The Komisja Nadzoru Finansowego, or KNF, is Poland’s financial regulator. It is the government body that is tasked in supervising the financial markets of Poland which include the banking sector, the insurance sector, pension sector and the handling of electronic money.show more
The board of the KNF consists of 8 members:
Resolutions by the KNF are passed by a simple majority during fortnightly meetings. The KNF and its chairman are assisted by the KNF office which is separate from the KNF itself as the employees of the KNF office are not considered as civil servants.
The KNF was established in September 2006 with the passing of legislations (Act on Financial Market Supervision) for the supervision of the Polish financial markets in 2006. The KNF took over the tasks of the Polish Securities and Exchange Commission as well as the Insurance and Pension Funds Supervisory Commission. In 2008, it took over the task of the Commission for Banking Supervision and the General Inspectorate of Banking Supervision. Today, it is the single regulatory entity that watches over all aspects of the polish market and has been largely credited for keep the Polish banking sector healthy during the global financial crisis from 2010 to 2012.
The various tasks of the KNF include:
With cryptocurrencies taking center stage in the financial news nowadays, the KNF today is taking a strong interest in the cryptocurrency trading industry in Poland. While most European financial regulators have been neutral or positive towards cryptocurrencies, the KNF is deterring polish citizens from investing in digital currencies. At the economic conference in Davos, the Polish prime minster Mateusz Morawiecki said that Poland is looking to ban cryptocurrencies trading entirely or at least increase regulation on their trading. The increased interest by the KNF into this domain is largely due to concerns about the lack of financial guarantees resulting from trading and investing in cryptocurrencies. This is understandable as the laws today governing the trading of cryptocurrencies are largely nonexistent.