Immigration law

Deadlines for quarterly reports to the NBP slightly extended

Subject to this regulation, acquirers (pursuant to art. 14a (2) of the Payment Services Act), payment instrument issuers (pursuant to art. 14b (3) of the Payment Services Act) and publishers of electronic money (pursuant to art. 14c (3) of the Payment Services Act) now have time until 14 May 2020 for submitting quarterly information to the National Bank of Poland (NBP) on the scale of operations. Such information would have had to be submitted by 30 April 2020 on regular basis.

In turn, the deadline for submitting to the NBP quarterly information on the scale of operations for payment organization in accordance with Article 132zq (1) and (3) of the Payment Services Act has been extended until 31 May 2020.

In response to the inquiry sent by our Law Firm, whether the reporting deadlines for the Polish Financial Supervision Authority (the PFSA) are extended as well (due to lack of a similar special regulation), the Department of Cooperative Savings and Credit Unions and Payment Institutions of the PFSA replied by e-mail that due to the objectively difficult situation of the overall financial market, the f will take into account justified delays in completing by payment institutions and other payment service market institutions obligations under the Payment Services Act.

Please remember to meet the extended reporting deadlines. We would like to remind you that failure to provide the required information to the NBP may result in a fine of up to PLN 1,000,000 (Article 153a of the Payment Services Act).

If you have any further queries regarding these issues, please feel free to contact us.

Author team leader DKP Legal Piotr Glapiński
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