EMERGING

More documents

Recommendations

Info

<strong>EMERGING</strong> MARKETS: A Review of Business and Legal Issues Capital market supervision in Poland 1 dr Andrzej Michór 1. Organization of the supervision One of the particularly significant segments of economy is the turnover of financial instruments, which results from its importance for the state’s economy, as well as from its mass character relating to engagement of substantial capital from dispersed investors and relatively high risk involved. Noteworthy – eventual disturbances in functioning of the financial market may become a cause of difficult and hardly foreseeable negative effects for the economy, especially ones connected with loss of considerable capital to finance it 2 . For this reason, the state’s authorities interfere in organizing and organization of the financial market, on following planes: creation of civil law regulations connected with the object of the market, principles of the turnover, civil law institutions involved in this turnover, such as stock exchange or State Deposit of Securities, as well as participants in the turnover, creation of norms of administrative law determining or forming institutions of public administrations and their competences, and procedures in the scope of organizing and organization of financial market. Moreover – such interference is connected also with creation of norms of penal law, which protect organizing and organization of the financial market. Finally – the state executes by it’s organs the above-indicated regulations of administrative and criminal laws, as well as procedures of enforcement in this respect 3 . Polish Financial Supervision Commission (PFSC) initiated its activity on the 19 th of September 2006, i.e. on the day when the Act on Financial Market Supervision of July 21 st 1 The English translations of the texts of polish law used in the article are available on www.knf.gov.pl. 2 J. Czekaj, M. Woś, J. śarnowski, ”Efektywność giełdowego rynku akcji w Polsce”, Warsaw, 2001, 16; W. Dębski, ”Rynek finansowy i jego mechanizmy. Podstawy teorii i praktyki”, PWN, Warsaw, 2003, 87-95; A. Kozaczewska, ”Kompetencje KPW wykraczające poza zakres prawa administracyjnego w świetle zasad konstytucyjnych”, PUG, 1997, no 7-8, 30; R. Kuciński, „Przestępstwa giełdowe”, CH Beck, Warsaw, 2000, 47; J. Majewski, (in:) ”Prawo karne gospodarcze”, red. O. Górniok, Warsaw, 2003, 341; A.Michór, ”Przesłanki ingerencji państwa w organizowanie i organizację obrotu instrumentami finansowymi”, Opolskie Studia Administracyjno-Prawne V, Opole, 2008, 195, 205. 3 A. Michór, ”Przesłanki…”, 195-205. Page 60 Volume 1, April 2009
<strong>EMERGING</strong> MARKETS: A Review of Business and Legal Issues 2006 1 came into force. The new supervisory body took over the tasks of the Insurance and Pension Funds Supervisory Commission and of the Securities and Exchange Commission, which were abolished by the said Act. The PFSC is composed of a Chairperson, two Vice-Chairpersons and four members: the minister competent for financial institutions or such minister’s representative; the minister competent for social security or such minister’s representative; the Governor of the National Bank of Poland or Deputy Governor of the National Bank of Poland delegated by the Governor; a representative of the President of the Republic of Poland. The FSC’s Chairperson is appointed by the President of the Polish Council of Ministers for a five-year term of office. The President of the Polish Council of Ministers shall dismiss the FSC’s Chairperson before the expiry of his (her) term of office only if the Chairperson has been convicted of an intentional offence or a fiscal offence by way a final and binding judicial decision, or has resigned from the position, or has lost Polish citizenship, or has lost the ability to perform his (her) duties as a result of a prolonged illness, lasting more than three months. The term of office of the FSC’s Chairperson shall expire upon the Chairperson’s death or dismissal. Tasks of the Polish Financial Supervision Authority cover banking supervision, capital market supervision, insurance supervision, pension scheme supervision and supervision of electronic money institutions (Article 1 (2) FMSA). Moreover, the aim of the PFSC is to ensure proper operation, stability, security and transparency of the financial market, as well as confidence in that market, and to safeguard the interests of the financial market participants through the pursuit of objectives stated in particular in the Banking Law, the Act on Insurance and Pension Fund Supervision and the Insurance Ombudsman dated May 22 nd 2003, the Act on Capital Market Supervision of July 29 th 2005, the Electronic Payment Instruments Act of September 12 th 2002, and the Act on Supplementary Supervision of Credit Institutions, Insurance Undertakings and Investment Firms in a Financial Conglomerate dated April 15 th 2005 (Article 2 FMSA). 1 Dz.U. of 2006, No. 157, item 1119, as amended; hereinafter referred to as the FMSA. Page 61 Volume 1, April 2009
Page 1 and 2:
EMERGING MARKETS: A Review of Busin
Page 3 and 4:
Page 5 and 6:
Page 7 and 8:
Page 9 and 10: EMERGING MARKETS: A Review of Busin
Page 59: EMERGING MARKETS: A Review of Busin
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
show all

EMERGING

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?