Since July 3 the Market Abuse Regulation has been a binding law throughout the entire European Union. This is the Regulation (EU) No 596/2014 of the Europan Parliament and pf the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (“MAR”). This Regulation establishes a common regulatory framework on insider dealing, the unlawful disclosure of inside information and market manipulation (market abuse) as well as measures to prevent market abuse to ensure the integrity of financial markets in the Union and to enhance investor protection and confidence in those markets. The perspective of implementation of MAR in Poland created almost a panic on capital market. This is because very high financial penalties and very formal approach of a Polish regulator – Financial Supervision Authority – KNF. It is up to this authority to decide about conformity of the company’s compliance performance with MAR.

The polish national legislation has not been adjusted to the Regulation yet. Therefore it is up to companies to find out which of the rules of Polish legislation have been replaced by MAR.

Several companies listed on Warsaw Stock Exchange, as well as major shareholders rely on our advice concerning implementation of MAR. In this respect our Firm was recommended by the Polish Association of Listed Companies – SEG – an association of more than a half of companies listed on Warsaw Stock Exchange.