Peter Swiecicki

Blogs: Brexit Legal, O-I-CEE!, Restructuring Globalview

Latest Articles

Transition Plan for Poland’s WIBOR Benchmark to a Waterfall Methodology Is Announced

August 16, 2019

WIBOR (Warsaw Interbank Offered Rate) is one of five critical financial benchmarks in the European Union (Commission Implementing Regulation (EU) 2019/482). WIBOR is the interest rate benchmark for the vast majority of złoty-denominated commercial loans, more than 98% of Polish mortgage loans, 26% of the total nominal value of Polish bonds, and € 366 billion in notional amount of OTC interest rate derivatives. It applies to financial instruments with a value greater than Poland’s gross…

O-I-CEE!

Poland and the US Sign a Memorandum of Understanding Concerning Strategic Civil Nuclear Cooperation – What Can We Expect?

By Peter Swiecicki & Igor Hanas

July 5, 2019

Poland and the US signed the Memorandum of Understanding (MoU) on strategic civil nuclear cooperation on June 12. The MoU emphasizes the desire to establish a deeper bilateral strategic relationship aiming at energy security and meeting Poland’s clean energy needs. These aims are to be achieved by: Collaboration for developing Polish infrastructure for the responsible use of nuclear energy and technologies Adoption of best practices in nuclear safety, security and independent regulatory oversight Exploration of…

O-I-CEE!

Elections to the European Parliament – How Poland Counts the Votes

By Peter Swiecicki & Pawel Hoc

May 16, 2019

Poland’s voters head to the polls on 26 May in the elections for the European Parliament, with 51 seats at stake. Although the campaign is in full swing, an understanding of the rules for determining the winners is lacking. Whereas the rules in a simple “first past the post” election are quite easy to explain (and they provide a clear overview of the outcomes with regard to the elected candidates because the candidate in each…

Brexit Legal

Brexit Insight From the EU-27: Poland

By Peter Swiecicki

May 13, 2019

UK financial market entities in Poland – A Polish Brexit bill, passed on 15 March 2019, provides a transition period for the business operations of UK financial market entities in Poland, starting from the date of a “no-deal” Brexit. This period will allow businesses to conduct any legal operations needed to cease legal relationships entered into before the day of “no-deal” Brexit, or to establish a legal basis to continue to operate in Poland (i.e.…

O-I-CEE!

KNF-Polish Financial Supervision Authority Announces No Transition Period for UK Entities in the Case of a No-deal Brexit

By Małgorzata Olech, Peter Swiecicki & Pawel Hoc

January 30, 2019

In the announcement of 29 January 2019, KNF-Polish Financial Supervision Authority confirmed that, in the case of no-deal Brexit, UK entities operating on the Polish financial market will be treated as third-country entities. In the wake of the recent British Parliament vote rejecting the UK’s EU withdrawal agreement, the eventuality of a no-deal Brexit has become more likely than merely a month ago. This has been corroborated by the reactions of certain European politicians who…

O-I-CEE!

Poland’s New Energy Policy Until 2040 Goes Nuclear

By Igor Hanas & Peter Swiecicki

December 3, 2018

On November 23 this year, the Ministry of Energy published its draft Polish Energy Policy until 2040 (PEP2040). This long-awaited document is significant for both the energy sector and the entire economy; however, it is subject to social consultations until January 15, 2019, and its assumptions may (but do not have to) evolve. A Generational Structural Change A key principle of PEP2040 is the declaration to alter the structure of fuels used to generate electricity. This…

O-I-CEE!

Central Sea Port PPP Project in Poland – “Anchors Aweigh and Full Speed Ahead”

By Igor Hanas & Peter Swiecicki

October 22, 2018

Large-scale public-private partnership (PPP) projects are not common in Poland. However, the amendment to the PPP law, which came into effect in September 2018, should change this. Therefore, we welcome the fact that, recently, the Port of Gdańsk announced a tender for a PPP advisor for the Central Sea Port Project (available in Polish). Thus, the “anchors are aweigh” for this project, which is estimated to cost between €1.4 billion and €2.14 billion,…

O-I-CEE!

Poland’s Mega-investment Project Doubles in Size

By Igor Hanas & Peter Swiecicki

July 25, 2018

The Polish government has announced details of the high-speed rail network to be built in connection with its Central Communications Port (CCP) project. The PLN 40 billion (€9.25 billion) planned rail network is even more ambitious than the PLN 35 billion (€8.10 billion) airport project. With a target date of 2027, the CCP involves: Construction of new hub airport 40 km from Warsaw Reconfiguration and extension of Poland’s rail network with CCP as its hub…

O-I-CEE!

Poland’s New Split Payment Mechanism Affects Financing and Factoring Transactions

By Pawel Hoc, Małgorzata Olech & Peter Swiecicki

July 12, 2018

On July 1, 2018 the so-called split payment mechanism was introduced into the Polish legal system. Split payment refers to the splitting of invoice payments in B2B relations between a supplier’s current bank account and a VAT account, which is automatically opened by banks as an account directly linked to current accounts. Funds constituting the VAT portion of an invoice payment are transferred to and from such VAT accounts. The split payment mechanism in Poland…

O-I-CEE!

Poland’s New Law on the Central Communications Port Takes Effect, But Questions Remain

By Igor Hanas & Peter Swiecicki

June 13, 2018

President Duda has signed the new law on the Central Communications Port (CCP) (see our summary of the new law here and it will take effect on 20 June 2018. However, questions remain on the scope of Poland’s mega-investment project. Prime Minister’s Volte A key element of the plan for CCP is that the existing Warsaw Chopin Airport (which is currently used by approximately 16 million passengers annually, with potential growth to capacity of 22-24 million)…

Peter Swiecicki

Transition Plan for Poland’s WIBOR Benchmark to a Waterfall Methodology Is Announced

Poland and the US Sign a Memorandum of Understanding Concerning Strategic Civil Nuclear Cooperation – What Can We Expect?

Elections to the European Parliament – How Poland Counts the Votes

Brexit Insight From the EU-27: Poland

KNF-Polish Financial Supervision Authority Announces No Transition Period for UK Entities in the Case of a No-deal Brexit

Poland’s New Energy Policy Until 2040 Goes Nuclear

Central Sea Port PPP Project in Poland – “Anchors Aweigh and Full Speed Ahead”

Poland’s Mega-investment Project Doubles in Size

Poland’s New Split Payment Mechanism Affects Financing and Factoring Transactions

Poland’s New Law on the Central Communications Port Takes Effect, But Questions Remain

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