Regulation of financial markets

Solving regulatory problems before they appear, the settlement of licensing issues or transparent lobbying during legislative process requires, instead of an army of advisers, an expert who understands the specifics of administrative authorities and of the legislature and who is able to settle the matters in compliance with the law, quickly and without unnecessary publicity. Many years of experience of work on both sides of the table serve as our best recommendation.

Although we do not wish anyone this type of problems, every company which can be supervised by the Polish Financial Supervision Authority must take into account the risk that one day it may need to face and maybe challenge the statements of the supervisor, both during the control, as well as possible administrative and appeal proceedings. The same applies to customer claims. We have a lot of experience in these types of matters, from simple to very complex.

We have participated in many cases that required tact and the understanding of the so-called “human factor”. We were successful both in the cases of obtaining regulatory authorizations for financial institutions, where tough business requirements need to accommodate the internal logics of supervisory authorities, as well as in the area of compliance and enforcement (e.g. fulfilment of disclosure obligations on the public market, internal compliance in financial institutions), in which the aim is to settle the matter at the earliest stage of proceedings or even to cause that the supervisory authority does not find it necessary to initiate proceedings. Along with the introduction of further packages of EU regulations (MIFID, MAR, MIFID II, new rules on Polish bond market introduced in 2019), we advised our clients on implementation processes.

We advised in respect of legislative proceedings, e.g. for public companies or custodian banks in drafting new regulations, as well as on implementing the so-called netting in the bankruptcy law. During our work for one of the leading financial market institutions, we conducted a thorough analysis of requirements imposed on banks in connection with the implementation of the II EU Basel agreement. We advised clients on the requirements applicable to Polish domestic payment institutions and payment services offices. Among others, the list of opur past and present clients include: Barclays Bank, Credit Suisse Asset Management (Polska), Dom Maklerski Ipopema Securities, X-Trade Brokers, GO-TFI.

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