EMERGING

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<strong>EMERGING</strong> MARKETS: A Review of Business and Legal Issues Within the scope of Chairperson’s competence, he/she performs his/her duties like a ombudsman in financial market cases 1 . Capital market supervision, a part of the supervision over the financial market, is subject to relatively extensive regulation, governed mainly by the provisions of the Act on Capital Market Supervision of July 29 th 2005 2 , the Act on Trading in Financial Instruments of July 29 th 2005 3 , the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organized Trading and Public Companies dated July 29 th 2005 4 , the Act on Investment Funds of May 27 th 2004 5 and the Act on Commodity Exchanges of October 26 th 2000 6 . The said Acts implement, within the scope of its regulation, EU Directives, in particular Council Directive 93/6/EEC of March 15 th 1993 on the capital adequacy of investment firms and credit institutions 7 , Directive 2003/6/EC of the European Parliament and of the Council of January 28 th 2003 on insider dealing and market manipulation (market abuse – MAD Directive) 8 , Directive 2002/87/EC of the European Parliament and of the Council of December 16 th 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC, 93/22/EEC and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council 9 , Directive 2003/71/EC of the European Parliament and of the Council of November 4 th 2003 on the prospectus to be published when securities are offered to the public or admitted to 1 M. Wierzbowski, (in:) R. Czerniawski, M. Wierzbowski, ”Ustawa Prawo o publicznym obrocie papierami wartościowymi. Komentarz”, Warsaw, 2002, Article 16 (1); A.Michór, ”Komisja Papierów Wartościowych i Giełd jako centralny organ administracji rządowej w zakresie publicznego obrotu papierami wartościowymi. Wybrane zagadnienia”, Acta Universitatis Wratislaviensis No 2724, PPiA LXV, Wrocław, 2005, 209-211. 2 Dz.U. No. 183, item 1537, as amended; hereinafter referred to as the CMSA. 3 Dz.U. No. 183, item 1538, as amended; hereinafter referred to as the TFIA. 4 Dz.U. No. 184, item 1539, as amended; hereinafter referred to as the POA. 5 Dz.U. No. 146, item 1546, as amended; hereinafter referred to as the IFA. 6 Dz.U. of 2005, No. 121, item 1019, as amended. 7 OJ L141, 11.06.1993, as amended. 8 MAD; OJ L96, 12.04.2003, as amended. 9 OJ L35, 11.02.2003, as amended. Page 64 Volume 1, April 2009
<strong>EMERGING</strong> MARKETS: A Review of Business and Legal Issues trading and amending Directive 2001/34/EC 1 , Commission Directive 2004/72/EC of April 29 th 2004 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers’ transactions and the notification of suspicious transactions 2 and Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonization of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC 3 . CMSA defines the organization and procedures for the exercise of supervision over the capital market. The rules, laid down by the said Act, are applied to the market of securities and other financial instruments, and the market of services offered by investment funds and other collective investment undertakings, and commodities market (Article 2 (6) CMSA). Whereas, for the capital market to be able to play its role effectively, every measure should be taken to ensure that market operates smoothly. For this reason, the objective of the supervision of the PFSC is to ensure proper operation of the capital market and, in particular, security of trading and protection of investors and other market participants, as well as compliance with the principles of fair trading. The Commission is obliged to take actions intended to ensure proper operation of the capital market; exercise supervision over the activities of the regulated entities and performance by such entities of the obligations related to their participation in trading on the capital market, to the extent defined in legal regulations; perform activities related to education and information on the operation of the capital market; perform other tasks specified in legal regulations. The PFSC also has to drafts of legal acts related to the operation of the capital market and may apply to the competent authorities for enactment or amendment of secondary legislation provided for in the statutes (Article 7 (1-3) CMSA). 1 OJ L345, 31.12.2003, as amended. 2 OJ L162, 30.04.2004. 3 OJ L390, 31.12.2004, as amended. Page 65 Volume 1, April 2009
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