Owing to the early parliamentary elections (scheduled on 21 October), the creation of the single financial regulator most probably will not be delayed and the Polish Financial Supervision Authority (KNF) will take over banking supervisory functions from 1 January 2008, Market News reports.
The Polish government has adopted the draft amendment to the Financial Supervision Act, which assumes postponement of the establishment of a single financial regulator in Poland until 1 January 2013. However, the early elections will prevent the parliamentary proceeding of the draft, which makes it very unlikely the draft will be become law before 1 Jan. 2008.
The postponement proposal has been strongly opposed by the KNF, which also claims that it is fully prepared to take over the supervisory functions over the banking sector from Jan. 2008, the original date.
The KNF have been supervising investment services, insurance and pension funds services since September 2006, when it was created by merging the Securities and Exchange Commission (SEC) and Insurance and Pension Funds Supervisory Commission (KNUiFE).