Abstract

The article focuses on the subject of notification obligations arising in connection with trading in financial instruments connected with shares of public companies (Art. 69b of the Act on Public Offerings). It concerns obligations of making notifications by entities reaching or exceeding shareholding thresholds specified in Art. 69.1 of the Act on Public Offerings, or quantitative (quantum) values specified in Art. 69.2 in relation to acquiring or disposing of financial instruments, also indirectly. The article refers to cases in which there is no trading in basic instruments – shares, but such which allow (in various ways) obtaining such instruments (shares) in the future, and thus exerting a certain influence on a company already in advance. This regulation was introduced to ensure that issuers and stock market investors had the fullest possible knowledge of the actual (economic) ownership structure of public companies. As trading in derivative instruments is becoming increasingly common, the subject of related notification obligations requires detailed coverage.