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Does the receivables management market in Poland have the future? Agnieszka Mitręga

Financial Supervision Authority proposes to deregulate receivables managers.

The current system and the FSA’s postulate to change it

Early October, the Financial Supervision Authority (FSA) surprised the financial market with its postulate to eliminate the receivables managers (i.e. companies like KRUK S.A., ULTIMO S.A. and ca. 40 other players on the Polish market) from the receivables management process.

Currently, receivables managers operate in Poland, based on permissions granted by the FSA and under its supervision. The licensing process takes ca. two years and involves meeting a number of strict requirements resulting from the regulations concerning the investment funds, as well as high standards required by the FSA itself. The permission allows a receivables manager to manage the securitized receivables which are part of the investment portfolios of the securitization investment funds (i.e. funds which mainly invest in NPL portfolios acquired from the banks). Therefore, securitization funds have an important role in the deposit system. The receivables management takes place based on the outsourcing agreement concluded with the fund manager (in Polish: Towarzystwo Funduszy Inwestycyjnych – TFI), therefore, the supervision over receivable manager’s activities is two-level, i.e. simultaneously conducted by the FSA and the TFI.


The current system has been introduced in Poland in 2009 with the view to place all of the entities involved in the receivables management process under the FSA’s supervision in order to better protect the investor. With its current proposal the FSA uses the same justification (i.e. increase of  the investors’ protection) to eliminate the receivables managers from the legal system.

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The article published in November 2021

autor: Agnieszka Mitręga