# Polish — Finance and Banking Sub-Lexicon

> **Scope.** This sub-lexicon covers two closely-related domains in a single per-language file: **Finance & Banking** (primary) and **Trading & Capital Markets**. The two were merged here because their vocabulary overlaps heavily (debt instruments, securities, exchange regulation) and translators typically need both at once. The two cross-language English-reference lexicons remain split: see `references/finance-banking.md` and `references/trading-capital-markets.md` as separate files.


Maps Polish finance and banking vocabulary to correct English equivalents.
Covers loans, bonds, security interests, guarantees, netting, and banking regulation.

## Loan Facilities and Instruments

| Polish | English |
|---|---|
| umowa kredytu | credit agreement / loan agreement |
| kredyt bankowy | bank credit |
| pożyczka | loan (civil-law loan, k.c.) |
| kredyt inwestycyjny | investment loan |
| kredyt obrotowy | working capital loan |
| kredyt w rachunku bieżącym | overdraft facility |
| kredyt konsorcjalny | syndicated loan |
| kredyt rewolwingowy / odnawialny | revolving credit facility |
| linia kredytowa | credit line |
| umowa o finansowanie | financing agreement |
| warunki finansowania (term sheet) | term sheet |
| uruchomienie kredytu / transza | drawdown / tranche |
| wykorzystanie kredytu | utilization |
| okres kredytowania | loan tenor |
| okres karencji | grace period |
| harmonogram spłat | repayment schedule |
| spłata jednorazowa / raty | bullet / installment repayment |
| przedterminowa spłata | prepayment |
| prowizja za przedterminową spłatę | prepayment fee |
| oprocentowanie | interest rate |
| marża | margin |
| stopa referencyjna | reference rate |
| odsetki umowne / ustawowe | contractual / statutory interest |
| odsetki maksymalne | maximum interest (capped by k.c.) |
| odsetki za opóźnienie | default interest / late-payment interest |

## Bonds and Debt Securities

| Polish | English |
|---|---|
| obligacja | bond |
| obligacja korporacyjna | corporate bond |
| obligacja skarbowa | government bond |
| obligacja zamienna | convertible bond |
| obligacja z prawem pierwszeństwa | bond with pre-emptive right |
| obligacja podporządkowana | subordinated bond |
| obligacja zabezpieczona | secured bond |
| prospekt emisyjny | prospectus |
| memorandum informacyjne | information memorandum |
| agent emisji | issuing agent |
| agent płatniczy | paying agent |
| administrator zabezpieczeń | security agent / collateral agent |
| warunki emisji | terms and conditions of issue |
| dzień wykupu | redemption date |
| kupon | coupon |
| rating kredytowy | credit rating |

## Security Interests

| Polish | English |
|---|---|
| zabezpieczenie | security / collateral |
| hipoteka | mortgage |
| hipoteka umowna / przymusowa | contractual / enforced mortgage |
| księga wieczysta | land and mortgage register |
| zastaw | pledge |
| zastaw zwykły (k.c.) | ordinary pledge |
| zastaw finansowy | financial pledge (under the Act on Certain Financial Collateral) |
| zastaw na zbiorze rzeczy lub praw | pledge on a collection of things or rights |
| przewłaszczenie na zabezpieczenie | transfer of ownership for security |
| cesja na zabezpieczenie | security assignment of claims |
| blokada rachunku / kaucja | account blocking / cash deposit security |
| poręczenie | suretyship |
| poręczenie cywilne / wekslowe | civil / promissory-note suretyship |
| gwarancja bankowa | bank guarantee |
| gwarancja ubezpieczeniowa | insurance guarantee |
| akredytywa | letter of credit |
| standby letter of credit | standby letter of credit |
| oświadczenie o poddaniu się egzekucji (art. 777 k.p.c.) | voluntary submission to enforcement (enforcement clause) |
| weksel własny / trasowany | promissory note / bill of exchange |
| deklaracja wekslowa | promissory-note declaration |

## Inter-Creditor Arrangements

| Polish | English |
|---|---|
| umowa międzywierzycielska | intercreditor agreement |
| podporządkowanie wierzytelności | subordination of claims |
| wierzyciel uprzywilejowany | senior creditor |
| wierzyciel podporządkowany | junior / subordinated creditor |
| postój egzekucji (standstill) | standstill |
| agent zabezpieczeń | security agent |
| administrator hipoteki | mortgage administrator (art. 68² ustawy o księgach wieczystych i hipotece) |
| administrator zastawu | pledge administrator |

