On August 18, the lower house of the Polish Parliament, the Sejm, approved the amendments to the law on trading in financial instruments as well as to some other related bills that are aimed at introducing omnibus accounts in Poland in the form approved by the Cabinet on July 14 and sent to the Parliament less than a month ago, on July 25.
During the legislative works on the draft laws in the Committee on Public Finance it has been agreed that the new laws will enter into force as of Jan. 1, 2012, as opposed to the provisions of the initial draft according to which the new laws were to enter into force 30 days after the date of official announcement of the new law.
Today the draft laws approved by the Sejm have been sent to the higher house of the Parliament, the Senat, for further adoption. The changes to the said laws will be subject to voting during the next Senat meeting, which was held August 13-14. It is likely that the Senat will approve the draft amendments to the laws as approved by the Sejm yesterday. After the approval of the Senat, the draft laws will be sent to the president for final confirmation. The president then has 21 days to take its decision and sign the new laws.
If the whole legislative process goes smoothly like it has been progressing until now, the amendments to the laws introducing the omnibus concept in Poland should be approved by the end of current term of the Parliament, before the elections for the new Parliament.
(CM)