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Konstrukcja finansowego stosunku prawnorynkowego a nadzór makroostrożnościowy na rynku ubezpieczeniowym

100%
Fedorowicz M.
Przegląd Prawa i Administracji
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2018
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vol. 115
145-161
EN
The aim of this paper is to explain the concept of the financial market law privity and its applicability through the regulation of macroprudential supervision on the financial market in the insurance sector. The observed interference of the public and private norms in the financial market, shown using the example of the financial market law privity created under financial market law, is significant in the area of macroprudential supervision and therefore the theoretical and practical issues surroung this topic are discussed together in this paper. The conclusions of the article show the possible applicability of the theoretical construction of the financial market law privity on the practical questions of the insurance sector.
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Prawne instrumenty urzeczywistniania stabilności finansowej na rynku finansowym UE w świetle rozporządzenia 806/2014 i dyrektywy 2014/59/UE

100%
Fedorowicz M.
Krytyka Prawa. Niezależne studia nad prawem
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2017
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vol. 9
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issue 1
15-31
EN
This paper deals with legal instruments and their assesment of the Single Resolution Mechanizm regulated in recommendation 806/2014 and directive 2014/59/UE, which set up the second pillar of the European Banking Union, being a new conctruction enlarging and complementing the European Stability Safety Net.
PL
W opracowaniu dokonano analizy prawnych instrumentów urzeczywistnienia stabilności finansowej w UE w dyrektywie 2014/59/UE oraz rozporządzeniu 806/2014 wprowadzających jednolity mechanizm restrukturyzacji i uporządkowanej likwidacji stanowiący II filar Europejskiej Unii Bankowej, a zarazem element konstrukcyjny poszerzający Europejską Sieć Stabilności Finansowej.
3
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Koncepcja prawna finansowego stosunku prawnorynkowego (zarys założeń)

100%
Fedorowicz M.
Ruch Prawniczy, Ekonomiczny i Socjologiczny
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2018
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vol. 80
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issue 2
5-17
EN
The aim of the paper is to explain the interference of public and private norms in the financial market on the example of legal relationships created under financial market law. This paper shows the reasons and opinions regarding the doctrinal need to create such a concept and recognises the urgent need of its institutionalisation in the doctrine. Privity in financial market law that arises between parties is significantly different from the civil and administrative law relations and due to doctrinal, judicial and didactic reasons requires an autonomous approach. The analysis conducted in this paper presents the views and ideas of how to better evolve and explain the legal relationships existing in the financial market law, also theoretically, and is expected to ignite a serious doctrinal discussion on this subject.
PL
Celem artykułu jest pokazanie interferencji, zazębiania się wątków publicznych i prywatnych w ramach prawa rynku finansowego na przykładzie tworzonej konstrukcji finansowego stosunku prawnorynkowego. Dla realizacji tego celu w opracowaniu zebrano i poddano analizie argumenty za zasadnością tworzenia konstrukcji stosunku prawnorynkowego, zaproponowano analizę struktury prawnej stosunku prawnorynkowego, jako charakteryzującego się tak znacznymi odrębnościami od stosunku cywilnoprawnego i stosunku administracyjnoprawnego oraz wykazującego tak dalece idącą specyfikę prawną, że wymagającego autonomicznego ujęcia, z uwagi na potrzeby doktrynalne, orzecznicze oraz dydaktyczne. Taka propozycja doktrynalnego ujęcia stosunków prawnych na rynku finansowym – zdaniem autorki – wydaje się wierniej odzwierciedlać założenia prawodawcy i nadzorców krajowego i unijnego oraz pozwala również od razu dostrzegać wewnątrzsystemowe uwarunkowana i powiązania natury podmiotowej i funkcjonalnej oraz zwłaszcza – lepiej i w ekonomiczno-gospodarczym kontekście – zrozumieć finansowe treści prawnorynkowe.
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Wystąpienie a wykluczenie państwa z Unii Gospodarczej i Walutowej w aspekcie prawno finansowym

100%
Fedorowicz M.
Studia Europejskie-Studies in European Affairs
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2012
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issue 4
78-94
EN
The study discusses the legal and financial problems of a potential withdrawal, exit or expulsion of an EU Member State from the Economic and Monetary Union. The legal and financial analysis has proven that in accordance with the Lisbon Treaty, neither an exit nor an expulsion of an EU Member State from the euro area is possible. The conclusions presented in this article following an interpretation of the articles of the Lisbon Treaty addressed also the financial aspects of a potential exit or expulsion from the EMU.
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Procedura nakładania sankcji przez Europejski Bank Centralny na instytucje kredytowe państw członkowskich Unii Europejskiej za nieprzestrzeganie obowiązku utrzymywania rezerw obowiązkowych. Wybrane zagadnienia

