banking & finance

The future of securitisation

The recommendations published recently by the Financial Stability Board may result in more rigorous regulation of securitisation transactions.

Sanctions for failure to prepare and file financial reports with the registry court

Proper preparation of a financial report and filing the report with the registry court is the duty of the members of the management board of a company or the partners conducting the affairs of a partnership. Failure to comply with this duty is subject to

Assignment of receivables and effective satisfaction of lenders’ secured claims

Under an amendment to the Bankruptcy Law, the position of a lender holding an assignment of the borrower’s receivables in the event of the borrower’s bankruptcy has changed, but the application and effects of the amendment in practice remain unclear.

Securitisation: Be careful about reserving title to sold goods!

A business may enter into an agreement assigning its receivables to a securitisation fund, but effective assignment of claims of title to generically identified sold goods may require notice to the buyer.

Evidentiary privileges for banks?

On 1 March 2011 the Polish Constitutional Tribunal examined the constitutionality of Art. 95(1) of the Banking Law, which gives bank statements the evidentiary weight of official documents.

Financial Supervision Authority fines are for real

Information published on the website of the Polish Financial Supervision Authority (KNF) shows that the KNF takes full advantage of its authority to impose fines for failure to play by the rules on the financial markets.