Objęcie instytucji pożyczkowych nadzorem KNF

In view of the coming into force of several provisions of the Act of 6 October 2022 on amending laws to prevent usury, the Polish Financial Supervision Authority (KNF) has published a press statement. Therein, the regulator reminds institutions engaged in consumer lending that starting from January 1, 2024, such institutions will fall under the oversight of the KNF which implies that they will have to comply with various (new) requirements pertaining to own funds, their legal form, and reporting. Therefore, it is important to observe the following time table and take necessary action wherever needed:
1. Lending institutions registered before December 31, 2023, can operate without meeting the new requirements until that date.
2. By November 30, 2023, these institutions must inform the KNF about their efforts to meet the new requirements, including the legal form and noted capital requirements.
3. Failure to meet the requirements by January 1, 2024 will result in removal from the KNF’s lending institution register. As firms will have to verify that they are meeting the new requirements via confirmation by the National Court Register’s firm registry and as any new entry or changes in this registry (e.g. changes in a complany’s share capital) take time, the KNF strongly recommends to apply to the registry court well ahead of time.
After January 1, 2024, so the KNF, compliant lending institutions must provide quarterly and annual reports to the KNF on consumer credit activities, encompassing various aspects, including loans granted, credit agreements, revenues, and personnel details, all in electronic form. Failure to adhere to these reporting obligations or the provision of incorrect information may lead to fines, suspension of management board members, removal from the KNF’s register, and other penalties as outlined in the Consumer Credit Act.
Lending institutions will also be subject to supervisory fees. Specifics on payment deadlines, payment amounts, calculation methods, and procedures for payment will be announced by the Prime Minister in due course via a regulation. It is important to note that in-scope institutions will have to submit a payment declaration to the KNF to verify the payments of their fees.
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Changes that have already taken effect pursuant to the Act include stricter criteria for entry into the lending institution register and the implementations of the KNF’s authority to remove entities from this register if they are removed from the National Court Register.