Reporting obligations of payment institutions and changes in the way they are submitted to the NBP
As every year, by January 31, small payment institutions and domestic payment institutions are required to submit annual and quarterly information on their activities in the past year to the supervisory authorities. In connection with the amendment of the regulations governing the reporting of supervised entities to the National Bank of Poland (“NBP”), we recommend that you familiarize yourself with their content and modify your internal reporting procedures as required. Information to the NBP, starting from the first quarter of 2023, will be submitted electronically through the online Reporting Information System Portal, using the XBRL taxonomy provided by the NBP in the aforementioned portal (with exceptions for small payment institutions).
The following should be submitted to the Office of the Financial Supervisory Authority:
- information on the assessment and update of procedures for operational and security breach risk management, as well as the assessment of risk mitigation measures and control mechanisms, in accordance with Article 32f of the Payment Services Act (“PSA”),
- data on payment services fraud, taking into account the different ways of providing payment services, in accordance with Article 32h of the PSA,
- information on open and transferred core accounts, in accordance with Articles 59ih and 59is of the PSA,
- annual (for 2022) and quarterly (for the fourth quarter of 2022) report of the small payment institution – i.e. information on the total value and number of transactions carried out (Article 117 r of the PSA),
- for domestic payment institutions issuing electronic money – information on the total value of electronic money in circulation issued by the institution as of December 31, 2022.
The following must be submitted to the National Bank of Poland:
- when the payment institution is a settlement agent, a report for the fourth quarter of 2022 (Article 14a of the PSA). In this regard, please note that as of January 1, 2023, an amendment to the regulation governing the submission of reports to the NBP regarding items 1 – 3 below came into force, which changes the rules for submission of reports (Regulation of the Minister of Finance on the submission of information to the National Bank of Poland by settlement agents, payment instrument issuers and electronic money issuers, Journal of Laws of 2022, item 2819). The provisions of the regulation apply for the first time to information submitted for the first quarter of 2023. This means that in January 2023, the report for the fourth quarter of 2022 must be submitted under the rules previously in force,
- when the payment institution issues payment instruments – the report for the fourth quarter of 2022 (Article 14b (1) of the PSA) – taking into account the comments specified in item 1 above,
- when the institution is an issuer of electronic money in circulation for the fourth quarter of 2022 – a report under Article 14c (1) and (2) of the PSA – taking into account the comments set forth in item 1 above,
- providers of money transfer service shall submit information for the second half of 2022. It is worth noting that as of January 1, 2023, an amendment to the existing regulation came into force – the new legal act is the Regulation of the Minister of Finance on providing the National Bank of Poland with data to assess the functioning of monetary settlements and interbank settlements (i.e., Journal of Laws of 2022, item 2766). However, in terms of reporting, for the second half of 2022, the rules and deadlines for submission of information covered by the earlier regulation (Regulation of the Minister of Finance of April 23, 2004 on the manner, scope and timing of submission 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) apply.
Questions or concerns – contact our law firm
If you have any questions or concerns, we encourage you to contact our office. Inquiries can be directed to: [email protected]