In an effort to consolidate supervision of the capital market, the Polish government plans to establish a new state-administration body, reports Bank Austria Credit instant AG (BA-CA). The Office for Financial Supervision will supervise the entire financial and capital market in Poland, taking over the responsibility of the existing financial bodies.
The new body will replace in April 2006 the Polish Securities and Exchanges Commission and the Insurance and Pension Funds Securities and Exchanges Commission. And in January 2008, the responsibilities of the Commission for Banking Supervision will be transposed to the Office of Financial Supervision.
The chairman of the new body will be appointed by the prime minister