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Mgr Mirosław Mateusz Kalisiak
ORCID: 0000-0003-4872-9741

Graduated from University of Rzeszów and Fachhochschule Schmalkalden (LL.M.). Attorney at law with ten years of practical experience in the area of capital market law.

 
DOI: 10.33226/0137-5490.2022.5.6
JEL: K22, K23

On February 1, 2021, entered into force ordinance of the Minister of Finance of 26 November 2020 on the forms of tender offers to subscribe for the sale or exchange of shares in a public company, the detailed procedures of the announcement thereof, and the conditions for acquiring shares pursuant to such tender offers (OJ 2020.2114), which regulates that activities of an investment firm related to the tender offer of shares shall be qualified as rendering investment service: reception and transmission of orders. It is a major inconvenience for some market participants. Moreover this legal regulation raises doubts. This article discusses cohesion between new law and regulations of Polish trading venues. Furthermore author analised the documentation of one of the recent tender offers conducted under German law.

Keywords: tender offer; investment services; MIFID II; capital market; public company