The Polish Parliament is working on changes to the Banking Law Act of 29 August 1997 (Journal of Laws of 1997, No 140, item 939 with subsequent amendments). The aim of the proposed amendments is to harmonize the Polish legal system with EU regulations. The main references in this process are the provisions of Directive No 2000/12, relating to the taking up and pursuit of the business of credit institutions and regulations, regarding consumer credits and electronic money.
According to a general criterion, the proposed provisions of the Banking Law Act, adapted to EU regulations, could be divided into three groups.
The first group encompasses legal institutions already governed by the Banking Law Act. These include: declarations of will on electronic support, control operated by the Polish Commission of Banking Supervision upon changes of banks' shareholdings and requirements, which should be met by founders of banks in Poland, creation of Polish banks abroad and administrative forms of banking supervision.
The second group constitutes of provisions so far not regulated by the Banking Law Act, including taking up and pursuit of business by credit institutions in Poland and Polish banks in the EU, informational duties of the Polish Commission of Banking Supervision towards the European Commission, cross-border transfers, consolidated supervision and netting.
The third group of provisions regards electronic money and consumer credits.
The proposed amendments constitute a significant step towards the adaptation of Poland's legislation to EU regulations.