The project was implemented by the Polish Financial Supervision Authority (UKNF) and co-financed from the funds of the Norwey Financial Mechanism within the priority sector no 2.10 Technical assistance relating to implementation of acquis communautaire.

Within the project all the originally planned as well as additional project activities have been sucessfully completed, which covered preparation and implementation of 29 specialised training modules for the representatives of the Polish Financial Supervision Authority, Ministry of Finance and insurance undertakings, as well as development of 6 expert appraisements and paper documents devoted to the problems of the acquis communautaire in the field of financial market to be used by the Polish supervisory authority in the course of it’s statutory rights and obligations.

Project objectives

The overall objective – strenghtening the administrative and institutional capacities of the Polish Financial Supervision Authority in order to enhance supervision and increase security and stability of the financial market. 

The purpose of the project – to improve competences on the EU financial market legislation of the Polish Financial Supervision Authority, insurance undertakings and the Ministry of Finance though carried out training seminars regarding mainly the following Directives and EU regulations:

• Markets in Financial Instruments Directive (MiFiD)
• Capital Requirements Directive (CRD)
• Capital Adequacy Directive (CAD)
• Insurance Mediation Directive (IMD)
• UCITS – Undertakings for Collective Investment in Transferable Securities
• Directive on the taking-up and pursuit of the business of Insurance and Reinsurance Solvency II
• Regulation of the Council (EEC) No 1408/71 on the application of social securities chcemes to employed persons, self-employed persons and members of their families; Regulation of the Council No. 574/72 laying down the procedure for implementing Regulation No. 1408/71 and Regulation of the Council No. 859/2003 extending the provisions of Regulations No 1408/71 and 574/72.

All planned project activities and results have been achieved.

Implementation of wide range of the specialised training modules facilitated strenghtening the UKNF in the field of acqui communataire regarding the financial market in order to enhance the supervision and increase security and stability of that market.

Conduction of the high specialised trainings both for employees of the supervisory authority and insurance undertakings was aimed at the promotion o legislative solutions providing the proper implementationf of the acqui in line with the Solvency II Directive. Education of the public administration and insurance udertakings through carried out trainings was to prepare both the supervisory authority and the efficient implementation of the legislative solutions. 

The implementation of trainings supported the UKNF professionals in the process of initiation of the risk based supervision, within the legislative solutions stipulated in the relevant EU Directives.

As a result of carried out trainings the professional competences of the employees of the UKNF, Ministry of Finance and insurance undertakings have been increased in the field of the EU financial directives. The training activities were implemented in extended scope than planned – both through increased number of trainings and the size of training groups – in order to respond to the current needs notified by the insurance undertakings.

In the course of project implementation from December 2009 till April 2011, 29 training modules were implemented for 1341 participants, representing both the UKNF and insurance sector in Poland. All-in 628 persons were trained (part of them participated in more than 1 training module), including 432 employees of the UKNF, 4 representatives of the Ministry of Finance and 191 representatives of the insurance undertakings operating in Poland. The trainings were carried out by the Polish and foreign experts and professionals with long-term experience in the field covered by the scope of the training modules. The results of the evaluation questionnaires show high level of training materials and satisfaction among participants. The training materials were provided for all participants as well as distributed through the web-project portal among different target groups.

Moreover, the specialised expert studies in regard to different aspects of the financial market, developed by the external experts, were provided for the professional use of the Polish Financial Supervision Authority.

The project implementation period:

September 2009–April 2011. The final settlements and reports were completed in the II / III quarter of 2011.

Financial resources of the project

Total project cost, approved by donors, amounted to 713 542 EUR, including awarded grant (Norwegian Ministry of Foreign Affairs) - 606 511 EUR and co-financing (the UKNF budget) - 107 031 EUR. Actual total project cost was lower than planned and amounted to 607 570 EUR.