Poland’s financial market regulator KNF issued temporary guidelines for applying MiFID II directive in the absence of domestic legislation implementing the directive, KNF said in a statement. The appropriate legislation is expected to come to the effect at the turn of March and April at the earliest, KNF said citing information gathered from the Finance Ministry. MiFID II directive will take effect on January 3rd, 2018.
In its application of MiFID rules, KNF will apply the rule of higher priority of EU regulations, so existing domestic regulation will be applied only insofar as it does not violate EU regulations. KNF may also directly apply EU directives, as long as they are precise and unconditional, define individual’s rights versus the state, the regulator noted.