The Polish Ministry of Finance announced that the Council of Ministers adopted a draft law amending the Banking Law and related acts. The bill would tighten governance requirements for the largest banks, expand the Polish Financial Supervision Authority's (KNF) powers over significant bank transactions, set rules for branches in Poland of entities headquartered in third countries outside the European Union, and align Polish law with European Union requirements. For the biggest institutions, appointing management board members and the chair of the supervisory board would require KNF approval. KNF would also assess the qualifications of internal control heads and the chief financial officer, and banks would have to notify the supervisor in advance of significant transactions including large share sales or acquisitions, mergers or divisions, and transfers of a substantial part of a bank's assets. The draft also introduces post-employment conflict-of-interest rules for the KNF chair and deputy chairs and for employees of the Office of the Polish Financial Supervision Authority. If enacted, most provisions would enter into force 14 days after publication in the Journal of Laws.

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