Pursuant to the act, the chairman of the Polish Financial Supervision Authority is appointed by the Prime Minister. The situation is similar with his deputies, but this process takes place at the request of the head of the Polish Financial Supervision Authority.
A few days ago, Jacek Jastrzębski was nominated for a second five-year term. Now he is naming one of his deputies. On Thursday, Rafał Mikusiński, who had been in supervision since January 2019, i.e. almost as long as Jastrzębski, resigned.
According to the findings of Business Insider Polska, Mikusiński’s duties, i.e. supervision over the capital market, will be taken over by Sebastian Skuza.
There are no plans to replace the remaining two deputy chairman of the Polish Financial Supervision Authority, i.e. Marcin Mikołajczyk, who supervises banks, and Krystian Wiercioch, who is responsible for the insurance sector.
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From the Ministry of Finance to the Polish Financial Supervision Authority
Sebastian Skuza will transfer to the Polish Financial Supervision Authority directly from the position of deputy minister of finance. In the ministry, he dealt with key issues – he was responsible for the state budget, public debt management, the budget of European funds and the financing of local government units. From 2021, he was also the Inspector General of Financial Information, a unit located within the Ministry of Finance, but independent of the ministry, dealing with financial crime involving money laundering and terrorism financing.
In recent weeks, he has gained even more responsibilities as he took over the duties of two other deputy ministers – Piotr Patkowski, who became the president of the Polish Audit Oversight Agency, and Artur Soboń, who has just joined the NBP management board. In recent days, Skuza was the only deputy finance minister apart from those in the management of the National Tax Administration.
A veteran of the Ministry of Finance
Our interlocutors who had the opportunity to work with Sebastian Skuza in recent years emphasize his apolitical and professionalism. In their opinion, confirmation of this assessment can be found in his CV.
He joined the Ministry of Finance right after graduation in 1997 and worked first in the department of financial policy and analysis, and later in the department of financial market development.. In the latter, he rose to the position of deputy director and was responsible for creating regulations regarding, among others, banking sector.
Skuza was also a member of the supervisory boards of two State Treasury companies. He sat on the WSE Council from 2006 to 2013 and on the Supervisory Board of BGK from 2007 to 2012. Later, he stayed at the bank as managing director and director of the compliance office.
— It is clear that he made his career as an official at the Ministry of Finance, and later at BGK, during the government of the PO-PSL coalition. Although he will be appointed to the position of deputy head of supervision by Mateusz Morawiecki, the new team should not have any reservations about this nomination – points out our interlocutor who knows the details of Skuza’s appointment.
After PiS won the elections in 2017, he became deputy minister of science and higher education, when the ministry was headed by deputy prime minister Jarosław Gowin. Later, Skuza changed the ministry to the Ministry of Finance and served as deputy minister there until he moved to the Polish Financial Supervision Authority.
Official and academician
The new vice-president of the Polish Financial Supervision Authority and the head of the office, Jacek Jastrzębski, have in common the fact that they combine official work with an academic career. Sebastian Skuza is a habilitated doctor in economics and a doctor of law, also a professor at the University of Warsaw. His research activity focuses, among others, on: in the area of the financial market and supervised institutions.
Skuza is still an active academic lecturer of subjects related to the financial market. Over the years, he has cooperated with the Lodz University of Technology, the University of Warsaw, the University of Warsaw. Leon Koźmiński in Warsaw or the Warsaw University of Life Sciences
Fighting against the pathologies of the stock exchange
In an interview for Business Insider Polska, which Jacek Jastrzębski gave right after being elected as the head of supervision, he showed what the priorities will be in terms of the capital market.
He pointed out, among others: that supervised entities should focus more on their clients and put their rights and needs in the center of attention. In the context of the capital market, the chairman of the Polish Financial Supervision Authority indicated that the priority will be “meeting market participants – especially clients who would like to use the capital market”.
— Firstly, we want to support and stimulate the building of long-term relationships between investment and management companies and their clients and, more generally, to create a long-term perspective of saving and investing on the capital market for as wide a group of clients as possible, Jastrzębski told us.
— Secondly, we must ensure that shareholders interested in investing on the WSE or NewConnect feel that the principles of fair play are respected on the capital market. This requires that all abuses and irregularities be met with a quick and decisive supervisory response. We believe that the formula of increased transparency of our activities has worked very well for us and we will continue to move in this direction – he added
The capital market area will be supervised by Sebastian Skuza.
Author: Bartek Godusławski, journalist of Business Insider Polska
2023-12-08 13:57:53
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