GESSEL is proud to announce the inauguration of a new specialisation – the Consumer Finance and Fintech Practice, led by Michał Wieliński (managing associate) under the supervision of Marcin Macieszczak (managing partner). Their interdisciplinary team aims to provide legal support to lending institutions, buy now pay later (BNPL) entities, financial institutions, companies using various forms of consumer credit, subscription service providers, credit and insurance intermediaries, and developers of technological solutions for the financial industry.
The team members contribute expertise in financing solutions, financial markets regulation, consumer protection, personal data protection, electronic distribution and service channels, anti-money laundering, taxes, and intellectual property.
“For some time now, we have been observing client interest in advice concerning online payment services, innovative products financing purchases of goods and services, and consumer lending. The essence of the underlying laws is nothing new and, accordingly, has been amply covered by our lawyers in their work to date. Yet recent developments in the market and in the regulatory environment (to mention only consumer protection and finance) are resulting in new complexity, calling for a comprehensive, institutionalised approach. It is in response to these challenges that we have convened this team”, explains Marcin Macieszczak, managing partner at GESSEL.
The new practice will focus on:
- Regulatory consulting:
- Establishment of lending and financing institutions, credit intermediation entities, and obtainment of the requisite licenses;
- Fulfilment of reporting obligations incumbent upon lending institutions and payment institutions;
- Analysis of business models from the perspective of mandatory entry in the relevant registers;
- Product and implementation consulting:
- Support in implementation of solutions based on the “as a service” model, synchronisation of consumer finance products with other customer services;
- Preparation and review of model contracts, regulations for the provision of services and internal procedures;
- Comprehensive audits of contractual templates and internal procedures and customer documentation, especially from the perspective of consumer protection law, payment services, consumer credit, electronic service provision, personal data protection and AML;
- Preparation of legal opinions and advice on application of Polish and European regulations on the provision of payment services, consumer credit, AML, protection of consumer rights, provision of electronic services and protection of personal data, and guidelines of the relevant regulatory and oversight authorities;
- Drafting and negotiating license agreements, service agreements, implementation agreements, and intellectual property transfer agreements;
- Administrative, audit, and court proceedings:
- Support in the course of audit proceedings conducted by the Polish Financial Supervision Authority, the Office of Competition and Consumer Protection, the Personal Data Protection Office, and the General Financial Information Inspector;
- Representation in cases before the regulatory and oversight authorities, consumer ombudsmen, and before the general courts;
- Tax consulting:
- Comprehensive tax advice to entities in the financial industry and entities developing technology solutions for the financial industry, in particular in the area of identifying VAT exemptions and tax rates (mixed activities, comprehensive services), services provided using the internet, deferred payments, and VAT deduction (ratio);
- Consulting on financial products – determining the tax consequences associated with implementation and operation;
- Implementing and accounting for tax credits (including IP Box, R&D);
- Tax advice on debt trading: peer to peer platforms, securitisations and sub-participations.
The team members include Karolina Krzal-Kwiatkowska (managing associate), Katarzyna Bogusz-Grześkiewicz (managing associate), Anna Ziewalicz (managing associate), Monika Żulińska (managing associate), Karolina Olszewska (senior associate), Katarzyna Zarzycka (senior associate), Daria Golus (senior associate), Marcin Iwaniak (senior associate), and Paweł Kosmal (senior associate).
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