The President has signed an amendment to a law that aims to increase the financial sector's resilience to cyberattacks, the President's Office announced on Friday. The new regulations, among other things, grant additional powers to the Polish Financial Supervision Authority.
The amendment implements European regulations into Polish law, including the DORA regulation, which aims to strengthen the operational digital resilience of financial entities. This legal act introduces new requirements for managing risks associated with digital technologies.
In terms of cybersecurity, the Act imposes an obligation on financial institutions to report serious cybersecurity incidents to the cybersecurity team at the Polish Financial Supervision Authority.
In the area of green bonds, the new regulations designate the Polish Financial Supervision Authority (KNF) as the authority responsible for overseeing the compliance of issuers of such instruments with the requirements of EU regulations. The KNF will be equipped with appropriate investigative and supervisory powers and will be able to suspend the advertising, subscription, or sale of European green bonds if, for example, an issuer refuses to disclose the required information.
In addition, the Polish Financial Supervision Authority will be able to fine issuers who, for example, fail to submit required reports on the allocation of funds raised from European green bonds. (PAP)
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