The problem of market adjustments in legal regulations refers mainly to definition problems. Differences in political regimes of countries and domestic markets results in differences in definitions of legal terms, which implies different treatment of the same phenomena, known and defined by economic sciences and the world of finance.

One of major financial market problems is different definition of the term 'credit' adopted in the Polish legal system. Therefore, "credit institutions" has not been regulated by the Polish system. As a consequence, it is possible to establish a limited liability company that, under the provisions of the Act on business activity of December 1988, have a typical activity of "credit institutions", although they are neither subject to any prudential or supervisory regulations nor to any supervision at all. Such companies deal with leasing, speculative purchase/sale of securities, lending pledged by movables and securities, granting guarantees, purchase/sale of liabilities (factoring). They constitute a substantial market segment.

The legislator has not provided for the supervision of such companies, since the provision of the former Banking Law, authorizing the NBP President to issue regulations on the scope of banking activity to be performed by such companies, did not (and could not) include an authorization to exercise supervision over these institutions that already existed and enjoyed full economic independence gained under former, retained provision.

Thus, a vague legal problem arises: how to establish minimum capital requirements and minimum liquidity ratios for companies whose activity fails to be consistent with sound financial market rules, although they are, no doubt, a segment of this market, a segment having a considerable volume of transactions.

Functioning of an unintended statutory authorization for credit institutions in Poland is a constraint for the monetary policy. The volume of financial transactions made by the companies described above is substantial enough to unable consideration of a more extended aggregate than M2.

For the monetary authority this is an important constraint, irremovable until the above named legal problems have been resolved.