Investment Funds 2026 Comparisons

In Poland, an AIF may operate as a SFIO, a FIZ or an alternative investment firm (ASI). AIFs are supervised by the Polish Financial Supervision Authority (PFSA). These forms differ in regulatory regime, investment policy, managing entity and access to public offering.

SFIOs may follow investment rules applicable to FIOs or FIZs. SFIOs issue and redeem participation units, which are financial instruments.

FIZs issue investment certificates classified as securities. Certificates may be publicly offered or traded only if the fund is authorised by the PFSA and, in the case of public offerings, if a PFSA-approved prospectus is prepared. Public FIZs may be offered to all investors, while non-public FIZs restrict natural persons to investments of at least EUR40,000 (Polish złoty equivalent).

ASIs may operate as capital companies or partnerships, with participation titles depending on their legal form.

Polish law also provides for special fund structures, such as umbrella, multi-class or master-feeder funds. Investment funds may adopt a wide range of investment strategies (eg, private equity or hedge funds).

According to Polish law, both FIZs and SFIOs may only be set up by a TFI – ie, a Polish joint-stock company holding PFSA authorisation to establish and manage investment funds.

The following is required in order to set up an investment fund:

• the articles of association conferred on the fund by the TFI;
• a depositary agreement concluded by the TFI;
• capital contributions of at least PLN4 million in the case of an SFIO and in the amount specified in the articles of association for a FIZ;
• PFSA authorisation; and
• registration of the investment fund in the register of investment funds kept by a competent registry court.

PFSA authorisation is required to establish SFIOs and FIZs whose certificates will be admitted to trading on a regulated market and new sub-fund within the already existing umbrella fund. In principle, above proceedings take about six months. The fee for PFSA authorisation amounts to EUR4,000, with additional notarial and court costs.

No PFSA authorisation is necessary in order to set up a FIZ that issues only investment certificates in a way other than a public offering or by way of a public offering in which no issue prospectus has to be prepared and where such certificates will be neither admitted to trading on a regulated market nor introduced to an alternative trading system (“non-public FIZ”). In this case, the total minimum amount of payments and the manner of their collection is specified in the fund’s articles of association. The establishment process takes no longer than one month, in principle.

The process of establishing an ASI differs depending on whether it is internally or externally managed and on the value of assets managed. An ASI must have a manager (ZASI). PFSA authorisation is required to establish a ZASI unless the total value of managed assets does not exceed EUR100 million, or EUR500 million where no leverage is used and participation rights may be redeemed only after at least five years. In such cases, only entry in the PFSA register of ZASIs is required. Obtaining PFSA authorisation for a ZASI takes at least six months. In addition, similar steps to those required for establishing FIZs and SFIOs must be completed.

SFIOs and FIZs investors are not liable for a fund’s obligations; hence, their potential risk is limited to the amount of capital contributed.

In the case of ASIs, different variants may apply, due to their various organisational forms (capital companies, partnerships). Investor liability in an ASI may be limited to the amount of money invested or another contractually agreed amount.

Under Polish law, all types of AIFs are obligated to make the valuations of their assets and their financial statements (annual and semi-annual) available to investors on a regular basis.

The requirements for the minimum frequency of asset valuation are as follows:

• on each day of the sale and redemption of participation units for SFIOs;
• once in every quarter for FIZs; and
• once in a year for ASIs.

Another disclosure obligation imposed on AIFs is the provision of information documents to investors, whose form and contents depend on the type of fund. For SFIOs, it is an information prospectus, key investor information and information for AIFs. FIZs must provide terms of issuance of investment certificates (for non-public issuances or public offerings not requiring a prospectus and not admitted to trading) or a PFSA-approved issuance prospectus (for certificates admitted to trading on a regulated market or an alternative trading system), as well as information for AIF clients. ASIs must provide information for AIF clients and an issuance prospectus (for ASIs admitted to trading).

AIFs are also obligated to make their constitutional documents (the articles of association) and key investor information documents available.

In addition, public AIFs – namely FIZs issuing investment certificates or ASI investor’s rights admitted to trading on a regulated market or introduced to an alternative trading system – are obligated to make available periodical reports (quarterly, semi-annual, annual), as well as information and current reports in cases specified by law.