100%
Fedorowicz M.
Studia Europejskie-Studies in European Affairs
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2010
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issue 2
117-134
EN
A Council Regulation has established limits and conditions under which the European Central Bank (ECB) is entitled to impose fines or periodic penalty payments on undertakings for failure to comply with obligations resulting from its decisions and regulations. Another important thing is that the ECB, while carrying out the procedure to determine the applicable sanction, must ensure as broad as possible respect of the rights of defense of third parties, in accordance with general principles of law and the case law of the Court of Justice of the European Communities on the matter, in particular existing case law concerning the inquiry powers of the European Commission in the field of competition. The article discusses the procedure in the event of non-compliance with minimum reserve requirements and the principles applying in the event of non-compliance with minimum reserve requirement. For example, before any sanction is imposed, the Executive Board of the ECB or a competent national central bank on its behalf notifies the undertaking concerned of the alleged non-compliance and of the corresponding sanction. The notification contains all the relevant facts of the alleged non-compliance and informs the addressee that, unless it submits objections, the sanction shall be deemed imposed by decision of the Executive Board of the ECB. This article also considers competences of the ECB to impose sanctions in the event of non-compliance with minimum reserve requirements. The analysis underlines and explains the principles and rules of that procedure that were construed on the basis of the entire regulation of EU banking law. The catalogue of principles and rules in that procedure is also taken into account. It is crucial to recognize problems concerning that procedure regarding Poland’s future access to the European Monetary Union. Finally, the question of legitimization of competences to impose sanctions applied under that procedure described and analysed, as well.
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Znaczenie soft law EBA dla określania normatywnego standardu ochrony konsumenta na rynku finansowym

100%
Fedorowicz M.
internetowy Kwartalnik Antymonopolowy i Regulacyjny
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2021
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vol. 10
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issue 7
21-34
PL
W aktach prawa na rynku finansowym akcent normatywny został położony na kwestie nadzorcze ze szczególnym uwzględnieniem sytuacji prawnej klienta rynku finansowego i przyjmowania takiej filozofii regulacyjnej, która najlepiej odzwierciedla jego interesy prawne na rynku finansowym zarówno przez prawodawcę unijnego, jak i przez ustawodawców krajowych. Głównym celem opracowania jest analiza standardu, wzorca ochrony klienta na rynku finansowym, rekonstruowanego z aktów soft law EBA. Standard ten wyznaczany jest przede wszystkim w aktach prawa powszechnie wiążącego (rozporządzenia, dyrektywy, ustawy), a uszczegóławiany i rozwijany w będących przedmiotem zainteresowania artykułu wybranych aktach soft law EBA (wytyczne, zalecenia, opinie).
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Porównanie koncepcji normatywnych nowego europejskiego nadzoru finansowego oraz Europejskiego Systemu Banków Centralnych – wybrane zagadnienia

100%
Fedorowicz M.
Studia Europejskie-Studies in European Affairs
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2011
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issue 2
49-68
EN
This article discusses the legal solutions and legal construction of the new European Financial Supervision, which create the European System of Financial Supervisors (ESFS), consisting of three European Supervisory Authorities – European Banking Authority, European Securities and Markets Authority, and European Insurance and Occupational Pensions Authority. The principal aim of this publication is to compare legal construction of the new European Financial Supervision with legal concept of the European System of Central Banks. The outline of the essay is as follows. Section 2 analyses and compares with the ESCB legal organizational structure of the macro-prudential and micro-prudential new European Financial Supervision. Section 3 describes legal instruments of the authorities of the integrated European Supervision which can be used to achieve financial stability within the European Union. This part of the essay also deals with legal instruments of the ESCB, which ensure the unified European monetary policy within the Euro Zone. Section 4 describes key principles behind functioning of the European Financial Supervision and the ESCB. Finally, section 5 of this essay contains conclusions about similarities and differences of legal concept and construction of the European Financial Supervision and the ESCB.
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Europäische Zentralbank und Europäische Investitionsbank im Gefüge der Europäischen Union nach dem Vertrag von Lissabon

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Fedorowicz M.
Opolskie Studia Administracyjno-Prawne
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2011
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vol. IX
37-50
EN
The problematic analyzed in this publication had the objectives to compare the legal position, competences and tasks of the European Central Bank (ECB) and the European Investment Bank (EIB) after the Treaty of Lisbon. The Lisbon Treaty formalizes the position of the European Central Bank by making it an institution of the European Union. In turn there are four main changes after the Lisbon Treaty connected with EIB, included in the new EIB Statute: a wider range of financial instruments, greater scope for managing risk, simplified decision-making and oversight. This article analyzed also the main tasks of the ECB and EIB after the Treaty of Lisbon and discussed the meaning of the definition “Bank” on the functioning of the EIB and ECB.
9
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Osiąganie konwergencji nadzorczej mikroostrożnościowej i makroostrożnościowej w prawie rynku finansowego Unii Europejskiej