## Regulatory and Supervisory

| Polish | English |
|---|---|
| Prezes NBP | President of the National Bank of Poland |
| Rada Polityki Pieniężnej (RPP) | Monetary Policy Council |
| Komisja Nadzoru Finansowego (KNF) | Polish Financial Supervision Authority |
| Bankowy Fundusz Gwarancyjny (BFG) | Bank Guarantee Fund |
| Biuro Informacji Kredytowej (BIK) | Credit Information Bureau |
| ustawa Prawo bankowe | Banking Law |
| ustawa o obrocie instrumentami finansowymi | Act on Trading in Financial Instruments |
| ustawa o ofercie publicznej | Act on Public Offering |
| ustawa o funduszach inwestycyjnych | Act on Investment Funds |
| przymusowa restrukturyzacja (resolution) | resolution (forced restructuring) |
| outsourcing bankowy (art. 6a–6d Prawa bankowego) | banking outsourcing |
| rekomendacje KNF (np. Rekomendacja H, M, R) | KNF recommendations |

## Payments and Settlements

| Polish | English |
|---|---|
| rachunek bankowy | bank account |
| rachunek powierniczy | escrow account (trust account) |
| rachunek VAT / mechanizm podzielonej płatności | VAT account / split payment mechanism |
| mechanizm podzielonej płatności (MPP) | split payment mechanism |
| biała lista podatników VAT | white list of VAT taxpayers |
| polecenie przelewu | credit transfer order |
| polecenie zapłaty | direct debit |
| zlecenie stałe | standing order |
| Elixir / Euro Elixir / Express Elixir | Polish payment systems |
| SEPA | SEPA |
| SWIFT | SWIFT |
| sanctions screening (screening sankcyjny) | sanctions screening |
| przeciwdziałanie praniu pieniędzy (AML) | anti-money laundering (AML) |

## Notes

- **"Kredyt" vs "pożyczka"**: Polish law distinguishes bank credit (kredyt — governed by
  Prawo bankowe, only banks may grant) from civil-law loan (pożyczka — k.c. art. 720 et seq.,
  may be granted by anyone). Translate accordingly: "credit agreement" for kredyt, "loan" for
  pożyczka. A "syndicated loan" granted by banks is still "umowa kredytu konsorcjalnego".
- **Odsetki maksymalne (maximum interest)**: k.c. art. 359 § 2¹ caps contractual interest at
  twice the statutory interest rate (stopa ustawowa). k.c. art. 481 § 2¹ caps default
  interest at twice the statutory default interest rate. Clauses in excess are reduced by
  operation of law. Flag when translating. Current caps are published by the Minister of
  Finance.
- **"Zastaw rejestrowy" (registered pledge)**: Governed by the Act on Registered Pledge and
  the Pledge Register of 6 December 1996. Key features: (1) registration in the pledge
  register (rejestr zastawów) is constitutive; (2) pledgor may retain possession; (3)
  out-of-court enforcement available if contractually agreed. The preferred security for
  movable assets in Polish finance practice.
- **"Hipoteka"**: Governed by the Act on Land and Mortgage Registers and Mortgage (1982).
  Since 2011, only one type of mortgage exists (hipoteka umowna) — the distinction between
  hipoteka zwykła and hipoteka kaucyjna was abolished. A single mortgage can secure
  multiple claims. Entry in the land and mortgage register (księga wieczysta) is
  constitutive.
- **"777 k.p.c." declaration**: A notarial declaration of voluntary submission to
  enforcement (oświadczenie o poddaniu się egzekucji) under art. 777 § 1 pkt 4–6 of the
  Code of Civil Procedure. Allows the creditor to obtain an enforcement title without
  court proceedings. Standard security device in Polish finance practice. Translate as
  "art. 777 declaration" or "voluntary submission to enforcement" with a translator's note.
- **WIBOR transition**: Poland is transitioning from WIBOR to WIRON (Warsaw Interest Rate
  Overnight) as the primary PLN reference rate. Legacy loans reference WIBOR; new loans
  increasingly reference WIRON. Flag in reference-rate clauses.
- **Zastaw finansowy (financial collateral)**: Under the Act on Certain Financial Collateral
  of 2 April 2004 (implementing Directive 2002/47/EC). Applies to financial instruments
  and cash among regulated institutions. Features appropriation remedies and close-out
  netting protections.
- **Banking license and outsourcing**: Outsourcing of banking activities is regulated by
  arts. 6a–6d of Prawo bankowe. Outsourcing to non-EU service providers requires KNF
  consent. Flag in services contracts where a Polish bank is the client.
- **MPP (split payment)**: Split payment mechanism applies mandatorily to B2B invoices
  over PLN 15,000 for listed sensitive goods/services. The VAT portion is paid into a
  dedicated VAT account. Impacts payment clauses in commercial contracts.