In principle, while the number of investment funds operating on the Polish market has been decreasing, investor appetite for AIFs in Poland has strengthened in recent years, driven by a combination of macroeconomic factors and regulatory developments.

Market data shows a steady increase in assets under management across the Polish AIF sector, including a significant and stable share attributable to non-public asset funds (28%) such as private equity, debt and real estate. Alternative funds are primarily targeted at professional investors, reflecting regulatory constraints and the complexity of these products – primarily institutional investors and high net worth individuals.

Growth has also been observed in the ASI market, which continues to be used as a framework for business development and enterprise innovation support programmes implemented by Polish state institutions. This is evidenced by the increase in the number of ZASI entities, which has doubled since 2020 and currently stands at 441. The strong level of interest in this type of investment vehicle is also driven by the numerous tax advantages associated with the use of ASIs.

According to Polish law, the legal form in which fund managers may operate is significantly restricted. TFIs may operate exclusively in the form of a joint-stock company, while ZASIs may operate only in the form of a capital company – ie, either a joint-stock company or a limited liability company.

In this respect, 63 ZASIs currently conduct their activities in the form of joint-stock companies, while 377 operate as limited liability companies.

Legal restrictions relating to a group of investors in AIFs apply to FIZs and SFIOs that apply the investment principles and restrictions specified for FIZs and public AIFs. In this case, natural persons may participate in such AIFs only after making a payment in an amount of no less than the Polish złoty equivalent of EUR40,000.

For public ASIs, the restriction applies to retail entities, which may become investors only if the participation rights are securities subject to a public offering, with the exception of a public offering in which no prospectus has to be prepared.

In Poland, the primary legal framework governing AIFs is the Act on Investment Funds and the Management of Alternative Investment Funds of 27 May 2004 (the “Act”), and the executive regulations issued pursuant thereto. Moreover, AIFs are directly subject to the applicable EU law.

A key issue regulated by law is AIFs’ investment restrictions. For each type of AIF, statutory investment limits apply; further restrictions may be imposed in the articles of association. The law specifies the catalogue of admissible asset classes that may be purchased by SFIOs and FIZs, as well as their maximum level of engagement in a given type of asset.

By contrast, ASIs are not subject to statutory investment limits or diversification rules. Their investment policies and strategies are set out in their constitutional documents.

In principle, foreign entities may provide services to AIFs, but in doing so they must comply with Polish law, which often requires notification to the PFSA. Such services include outsourcing the performance of activities connected with the TFI’s operations to a foreign entrepreneur, and the outsourcing by an ZASI to a foreign entrepreneur of the performance of activities connected with the ZASI’s operations.

EU managers and management companies may operate in Poland, provided they are authorised by the competent supervisory authority in their home state to manage AIFs. The operations may be performed in the form of a branch, after providing the PFSA with the information required by legal regulations.

When operating in Poland, whether through a branch or otherwise, the regulations of the EU manager’s home state are applicable. However, a branch of the EU manager must comply with Polish law regarding, inter alia, acting in the best interest of SFIO or FIZ participants or ASI investors and in a reliable and professional manner. To that extent, an EU manager is subject to supervision by the PFSA.

The length of PFSA proceedings for obtaining authorisation to establish an investment fund depends largely on the scope and complexity of the application, and may range from one month to even one year.

Under Polish law, a TFI or a ZASI must notify the PFSA no later than two weeks from the date on which pre-marketing activities relating to an EU AIF commence in Poland. Where pre-marketing is conducted by an EU AIF manager (EU AIFM), the notification is made to the competent supervisory authority of its home member state.

Information and data used in pre-marketing of an EU AIF are limited. They must be purely preliminary, and may not:

• enable potential investors to commit to acquiring participation rights; or
• take the form of subscription forms or similar documents, including drafts, as well as final versions of the fund’s constitutional documents or offering materials where the fund has not yet been established.

If draft prospectuses or other draft offering documents are used, they must contain explicit disclaimers stating that they do not constitute an offer or invitation to invest and that the information is incomplete, subject to change and cannot serve as a basis for investment decisions, thereby preserving a clear distinction between pre-marketing and regulated marketing.

TFIs, ZASIs and EU AIFMs are required to properly document all pre-marketing activities conducted in Poland.

