From 1 January 2010, all non-bank entities dealing in foreign exchange or acting as a currency exchange bureau are required to submit reports to the National Bank of Poland in accordance with new rules.
Reports must be submitted electronically via sprawozdawczosc.nbp.pl which requires a special certificate issued free of charge by the National Bank of Poland. No other means of submission are accepted.
The reports must be submitted more frequently by larger organisations. Those whose specified assets and liabilities are more than PLN 10 million but less than PLN 300 million must report on a quarterly basis, and those with assets and liabilities at PLN 300 million or more must report on a monthly basis. The value of individual transactions is no longer relevant. The reporting deadlines are set out in the regulations.
The rules also include increased reporting obligations for investment companies.
The new rules only apply to reporting of 2010 activity. Reporting of 2009 activity is still subject to the old rules.
Law: Regulation of the Ministry of Finance of 23 October 2009 on the provision of the National Bank of Poland with data necessary to compile the balance of payments and the international investment position (Journal of Laws of 3 November 2009)
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 02/03/2010.