The Regulatory Competitiveness Council (RCC), operating under the auspices of Future Finance Poland, continues its mission of driving impactful regulatory improvements to foster a more competitive financial environment in Poland. Recently, the RCC finalized three regulatory positions aimed at addressing critical challenges and improving the clarity and functionality of existing regulations:
Anti-money laundering and combating the financing of terrorism act:
The RCC proposed a number of amendments to the AML/CTF Act to strengthen the regulatory framework and improve its practical applicability. This position addresses concerns related to the application of financial security measures, including identity verification, determining the scope of client identification data subject to verification, AML obligations in PIS transactions, and reporting requirements.
Crowdfunding regulations in Poland:
The RCC proposed several amendments to remove interpretative uncertainties and strengthen regulatory clarity. These recommendations include modifications to the regulations governing simple joint-stock companies, simplification of issuance procedures, the elimination of obligations to publish announcements in the Court and Economic Monitor, and the explicit regulation of the rights of crowdfunding service providers in the context of open subscriptions.
Harmonization of the risk-based approach:
A position paper was prepared advocating greater harmonization in the application of the risk-based approach. As part of this effort, the RCC respectfully requested that the proposed amendments to Article 37 of the AML Act be analyzed and considered as part of the ongoing legislative process.
The RCC’s initiatives reflect our commitment to creating a balanced and forward-looking regulatory environment that meets the needs of the market and promotes sustainable growth in the financial sector.
Future Finance Poland invites stakeholders to engage with these positions and support a constructive dialogue on their implementation.
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