New single market regulator causes controversy in Poland

The ECB is just one organisation concerned that the regulator’s independence has been compromised by government control

Poland’s president has signed legislation setting up a new integrated financial supervisory authority. The law will come into force 14 days after it is published in the national gazette. The new authority – called Komisja Nadzoru Finansowego (KNF, Financial Supervision Commission) – will combine the functions of the existing insurance and pension fund supervisor (Komisja Nadzoru Ubezpieczen I Funduszy Emerytalnych), securities commission (Komisja Papierow Wartosciowych), and the banking supervision commission (Komisja Nadzoru Bankowego).