Draft regulation on provision of data to the NBP for assessing the functioning of monetary settlements and interbank settlements

On October 5, 2022, a draft regulation of the Minister of Finance on providing the National Bank of Poland (NBP) with data for evaluating the functioning of monetary and interbank settlements was published on the website of the Government Legislation Center. The proposed regulation defines the scope of information provided by clearing houses, entrepreneurs engaged in business activity in the execution and intermediation of money transfers in domestic and foreign trade, the state-owned public utility Poczta Polska, operators of payment systems to the NBP, related to assessing the functioning of monetary settlements and interbank settlements.

As indicated in the justification of the draft – in line with technological progress and the most current trends, the regulation specifies the manner in which reporting entities will submit the required range of data to the NBP. The reporting format of the Payment Statistics Database system will be based on the XBRL standard. Reporting tables presenting information on the reporting data that obligated entities are required to submit to the NBP will be published on the Reporting Information System Web Portal. Data will be submitted electronically via the Reporting Information System Web Portal, using the XBRL taxonomy provided by the NBP on the Reporting Information System Web Portal. Transmission of data will be possible in justified cases, given the legitimacy of the exemption of certain entities from the obligation to submit data in XBRL format, also in Excel format, upon acceptance by the NBP of a justified request to use this form of transmission. Acceptance by the NBP to transfer data in Excel format will be incidental. This solution was introduced due to the need not to burden some entities with additional costs. The cost of an annual license for the software that will generate the report in XBRL format may be about PLN 30,000, which means that the transfer of several data for one reporting period will burden the entity with a rather significant amount.

The regulation will replace the existing 2004 act [Regulation of the Minister of Finance of April 23, 2004 on the manner, scope and timing of transmission by entities participating in monetary settlements and interbank settlements of data necessary for the National Bank of Poland to assess the functioning of monetary settlements and interbank settlements (Journal of Laws of 2019, item 95)].

It is assumed that the regulation will enter into force on January 1, 2023. Paragraph 5 of the draft introduces a transitional provision stipulating that information for the period up to the end of the fourth quarter of 2022 and the second half of 2022 will be provided in accordance with the regulations previously in force, i.e. in accordance with the Regulation of the Minister of Finance of April 23, 2004. The draft is currently under review.

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