The effects of changes in regulation of funded pensions for financial market development in Poland

The open pension funds, functioning from 1999, are under in terms of size the second active bodies (for banks) financial formation influencing the potential of the financial system in Poland. The experiences of many countries show that the investment activity of pension funds belong to the so-called accelerators of the development of the financial market. The value of the investment portfolio management by pension funds determines that their decisions have the considerable influence on functioning of the Polish capital market. The commitment of pension funds on the capital market can have a stabilization function on the economic situation on the market, which is essential for the stability of the financial system especially during the global economic crisis. The aim of the paper is the identification and analysis of the foreseen results of the changes of legal controls in the range of capital pensions for the development of the financial market in Poland.