Peter Swiecicki

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Transition Plan for Poland’s WIBOR Benchmark to a Waterfall Methodology Is Announced

WIBOR (Warsaw Interbank Offered Rate) is one of five critical financial benchmarks in the European Union (Commission Implementing Regulation (EU) 2019/482). WIBOR is the interest rate benchmark for the vast majority of złoty-denominated commercial loans, more than 98% of Polish mortgage loans, 26% of the total nominal value of Polish bonds, and € 366 billion … Continue Reading

Poland and the US Sign a Memorandum of Understanding Concerning Strategic Civil Nuclear Cooperation – What Can We Expect?

Poland and the US signed the Memorandum of Understanding (MoU) on strategic civil nuclear cooperation on June 12. The MoU emphasizes the desire to establish a deeper bilateral strategic relationship aiming at energy security and meeting Poland’s clean energy needs. These aims are to be achieved by: Collaboration for developing Polish infrastructure for the responsible … Continue Reading

KNF-Polish Financial Supervision Authority Announces No Transition Period for UK Entities in the Case of a No-deal Brexit

In the announcement of 29 January 2019, KNF-Polish Financial Supervision Authority confirmed that, in the case of no-deal Brexit, UK entities operating on the Polish financial market will be treated as third-country entities. In the wake of the recent British Parliament vote rejecting the UK’s EU withdrawal agreement, the eventuality of a no-deal Brexit has … Continue Reading

Poland’s New Energy Policy Until 2040 Goes Nuclear

On November 23 this year, the Ministry of Energy published its draft Polish Energy Policy until 2040 (PEP2040). This long-awaited document is significant for both the energy sector and the entire economy; however, it is subject to social consultations until January 15, 2019, and its assumptions may (but do not have to) evolve. A Generational Structural … Continue Reading

Central Sea Port PPP Project in Poland – “Anchors Aweigh and Full Speed Ahead”

Large-scale public-private partnership (PPP) projects are not common in Poland. However, the amendment to the PPP law, which came into effect in September 2018, should change this. Therefore, we welcome the fact that, recently, the Port of Gdańsk announced a tender for a PPP advisor for the Central Sea Port Project (available in Polish). Thus, … Continue Reading

Poland’s Mega-investment Project Doubles in Size

The Polish government has announced details of the high-speed rail network to be built in connection with its Central Communications Port (CCP) project. The PLN 40 billion (€9.25 billion) planned rail network is even more ambitious than the PLN 35 billion (€8.10 billion) airport project. With a target date of 2027, the CCP involves: Construction … Continue Reading

Poland’s New Split Payment Mechanism Affects Financing and Factoring Transactions

On July 1, 2018 the so-called split payment mechanism was introduced into the Polish legal system. Split payment refers to the splitting of invoice payments in B2B relations between a supplier’s current bank account and a VAT account, which is automatically opened by banks as an account directly linked to current accounts. Funds constituting the … Continue Reading

Poland’s New Law on the Central Communications Port Takes Effect, But Questions Remain

President Duda has signed the new law on the Central Communications Port (CCP) (see our summary of the new law here and it will take effect on 20 June 2018. However, questions remain on the scope of Poland’s mega-investment project. Prime Minister’s Volte A key element of the plan for CCP is that the existing Warsaw … Continue Reading

Plans for Poland’s Mega-Airport Progress Rapidly

The Polish government is rapidly moving forward with plans for Poland’s new mega-airport. Proposed implementing legislation has been prepared and circulated for initial comments, an extensive concept document has been prepared, the office of the project’s plenipotentiary at the Ministry of Infrastructure has taken shape, an advisory council for the project has been appointed, and … Continue Reading

Poland’s Parliament Enacts Far-reaching Changes Regarding the Supreme Court

Significant changes will affect Poland’s highest court when President Andrzej Duda, as expected, signs new legislation just passed by Parliament. The changes are far-reaching, but among the major changes are: Creation of a division of extraordinary control with new jurisdiction – A new chamber of the Supreme Court called the “Chamber for Extraordinary Control and … Continue Reading

Real Property in Warsaw under Scrutiny

In our blog posting back in February 2017, we wrote that the Polish Parliament had adopted a very controversial piece of legislation appointing an ad hoc Parliamentary Commission to review and deal with “reprivatization” decisions in Warsaw. The term “reprivatization” refers to the real property that had previously been in private hands until the end … Continue Reading

Poland’s Ruling Party Favors Constructing New Mega-Airport

The leader of Poland’s ruling party, Jarosław Kaczyński, has come out strongly in favor of construction of a new mega-airport outside of Warsaw. The new mega-airport proposal was initially vetted as part of Poland’s plan for constructive development, announced by the Law & Justice Party when it won Poland’s parliamentary elections and gained control of … Continue Reading

Real Property Reprivatization Decisions in Warsaw May Be Revoked

Legislation recently passed by the Polish Parliament grants a Parliamentary Commission the right to rescind reprivatization decisions previously issued with respect to real property in the city of Warsaw. Such a rescission would remove the legal grounds for return of the property to the ex-owner or its legal successor, which could lead to seizure of … Continue Reading
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