Nowe obowiązki przedsiębiorców wykonujących działalność lombardową

Starting from 7 January 2024 all entrepreneurs involved in lombard lending business will be required to register in the official lombard lending business register, which will be run by KNF. This aims to regulate lombard lending activities. The requirements to register are:
– the business needs to be a limited liability company or an incorporated company
– the initial capital of the business is composed solely of cash, and its amount does not stem from loans, issuance of bonds or undocumented sources
– the minimum initial capital requirement for a limited liability company is PLN 50.000
– the board of directors, the supervisory board, the audit committee, or the management board cannot be comprised of persons who have been previously convicted of unlawful activities.
All registration should be submitted online via login.gov.pl, available from January 2024. If businesses do not register, there is a penalty of PLN 500.000.
It is not KNF’s duty to supervise lombard lending businesses. Instead, this will be done by the Trading Inspection Body (PL: Inspekcja Handlowa).