Advice for FinTechs

Advice for entities in the FinTech sector includes licensing procedures and other types of proceedings before supervisory and regulatory authorities (particularly the Polish Financial Supervision Authority (KNF), the Bank Guarantee Fund (BFG), the National Bank of Poland (NBP), and the President of the Office of Competition and Consumer Protection (UOKiK)), adjusting the operations of financial institutions to comply with legal requirements and supervisory guidance, including implementation of EU regulations and directives, as well as various types of transactions, including changes in ownership of FinTech entities.

This advice also includes preparing and assessing business models to be implemented by FinTechs in cooperation with traditional banks and other financial institutions, as well as assistance in implementation of new financial technologies by banks and other financial institutions.

The supervisory regulations governing creation and operation of entities in the FinTech sector are relatively new. This requires special care in interpreting these regulations. The sources of these regulations are largely European legislative bodies. Thus advice in this sector entails the need for analysis of the entire European regulatory environment, including both directives and EU regulations, as well as the positions of bodies at the EU level and acts of “soft law.” The aim of certain foreign entities is to launch operations in several EU/EEA countries, which requires coordination by legal advisors functioning in different European jurisdictions.

At the same time, new services offered by FinTech entities are often not yet regulated, and their implementation requires an in-depth legal analysis and sometimes also consultation with supervisory authorities.

Entities operating in the FinTech space hold relevant licences subject to regulatory oversight. Whether their services are innovative or already functioning in other jurisdictions, providers are subject to duties comparable to those of traditional financial institutions, meaning that entities or persons acting for them may be exposed to fines imposed by supervisory authorities.

• Determining whether specific services provided in Poland or more broadly in the European Union require a specific permit, and the conditions under which the services may be provided
• Assessment of whether services already implemented meet supervisory requirements and the requirements of contract law conditions under which the services may be provided
• Avoiding negative consequences of failure to comply with legal and regulatory requirements, in particular severe administrative sanctions
• Access to the unique knowledge of experienced banking and finance lawyers with extensive legal expertise but also familiar with the ins and outs of FinTech operations and the business environment
• Broad international perspective thanks to KPMG Law’s participation in the global KPMG network
• Ability to efficiently combine services of KPMG Law with tax, accounting, financial and transactional advisory from other entities in the KPMG group 

We are a team of lawyers specializing in regulatory advice for financial market institutions and FinTechs. We have a wealth of experience advising clients from all sectors of the financial and FinTech market (banks, investment funds, investment companies, payment institutions, electronic money institutions, banks operating in the Banking-as-a-Service model, unlicensed entities cooperating with licensed entities).

Thanks to our involvement in the structures of KPMG, our services can be further supported by specialists in tax, finance, accounting and M&A advisory.

Being part of the global KPMG network provides us a truly international perspective on the regulations and practices governing the operation of financial markets and the FinTech sector.