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
Between 23 and 26 May 2019, more than 400 million European citizens will have the right to vote in the European Parliament elections. This is where the similarities between the CEE countries seem to end. Voters in the Czech Republic will be voting on 24 and 25 May 2019, in Slovak Republic on 25 May … Continue Reading
On March 26, 2019, the Polish Data Protection regulator (Urząd Ochrony Danych Osobowych – UODO) announced the first administrative fine imposed on a Warsaw-based company for failure to meet the informational obligation toward the data subjects whose data it processed, in violation of article 14 of the General Data Protection Regulation (GDPR). The fined company … Continue Reading
When two do the same, it is not the same. This old saying is true especially when comparing legal regulations in different countries. Businesses that are present in various jurisdictions sometimes tend to expect the same, when, at first glance, the regulation seems to be similar.… Continue Reading
The long-awaited amendment to the Renewable Energy Sources Act (RES) is now in effect. Before the holiday season, on June 29, 2018, the President signed into law the long-awaited amendment to the RES. It was published later that day (fast track), thus the provisions regarding RES installation were effective as of July 1, 2018, with … Continue Reading
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
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
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
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
On 8 March 2018, the European Commission (EC) published its long-awaited new FinTech Action Plan. The EC understands FinTech to be technology-enabled innovation in financial services, and the strategy covers developments related to new technologies which are changing the financial industry and the way consumers and firms access services. At the same time, the action … Continue Reading
One of the many questions asked by our clients is: “Does Polish law recognise the concept of ‘piercing the corporate veil?’” Is it possible to disregard the separate legal personality of a company or corporation and make shareholders liable for the debts of the company? This question has been asked since the introduction of the … Continue Reading
On 15 January 2018, the Ministry of Digital Affairs (Ministry) held a conference to summarize the outcome of a public consultation on Poland’s draft GDPR implementation law. The consultation invited all citizens and entrepreneurs to express their opinion on the draft law on the protection of personal data, which was released by the Ministry on … Continue Reading
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
Plans for Poland’s Central Communication Port – the largest infrastructure project contemplated for Central and Eastern Europe – continue to progress. The Council of Ministers recently approved an ambitious plan that contemplates implementation of the main investments over the next 10 years to the year 2027.… Continue Reading
This post follows up on previous articles on the reprivatization of property in Warsaw and the governmental commission reviewing the legality of the process (see here and here). At a press conference on October 11, First Deputy Minister of Justice Patryk Jaki outlined the law that is to regulate property reprivatization in Poland. It is … Continue Reading
On 14 September 2017, a draft of the new Personal Data Protection Act “implementing” EU General Data Protection Regulation (the “PDPA Draft”) was published as well as a draft amending numerous sectoral laws (“Amending Act Draft”). As announced by the Minister for Digitization, the drafts are to be subject to extensive public consultation. Here are … Continue Reading
At the end of August 2017, legislative work has started to set out principles of checking clean criminal records of applicants for employment in the entities of the financial sector. A list of entities that will benefit from the law covers, inter alia, banks, international financial institutions, insurers, the Polish Export Credit Agency (KUKE), insurance … Continue Reading
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
In a globalized world, the ability to transfer data between organizations located in different parts of the world is of the utmost importance. The EU Data Protection Directive (GDPR), which will apply from 25 May 2018, governs the international transfer of personal data. Data Transfer Within the EU The free exchange of personal data between … Continue Reading
While the Act on Electromobility is still in preparation, the Polish Minister of Energy brings a Policy for the Deployment of Alternative Fuels Infrastructure in its Easter egg basket. The goals for electricity, along with natural gas (CNG, LNG), are set out for 2020 and 2025.… Continue Reading
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
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
Polish law continues its drive toward regulating commercial activities in Poland. This time, it is with the new Act on Counteracting Abuse of Contractual Advantage in Trading Agricultural and Grocery Products, signed into law by the President, will enter into force in six months’ time, on 12 July 2017. The Act aims to restore the … Continue Reading
Certain changes in regulations, somewhat challenging for the renewable energy sector, and the government’s declarations of support to the coal industry might suggest that Poland is not much interested in “going green”. Still, it turns out that electric cars may fit in its energy strategy just well. Surely, the electric cars are as “green” as … Continue Reading
