FinTech a nadzór nad rynkiem finansowym w Polsce
FinTech and the Financial Supervision System in Poland

Study of Selected Regulatory Barriers

Author(s): Marcin Bubicz
Subject(s): Business Economy / Management, Financial Markets
Published by: Wydawnictwa Uniwersytetu Warszawskiego
Keywords: FinTech; Financial supervision; The Polish Financial Supervision Authority; Financial market; Regulatory barriers;
Summary/Abstract: The contemporary dynamic development of innovations and new technologies in financial markets (FinTech) forces national and supranational institutions responsible for supervision over financial markets to undertake effective and coordinated actions in the scope of the conducted supervision. The above need is additionally reinforced by the progressive diffusions between individual segments of the financial market and the increase in the number of entities operating in them, including primarily cross-border entities and conglomerates. The Polish Financial Supervision Authority, in cooperation with public institutions and private entities of the broadly understood financial market, actively participated in the work of the Committee for the development of financial innovations (FinTech), the effect of which was the Working Report of this Committee published in April 2021 on the most significant barriers to FinTech market development in Poland. The purpose of this article is to present selected regulatory barriers identified by the aforementioned Committee in the area of legal conditions and the resulting practical barriers to the exercised supervision over the financial market. The article first presents general issues related to the institutional organization of financial market supervision in Poland. Then, the article focuses on the ideas, structure and the work of the Committee for the development of financial innovations (FinTech). Finally, there is an analysis of the selected regulatory barriers identified by the above-mentioned Committee.

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