Abstract

The Market Abuse Regulation (MAR) which substantially affects the Polish law and issuers’ behaviour became fully effective as of 3 June 2016. It is important to note that the information duties referred to in the Regulation bind also companies whose financial instruments have been floated in the alternative trading system. Major changes include elimination of information duality in the Polish legal system the result of which is liquidation of a division into current and inside information. The period for making inside information public has also been changed. In accordance with the regulation, inside information has to be published immediately, which means that the 24hour maximum time limit for publishing inside information has been removed from the Polish legal system. Additionally, the provisions regarding a delay in publishing inside information have been amended as well. Contrary to previous regulations, such delay no longer requires prior notification of the Financial Supervisory Authority.

It should be underlined that the MAR has introduced a new catalogue of penalties for infringement of its provisions, which are significantly higher than those applicable in the previous legal situation.