NSA uznał stanowisko KNF i odrzucił skargę BGŻ BNP Paribas ws. Raiffeisen Bank

On May 4, 2023, the Polish Financial Supervision Authority (KNF) published a press release to inform that the Supreme Administrative Court dismissed a complaint made by BGŻ BNP Paribas as regards the KNF’s decision over a penalty on Raiffeisen Bank Polska SA that was imposed in 2018.
Specifically, back then, the KNF fined the Raiffeisen Bank PLN 500,000 for violating Article 72 of the Act of 27 May 2004 on investment funds and management of alternative investment funds for not adequately performing its duties as a depository of an investment fund (failing to assess the adequacy of funds‘ net asset values). The custody operations of Raiffeisen Bank was subsequently taken over by BGŻ BNP Paribas who filed a complaint about this decision with the Provincial Administrative Court. The Provincial Administrative Court subsequently rejected the complaint, but upheld BGŻ BNP Paribas’ right to such a complaint.
The Supreme Administrative Court now ruled that the KNF’s initial penalty decision is right and legal and that BGŻ BNP Paribas had „no legal standing to file a complaint“, thus upholding the decision of the Provincial Administrative Court in so far as it relates to the rejection of the complaint and dismissing the Provincial Administrative Court’s judgement as far as the „right to complaint“ is concerned. Therefore, the decision of the KNF is now final.