On 2 February 2024, the Polish Financial Supervision Authority (hereinafter: ‘KNF’) sent a summon to Small Payment Institutions (hereinafter: ‘SPIs’) calling for the completion of a so-called “non-reporting form” for the examination of SPIs’ activities. The form attached to the letter was drawn up in .xlsx format and covers the three previous years of SPIs’ activity: 2021, 2022 and 2023.
The data collected by the KNF through the form goes beyond the data standardly submitted to the KNF for the purpose of fulfilling the reporting obligations imposed on SPIs in the relevant provisions of the Polish Payment Services Act (hereinafter: ‘PSA’). The KNF cited Article 102(1) and (2) in conjunction with Article 117s(2) and (3) in conjunction with Article 100 PSA as the legal basis for its action.
As generally communicated by the KNF, the data collected through the form will be used to perform the KNF’s tasks related to the supervision of the activities of SPIs in terms of the application of the PSA, including the assessment of the financial situation of SPIs, the identification of the size and nature of the risks faced by SPIs and the quality of SPIs’ management, including the risk management and internal control system.
The form submitted by the KNF distinguishes nine thematic headings, each with separate subcategories. The data to be submitted to the KNF concern:
- financial data of the SPI (balance sheet total, sales revenue);
- internal fraud (number of frauds identified, value of fraud losses);
- employment (e.g. data on the establishment and termination of employment relationships, B2B relationships);
- outsourcing (number of outsourcing contracts, expenses resulting from outsourcing contracts);
- sub-outsourcing (number of active outsourcing contracts in which sub-outsourcing occurs);
- complaints or other claims addressed to the supplier (number of complaints and other claims, value of claims accepted);
- administrative proceedings initiated ex officio (number of proceedings initiated, completed, proceedings pending);
- litigation (number of disputes initiated, completed, pending);
- complexity of services (cross-border services, activities related to currencies and virtual currencies, CFD services, ETFs, loan and credit intermediation, foreign currency loans, deferred payments – BNPL, crowdfunding activities not covered by Regulation 2020/1503, issuance of non-bank credit cards, factoring/microfactoring, other ancillary activities).
The deadline for submitting the completed form to the KNF is short – it expires on 23 February 2024. The KNF’s preferred way to receive the completed form is through the e-PUAP mailbox. Exceptionally, forms may be submitted via email (in the form of a password-protected file) to the email address: dbr@knf.gov.pl.
Should you encounter any difficulties in completing the reporting form, you are welcome to contact our law firm.
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Raczynski Skalski & Partners law firm provides comprehensive advice on financial regulation. We provide services to payment institutions and other entities operating in the FinTech market, including in particular representing our clients in proceedings before the Polish Financial Supervision Authority (KNF) to obtain permits to operate as a Payment Institution (PI) and to obtain an entry in the register of Small Payment Institutions (SPIs). We prepare for our clients all internal procedures required by law, advise on day-to-day operational activities, including assistance in meeting all reporting obligations to the supervisory authorities.
