Tamborski approved as Warsaw Stock Exchange CEO

Financial regulator KNF has approved the candidature of Paweł Tamborski for the WSE chairman role. According to a KNF release, extraordinary measures have been taken to make sure that Tamborski meets the qualifications required by the Trading of Financial Instruments Act.

Locked content Abris appeal eases order to sell FM Bank stock

Financial market regulator KNF has reversed its order for Abris-EMP Capital Partners Ltd. to sell its stake in FM Bank PBP. Nonetheless, the regulator upholds a ban on exercising voting rights by the investor. A 4:1 majority voted to maintain the ban, allowing for the KNF to launch a sale of shares ...

Locked content SKOK “Wspólnota” files for bankruptcy

Cooperative credit union SKOK “Wspólnota” filed for bankruptcy after the Financial Supervision Authority (KNF) made a decision to cease the cooperative banker’s operations due to its poor financial well-being and an increasing dependence on outsourcing, according to an ISBnews release. S...

Locked content Falenta to appeal KNF fine

Businessman Marek Falenta will appeal a decision from the Financial Supervision Authority (KNF), which which imposed a PLN 976,000 fine on him and persons related to him, ISBnews reported. “I see the decision as a political one and I am convinced that it is linked to the proceedings against me in th...

Locked content New WSE president still without KNF approval

The Polish Financial Supervision Authority (KNF) is unlikely to issue its approval for newly appointed Warsaw Stock Exchange CEO Paweł Tamborski by the time the company’s EGM gathers tomorrow, Polish Radio reports. The meeting will then probably be postponed. KNF President Andrzej Jakubiak was quote...

Locked content KNF proposes new rules for third-party insurance

The Polish Financial Supervision Authority (KNF) has proposed new regulatory guidelines for third-party liability car insurance. The new rules may lead to higher premiums, the watchdog’s head Andrzej Jakubiak was quoted as saying by the Polish Press Agency. The guidelines proposed by the KNF stipula...

Locked content TGE plans financial market launch

The Polish Power Exchange (TGE) plans to launch a financial market in the first half of 2015, the Polish Press Agency reports. The bourse’s CEO Ireneusz Łazor was quoted as saying the new market will first offer futures. In March, TGE filed a motion for approval from the Financial Supervision Author...

Locked content Financial watchdog presents bancassurance regulation

The Polish financial regulator has drawn up regulation that prohibits banks from becoming insurers and insurance intermediaries at the same time. KNF’s so called “U” recommendation on good practices in bancassurance is to be implemented at the end of March 2015. Clients of banks are to be clearly in...