Crucially, EU AIFMs, TFIs and ZASIs are required to ensure that no acquisition of participation rights in an EU AIF takes place as part of pre-marketing activities conducted in Poland. Any investment by potential investors who were exposed to pre-marketing may occur solely through marketing, according to applicable regulations. Please mind that if, within 18 months from the start of pre-marketing, an investor acquires interests in the fund, this triggers the obligation to complete the full marketing notification procedure.

The ability to market an EU AIF is conditional upon the proper notification of such activity to the competent supervisory authority. Please see 2.3.8 Marketing Authorisation/Notification Process for further details.

Where an EU AIF is to be marketed to retail investors, the process requires the implementation of appropriate technical and organisational arrangements on the part of the entity conducting the marketing activity. The above requirements do not apply to the marketing of EU AIFs to professional investors, which is therefore operationally less complex.

TFIs and ZASIs are all required to notify the PFSA of any material changes to the information included in the aforementioned notification. Such information must be reported within a timeframe that depends on whether the change is planned or unplanned, amounting to one month and two business days, respectively. The analogous obligation for EU AIFs is governed by the relevant provisions of the home member state of the respective manager.

The marketing of EU AIFs in the territory of the Republic of Poland is also associated with a number of additional ongoing obligations, which become applicable upon the termination of the marketing activity. Please see 2.3.9 Post-Marketing Ongoing Requirements for further details.

An EU AIF may be marketed within the territory of the Republic of Poland primarily to professional investors. Marketing to retail investors is permitted only in the case of an EU AIF that has been authorised as a European Long-Term Investment Fund.

Marketing of EU AIFs in Poland is subject to a formal notification procedure. The applicable process depends on whether the marketing is conducted by an EU AIFM or by a TFI or ZASI.

The EU AIFM submits a marketing notification to the competent authority of its home member state. The notification includes, inter alia:

• a notification letter identifying the EU AIFM and the AIF;
• details of the depositary;
• a description of the fund; and
• the information made available to investors.

If an EU AIF is marketed in Poland by a TFI or a ZASI, a direct notification must be filed with the PFSA. The notification contains information on the fund that is consistent with the information described above.

Polish law sets out a structured regime for the discontinuation of marketing of an EU AIF in Poland.

In order to cease marketing an EU AIF, the EU AIFM, TFI and ZASI must:

• publish a redemption offer, free of any fees or deductions, covering all participation rights acquired in Poland, addressed individually to investors and open for at least 30 business days;
• publicly disclose, in an appropriate manner, the intention to cease marketing the EU AIF in Poland; and
• terminate or amend all distribution agreements so as to prevent any further marketing of the EU AIF in Poland.

In addition, TFIs and ZASIs are required to submit a formal notification of the discontinuation of marketing to the PFSA. A corresponding obligation applies to EU AIFMs under the laws of their home member states.

Marketing of the EU AIF may be discontinued as of the date on which the relevant notification is submitted to the competent supervisory authority.

Following de-notification, these entities remain subject to ongoing investor disclosure obligations in respect of Polish investors who continue to hold participation units in the fund concerned.

EU AIFs in Poland may generally only be offered to professional investors.

Restrictions on the admissibility of purchases of individual types of Polish AIFs are connected with investor protection and apply to those AIFs that are characterised by an enhanced investment risk – this applies in particular to natural persons.

Polish regulations provides for a number of investor protection mechanisms. These include PFSA supervision over both investment fund management companies and investment funds. The PFSA is equipped with a number of instruments allowing its intervention in the case of infringement of fund investors’ interests. AFIs are also required to appoint a depositary, whose responsibilities include the protection of their assets. In addition, financial statements of AIFs must be audited by an auditing firm, and AIFs are subject to reporting obligations towards investors, as described in detail in 2.1.4 Disclosure Requirements.

Generally, the PFSA adopts a conservative approach, focused primarily on protecting investors’ interests. This approach is evident in licensing proceedings, regulatory interpretations, supervision and in the official positions issued by the authority.

The Polish regulator strives to standardise solutions applied on the market. However, if an applicant is able to objectively justify that proposed solutions are admissible, and can show that they will have no adverse impact on the interests of fund investors, the PFSA may engage in dialogue and allow solutions not previously applied in the market.

The PFSA publishes positions on regulatory matters; therefore, in uncertain situations, supervised entities apply to the PFSA for the issuance of an individual ruling.

Proceedings are usually conducted in writing, and meetings are organised depending on the needs of the PFSA or the supervised entity.

