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Dr hab. Beata Kozłowska-Chyła
ORCID: 0000-0001-5995-2629
An assistant professor at the Faculty of Law and Administration of the University of Warsaw, a legal adviser, and holds the position of President of the Management Board of PZU S.A.
DOI: 10.33226/0137-5490.2020.5.2
JEL: G28, K23

This article is devoted to the analysis of public law aspects of transactions of acquisition of significant
stakes in investment funds managers. The article describes the procedure that is being used by the Polish
Financial Supervision Authority to determine whether the purchaser of a significant portfolio of shares gives
a guarantee of proper, safe and stable operation of investment fund manager, as well as the issue by the
Polish Financial Supervision Authority of the decision expressing or not expressing (objection) consent to the
acquisition of a significant portfolio of shares of an investment fund manager. Another element of
consideration is the presentation of mechanisms to ensure compliance with the obligations related to the
acquisition of significant portfolio of shares, as well as the assessment of the institution itself as regards the
supervision of the acquisition of significant blocks of shares of investment fund managers.

Keywords: investment fund manager; significant portfolio of shares; supervision; Financial Supervision Authority; objection; notification; consent
DOI: 10.33226/0137-5490.2020.4.1
JEL: G28, K23

This article is devoted to the legal analysis of transactions involving the acquisition of significant stakes in investment funds managers that are managing the investment funds. The authors focused on the most important issues from the point of view of the practice of conducting such transactions. The article presents, in particular, the specificity of such transactions, the ratio why such transactions are the subject of supervisions conducted by the Polish Financial Supervision Authority, as well as detailed description of the institution of notification of the acquisition of a significant stake in an investment fund managers.

Keywords: investment fund manager; significant portfolio of shares; supervision; Financial Supervision Authority; objection; notification; consent
DOI: 10.33226/0137-5490.2019.12.2

Provisions of the Act changing the Act on auditors, auditor firms and public supervision, which become valid on 1 January 2020, introduce a new model of supervision over the activity of auditors and auditor firms in Poland. The changes made are quite important to all actors involved in business that use services of such bodies, as well as to auditors and auditor firms themselves. This study also presents the new rules of public supervision in this market segment and the consequences of re-organisation of the model of supervision over auditors and auditor firms that takes place through the Act.

Keywords: auditor; auditor firm; Audit Supervision Commission; National Supervision Commission; Polish Chamber of Statutory Auditors; Polish Agency for Audit Supervision

An assistant professor at the Faculty of Law and Administration of the University of Warsaw, a legal adviser, and holds the position of President of the Management Board of PZU S.A.