CFA Society Poland has won the Outstanding Research Award 2022 for its report on gold-plating in the Polish capital market. The report enabled CFA Society Poland to reach an important, relevant audience and positioned the local society as a key organization helping to shape the Polish capital market.
Gold-Plating in the Polish capital market
CFA Society Poland is a member of the Capital Markets Development Council, an advisory body that supports the development of the financial market in Poland. The Ministry of Finance in Poland addressed the council, whose members include the Warsaw Stock Exchange, Polish Association of Listed Companies (SEG), the Chamber of Brokerage Houses (IDM), and the Chamber of Fund and Asset Management (IZFiA) and asked them to exemplify examples of gold-plating in Polish capital markets law.
CFA Society Poland surveyed and engaged its local society members with the initiative and, with their help, successfully reported a list of 47 examples of goldplating (close to the number of examples provided by all other members of the Capital Markets Development Council put together). With this rich data source, CFA Society Poland decided to create a dedicated report on the topic.
Content of the report
CFA Society Poland discussed various definitions of gold-plating, both at the EU-level and EU-member states level. It presented different approaches towards gold-plating and compared this with the approach proposed in the capital markets development strategy in Poland.
Based on its research, CFA Society Poland proposed a definition that was most appropriate to combat gold-plating in Polish law. Its findings addressed a wide spectrum of regulations and identified examples of gold-plating. The local society suggested measures aimed at rationalizing the issue of excessive regulations in Poland and preventing similar regulations being implemented in the future.
Outreach and report promotion
The report was a subject of interest to many institutions, including the Ministry of Finance, Polish Financial Supervision Authority, Capital Markets Development Council and market organisations. Indeed, CFA Society Poland was asked by the Ministry of Finance to present the report at the meeting of Capital Markets Development Council and the Ministry of Finance declared it would consider using the definition of gold-plating proposed by CFA Society Poland.
On 30 November 2021, CFA Society Poland presented the report at a conference on gold-plating. Speakers and panelists included delegates from the Polish Financial Supervision Authority, Warsaw Stock Exchange and European Commission. Despite the pandemic, the conference received the attention of capital market institutions and the media, with over 200 participants joining the conference either virtually or in-person. In addition to the conference, CFA Society Poland effectively promoted the report to important stakeholders through several initiatives:
- 30 reports were physically distributed to industry influencers and regulators.
- Emails on the report were sent to around 700 members, candidates, regulators and industry professionals.
- The report was actively promoted and shared with 20 economic journalists. As a result, the report had strong visibility in the media, including a leading Polish publication–Gazeta "Parkiet”–dedicating its front page to the conference.
- The content was shared with the local academic community (almost 100 individuals).
- The report was delivered to the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), which invited the authors to present the report to its officials at a future date.
Piotr Sieradzan, CFA, Advocacy Committee’s Chair in Poland, Vice-President, CFA Society Poland said: “The gold-plating report opened doors with the Ministry of Finance on the issue of gold-plating and resulted in several meetings on this subject involving important delegates from key financial institutions. Through this initiative, CFA Society Poland demonstrated the value of a local society and bridged the strategic pillars of membership value and regulatory outreach. We are honoured to have won this award and thank everyone involved for their help in producing and promoting this report.”
Looking ahead
CFA Society Poland continues to be active in discussions regarding gold-plating in Poland and the EU. The local society also proposed a common project with CFA Institute and the CFA Society® community to address gold-plating in other EU jurisdictions. CFA Society Poland hopes it will enable the CFA Society network to have a broad impact on EU regulations, benefitting European capital market participants and the capital market itself.
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