Retail funds set up in Poland may take the form of an FIO or a SFIO. Classification as a retail fund is also possible for a public FIZ.

FIOs and SFIOs issue participation units in exchange for cash contributions. In principle, contributions in forms other than cash are generally not permitted. Participation units issued by FIOs and SFIOs have the nature of financial instruments, whereas investment certificates sold by FIZs enjoy the status of securities.

All types of investment funds named above have legal personality, and may all set up as umbrella funds with individual sub-funds, in which case the legal personality is vested only in the umbrella fund.

FIOs are recognised under EU law as UCITS investment funds, which means that they are funds whose principles of operation – and especially investment restrictions applied by them – generally comply with EU legislation in this regard. In principle, FIOs are dedicated to non-professional investors, so the minimisation of investment risk and the provision of information to investors and potential FIO investors is an important obligation of FIOs. Owing to this quite restrictive approach, FIOs can be described as the safest type of investment fund operating in the Polish capital market.

SFIOs are included in the group of AIFs, not UCITS. However, the classification of SFIOs as retail funds is possible on the basis of the investment policy applied by a given fund and the envisaged restrictions of the possibility to join a given fund as an investor. The Act on Funds envisages the possibility of setting up an SFIO as a fund that makes investments applying the investment principles and restrictions specified for FIOs (with due regard to certain differences) or FIZs. The adoption of the investment principles envisaged for FIZs, however, must be provided for in the articles of association of the SFIO.

The specific legal regime for SFIOs regarding the possibility to shape the investment limits enables the creation of the so-called fund of funds (FoF), which is a relatively popular solution on the Polish capital market, especially common among TFIs connected with international capital groups.

Investment certificates of public FIZs may be sold to investors under a public offering. Investment certificates of each series issued by a public FIZ must be covered by an application for admission to trading on a regulated market or introduction to an alternative trading system.

In Poland, the most popular legal forms envisaged for retail funds are FIOs and SFIOs applying the investment principles and restrictions envisaged for FIOs. The advantages of those funds primarily include their transparency connected with publishing obligations, and an obligation to keep a high diversification of investments (and hence high liquidity), which in turn has an impact on the possibility of easy purchase and sale of participation units by investors.

An investment fund in Poland may be set up only by a TFI, which can only take the legal form of a joint-stock company with its registered office in Poland. TFIs are authorised to:

• set up and manage investment funds;
• represent them towards third parties;
• intermediate in the sale and redemption of participation units; and
• manage collective portfolios of securities.

TFIs are supervised by the PFSA.

FIOs, SFIOs and public FIZs are the basic types of retail investment funds operating on the Polish capital market. To establish a fund, they are required to:

• confer articles of association in the form of a notarial deed (this must be done by a TFI);
• appoint a depositary;
• obtain PFSA authorisation;
• collect initial contributions in the amount specified in their articles of association, provided that the minimum value of contributions to FIOs, SFIOs and FIZs is PLN4 million; and
• register the fund in the register of investment funds kept by the Regional Court in Warsaw.

Together with the TFI’s application addressed to the PFSA for an authorisation to set up an investment fund, it is necessary to present key documentation relating to both the fund and the TFI, including:

• the articles of association of the fund;
• the agreement with a depositary;
• the information prospectus;
• key investor information; and
• information about individuals employed in the TFI who have a significant influence over the operations of the fund.

The licensing proceedings before the PFSA for issuing an authorisation to set up an investment fund take about six months, and are relatively cheap. The only administrative cost connected with the issuance of an authorisation by the PFSA is EUR4,000 for an authorisation to set up an investment fund, or EUR4,500 for an authorisation to set up an umbrella investment fund.

Regardless of the type of fund, participants in investment funds in Poland do not bear direct liability for the obligations of the fund. The liability of investors is limited to the value of money engaged in the fund’s participation units or investment certificates.

FIOs and SFIOs are obligated to make an information prospectus and key investor information available, free of charge. Upon request of a fund investor, a TFI must provide additional information about the fund investment limits, risk management, and the current changes and value increase of the fund’s main investments.

Retail investment funds are obligated to publish semi-annual and annual financial statements, which are subject to periodic review and audit by an independent statutory auditor. Financial statements, together with supplementing documentation, are published on the TFI’s website and are provided to the PFSA.

