Abstract

The article refers to the problem of criminal manipulation on financial markets. The issues arouses interpretational doubts owing to the direct application of the so-called MAR Regulation and and problematic implementation of the MAD II Directive. In consequence, the Polish legislator decided to broaden liability of financial instruments market players by adopting the definition of criminal manipulation laid down in the MAR Regulation. This approach creates a real problem for investors on financial markets because of the uncertainty of Polish law. It is the role of the judiciary to provide an appropriate interpretation of this relatively new institution.