Treść książki
Przejdź do opcji czytnikaPrzejdź do nawigacjiPrzejdź do informacjiPrzejdź do stopki
performingbrokeragebusinessandotherforeignentitiesconductingsuchbusiness
activity),includingthetypesofparticipation,i.e.theactivitiesofcustodianbanksand
investorclubs.Theactalsoregulatesthecompensationschemeconstitutingcollateral
forinvestors’interests,aswellasissuesrelatedtoaccesstoinformationofaspecial
nature(e.g.classifiedinformation)andtherulesofitsprotection.
Thethirdoftheactslistedaboveregulatesthreeessentialissues,namely:
1)
therulesandconditionsforcarryingoutapublicofferingofsecuritiesandforseeking
theadmissionandintroductionofsecuritiesorotherfinancialinstrumentstotrading
onaregulatedmarket,
2)
theobligationsofissuersofsecuritiesandotherentitiesparticipatingintradeinsuch
securitiesorotherfinancialinstruments,and
3)
theconsequencesofobtainingthestatusofapubliccompany,aswellasspecialrights
andobligationsrelatingtoholdingandtradinginsharesinsuchcompanies5.
Thelastoftheseacts,despiteitstitle,islegislationestablishingthestatesystemand
constitutingthelegalbasisoftheFSA.Theactsdonotaddressalltheissuesofthe
lawoncapitalmarkets.Theinterdisciplinary,complexandmulti-facetednatureof
thismarketpreventitscomprehensiveandmonolithicregulation.Theprimelegalact
supplementingthefunctionsofthebasicprovisionsoflawregulatingthecapitalmarket
istheActonInvestmentFunds6,butthesensulargosourcesofthisareaoflawinclude
alsotheCommercialCompaniesCode
7
,theBondsAct
8
,theMortgageBondsand
MortgageBanksAct
9
,theActontheSupplementarySupervisionofCreditInstitutions,
InsuranceUndertakings,ReinsuranceUndertakingsandInvestmentFirmsinaFinancial
Conglomerate10,andtheActontheOrganisationandOperationofPensionFunds11.
Inadditiontothelegalactsregulatingthefunctioningofthecapitalmarketatastatutory
level,includingtheoperationsofthePolishFinancialSupervisionAuthority,thereare
alsonumerousexecutiveacts,ofwhichtheRegulationsoftheMinisterofFinancehave
priority.
5Forawiderdiscussionofthenewregulationsincludedinthreenewactssee:Noweregulacjerynku
kapitałowego-najważniejszezmianyiichkonsekwencjedlauczestnikówrynku(NewRegulationsofthe
CapitalMarket-theMostImportantAmendmentsandTheirConsequencesfortheMarketParticipants),
Warsaw2005,MaterialsofSecuritiesandExchangeCommission(KPWiG)(currentlyFSA);A.
ChłoPecki,
PublicTradingandFinancialDocuments-RedefiningBasicTermsoftheCapitalMarketLaw,“PPH”2005,No.
11,p.38;K.
Wojciechowska
,NewLegalRegulationintheCapitalMarketLaw-theMainAmendments,
“EdukacjaPrawnicza”2006,No.2,p.25.
6
TheActof27May2004,JournalofPolishStateLawNo.146,item1546,asamended,hereinafter
referredtoalsoasthe“AIF”
.
7
TheActof15September2000,JournalofPolishStateLawNo.94,item1037,asamended,hereinafter
referredtoalsoasthe“CCC”
.
8TheActof29July1995,JournalofPolishStateLawof2001No.120item1300(uniformtext).
9TheActof29August1997,JournalofPolishStateLawNo.140,item940,asamended.
10
TheActof15April2005,JournalofPolishStateLawNo.83,item719,asamended,hereinafterreferred
toalsoasthe“ActonSupplementarySupervision”
.
11TheActof28August1997,JournalofPolishStateLawof2004,No.159,item1667,asamended.
12
