OBS_VALUE: The Polish Financial Supervision Authority (KNF) shall pass a decision on the question of authorisation to establish the bank within no more than 3 months of receiving the application or additional information thereto.In justified cases, the Polish Financial Supervision Authority may extend the time period up to 6 months, advising the founders of this within 3 months of receiving the application or additional information thereto. See also Article 15 of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.Where a competent authority refuses authorisation to commence the activity of a credit institution, it shall notify the applicant of the decision and the reasons therefor within six months of receipt of the application or, where the application is incomplete, within six months of receipt of the complete information required for the decision. A decision to grant or refuse authorisation shall, in any event, be taken within 12 months of the receipt of the application.Poland signed a Memorandum of Understanding with the ECB in 2023 to perform supervisory tasks (https://www.bankingsupervision.europa.eu/legalframework/mous/html/ssm.mou_2022_EU_non-participating_NCAs6eeff08a42.en.pdf). 