Dariusz Adamski spoke at the Capital Market Regulation Conference of Chamber of Brokerage Houses (IDM)

Dariusz Adamski, Deputy Chair of the KNF, responsible at the UKNF for supervision of the capital market, spoke at the Capital Market Regulation Conference organised by the Chamber of Brokerage Houses (IDM).

He emphasised that public authorities should support the development of financial market and the market should support the development of real economy. For this reason, the UKNF intensifies its activities aimed at removing barriers that hamper the development of productive investments in assets with a real economic function. These activities include, for instance, simplification of the onboarding of retail clients in the case of non-complex financial instruments and, more broadly, adopting a more flexible regulatory approach to this group of instruments so that those who save money are more willing to invest. At the same time, Dariusz Adamski emphasised that access to complex high-risk products is currently too easy and should be limited for investors who have no adequate knowledge or awareness of risks related to such instruments.

Yet another aspect raised concerned the importance of developing financial advisory services to support clients’ education, while maintaining autonomy as well as regulatory and supervisory separateness from investment advisory services. The UKNF supports regulatory changes in this direction, but at the same time it emphasises the need to appropriately train the staff that will be providing such support to clients.

The Deputy Chair of the KNF also emphasised the need to develop independent investment firms and a more open architecture of the investment firm market. He also mentioned in this context that the UKNF would soon initiate dialogue with selected banks to expand the openness of that architecture and to develop the formats of investment banking that could more effectively support the financing of economy.

He also pointed to the need of increasing the market’s investments in technology, marketing and financial education. The Financial Education Council has just recommended to the managers of the Financial Education Fund the financing of a campaign on long-term savings and investments, but initiatives of this type require increased budgets and marketing activity of the sector to bring expected results. 

Dariusz Adamski announced the shortening of licensing procedures carried out by the Capital Market Supervision Division. The goal is a more effective and more professional functioning of the supervision authority but the effectiveness of those activities depends on the professionalism of applicants and their attorneys-in-fact. The Deputy Chair of the KNF called for using the forms shared by the UKNF, establishing working interactions with the UKNF during licensing procedures, faster communication and providing more detailed answers to the UKNF’s remarks. He added that a number of delays resulted from procedural errors and inadequate preparation of procedure participants.