100%
Fedorowicz M.
Ruch Prawniczy, Ekonomiczny i Socjologiczny
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2018
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vol. 80
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issue 4
155-169
EN
The aim of this paper is to identify and analyse the net convergence on the financial market due to supervisory convergence on the financial market in the microprudential and macroprudential systemic approach and to place this process in the financial net reliance after the legal changes implemented by the European System of Financial Supervision and European Banking Union. In particular, instruments and mechanisms of the EU and national (Polish) instruments and mechanisms for achieving supervisory convergence were analysed, which is a sine qua non for achieving the objective of financial stability, illustrating at the same time the convergence of financial administration in the EU financial market and the legal effects and results of this convergence in institutional, procedural, substantive and network dimensions. The thesis of the study is that three equivalent, necessary and complementary regulatory ways of achieving supervisory convergence in the financial market can be identified.
PL
Celem opracowania jest uzasadnienie konieczności wyodrębnienia pojęcia „konwergencja sieciowa” na rynku finansowym, do czego w rozważaniach prowadzi przedstawienie zagadnienia procesu konwergencji nadzorczej na rynku finansowym w aspekcie mikr-, makroostrożnościowym i systemowym, a także umiejscowienie go w sieciowym układzie zależności, w jakich umiejscowiony został ten proces po zmianach prawnych wywołanych wprowadzeniem ESNF i EUB. W szczególności analizie poddano instrumenty i mechanizmy unijne i krajowe (polskie) służące osiąganiu zbieżności nadzorczej, co jest warunkiem sine qua non urzeczywistniania celu stabilności finansowej, a zarazem ilustrujące konwergencję administracji finansowej na rynku finansowym UE oraz skutki prawne i rezultaty tej konwergencji w wymiarze instytucjonalnym, proceduralnym, materialnoprawnym i sieciowym. Tezą opracowania jest twierdzenie o możliwości wyodrębnienia trzech równoważnych, potrzebnych i uzupełniających się regulacyjnych sposobów osiągania konwergencji nadzorczej na rynku finansowym.
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Postanowienia Ustawy z dnia 23 marca 2017 r. o kredycie hipotecznym oraz o nadzorze nad pośrednikami kredytu hipotecznego i agentami oraz rekomendacji S Komisji Nadzoru Finansowego a zapobieganie kryzysom bankowości hipotecznej

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Fedorowicz M.
Studia Prawa Publicznego
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2017
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issue 4 (20)
9-30
EN
On 23 March 2017, the Act on mortgage credit and supervision of mortgage credit intermediaries and agents was passed, which implements Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010. The Act on mortgage credit under examination contains consumer protection standards for mortgage banking services, which can pursue objectives and perform macro-prudential functions in the fi nancial system. The Act also provides for the supervision of mortgage intermediaries and their agents providing mortgage credit services, rightly considering that since this is a matter of macro-prudential substance and capable of having an impact on fi nancial stability, a comprehensive supervision of the activities of mortgage intermediaries and agents is justifi ed. The aim of the study is to (i) examine the provisions of the Act on mortgage credit from the perspective of its macro-prudential content; (ii) reconstruct this potentially macro-prudential content; (iii) assess the regulatory arrangements for credit intermediaries and residential immovable property agents adopted by the Act; and (iv) address the issue, relevant to the theory of fi nancial market law, of the interference between private and public law rules in terms of their macro-prudential content and macro-prudential policy. It is also intended to perform a comparison of the provisions of the Act on mortgage credit with selected recommendations of Recommendation S of the Financial Supervision in order to assess their macro-prudential nature and the appropriateness of the regulatory solutions adopted by means of an act or by means of national soft banking law to which Recommendation S belongs.
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Kilka uwag o zjawisku samoregulacji na rynku bankowym w nowej architekturze nadzorczej

