The PFSA may issue interpretations[1], which aim to increase the legal and regulatory clarity for entities supervised by the PFSA or entities planning to conduct supervised activities[2]. The application for interpretation can only pertain to products and services that aim to develop financial innovation on the market. Given application may be regarded as not innovative, when it is concerned with products or services that are common on the financial market, or when the described products or services are not related to new technologies, business models or solutions on the financial market. However, the premise of innovativeness is assessed  each time in the context of the factual state and justification presented in the application.

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The issuance of the PFSA’s interpretation will not be possible, if:

  • the request is submitted with regards to interpretation of provisions outside of the regulatory catalogue[3];
  • the application is not concerned with products and services that aim to develop innovation on the financial market;
  • the factual state does not contain information necessary to assess how the invoked provision applies;
  • the application is concerned with provisions that, when violated, trigger criminal liability;
  • the application for PFSA’s interpretation contains elements of the factual state, which at the date of the submission are subject to ongoing proceedings before PFSA or other authorities, including legal proceedings or administrative proceedings, or when the case regarding those elements has already been decided. For those elements, an interpretation will not be possible.

The application for interpretation should contain:

  • information enabling identification of the applicant, i.e.:

- indication of the company (name) as well as legal or home address of the entity;

- taxpayer identification number (NIP);

- registered number in the National Court Registry (KRS), if the entity possesses such number;

- the address of correspondence, if it is different than legal or home address of the entity;

  • exhaustive description of the factual state or future event, which the PFSA’s interpretation is supposed to involve;
  • the applicant’s own statement on the legal assessment of the factual state or the future event;
  • the applicant’s statement, confirming that the elements of the factual state contained within the application for interpretation at the date of the submission are not subject to proceedings regarding the applicant before other organs;

    Beware! In the case when the entity operates through a legal proxy, the statement cannot be submitted (signed) by that proxy, but only by the entity itself (in line with the rules of entity’s representation shared in the KRS - if the entity is registered in the KRS). The statement is submitted under the pain of criminal liability for submission of false statements. The criminal liability for submitting false statement can only pertain to the individually indicated entity and not its proxy, which is why the statement can only be submitted (signed) by the entity itself, and not its proxy.

  • proof of payment for the application.

The PFSA’s interpretation is issued without undue delay, but no later than 45 days from the date of the application’s submission. In particularly complicated cases the deadline can be extended to 60 days from the date of the application’s submission. The PFSA shall inform the entity mentioned in the first paragraph when its case is deemed particularly complicated.

The PFSA’s interpretation contains:

  • description of the subject matter, regarding which it is issued;
  • evaluation of the applicant’s statement together with the legal justification.

The PFSA’s interpretation has mainly informative nature and is binding on neither the applicant nor the PFSA. However, if the entity which received the PFSA’s interpretation conducts activities in line with its content, it cannot be subject to administrative liability from the PFSA. Such protection is available only with regards to the entity for which the interpretation was issued. Entities which were not the applicants do not receive such legal protection.

[1] The Commission may issue interpretations pursuant to Article 11b of the Act on Financial Market Supervision.

[2] A request for the issuance of an interpretation by the Commission may be submitted by an entity conducting activity under the provisions referred to in Article 1(2) of the Act on Financial Market Supervision (e.g., the Banking Law Act, the Act on Trading in Financial Instruments, or the Payment Services Act), as well as by an entity intending to conduct such activity.

[3] The list of acts, the provisions of which may constitute the basis for a request for the issuance of an interpretation, is set out in Article 1(2) of the Act on Financial Market Supervision and the implementing acts issued thereunder.

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