Since the beginning of September, legislation significantly increasing penalties for environmental pollution has been in force. On 1 September 2022, after a relatively short 14-day vacatio legis, the Act Amending Certain Acts to Prevent Environmental Crime of 22 July 2022 (Journal of Laws, item 1726) entered into force.

Temporal nature of the sanction of loss of voting rights

The sanction for breach of the notification obligations referred to in Article 69(1)(1) of the Act on Public Offering, associated with a change in the total number of votes in a company held by shareholders acting in concert, as provided for in Article 87(1)(5) of the Act – is the loss of voting rights as regulated in Article 89(1)(1) (the “sanction”).

SLAPP – a global legal problem that, if unchecked, could stifle freedom of expression

It’s no secret that since 2015, key constitutional values have been in crisis. History shows that the last bastion of freedom of speech, which guarantees these values, is the free press. However, over the past three years, there have been repeated legal actions by state institutions, state-owned companies, businessmen and other lobbying organizations aimed at stifling the work of journalists, publishers and NGOs.

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