Administracja publiczna rynku finansowego wobec innowacji. Centrum innowacji (innovation hub), piaskownica regulacyjna (regulatory sanbox) i inne specjalne instytucje regulacyjne innowacji

Abstract

The digitalization of products and services on the financial market creates new challenges for public authorities administering this area. The Polish Financial Supervision Authority (PFSA) has been legally obliged to take care of the security of the market and at the same time support the innovation of it. Currently, innovation is strongly related to digitalization. This means that the PFSA has had to find legal and organizational solutions to fulfil these obligations. This article presents an argument indicating the contradiction between security and innovation. It then discusses solutions that allow the maximization of both security and innovation in the financial market. These solutions were developed in the administrations of highly developed financial markets and have already been transferred or can be transferred to the practice of the PFSA. On the basis of the British solutions, the article gives the examples of and discusses the most important solutions, collectively referred to as special regulatory institutions for innovation, i.e. innovation hubs, regulatory and digital sandboxes and innovation pathways.