The final solutions adopted in the Insurance and Reinsurance Resolution Directive – Directive IRRD (IRRD project) will have an impact on the institutional and legal structure of the insurance sector and the financial safety net in Poland. In this context, the way in which the final provisions of the IRRD will be implemented in the Polish legal order is of crucial importance. The article presents the resolution instruments, procedures concerning the valuation of assets of restructured entities, relations with third countries and their analysis in terms of implementation in the Polish insurance sector.

At the European Union (EU) level, legislative work on the adoption of the Insurance and Reinsurance Resolution Directive (Directive IRRD) is nearing completion. The solutions adopted in this Directive will affect the institutional and legal structure of the Polish insurance sector and the financial safety net in Poland. Thus, the way in which these solutions will be implemented in the Polish legal order is of crucial importance. In this context, it is of fundamental importance what solutions have been prepared by the European Commission in the Draft IRRD. The purpose of this article is to present the most important areas of this project together with an analysis of them.

The aim of this article is to present the key obligations of entities belonging to a financial conglomerate and potential problems of a leading entity that may arise in connection with the participation in the performance of supplementary supervision. In addition, the article presents proposals for amendments to the Act on Supplementary Supervision, which could strengthen the achievement of the goal of protecting the stability of financial entities that are part of a financial conglomerate.

In recent years, the domestic market for investment funds has been witnessing a trend towards consolidation of this market, which has its specific private and public law aspects. The most important element within this process is the PFSA's power to control the capital flows occurring within a given financial institution, i.e. a given investment fund company. The main idea of this regulation is to prevent a takeover of control over a given TFI and to prevent gaining significant influence over TFI management by shareholders who do not ensure correct functioning of the TFI and do not provide stability and security for its further activity. In the content of this part of the publication, the authors will refer in particular to the issue of the decision prohibiting the exercise of voting rights from TFI shares or the prohibition of exercising the rights of the parent company TFI, and will also indicate the public law consequences of issuing such a decision by the Polish Financial Supervision Authority, also referring to private law aspects.

In recent years, the domestic market for investment funds has been witnessing a trend towards consolidation of this market, which — although at first glance it seems to be a phenomenon characteristic only of private law — has its specific private and public law aspects. The most important element within this process is the PFSA's power to control the capital flows occurring within a given financial institution, i.e. a given investment fund company. The main idea of this regulation is to prevent a takeover of control over a given TFI and to prevent gaining significant influence over TFI management by shareholders who do not ensure correct functioning of the TFI and do not provide stability and security for its further activity. This mechanism is in fact composed of two parts. First, i.e. the notification mechanism, under which the PFSA has been provided with powers to object to an intention of direct or indirect acquisition or subscription for shares or rights attached to shares of the TFI, in a number ensuring reaching or exceeding, respectively, 10%, 20%, one-third, 50% of the total number of votes at the general meeting or participation in the share capital. Secondly — which will be analysed in this publication — the mechanism of the PFSA's decision regarding the prohibition on exercising voting rights from TFI shares or prohibition on exercising rights of the TFI parent entity. Taking into account the fact that this decision has effects both in the sphere of administrative and commercial law, and that it remains outside the mainstream of doctrinal interest, it is appropriate to characterise this decision, the procedure for its issuance, as well as the legal consequences of its entry into legal circulation, in a closer and detailed manner.

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.

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.

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.