Disclosure obligations also cover information about the net asset value per participation unit of FIOs and SFIOs, or the net asset value per investment certificate of FIZs, as well as about the price of sale and redemption of participation units of FIOs and SFIOs, promptly after they have been determined.

Public FIZs are also obligated to publish periodic reports (quarterly, semi-annual, annual), as well as current information and reports in cases stipulated by legal regulations.

The structure of assets in Polish retail investment funds shows that demand is concentrated mainly among investors seeking stability rather than dynamic growth. The largest part of retail assets is held in bond funds and short-term bond funds, which indicates that many investors treat investment funds as an alternative to bank deposits.

Mixed and equity funds attract two groups of retail investors of comparable size, differentiated mainly by their attitude to risk. Investors in mixed funds accept limited risk in exchange for moderately higher returns, while equity funds are chosen by more risk-tolerant investors with longer investment horizons. This group has continued to grow over the years; however, its share in the Polish investment funds market remains relatively small.

In general, the Polish retail funds market is characterised by a strong preference for predictable returns and liquidity. Products with a defensive or savings-oriented profile continue to dominate, accounting for the majority of retail fund assets, which confirms that risk aversion remains a defining feature of retail investor behaviour in Poland.

According to Polish law, the legal form in which retail fund managers may operate is significantly restricted. TFIs may operate exclusively in the form of a joint-stock company.

In the case of retail funds, there are no restrictions on which entities are eligible to invest in participation units issued by FIOs and SFIOs applying the investment principles and restrictions specified for FIOs.

In the case of SFIOs applying the investment principles and restrictions envisaged for FIZs, there are restrictions for the purchase of participation units of such fund by natural persons. Such investment is possible only for natural persons who make a one-off payment to the fund in an amount equivalent to at least EUR40,000.

The establishment of retail funds and, in some cases, amendments to their articles of association require PFSA authorisation. Changes relating to an investment policy – including changes covering investment limits to a more detailed extent, narrower than as covered in the Act on Funds – may be implemented without the PFSA’s authorisation, and enter into force three months after their announcement. All amendments to the articles of association must be made in the form of a notarial deed and announced as required by the articles of association.

In recent years, the PFSA has made its approach to the observance of investment limits by investment funds much stricter. The PFSA perceives investment limits as one of the fundamental prudency norms, the observance of which should ensure an appropriate level of safety and stability of operations pursued by investment funds.

Please see 3.4 Operational Requirements for a description of investment limits.

In principle, non-local service providers are not excluded from the provision of services for retail investment funds, but they are obligated to comply with specific registration requirements.

An entity that is eligible to operate in Polish territory in the form of a branch or cross-border operation is a management company that is an entity or company established in a member state and that has been authorised by a competent authority in the member state to pursue operations within the scope of management of investment funds.

A management company remains subject to the legal regime of its home member state, while a branch operating in Poland must also comply with applicable Polish law, including the obligation to act in the best interests of fund investors.

A management company operating in Polish territory in the form of a branch or in a form other than a branch is obligated to ensure the possibility of filing claims in the Polish territory in Polish, and to provide information at the request of investors or the PFSA. The company must ensure that the PFSA receives all necessary information directly from the management company.

The proceedings for obtaining PFSA authorisation to set up an investment fund can last about six months. It should be remembered that in each case the length of the proceedings before the PFSA depends to a large degree on their subject matter, and may take from one month to even one year.

As pre-marketing has not been harmonised at EU level in relation to retail funds, any regulations in this area operate at the level of individual member states. In Poland, there are no specific regulations governing pre-marketing of retail funds, which means that such activity is permitted, provided that it does not breach other applicable provisions of law.

The ability to market a foreign retail fund is conditional upon the proper notification of such activity to the competent supervisory authority. Please see 3.3.8 Marketing Authorisation/Notification Process for further details.

A foreign retail investment fund is subject to a number of information obligations, including a general obligation to publish specified documents within the territory of the Republic of Poland and to make the relevant documents available in connection with the sale of participation titles.

A foreign fund may use in its name designations such as “investment fund” or “investment company” that it uses in its home member state, provided that such designation is used in the Polish language and is supplemented with the qualifier “foreign” (in the appropriate grammatical form).

