• POL FSA confirmed that on 11 February 2022, it issued a final decision, upholding decision of 16 December 2020 on imposition of fine on the former member of board of GetBack SA.
• Follows POL FSA September 2021 reported on fines for former GetBack board.
• Also follows POL FSA December 2019 reported on a penalty on GetBack SA.
• Document dated 15 February, 2022, received 21 February, and summarized on 13 February 2022.

Summary

• Fine was for improper performance of disclosure obligations by debt management company with regard to preparation of four specific interim periodic reports in 2017.
• This action violated of Art. 56 sec. 1 point 2 lit. a of Act of 29 July 2005 on the offer and conditions for introducing financial instruments to an organized trading system.
• After examining the application for reconsideration, POL FSA decided to uphold the decision issued at first instance, the maximum penalty for which is PLN 1,000,000.

Penalty

• A financial penalty in the amount of PLN 800,000 was levied.