According to the Article 48i of the Polish Banking Law, a credit institution may conduct its operations in Poland via a branch office or through cross-border activities.
The credit institution shall mean an entity which meets the following requirements:
– its registered seat is placed outside the Republic of Poland, in the territory of one of the EU Member States or a member state of the EEA,
– has been granted a permit by the supervisory authority of one of the member states and is subjected to the supervision of such authority,
– its economic activity consist of: accepting deposits, granting loans or issuing of electronic money.
The credit institution may undertake its activity in Poland via a branch office without a need to obtain another permit or covering initial capital. However, it is obliged to notify the supervisory authority of its intention to undertake activity in another member state via a branch office.
The supervisory authority of the parent country examines formal aspects of the credit institutions’ intention to set up a branch in another member state. As to the substance – the adequacy of the administrative structure and financial condition of the credit institution is examined by the supervisory authority with respect to the possibility of opening a branch office.
Provided the application of the credit institution has been verified positively the supervisory authority of the parent country shall, within 3 months from the date of receipt of the application, notify the supervisory authority of the hosting country. This notification shall also consist of information concerning the amount of capital requirements of the credit institution and amount of its own funds.
In accordance with the Article 48l of the Polish Banking Act, the branch of the credit institution may undertake its business activity in Poland not earlier than two months from the date of receiving the notification by the Polish supervisory authority from the supervisory authority of the parent country.
Within the abovementioned two-month period, the Polish supervisory authority may specify – in the public interest – the requirements to be fulfilled by the branch of the credit institution willing to conduct its activity in Poland.
By public interest shall be understood, in particular: safety of business transactions, protection of consumer and a fair competition and goods protected by the criminal laws.
The last step to be made by the branch of a credit institution in order to conduct its activity in Poland is, pursuant to the Business Freedom Act, an obligation to obtain an entry in the appropriate register – the National Court Register.
Aleksandra Comi
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