## Additional Polish Finance / Banking Mappings (extended)

| Polish | English |
|---|---|
| Prawo bankowe — ustawa z 29 sierpnia 1997 r. | Banking Law |
| ustawa o obligacjach — ustawa z 15 stycznia 2015 r. | Bonds Act |
| ustawa o obrocie instrumentami finansowymi — 29 lipca 2005 r. | Act on Trading in Financial Instruments |
| ustawa o nadzorze nad rynkiem finansowym | Financial Market Supervision Act |
| Narodowy Bank Polski (NBP) | National Bank of Poland (central bank) |
| Krajowy Depozyt Papierów Wartościowych (KDPW) | Polish National Depository for Securities |
| KDPW_CCP | Polish central counterparty |
| Giełda Papierów Wartościowych w Warszawie (GPW) | Warsaw Stock Exchange |
| BondSpot | BondSpot (Polish bond exchange) |
| NewConnect | NewConnect (SME Growth Market) |
| Catalyst | Catalyst (Polish bond market) |
| bank krajowy / zagraniczny / spółdzielczy | domestic / foreign / cooperative bank |
| instytucja kredytowa | credit institution |
| instytucja finansowa | financial institution |
| firma inwestycyjna | investment firm |
| dom maklerski | brokerage house |
| towarzystwo funduszy inwestycyjnych (TFI) | investment fund management company |
| fundusz inwestycyjny otwarty (FIO) / zamknięty (FIZ) | open-end / closed-end investment fund |
| alternatywna spółka inwestycyjna (ASI) | alternative investment vehicle (AIF) |
| licencja bankowa | banking license |
| zezwolenie | authorization |
| wymogi kapitałowe (CRR/CRD) | capital requirements (CRR/CRD) |
| fundusze własne | own funds |
| kapitał podstawowy Tier 1 (CET1) | Common Equity Tier 1 |
| kapitał dodatkowy Tier 1 (AT1) | Additional Tier 1 |
| kapitał Tier 2 | Tier 2 capital |
| współczynnik wypłacalności | capital adequacy ratio |
| bufor zabezpieczający | capital conservation buffer |
| bufor antycykliczny | countercyclical buffer |
| bufor dla instytucji o znaczeniu systemowym | systemic importance buffer |
| MREL | Minimum Requirement for own funds and Eligible Liabilities |
| resolucja / przymusowa restrukturyzacja | resolution |
| przymusowy bail-in | compulsory bail-in |
| BFG — przymusowa restrukturyzacja | BFG resolution authority |
| AML/CFT — ustawa z 1 marca 2018 r. | AML/CFT Act |
| Generalny Inspektor Informacji Finansowej (GIIF) | General Inspector of Financial Information (Polish FIU) |
| beneficjent rzeczywisty (CRBR) | beneficial owner (Central Register of Beneficial Owners) |
| KYC / środki bezpieczeństwa finansowego | KYC / customer due diligence |
| SWIFT / SEPA / Elixir | SWIFT / SEPA / Elixir (Polish clearing) |
| karty płatnicze | payment cards |
| PSD2 / ustawa o usługach płatniczych | PSD2 / Payment Services Act |
| Open Banking | open banking |
| PayU / Blik | Polish payment systems |
| WIBOR / WIRON | WIBOR / WIRON (new Polish risk-free rate, 2025+) |
| WIRF / WIRF+ / POLONIA | other Polish reference rates |
| hipoteka łączna | blanket mortgage |
| hipoteka umowna | contractual mortgage |
| hipoteka przymusowa | compulsory mortgage |
| zastaw rejestrowy | registered pledge (Act of 6 December 1996) |
| zastaw zwykły | ordinary pledge (Art. 306 k.c.) |
| weksel | bill of exchange (Act of 28 April 1936) |
| weksel in blanco | blank bill of exchange |
| poręczenie wekslowe (aval) | aval / bill guarantee |
| akt notarialny w trybie art. 777 § 1 pkt 4 k.p.c. | notarial deed with voluntary submission to enforcement |

---

## Trading & Capital Markets — Polish

Maps Polish capital markets, securities and derivatives trading vocabulary to
correct English equivalents. Covers public offerings, secondary-market trading,
investment firms, asset management, market abuse and OTC derivatives.

