Legal nature of the Polish financial supervision authority announcement

Abstract

The main issue of the article is to present the legal nature of the PFSA (KNF) Announcement. The KNF’s Announcement should therefore be treated as a type of “information message” or, in other words, an “instrument of communication with the market” that fulfils supervisory purposes and whose value is to present a specific supervisory position to market trading participants in areas that are key for the supervisor. The crucial author’s thesis are the following. Firstly, it is important to underline that this instrument cannot be used for purposes other than conveying “supervisory expectations” towards trading participants. Secondly, there is no clear legal basis for the KNF to issue Announcements, which are then published on the website of this office. Therefore, this case requires the intervention of the legislator, which should be treated as a de lege ferenda conclusion of this article. The regulation area analyzed in this article has never been the subject of scientific research before, which confirms the originality and novelty of the article. The research methodology adopted in the article was based on the analysis of the regulations, analysis of the literature and court’s verdicts.