KNF with new permissions. The president has signed an amendment to the act increasing the resistance of the financial sector to cyber attacks

The president has signed an amendment to the act, which is to increase the resistance of the financial sector to cyberrataki – the president's office said on Friday. New regulations, among others give additional rights of the Polish Financial Supervision Authority.

The amendment is the implementation of European provisions to Polish law, including the Dora regulation, which aims to strengthen the operational resistance of digital financial entities. This is a legal act that introduces new requirements for risk management related to digital technologies.

In the field of cyber security, the Act imposes on financial institutions the obligation to report serious incidents related to cyber security to the cyber security team in the Polish Financial Supervision Authority.

In the area of green bonds, the new provisions designate the PFSA as an authority competent to supervise the issuers of such instruments by the issuers of the requirements arising from EU provisions. The PFSA will be equipped with appropriate investigation and supervisory powers, will be able to suspend advertising, subscription or sale of European green bonds, if, for example, the issuer refuses to disclose the required information.

In addition, the PFSA will be able to punish issuers who, for example, will not submit the required reports on the allocation of funds obtained from European green bonds. (PAP)

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