## Regulatory Framework

| Polish | English |
|---|---|
| ustawa o ofercie publicznej i warunkach wprowadzania instrumentów finansowych do zorganizowanego systemu obrotu (u.o.p.) | Public Offering Act |
| ustawa o obrocie instrumentami finansowymi (u.o.i.f.) | Act on Trading in Financial Instruments |
| ustawa o funduszach inwestycyjnych i zarządzaniu alternatywnymi funduszami inwestycyjnymi | Investment Funds and AIFM Act |
| ustawa o nadzorze nad rynkiem kapitałowym | Capital Market Supervision Act |
| ustawa o nadzorze nad rynkiem finansowym | Financial Market Supervision Act |
| rozporządzenie MAR | MAR (Market Abuse Regulation) |
| MiFID II / MiFIR | MiFID II / MiFIR |
| rozporządzenie EMIR | EMIR |
| rozporządzenie prospektowe | Prospectus Regulation |
| rozporządzenie CSDR | CSDR |
| rozporządzenie SFDR / taksonomia | SFDR / Taxonomy Regulation |

## Regulators and Market Infrastructure

| Polish | English |
|---|---|
| Komisja Nadzoru Finansowego (KNF) | Polish Financial Supervision Authority |
| Giełda Papierów Wartościowych w Warszawie (GPW) | Warsaw Stock Exchange (WSE) |
| BondSpot | BondSpot |
| NewConnect | NewConnect (MTF for small and growth companies) |
| Catalyst | Catalyst (WSE bond market) |
| Krajowy Depozyt Papierów Wartościowych (KDPW) | Polish Central Securities Depository |
| KDPW_CCP (izba rozliczeniowa) | KDPW CCP (central counterparty) |
| BFG (Bankowy Fundusz Gwarancyjny) | Bank Guarantee Fund |
| Rzecznik Finansowy | Financial Ombudsman |
| Izba Domów Maklerskich | Chamber of Brokerage Houses |

## Public Offerings and Listings

| Polish | English |
|---|---|
| oferta publiczna | public offering |
| oferta prywatna | private placement |
| oferta pierwotna (IPO) | initial public offering (IPO) |
| oferta wtórna (SPO) | secondary public offering (SPO) |
| oferta sprzedaży / emisji | sale / issue offering |
| prospekt emisyjny | prospectus |
| prospekt podstawowy | base prospectus |
| memorandum informacyjne | information memorandum |
| dokument informacyjny (NewConnect) | information document |
| warunki emisji obligacji | bond terms and conditions |
| dopuszczenie do obrotu | admission to trading |
| rynek regulowany | regulated market |
| alternatywny system obrotu (ASO) | multilateral trading facility (MTF) |
| zorganizowany system obrotu (OTF) | organized trading facility (OTF) |
| pierwsze notowanie / debiut | first listing / debut |
| oferujący / global coordinator | offeror / global coordinator |
| konsorcjum gwarantujące | underwriting consortium |
| umowa o gwarantowanie emisji | underwriting agreement |
| umowa lock-up | lock-up agreement |

## Secondary-Market Trading

| Polish | English |
|---|---|
| akcjonariusz | shareholder |
| akcjonariusz znaczny | significant shareholder |
| znaczny pakiet akcji | significant block |
| wezwanie do zapisywania się na sprzedaż akcji | tender offer (takeover bid) |
| wezwanie przymusowe | mandatory tender offer |
| wezwanie dobrowolne | voluntary tender offer |
| próg 33% / 50% / 66% | 33% / 50% / 66% threshold |
| squeeze-out (przymusowy wykup) | squeeze-out |
| sell-out (przymusowy odkup) | sell-out |
| delisting (wycofanie z obrotu) | delisting |
| świadectwo depozytowe | depositary certificate |
| akcje zdematerializowane | dematerialized (US) / dematerialised (UK) shares |
| rachunek papierów wartościowych | securities account |
| rachunek zbiorczy (omnibus) | omnibus account |

