Legislative overview | Banking today and tomorrow

8 September 2022 | Banking today and tomorrow, 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

Unitary Patent & Unified Patent Court – a revolution in patent protection

After years of discussion and preparation, the EU’s unitary patent system is becoming a reality and is expected to start on 1 June 2023. This is a real revolution in patent protection in the European Union, as with the entry into force of the unitary system, the Unified Patent Court will also commence its activities.

National e-Invoicing System | Tax Focus

On 15 March this year, the Standing Committee of the Council of Ministers gave its favourable opinion on a bill concerning amendments to the VAT Act and certain other acts in connection with the introduction of a mandatory National e-Invoicing System (KSeF).

Pledge as security for financing

In the current economic situation and with inflation constantly on the rise, companies are increasingly looking for external financing to maintain their business at its current level or to ensure continued growth.

Latest amendments to the Labour Code

On 4 April 2023, the Act of 9 March 2023 amending the Labour Code was published. The changes will come into force after 21 days, i.e. on 26 April 2023.

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