Letter from Yves Mersch, Member of the Executive Board of the European Central Bank (ECB), to Marek Kuchciński, Marshal of the Polish Parliament, regarding the request for an ECB opinion on a draft Polish legislative proposal amending the Law on supervision of financial markets and certain other laws
Date: 2019-03-06
Institutions: European Central Bank
Subjects: legal basis

Yves Mersch  
Member of the Executive Board 

Mr. Marek Kuchciński 
Marshal of the Polish Parliament 

ECB-PUBLIC 

[COURTESY TRANSLATION1] 

6 March 2019 

Re.:  Request for an ECB opinion regarding a draft Polish legislative proposal amending the Law 

on supervision of financial markets and certain other laws  

Dear Mr. Kuchciński, 

Thank you for your request for an ECB opinion regarding the draft legislative proposal amending the Law 

on supervision of financial markets and certain other laws. 

The ECB, after careful consideration of the draft legislative proposal, has decided not to adopt a formal 

opinion in the present case. This is because the sole purpose of the draft legislative proposal is to ensure 

proper application  in the Polish  legal system of Regulation (EU) 2017/2402 of the European Parliament 

and of the Council of 12 December 2017 laying down a general framework for securitisation and creating 

a  specific  framework  for  simple,  transparent  and  standardised  securitisation,  and  amending  Directives 

2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012. 
Pursuant to Article  1(2) of Council Decision  98/415/EC2, Member States are not  required to consult the 

ECB on draft legislative provisions the exclusive purpose of which is the transposition of Union directives 

into  the  law  of  Member  States.  The  rationale  for  this  exemption  is  that  the  ECB  will  already  have  been 

consulted  on  the  proposed  Union  act  pursuant  to  Article  127(4)  of  the  Treaty  on  the  Functioning  of  the 

European Union, and it is therefore unnecessary to extend the ECB’s advisory function to draft legislative 

provisions which purely transpose that Union act. The ECB is of the opinion that this extends by analogy, 

to  draft  legislative  provisions  which  have  the  exclusive  purpose  of  transposing  Union  regulations  into 

national  law,  provided  that  they  do  not  have  an  impact  on  matters  falling  within  the  ECB’s  fields  of 

competence  which is different from the impact of the regulation itself, on which the ECB  will have been 

1  
2  

The official ECB letter is addressed in the official language of the concerned Member State. 

Council  Decision  98/415/EC  of  29  June  1998  on  the  consultation  of  the  European  Central  Bank  by  national 
authorities regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42).  

 
 
 
 
 
 
 
 
 
                                                      
ECB-PUBLIC 

consulted by Union institutions 3. In this respect, I would like to draw your attention to the ECB Opinion of 

11  March  2016  on  (a)  a  proposal  for  a  regulation  laying  down  common  rules  on securitisation and 

creating a European framework for simple, transparent and standardised securitisation and (b) a proposal 

for a regulation amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions 
and investment firms (CON/2016/11) 4.  

Against this backdrop, the draft legislative proposal does not merit the issuance of an ECB opinion. 

The  ECB  appreciates  that  you  have  sent  the  draft  legislative  proposal  for  consultation  to  the  ECB,  and 

remains  confident  that  the  Polish  Parliament  will  continue  to  consult  the  ECB  on  future  draft  Polish 

legislative  provisions  that  fall  within  the  ECB’s  fields  of  competence  under  the  Treaty  and  Council 

Decision 98/415/EC.  

Yours sincerely, 

[signed] 

Cc: Adam Glapiński, Governor, Narodowy Bank Polski 

3  

4  

legislative 

See European Central Bank, Guide to consultation of the  European Central Bank by national  authorities regarding 
draft 
at: 
https://www.ecb.europa.eu/pub/pdf/other/guideconsultationecb2005en.pdf.  
OJ 
on 
www.ecb.europa.eu/ecb/legal/pdf/oj_joc_2016_219_r_0003_en_txt_.pdf.  

17.6.2016, 

provisions 

available 

available 

(October 

website 

website 

2015), 

ECB’s 

ECB's 

219, 

the 

the 

on 

at: 

p. 

2, 

C 

2