The NBP has updated the technical specifications for BoP reporting templates. Effective Q3 2024, the Zimbabwe Gold currency (ZWG) has been introduced, while the Zimbabwe Dollar currency (ZWL) has been discontinued as of September 2024. Additionally, the update includes a new form, FINEXPL, for the reporting of investment fund populations.

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Overview: This law defines the rules, manner and conditions for commencing and conducting trading in securities and other financial instruments, the rights and obligations of entities engaged in such trading and the supervision of these activities. It transposes MAR into Polish law. 

Part II: Secondary Trading in Financial Instruments 
Chapter 2: Regulated Market 
Section 1: Stock Exchange Market 
Article 28: 2. The stock exchange rules shall define in particular: … 15) provisions intended to prevent and reveal any market manipulation referred to in Article 39. 

Section 3: Market Manipulation 
Article 39: Defines market manipulation 

Article 40: The regulated entities referred to in Art. 5.1-3 and 5.12-13 of the Act on Capital Market Supervision shall be obliged to promptly deliver to the Commission (if the Commission is the competent body for the authorization to conduct regulated activities or the registered office of the entity or its branch) information on each reasonable suspicion that an instance of market manipulation has occurred. Subject to Art. 40.2, such information shall include: … 2. If while performing the obligation referred to in Art. 40.1 the regulated entity does not have all the information required, then it shall deliver the information known to it at the time being, including at least the reason for its suspicion that an instance of market manipulation has occurred. The regulated entity shall deliver any other information which may become available to it at a later time promptly after such entity becomes aware thereof. 

Article 41: 1. When considering whether placing given orders or executing given transactions may be deemed an instance market manipulation referred to in Art. 39.2.1-2, the Commission and market participants shall in particular take into account the following: … 

Section 4: Established Market Practice 

Article 45: While determining whether a given behavior is an established market practice, the Commission shall in particular take into account the following: … 6) outcome of proceedings relating to a specific market practice, conducted by the competent authority and other authorities qualified to conduct proceedings concerning instances of abuse in financial instrument trading, in particular if such practice has violated legal regulations enacted to prevent abuse on a given market or market(s) related, whether directly or indirectly, to any market of a Member State, or has violated regulations containing rules to be followed on such markets; 

Part IV: Participation in Financial Instruments Trading 
Chapter 1: Activities of Investment Firms 
Section 1: General Provisions 

Article 78: An investment firm shall organize an alternative trading system in accordance with the rules, which shall be subject to the Commission’s approval. The rules of the alternative trading system shall specify in particular: … 11) means to prevent and reveal any market manipulation. 

Article 82: 2. The following shall be attached to the application: … 4) rules for the protection of the flow of inside information and the internal procedures aimed at: a) money laundering, and b) counteracting and revealing market manipulation; 

Chapter 2: Special Forms of Participation in Financial Instrument Trading 
Section 1: Custodian Banks 
Article 119: (pertaining to custodian banks) 5. The following shall be attached to the application: … 3. rules for the protection of the flow of inside information; 

Part VI: Access to Information of Special Nature 
Chapter 2: Inside Information 
Article 154: Defines inside information 
Article 155: Defines inside information within the context of commodity derivatives 
Article 156: Gain, use and disclosure of inside information 
Article 157: Disclosure of information to an unauthorized person 
Article 158: Preparing lists of persons who have inside information 
Article 158: Restricted period 
Article 160: Notifying the Commission or issuer of access to inside information 
Article 161: Notifying Commission of illegal disclosure of inside information 

Part VIII: Administrative Sanctions for Infringement of Regulations 

Article 172: 1. By way of a decision, the Commission may impose a pecuniary penalty of up to PLN 200,000 or a pecuniary penalty of up to ten times the financial benefit gained, or both, on anyone who engages in the market manipulation referred to in Art. 39.2.4b or 39.2.8. 
2. The same penalties shall be imposed on anyone who engages in collusion with other persons for the purpose of market manipulation. 

Part X: Penalties 

Article 180: Anyone who, in violation of the prohibition referred to in Art. 156.2.1, discloses inside information shall be liable to a fine of up to PLN 2,000,000 or a penalty of imprisonment for up to three years, or to both these penalties jointly. 

Article 181: 1. Anyone who, in violation of the prohibition referred to in Art. 156.1, uses inside information shall be liable to a fine of up to PLN 5,000,000 or a penalty of imprisonment for a period from three months to five years, or to both these penalties jointly. 

Article 182: Anyone who, in violation of the prohibition referred to in Art. 156.2.2, issues a recommendation or induces another person to acquire or dispose of financial instruments to which inside information relates shall be liable to a fine of up to PLN 2,000,000 or a penalty of imprisonment for up to three years, or to both these penalties jointly. 

Article 183: 1. Anyone who engages in the market manipulation referred to in Art. 39.2.1-3, 39.2.4a or 39.2.5-7 shall be liable to a fine of up to PLN 5,000,000 or a penalty of imprisonment for a period from three months to five years, or to both these penalties jointly. 

2. Anyone who engages in collusion with other persons for the purpose of the market manipulation referred to in Art. 39.2.1-3, 39.2.4a or 39.2.5-7 shall be liable to a fine of up to PLN 2,000,000.