Poland: Feasibility study on innovative technological solutions in the Polish financial markets including building a Regulatory Sandbox

Overview
Project Summary Document

TCRS 70427

Status Approved

Location

Poland

Business Sector

Capital and financial markets development

Notice Type

Public

PSD Disclosed

15 May 2019

Project Description

Local Currency and Capital Markets Development (LC2) is one of the key strategic teams of the European Bank for Reconstruction and Development (“EBRD” or the “Bank”). The objective is to support the EBRD’s countries of operation to build deeper and more resilient local financial markets. LC2 supports necessary reform programmes to implement country action plans and to address local capital market laws and other legal and regulatory structures to facilitate local currency funding by the Bank and others.

This project will provide technical support to develop the Financial Technology (FinTech) sector in Poland through legal and regulatory reform and through the development of a regulatory sandbox. The project will be implemented with the support of the Structural Reform Support Service (SRSS) of the European Commission in cooperation with the LC2 initiative of the EBRD.

The Capital Market Development Strategy (the CMDS) which was submitted to the Polish Government pursuant to SRSP1 identified as one of the top 20 barriers for the Polish capital market the following: “Obsolete core technologies or absence of technology in key segments of the market including no investment in capital market FinTech solutions.” To compete amongst the top economies in the world and to find a niche allowing its capital market to become internationally competitive, Poland needs to excel on technology, with complementary pro-FinTech legal and regulatory frameworks as well as education systems.

The current use of FinTech in the Financial Market is relatively low in Poland, especially regarding blockchain solutions, and in comparison to other Central Eastern European (CEE) countries, like Estonia or Lithuania, partly due to the lack of coherence in how innovation should be treated from a legal and regulatory perspective. New innovative technological solutions are very often outpacing current legal and regulatory frameworks, which translates directly into a need for regulation of aspects of areas that previously have not been recognized by the Polish legal system.

Against this context, Polish authorities (the Ministry of Finance of Poland “MoF” and the Polish Regulator the “KNF”) have requested support from the European Commission under Regulation (EU) 2017/825 on the establishment of the Structural Reform Support Programme (SRSP Regulation) to address the legal and regulatory reform required to develop the FinTech sector in Poland. The request has been analysed by the European Commission in accordance with the criteria and principles referred to in Article 7(2) of the SRSP Regulation, following which the European Commission has agreed to provide technical support to Poland, together with the EBRD.

The general objective of the project is to assist the MoF and KNF respectively to develop innovative technological solutions in the Polish Financial Market and to identify and remove legal, regulatory and supervisory impediments to its use, especially regarding Distributed Ledger Technology (DLT) and RegTech, as well as establishing a regulatory sandbox and SupTech.

The specific objectives of the project are to a) produce a Feasibility Study and a Roadmap on how Poland can optimise and further develop its Financial Market using innovative technological solutions and FinTech; b) provide implementation measures (including through legal and regulatory reforms); and c) support the establishment of a Regulatory Sandbox and SupTech.Local Currency and Capital Markets Development (LC2) is one of the key strategic teams of the European Bank for Reconstruction and Development (“EBRD” or the “Bank”). The objective is to support the EBRD’s countries of operation to build deeper and more resilient local financial markets. LC2 supports necessary reform programmes to implement country action plans and to address local capital market laws and other legal and regulatory structures to facilitate local currency funding by the Bank and others.

The Capital Market Development Strategy (the CMDS) which was submitted to the Polish Government pursuant to SRSP1 identified as one of the top 20 barriers for the Polish capital market the following: “Obsolete core technologies or absence of technology in key segments of the market including no investment in capital market FinTech solutions.” To compete amongst the top economies in the world and to find a niche allowing its capital market to become internationally competitive, Poland needs to excel on technology, with complementary pro-FinTech legal and regulatory frameworks as well as education systems.

Enquiries

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

TCRS 70427

Status Approved

Location

Poland

Business Sector

Capital and financial markets development

Notice Type

Public

PSD Disclosed

15 May 2019

Project Description

The Capital Market Development Strategy (the CMDS) which was submitted to the Polish Government pursuant to SRSP1 identified as one of the top 20 barriers for the Polish capital market the following: “Obsolete core technologies or absence of technology in key segments of the market including no investment in capital market FinTech solutions.” To compete amongst the top economies in the world and to find a niche allowing its capital market to become internationally competitive, Poland needs to excel on technology, with complementary pro-FinTech legal and regulatory frameworks as well as education systems.

Any competitive selections for business opportunities relating to this project will be published on the EBRD's website: Consultancy Procurement Opportunities.

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

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Poland: Feasibility study on innovative technological solutions in the Polish financial markets including building a Regulatory Sandbox

Project Description

Enquiries

Business opportunities

General enquiries

Project Description

General enquiries

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)