EN ECB -PUBLIC 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK  
of 20 February 2013  
on the financial market supervision framework  
(CON/20 13/14) 
 
Introduction and legal basis  
On 14 January 2013, the European Central Bank (ECB) received a request from the Polish Parliament 
(Sejm ) for an opinion on a draft law amending the Law on financial market supervision and certain other 
laws (hereinafter the ‘draft law’). 
The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the Europ ean Union and the sixth indent of Article 2(1) of Council Decision 98/415/EC of 
29 June 1998 on the consultation of the European Central Bank by national authorities regarding draft legislative provisions
1, as the draft law relates to the rules applicable to financial institutions insofar as 
they materially influence the stability of financial institutions and markets . In accordance with the first 
sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council 
has adop ted this opinion.  
 
1.  Purpose of the draft law  
1.1 The main aim of the draft law  is to enhance consumer protection in  the financial market 
supervision framework to address the rising importance of, and risks associated with , non-bank  
entities granting  consumer credit  that are not subject to financial supervision by the Financial 
Supervision Authority ( Komisja Nadzoru Finansowego, KNF ). To this end, the draft law amends 
the Law of 21 July 2006 on financial market supervision2 and the Law of 12 May 2011  on 
consumer credit3 as follow s: 
(a) the definition of financia l market supervision objectives is extended , focus ing on the 
provision of reliable information on the functioning of the financial market, to enhance 
consumer protection in financial supervision ; 
                                                 
1 OJ L 189, 3.7.1998, p. 42.  
2 Published in Dziennik Ustaw  (Dz. U.) of 4 September 2006 No 157, item 1119.  
3 Dz. U. o f 2011 No 126, item 715 . 
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2 (b) the KNF’s task of informing and e ducating the public is further defined as encompassing 
information on the functioning of the financial market  and the relevant risks, and on entities 
operating on the financial market , with a view to protecting legitimate  interests of the 
financial market participants;   
(c) the enhanced KNF informational and educational tasks w ill be carried out  by means of 
broadcasting warnings and announcements on the public radio and television or, if 
necessary, other mass media;  
(d) entities granting consumer credit w ill be obliged to inform the consumer whether or not they 
are subject to KNF’s financial supervision ; 
(e) creditworthiness assessment -related provisions and respective definitions included in the 
Law on consumer credit are amended to ensure that the criteria for creditworthiness 
assessment applied by banks and non -bank  lenders  are aligned, and that such assessment is  
based on reliable information . 
1.2 Additionally, t he Law of 29 August 1997 on banking4 is amended to enable access by non-bank 
entities granting consumer credit to creditworthiness -related information held in the relevant 
databases created by banks, subject to the consent of the data s ubject . 
  
2.  Consumer protection  
2.1 The draft law  emphasises educating, infor ming and warning consumers of financial services about 
the risks associated with the operation of the financial market and its participants. The ECB 
understands that these measures are designed to address , in particular, the risks associated with 
loans gra nted by  non-bank entities  that are not subject to KNF’s supervision. The ECB welcomes 
the measures introduced by the draft law as they aim to strengthen consumer protection and thereby 
contribute to safeguarding the stability of the financial system  and pr eserving confidence in the 
marketplace. In this context, and from a broader perspective, t he ECB also draws the Polish 
legislator’s attention to the recent discussion on the need to properly monitor and supervise the 
shadow banking sector in Europe5. 
2.2 Furthermore, the ECB would like to draw the consulting authority’s attention to the need  to bring 
national legislation into line also with  anticipated Union legislation  of relevance from an investor 
and consumer protection perspective , once such legislation  is adopted. This includes: (i)  the 
proposal for a directive of the European Parliament and of the Council on markets in financial 
instruments repealing Directive 2004/39/EC of the European Parliament and of the Council6, 
                                                 
4 Consol idated text published in Dz. U. of 2012, item 1376 (hereinafter the ‘Law on banking’) . 
5 See, for instance, the European Commission’s Green Paper on shadow banking ( COM(2012) 102 final ) and the 
Eurosystem’s reply  to the European Commission’s Green Paper on shadow banking . Available on the ECB’s website  at 
www.ecb.europa.eu . 
6  COM(2011) 656 final.  
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3 (ii) the proposal for a regulation of the European Parliament and of the Council on key information 
documents for investment products7, and (iii) the proposal for a directive of the European 
Parliament and of the Council on credit agreements relating to residential property8. 
 
3.  Access a nd reporting to relevant databases  
Under  the draft law, non- bank entities granting consumer credit are  granted access to information stored 
in databases created by banks and covered by banking secrecy . In this respect, the ECB makes the 
following observati ons. 
First, it is noted that if both banks , and non- bank  entities granting consumer credit , alike were required to 
report their lending data as regards consumers to databases such as those referred to above , this would 
ensure symmetry in  terms of  the repor ting of and access to information on such databases, and would 
assist banks to better assess the creditworthiness of their customers, as well as to monitor and manage 
credit risk efficiently, thereby strengthening the stability of the financial system.   
Second, the ECB notes that the following additional safeguards apply to the provision by  means of  the 
databases of information to non-bank entities granting consumer credit : (i) information is provided 
subject to the consent of the data subject ; and (ii) information is provided only to the extent necessary for 
the purposes of assessing the creditworthiness  of the consumer . While it is acknowledged that such 
safeguards will help to protect informa tion covered by banking secrecy9, it should be ensured that 
adeq uate confidentiality requirements apply to non-bank entities granting consumer credit where 
information covered by banking secrecy is received and used by them under  the proposed 
Article  105(4)(4) of the Law on banking . 
 This opinion will be published on t he ECB’s website.  
 
 
Done at Frankfurt am Main, 20 February  2013.  
 
[signed]  
 
The President of the ECB  
Mario DRAGHI  
                                                 
7  COM(2012) 352 final . 
8 COM(2011) 142 fina l. 
9 On the draft law’s approach to the protection of banking secrecy, s ee also the explanatory memorandum to the draf t law, 
p. 16.