Ten-second euro transfers, access to payment systems for non-bank entities, the new MREL framework, expanded supervision by the Polish Financial Supervision Authority (PFSA), and a new role for the National Bank of Poland (NBP)—these are changes that directly impact processes, systems, and risk management at financial institutions.
From a market practice perspective, one thing is clear: implementing these regulations is not just a matter of compliance, but a real operational challenge.
On April 16, an online training session titled “Amendments to Financial Market Regulations—Instant Payments, Access to Payment Systems, MREL, and the New Restructuring Framework” was held by attorneys Wojciech Wandzel and Koleta Czapiewska from the Banking, Finance and Business Insurance Practice at KKG Legal, who demonstrated how to implement the new regulations in the day-to-day operations of financial institutions.
The program included:
◾ Instant transfers in euros: standard 10-second processing time and 24/7/365 availability,
◾ Confirmation of Payee – a new payment security tool,
◾ Opening up payment systems to the non-banking sector,
◾ Changes to MREL and mandatory restructuring,
◾ New reporting requirements and expanded powers for the Polish Financial Supervision Authority (PFSA) and the National Bank of Poland (NBP),
◾ Penalty system: up to 10% of the institution's revenue and PLN 21.5 million for executives.
The training was aimed at representatives of the financial sector, compliance professionals, legal departments, regulators, and advisors serving this market.