KNF Poland Brokers

Komisja Nadzoru Finansowego (KNF)

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.

The board of the KNF consists of 8 members:

Chairman
2x Vice Chairpersons
Minister of Finance Representative
Minister of Labour & Social Policy Representative
Ministry of Economic Development Representative
Representative of the President of the National Bank of Poland
Representative of the President of the Republic of Poland

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 Tasks of the KNF

The various tasks of the KNF include:

Carry out all activities as provided by legislations
Educating and providing the public with information regarding the financial markets
Encourage and promote amicable settlements of any disputes that arises between market participants
Participate in the crafting of legislations pertaining to the supervision of the polish financial markets
Taking steps to develop the competitiveness of the Polish financial markets
Taking steps to ensure the smooth and stable operations of the financial markets

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.