What is the difference between the KNF and the KNF OFFICEmodification date 01 June 2017
The Polish Financial Supervision Authority (KNF) is a public administration body responsible for state supervision over Polish financial market.
The Authority includes eight Members – the Chairman of the KNF, two Vice-Chairpersons and the representatives of: the Minister of Finance, the Ministry of Economic Development, the Minister of Labour and Social Policy, the President of the National Bank of Poland and the President of the Republic of Poland. The Chairman of the KNF, appointed for a 5-year term of office by the Prime Minister, represents tke KNF and is responsible for its management.
The KNF adopts resolutions, including decisions and rulings, by a simple majority during its meetings that take place once in two weeks (or more often, depending on market needs) and by mail.
The KNF and its Chairman are assisted in their tasks by the KNF Office. The Chairman of the KNF and two Vice-Chairpersons are responsible for the management of the KNF Office (the other KNF Members are not part of the KNF Office). The employees of the KNF Office are not civil servants.
The KNF may authorise its Chairperson, its Vice-Chairpersons and the employees of the KNF Office to take actions within the KNF’s scope of competence (including rulings and administrative decisions).
The type of cases, for which the KNF is the only competent body to issue rulings, are defined by law.
Such cases include: authorisation to operate on the financial market, administrative sanctions and other issues that are essential for proper functioning of the financial market.