engleski

Principles of the Law on the Capital Market in the European Union and in Poland

The law on the capital market creates frames in which trading in financial instruments should take place. Both in the EU and Polish law we can distinguish several segments of the capital market which differ from each other by the intensity of the regulations. There is no obligation of trading on the regulated market. However, the provisions of the Polish act on trading in financial instruments stimulate the concentration of trading on this segment of the capital market. Such solution can be explained again by the need for protection of investors as the regulated market has to meet certain requirements in order to operate and it is subject to supervision. It should be noticed that the main principles of the EU and Polish capital market are influenced by the need to ensure the protection of investors’ interests and increase confidence in the market. Other important factors which are taken into account include inter alia fair competition, high quality of investment services, liberalisation of the free movement of services and capital. The liberalisation is decisive for the establishment of the "single passport" system in the EU law, which allows investment firms, banks and stock exchanges to offer their services across borders on the basis of their home-country authorisation.

capital market, law, European Union

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