The process of marketing foreign retail funds requires the implementation of appropriate technical and organisational arrangements. In addition, a foreign retail fund is obliged, inter alia, to conduct its activities within the territory of the Republic of Poland in accordance with the principles of fair trading and to ensure that participants in the foreign retail fund are afforded at least the same level of protection as that applicable in the fund’s home member state.

The marketing of a foreign retail fund in the territory of the Republic of Poland is also associated with a number of additional ongoing obligations, which become applicable upon the termination of the marketing activity. Please see 3.3.9 Post-Marketing Ongoing Requirements for further details.

As a rule, Polish law does not impose restrictions on the sale of participation titles of retail investment funds that would limit them to specific categories of potential investors. Accordingly, participants in investment funds may include natural persons, legal persons and unincorporated organisational units.

Under Polish law, a foreign retail fund may distribute its participation units in Poland after completing a notification procedure. The procedure is initiated by the foreign fund submitting a notification to its home state supervisory authority, which transmits it to the PFSA. Importantly, the fund may start distributing its participation units in Poland only after it receives confirmation from its home authority that the notification has been forwarded to the PFSA.

Notifications should include a number of material pieces of information. Importantly, a recent change has occurred in this respect in the PFSA’s supervisory approach. The PFSA no longer requires foreign UCITS funds to include in the cross-border notification file (specific for Polish law) a description of distribution arrangements in Poland or the content of additional information for investors acquiring participation units in the fund. This represents a departure from the previous supervisory practice based on Polish statutory provisions, which have not yet been formally amended.

The notification must be accompanied by several documents, including:

• the fund’s constitutional documents;
• the prospectus;
• the applicable key investor information document;
• the most recent financial statements (if available); and
• a certificate from the home state authority confirming that the fund operates in compliance with EU collective investment rules.

Polish law sets out a structured regime for the discontinuation of a foreign retail fund’s participation units’ distribution. In order to cease such distribution, a foreign retail fund must:

• publish a redemption offer, free of any fees or deductions, covering all participation rights acquired in Poland, addressed individually to investors and open for at least 30 business days;
• publicly disclose, in an appropriate manner, the intention to cease marketing the EU AIF in Poland; and
• terminate or amend all distribution agreements so as to prevent any further marketing of the EU AIF in Poland.

The information provided to investors in connection with the discontinuation must clearly indicate the consequences for investors who do not accept the redemption offer and must be made available in the Polish language.

Distribution of a foreign retail fund’s participation units may be discontinued as of the date on which the relevant notification is submitted to the supervisory authority of the fund’s home member state.

Following de-notification, the foreign retail fund remains subject to ongoing investor disclosure obligations in respect of Polish investors who continue to hold participation units in the fund concerned.

Key measures that protect investors in retail investment funds include:

• ongoing supervision by the PFSA;
• independent oversight of fund operations by a depositary;
• periodic review and audit of fund financial statements by an independent statutory auditor;
• disclosure obligations of funds towards the PFSA; and
• statutory requirements governing the organisation and operation of TFIs.

Notwithstanding the above, before accepting an order to buy participation units of FIOs or SFIOs, TFIs are required to obtain information from a client about the level of that client’s knowledge and experience to the extent necessary for assessing whether financial services are appropriate for the client and for assessing the client’s financial situation (including the ability to incur losses) and investment objectives. TFIs must also implement product governance procedures to ensure that participation units are designed for and distributed to an appropriate target group.

In addition, TFIs must comply with obligations connected with the publishing of information documents of investment funds managed by them, and with disclosure obligations towards the PFSA. Those obligations include periodic information (eg, quarterly reports on the structure of a fund portfolio) and information of a current nature (eg, exceeding an investment limit).

Generally, the PFSA adopts a conservative approach, focused primarily on protecting investors’ interests. This approach is evident in licensing proceedings, regulatory interpretations and supervision, and in the official positions issued by the authority.

The Polish regulator strives to standardise solutions applied on the market. However, if an applicant is able to objectively justify that proposed solutions are admissible, and can show that they will have no adverse impact on the interests of fund investors, the PFSA may engage in dialogue and allow solutions not previously applied in the market.

The PFSA publishes positions on regulatory matters; therefore, in uncertain situations, supervised entities apply to the PFSA for the issuance of an individual ruling.

Proceedings are usually conducted in writing, and meetings are organised depending on the needs of PFSA or the supervised entity.