Financial Supervision Authority (Poland)
|Komisja Nadzoru Finansowego|
Head Office at 20 Piękna St.
|Formed||19 September 2006|
The Polish Financial Oversight Commission (PFOC) (Polish: Komisja Nadzoru Finansowego (KNF)) is the financial regulatory authority for Poland. Its responsibilities include oversight over banking, capital markets, insurance, pension scheme and electronic money institutions.
The KNF was formed on 19 September 2006 as a result of the legislation passed on 21 July 2006 on the supervision of the financial markets. 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 the provisions of the said 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 President of the Council of Ministers appointed the Chairperson of the PFSA.
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