The amendment to the Payment Services Act (PSA) implementing the provisions of Directive 2015/2366 (PSD2 Directive) into the Polish law entered into force on 20th of June 2018. The changes included, among others art. 61 of PSA, this is a provision describing new requirements as to the scope of the application for a license to operate as a national payment institution (KIP), in accordance with the PSD2 Directive.
Unfortunately, alongside the amendment of the provisions of the Act, new executive regulation to the art. 61 of PSA was not issued, which regulation would specify the scope of documents necessary to apply to the Polish Financial Supervision Authority with a request for granting a KIP license. As a consequence, the Polish legal system currently has a new law (compliant to PSD2) and an old regulation (non-compliant to PSD2).
The current situation, in practice, meant the inability to efficiently process motions for granting KIP license by the PFSA. It used to be that way, as from December 10, 2018, the draft of the regulation, supplemented with justification, appeared on the website of the Government Legislation Center. As expected, the regulations are inspired by the guidelines of the European Banking Authority ("Guidelines on information to be submitted for authorization of payment institutions and electronic money institutions and registration of entrepreneurs providing services in the scope of an access to account information in accordance with Article 5 section 5 of the EU Directive 2015/2366"- EBA/GL/2017/09 from November 8, 2017).
According to the information obtained by our Law Firm from the Ministry of Finance, the deadline to submit remarks to the draft ends on December 24, 2018.
We invite you to contact our Law Firm, which offers services in the field of:
- structuring entities from the FinTech industry,
- preparation of documentation necessary to apply for granting license by the PFSA to operate as a national payment institution (KIP),
- representation before the PFSA,
- getting an entry in the register of small payment institutions (MIP).