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The function of the Polish market of payment services is managed by the Payment Services Act (ustawa o uslugach platniczych) which plays a crucial role in maintaining a robust framework. With a view to ensuring the continued evolution and effectiveness of this legislation, an amendment was made on the 22nd of August 2023 by the Polish President Andrzej Sebastian Duda. It includes a 30-day vacatio legis and proposes important changes to the payment industry, including the activities of SPI.
By addressing any existing issues or limitations in the Act, the amendments seek to create a more robust and inclusive regulative ecosystem. The amendment brings forth a series of important modifications to the Act, namely:
The below list of modifications includes more.
The next new components will broaden the range of papers comprising the SPI application:
In fact, this could complicate and lengthen the period of licensing procedure. The ultimate assessments of the modifications, however, need wait for KNF, to create mechanisms for reviewing applications in the updated manner. The new stipulations will also refer to license processes commenced under the “previous” act but not yet completed as of the Amendment’s effective date.
The fact of filing an API licensing request, in the existing legit position, completely precludes the employemnt of this limitation for the applicants until the license processes are finally settled (e.g., by obtaining an API license). Beginning on January 1, 24, the SPIs that appealed for API licenses will fall into an expanded payment operation limit, but it will not surpass the value shared to KNF prior to sending the request. Briefly, for each SPI asking for an API authorization, a different limit will apply.
The establishment of a prohibition on submitting requests to broaden the scope of an SPI license during the time that a specific SPI surpasses the transaction limit (often EUR 1.5 million per month) is the final significant modification for SPIs. The prolonged adaptive period states that this additional prohibition will also go into effect at the beginning of 2024.
The changes mark another chapter in the evolution of the payment services industry. With its potential to address current limitations and promote innovation, it is essential to recognize the importance of this legislative change. The two examples of extended transition stage stated above aside, the changes to the Act take effect 30 days after the novel was published on August 29, 2023. In order to be ready for impending changes from a compliance, regulative, business, and employment law standpoint, it is advised that your SPI start preparing.
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