## Notifications and Disclosure

| Polish | English |
|---|---|
| obowiązki informacyjne | disclosure obligations |
| raport bieżący / okresowy | current / periodic report |
| ESPI / EBI | ESPI / EBI reporting systems |
| informacja poufna | inside information |
| opóźnienie publikacji informacji poufnej | delayed disclosure of inside information |
| lista osób mających dostęp do informacji poufnych | insider list |
| osoby pełniące obowiązki zarządcze (PDMR) | persons discharging managerial responsibilities (PDMR) |
| osoby blisko związane z PDMR | persons closely associated |
| powiadomienie o transakcjach osób obowiązanych | PDMR transaction notification |
| manipulacja instrumentami finansowymi | market manipulation |
| wykorzystywanie informacji poufnych (insider dealing) | insider trading (US) / insider dealing (UK / EU MAR) |
| notyfikacja znacznych pakietów akcji | significant shareholding notification |
| próg 5% / 10% / 15% / 20% / 25% / 33% / 50% / 75% | 5% / 10% / 15% / 20% / 25% / 33% / 50% / 75% threshold |

## Investment Firms and Services

| Polish | English |
|---|---|
| firma inwestycyjna | investment firm |
| dom maklerski | brokerage house |
| bank prowadzący działalność maklerską | bank conducting brokerage activity |
| zarządzanie portfelami | portfolio management |
| doradztwo inwestycyjne | investment advice |
| wykonywanie zleceń | execution of orders |
| przyjmowanie i przekazywanie zleceń | reception and transmission of orders |
| oferowanie instrumentów finansowych | offering of financial instruments |
| sponsor emisji | issue sponsor |
| animator rynku | market maker |
| transakcje własne | proprietary trading |
| klient detaliczny / profesjonalny / uprawniony kontrahent | retail / professional / eligible counterparty client |
| ocena odpowiedniości / adekwatności | suitability / appropriateness assessment |

## Investment Funds

| Polish | English |
|---|---|
| fundusz inwestycyjny | investment fund |
| fundusz inwestycyjny otwarty (FIO) | open-ended investment fund |
| specjalistyczny fundusz inwestycyjny otwarty (SFIO) | specialized open-ended investment fund |
| fundusz inwestycyjny zamknięty (FIZ) | closed-ended investment fund |
| alternatywny fundusz inwestycyjny (AFI) | alternative investment fund (AIF) |
| towarzystwo funduszy inwestycyjnych (TFI) | investment fund management company |
| zarządzający AFI (ZAFI) | alternative investment fund manager (AIFM) |
| certyfikat inwestycyjny | investment certificate |
| jednostka uczestnictwa | participation unit |
| wartość aktywów netto (WAN) / net asset value (NAV) | net asset value (NAV) |
| UCITS | UCITS |
| ELTIF / EuVECA / EuSEF | ELTIF / EuVECA / EuSEF |

## Derivatives and OTC

| Polish | English |
|---|---|
| instrument pochodny | derivative |
| kontrakt terminowy (futures) | futures contract |
| opcja | option |
| swap | swap |
| IRS (interest rate swap) | interest rate swap (IRS) |
| CDS (credit default swap) | credit default swap (CDS) |
| CFD (kontrakt na różnicę) | contract for difference (CFD) |
| OTC | over-the-counter (OTC) |
| umowa ramowa ISDA (ISDA Master Agreement) | ISDA Master Agreement |
| Credit Support Annex (CSA) | Credit Support Annex (CSA) |
| umowa ramowa ZBP | ZBP Master Agreement (Polish domestic master) |
| rozliczenie przez kontrahenta centralnego | central clearing |
| obowiązek rozliczania | clearing obligation |
| obowiązek raportowania EMIR | EMIR reporting obligation |
| margin initial / variation | initial margin / variation margin |
| instrument zabezpieczający | hedging instrument |
| rachunkowość zabezpieczeń | hedge accounting |

## Market Abuse

| Polish | English |
|---|---|
| nadużycia na rynku | market abuse |
| manipulacja rynkowa | market manipulation |
| bezprawne ujawnianie informacji poufnych | unlawful disclosure of inside information |
| MAR (rozporządzenie 596/2014) | MAR (Regulation 596/2014) |
| dyrektywa CSMAD | CSMAD Directive |
| sankcje administracyjne | administrative sanctions |
| kara pieniężna | financial penalty |
| stosowne zawiadomienie (STOR) | suspicious transaction and order report (STOR) |
| okresy zamknięte (closed periods) | closed periods |

