Sejm Approves Upfront Fee Reform for KNF Applications

The Polish Sejm has passed a new law requiring financial entities to pay fees to the Financial Supervision Authority at the time of filing, rather than upon the conclusion of proceedings.

Legislative Shift for KNF Supervision

The Sejm has overwhelmingly approved an amendment to legislation regarding fees paid to the Financial Supervision Authority (KNF). Lawmakers voted 409 in favor, with 24 against and three abstentions, moving the bill to the Senate for further review.

Under the new rules, entities supervised by the KNF must submit fees for permits, approvals, and register entries when they file their applications. Previously, these payments were processed only after the regulatory proceedings had concluded.

Efficiency and Application Quality

The government maintains that the change aims to simplify and streamline KNF procedures. Officials argue that many current applications contain errors or omissions, which create unnecessary administrative burdens and delay decision-making processes.

By requiring payment upfront, the government expects applicants to prepare documentation more carefully, ultimately accelerating the issuance of regulatory decisions.

New Fees for Market Acquisitions

The legislation also introduces a specific fee for the Office of the Financial Supervision Authority (UKNF) to review notifications concerning the acquisition of shares in brokerage houses and investment fund management companies (TFI). This new fee is set at the equivalent of 4,500 euros.