Financial Supervision Authority (Poland)
|Komisja Nadzoru Finansowego|
Head Office at 20 Piękna St.
|Formed||19 September 2006|
The Polish Financial Supervision Authority (PFSA) (Polish: Komisja Nadzoru Finansowego (KNF)) is the financial regulatory authority for Poland. Its responsibilities include oversight of banking, capital markets, insurance, pension scheme and electronic money institutions.
The KNF was formed on 19 September 2006 pursuant to the Financial Market Supervision Act of 21 July 2006. The new supervisory body took over the tasks of the Insurance and Pension Funds Supervisory Commission and of the Securities and Exchange Commission (Poland), which were abolished pursuant to that act.
From January 1, 2008, the second phase of the merger of financial supervision in Poland, the Polish FSA took over the powers of the Commission for Banking Supervision together with its office, the General Inspectorate of Banking Supervision.
The FSA is a publicly financed entity serving as the single contact point and watchdog for all segments of the Polish financial market. It has been credited with ensuring that Polish banks remained relatively healthy during the most recent global banking crisis by monitoring and responding to bank liquidity measures in the midst of the general slowdown in economic activity.
Structure and Responsibilities
The Prime Minister of Poland (President of the Council of Ministers) appoints the chairperson of the PFSA.
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