[citation needed] Its responsibilities include oversight of banking, capital markets, insurance, pension scheme and electronic money institutions.

[citation needed] The KNF was formed on 19 September 2006 pursuant to the Financial Market Supervision Act of 21 July 2006.

[citation needed] The FSA is a publicly financed entity serving as the single contact point and watchdog for all segments of the Polish financial market.

[citation needed] The Polish Financial Supervision Authority (PFSA) exercises supervision over the banking sector, capital market, insurance and pension markets, supervision over payment institutions and payment service offices, electronic money institutions and the cooperative credit union sector.

[citation needed] The tasks of the Committee also include:[2] - taking actions aimed at the proper functioning of the financial market;[citation needed] - undertaking activities aimed at the development of the financial market and its competitiveness;[citation needed] - undertaking educational and information activities related to the functioning of the financial market;[citation needed] - participation in the preparation of draft legal acts in the field of financial market supervision;[citation needed] - creating the possibility of amicable and conciliatory settlement of disputes between financial market participants, in particular disputes arising from contractual relations between entities subject to PFSA's supervision and recipients of services provided by these entities;[citation needed] - performing other tasks specified by law.