Financial Markets Under EU Control. Poland Will Transfer Powers to the Polish Financial Supervision Authority (KNF).
4 Articles
4 Articles
The largest stock exchanges, clearing houses, securities depositories, and cryptocurrency platforms are to be placed under the supervision of the European Securities and Markets Authority, EU finance ministers have agreed. As part of the reform package, national institutions, including the Polish Financial Supervision Authority, will transfer some of their powers to the EU body.
“The WSE and KDPW will remain under the supervision of the KNF,” assures Andrzej Domański, Minister of Finance and Economy, commenting on the agreement concerning the transfer of supervision of stock exchanges, clearing houses and securities depositories from the national to the EU level. Such powers will be granted to the European Securities and Markets Authority (ESMA).
European Union finance ministers have agreed to transfer oversight of stock exchanges, clearing houses, and securities depositories from the national to the EU level. Economist Sławomir Horbaczewski assessed that Finance Minister Andrzej Domański is following Brussels' dictates. In his opinion, the Finance Minister is unable to fight for Polish interests.
The Polish Financial Supervision Authority will hand over control of part of the Warsaw Stock Exchange, clearing houses and securities depositories to the EU institution.
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