## Notes

- **KNF supervision**: The KNF has wide-ranging powers over the capital market —
  authorization of investment firms, approval of prospectuses, supervision of market
  operators, imposition of sanctions. Appeal lies to the administrative courts
  (WSA Warszawa, NSA). Reference as "Polish Financial Supervision Authority" on first
  mention.
- **Prospectus Regulation**: EU Regulation 2017/1129 applies directly. Polish national
  law (Public Offering Act) supplements with procedural rules on prospectus approval,
  publication, liability. Recent reforms increased thresholds for prospectus obligations
  (EUR 2.5m / 5m / 8m depending on context). Verify current figures.
- **MAR and closed periods**: PDMRs (osoby pełniące obowiązki zarządcze) are barred from
  dealing in the issuer's shares during a 30-day closed period before publication of
  financial reports. Transactions ≥ EUR 5,000 per calendar year require notification to
  KNF and the issuer within 3 business days.
- **Takeover regime**: Polish law requires a mandatory tender offer when acquiring
  control. Thresholds were revised in 2022 (single 50% threshold for mandatory bid
  replacing the former 33% and 66% tiers). The minimum price rules (art. 79 u.o.p.)
  require careful calculation (6-month and 24-month reference periods; highest acquirer
  price). Critical in M&A translations for listed targets.
- **Squeeze-out / sell-out**: Art. 82–83 u.o.p. grant shareholders holding at least 95%
  (in aggregate with a concert party) the right to squeeze-out minority; minority holders
  have a corresponding sell-out right. Price determined under art. 79 rules. Separate
  from Commercial Companies Code squeeze-out under k.s.h. art. 418 (for non-listed S.A.).
- **NewConnect and Catalyst**: Alternative trading systems (MTFs) operated by the
  Warsaw Stock Exchange. NewConnect hosts growth/smaller companies; Catalyst is the
  bond MTF. Lighter prospectus regime (information document) applies. Separate
  continuing obligations regime.
- **Dematerialization**: Polish shares of listed companies and certain non-listed
  companies (S.A. and P.S.A. since 2021) are fully dematerialized — held on securities
  accounts with depositary participants. Paper share certificates are no longer
  recognized. Register of shareholders (P.S.A. / S.A.) replaced by securities-account
  records.
- **KDPW and KDPW_CCP**: KDPW is the Polish central securities depository (CSDR-authorized);
  KDPW_CCP is the Polish central counterparty (EMIR-authorized). Handle settlement and
  clearing of all exchange-traded transactions in Polish securities. Cross-border
  connections via TARGET2-Securities.
- **EMIR and MiFID II — Polish implementation**: Both regimes apply in Poland through
  direct EU regulation or transposition via u.o.i.f. amendments. KNF is the competent
  authority. Reporting goes to authorized trade repositories (TRs). EMIR REFIT (applying
  since April 2024) has reshaped reporting formats.
- **Obligacje (bonds) regime**: Separate Bond Act of 15 January 2015. Regulates issuance
  of all corporate bonds (admitted or not admitted to trading). Introduces mandatory
  registration of bonds in KDPW (or bond registry for non-admitted) to improve
  transparency after the 2018 GetBack crisis.
- **AIFM authorization**: ZAFI (AIFM) authorization is required for managing AIFs
  (including closed-end FIZ and dedicated structures). Sub-threshold AIFMs may operate
  under a lighter registration regime. Cross-border marketing of AIFs requires passport
  procedures.
- **Civil liability for prospectus**: Art. 22 u.o.p. establishes liability of the issuer,
  offeror, and others responsible for prospectus information. Burden of proof: claimant
  must show loss; respondents bear burden on absence of fault. 3-year limitation from
  public knowledge of the facts giving rise to liability.
- **BFG resolution regime**: Complements banking supervision for investment firms that
  hold client assets. Separate deposit-guarantee scheme for client cash held at domestic
  investment firms. See also `polish-finance-banking.md`.
- **SFDR / Taxonomy**: EU sustainable finance disclosure regulation and taxonomy apply
  directly. Polish asset managers and investment firms have substantial ongoing
  classification and disclosure workstreams. Flag product categorization (Article 6 / 8
  / 9) carefully in translations.
