(in Polish) Prawo na rynku kapitałowym 2600-DIdz1PRK
During the course, students become familiar with a wide range of legal issues related to the functioning of the capital market, including in particular:
• the essence, characteristics, types and methods of transferring rights arising from securities and other financial instruments,
• a detailed description of shares, bonds, derivatives, treasury and bank securities, as well as financial instruments that are not securities,
• the principles of trading in financial instruments and the applicable legal regulations,
• the organization and operating principles of the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego – KNF),
• the activity of investment firms, the role of custodian banks and investor clubs,
• the functioning of investment advisors,
• issues related to market manipulation and recommendations concerning financial instruments,
• the principles of organized trading,
• the functioning of the clearing and settlement system and the mandatory compensation scheme,
• issues concerning professional secrecy and inside information,
• regulations on public offerings and the admission of financial instruments to trading on a regulated market,
• rules concerning significant shareholdings and the protection of minority shareholders,
• the liability of capital market participants.
Type of course
Learning outcomes
Learning outcomes
After completing the course, the student achieves the following:
Knowledge
K_W01 – the student knows and deeply understands the terminology and methodological approaches used in the analysis of legal determinants of the capital market, including those concerning financial instruments, supervision, trading, public offerings and inside information.
K_W03 – the student knows and deeply understands advanced theories and models of capital market functioning, including the principles of operation of issuers, investment firms, custodian banks, investment advisors and clearing and settlement systems.
K_W04 – the student knows and understands in detail the legal regulations concerning securities, organized trading, disclosure obligations, significant shareholdings, protection of minority shareholders, as well as civil, criminal and administrative liability of market participants.
K_W07 – the student knows the principles of creating and developing investment and advisory activities on the capital market in Poland and abroad, including those resulting from regulations on public offerings, admission of instruments to trading and financial supervision.
Skills
K_U01 – the student is able to apply economic, legal and managerial knowledge to analyse and solve problems related to the construction of financial instruments, their trading, disclosure obligations and supervision of the capital market.
K_U02 – the student is able to interpret complex legal and regulatory phenomena occurring on the capital market (including market manipulation, insider trading, issuers’ obligations and KNF requirements) and assess their impact on investment decisions and the functioning of organizations.
Social competences
K_K01 – the student is ready to critically assess complex legal problems on the capital market, such as manipulation of financial instruments, irregularities in public offerings or breaches of disclosure obligations.
K_K03 – the student is ready to initiate activities supporting the protection of capital market participants, transparency of trading and investor safety, guided by the social good and professional responsibility.
K_K04 – the student is ready to develop entrepreneurial attitudes in capital market activities, taking into account domestic and international regulations related to trading in financial instruments and financial supervision.
Assessment criteria
Final written examination in the form of a test (e.g. closed questions, single and multiple choice).
In individual cases, an oral examination is possible.
Grading scale
• 0–49% – grade 2
• 50–60% – grade 3
• 61–70% – grade 3.5
• 71–80% – grade 4
• 81–90% – grade 4.5
• 91–100% – grade 5
Practical placement
-
Bibliography
Basic
Chłopecki A. Dyl M., Prawo rynku kapitałowego, wyd. 7, CH.BECK, 2024
Ustawa z dnia 29 lipca 2005 r. o obrocie instrumentami finansowymi
Ustawa z dnia 29 lipca 2005 r. o ofercie publicznej i warunkach wprowadzania instrumentów finansowych do zorganizowanego systemu obrotu oraz o spółkach publicznych
Ustawa z dnia 21 lipca 2006 r. o nadzorze nad rynkiem finansowym
Ustawa z dnia 29 lipca 2005 r. o nadzorze nad rynkiem kapitałowym
Dyrektywa 2014/65/UE w sprawie rynków instrumentów finansowych oraz zmieniająca dyrektywę 2002/92/WE i dyrektywę 2011/61/UE
Rozporządzenie 2017/1129 w sprawie prospektu, który ma być publikowany w związku z ofertą publiczną papierów wartościowych lub dopuszczeniem ich do obrotu na rynku regulowanym oraz uchylenia dyrektywy 2003/71/WE
Supplementary
Dokumenty korporacyjne GPW oraz KDPW
Zawłocki R. (red.), Nadzór nad rynkiem finansowym nadzór nad rynkiem kapitałowym Komentarz, Wolter Kluwer 2025
Wierzbowski M. Wajda. P. Sobolewski L. (red.) Prawo rynku kapitałowego. Tom I i II. Komentarz, CH.BECK, 2023