Under this law, the head of the Polish Financial Supervision Authority is appointed by the Prime Minister. The situation is similar with his deputies, but this process is carried out at the request of the head of the Polish Financial Supervision Authority.
A few days ago, Jatzek Jastrzebski was nominated for a second five-year term. He is now naming one of his deputies. On Thursday, Rafael Mikusinski, who had been in the administration since January 2019, almost as long as Jastrzebski, resigned.
According to the findings of Business Insider Polska, Sebastian Skozza will take over Mikucinski’s duties, i.e. supervision of the capital market.
There are no plans to replace the two remaining deputy heads of the Polish Financial Supervision Authority, namely Marcin Mikowicz, who oversees banks, and Krystian Wiercewicz, who is in charge of the insurance sector.
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From the Ministry of Finance to the Polish Financial Supervision Authority
Sebastian Skuza will move 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, budgeting of European funds and financing of local government units. As of 2021, he also serves as the Inspector General of Financial Information, a unit of the Ministry of Finance, but independent of the Ministry, that deals with financial crimes involving money laundering and terrorist financing.
In recent weeks, he gained more responsibilities when he took on the duties of two other deputy ministers – Piotr Patkowski, who became head of the Polish Audit Supervision Agency, and Artur Sobon, who has just joined the board of the Polish National Bank. In recent days, Skuza has been the only deputy finance minister apart from those working in the National Tax Administration Department.
Veteran in the Ministry of Finance
Our interlocutors who have had the opportunity to work with Sebastian Scoza in recent years confirm his apoliticality and professionalism. In their opinion, confirmation of this assessment can be found in his biography.
He joined the Ministry of Finance after graduating in 1997 and worked first in the Financial Policy and Analysis Department, then in the Financial Markets Development Department.. Finally, he rose to the position of Deputy Director and was responsible for establishing regulations relating to, among other things, the banking sector.
Scoza was also a member of the supervisory boards of two state treasury companies. He was a member of the WSE Board from 2006 to 2013 and of the Supervisory Board of BGK from 2007 to 2012. Subsequently, he remained at the bank as Managing Director and Director of the Compliance Office.
– He apparently started his career as an official in the Ministry of Finance, and then in BGK, during the PO-PSL coalition government. 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 Skuzza’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 Gwen. Later, Skozza changed the ministry to the Ministry of Finance and served as Deputy Minister there until he moved to the Polish Financial Supervision Authority.
Formal and academic
The new Deputy Chairman of the Polish Financial Supervision Authority and Head of the Office, Jacek Jastrzebski, have in common the fact that they combine official work and academic work. Sebastian Skozza is qualified Doctor of Economics and Doctor of Law, and is also a professor at the University of Warsaw. His research activity focuses, among others, on: in the field of the financial market and supervised institutions.
Scoza remains an active academic lecturer on financial market-related topics. Over the years, he has collaborated with the Łódź University of Technology, the University of Warsaw, and the University of Warsaw. Leon Koźmiński in Warsaw or Warsaw University of Life Sciences
Fighting stock market diseases
In an interview with Business Insider Polska, conducted by Jacek Jastrzębski immediately after his election as Head of Supervision, he explained what the priorities would be regarding the capital market.
He noted, among other things: that supervised entities should focus more on their clients and put their rights and needs at the center of attention. In the context of the capital market, the head of the Polish Financial Supervision Authority noted that the priority will be “to meet market participants – especially clients who want to use the capital market.”
— First, we want to support and stimulate the building of long-term relationships between investment and management companies and their clients and, more generally, create a long-term perspective on saving and investing in the capital market for as wide a range of clients as possible, Jastrzębski told us.
— Secondly, we must ensure that shareholders interested in investing in the WSE or NewConnect feel that the principles of fair play in the capital market are respected. This requires confronting all violations and violations with a rapid and decisive regulatory response. He added: “We believe that the formula of increasing transparency in our activities has worked very well for us and we will continue to move in this direction.”
The capital market area will be supervised by Sebastian Scoza.
author: Bartek Godoslawski is a journalist at Business Insider Polska
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