Magdalena Łapsa-Parczewska, Adviser to the Chair of the KNF, took part in a panel titled ‘Deregulation from the perspective of the financial sector – what Brussels can do and what we can do’ at the 15th European Financial Congress.

The key points of Magdalena Łapsa-Parczewska’s contribution: 

• The UKNF’s proposals to simplify European regulations and reduce burdens in the financial services sector, which have been published today at knf.gov.pl, are a response to the initiative of the Ministry of Finance. The current regulatory framework for the financial sector is often too complex and excessive. Deregulation is necessary to restore a reasonable level of risk. ‘World without risk is a world without  profit,’ said Magdalena Łapsa-Parczewska.
• Taking advantage of its Presidency in the Council of the EU, Poland has its say in the deregulation process at the European level by presenting specific proposals for simplification. ‘If not now, then when?’, asked Magdalena Łapsa-Parczewska.
• Our market is different from the markets in France or Germany and for this reason we need to speak out so that European regulations reflect our scale and needs. 
• Deregulation does not mean absence of regulations; it is about the harmonisation and alignment of regulations across the EU in order not to limit the competitiveness of businesses, including Polish financial institutions.
• The key challenge for the financial market is not only the level of regulation but also a practical approach of financial institutions, especially banks, to offering risk-involving products to retail investors.