100%
Fedorowicz M.
Studia Administracyjne
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2018
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issue 10
113-129
EN
The aim of the paper A few remarks on the phenomenon of the self-regulation on the banking sector in the new supervisory architecture is to analyze the phenomenon of the self-regulation and its question and meaning for the functioning of the financial institutions in the new financial regulatory architecture, established by European System of Financial Supervision and the European Banking Union. The thesis and conclusions of this paper concern the issue of reducing the phenomenon of self-regulation on the financial market (in this paper in banking sector) and changes in the content of the term „self-regulation” and also underscore the role of hard law and binding supervisory instruments on the financial market after the crisis, due to new supervisory regulatory paradigm. The analysis of this paper were discussed on the example of Polish Banking Law Act, especially in the area of internal banking risk management, the internal banking supervision and whistleblowing for defending the conclusions presented in this paper.
PL
Celem opracowania jest analiza zjawiska samoregulacji i jej materii oraz znaczenia samoregulacji dla funkcjonowania instytucji kredytowych w nowej architekturze nadzorczej, ukształtowanej w wyniku fundamentalnych zmian w prawie rynku finansowego UE po utworzeniu Europejskiego Systemu Nadzoru Finansowego oraz Europejskiej Unii Bankowej. Teza i wnioski artykułu dotyczą twierdzeń o ograniczeniu samoregulacji na rynku finansowym (tu bankowym) i zmianach w treści pojęcia „samoregulacja” oraz przesunięciu normatywnego punktu ciężkości na regulowanie spraw rynku finansowego za pomocą wiążących norm i instrumentów oddziaływania. Szczególnym przedmiotem analiz uczyniono rozwinięte w ostatnim czasie postanowienia ustawy Prawo bankowe dotyczące m.in. systemu zarządzania ryzykiem oraz kontroli wewnętrznej, a także whistleblowing, dla zilustrowania wniosków prezentowanych w opracowaniu.
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Kompetencja prawotwórcza Europejskiego Banku Centralnego

100%
Fedorowicz M.
Studia Europejskie-Studies in European Affairs
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2010
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issue 4
139-156
EN
The fundamental tasks to be carried out through the European System of Central Banks include defining and implementation of the EU monetary policy in the countries of the Eurosystem. This article concerns legal powers of the European Central Bank after the Treaty of Lisbon came into force. There are no changes specifically regarding legal powers of ECB after the Treaty of Lisbon. Concerning the European monetary integration, changes after the Treaty relate to the monetary policy in the Eurosystem. Also, notably, the regulation of ECB legal draft powers under the Treaty on the Functioning of the European Union (like in the Treaty establishing the European Community) is separate from the legal draft regulation of other EU institutions. The primary objective of the Eurosystem is to maintain price stability. This objective is achieved with legal acts of the ECB: regulation, decision, opinion, recommendation, guideline and instruction, analysed in this publication. The point to inquire into the legal powers of the ECB was to reveal which form of the legal act of the ECB can be used by the regulation of different matters of European monetary integration. Especially, the areas of guideline and instruction by the ECB was very important. To consider the legal powers of the ECB is significant for a number of reasons. Legal acts ensure integrated and homogeneous monetary policy within the European Union and will make up a very important part of the Polish banking law system after Poland becomes a member of the Eurosystem. The article also discussed the new tasks of the ECB within the new European financial supervision to be established on the European level.
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System kontroli wewnętrznej w bankach a instytucja kontroli zarządczej w jednostkach sektora finansów publicznych

100%
Fedorowicz M.
Studia Prawa Publicznego
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2018
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issue 3 (23)
51-73
EN
The aim of the study is to analyse two selected supervision institutions: the management control in the public finance sector and the internal control system in banks as examples of regulatory and supervision institutions, having regard to their functional similarities in the two areas of financial law: public finance law and financial market law, and banking law. The study was inspired by the desire to answer the question about the essence of internal control in public finance (management control), which shows, at least in terms of the control objectives, many elements characteristic for internal control systems operating in banks. The aim of the article is also to answer the question about the way of understanding the notion of “internal control” under the banking law and public finance law, its essence, objectives, functions, as well as the coherence of the understanding of the objectives and criteria of internal control in the widely understood financial law areas. However, the research objective is also to show the differences between management control and internal control as supervision institutions, which due to the specificity of the controlled financial matters are separate and thereby allow to present the functions of control institutions related to the needs specific to particular areas of the broadly understood financial law and a multi-faceted approach to the most effective use of control institutions.
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An Analysis of EBA Soft Law on the Payment Services Market

63%
Fedorowicz M., Zalcewicz A.
Przegląd Ustawodawstwa Gospodarczego
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2019
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issue 1
2-7
PL
Celem opracowania Analiza soft law EBA na rynku usług płatniczych stało się po pierwsze, dokonanie materialnej rekonstrukcji głównych typów soft law EBA dla rynku usług płatniczych i pogrupowanie powstałej stąd materii w oparciu o wyodrębnione tematycznie określone przez EBA standardy i wzorce postępowań, tak dla dostawców usług płatniczych, jak i dla konsumenta rynku usług płatniczych oraz nadzorców (np. w zakresie agregacji danych). Po drugie, celem przedstawianego artykułu było również wyodrębnienie i nazwanie wynikających stąd funkcji i roli, jakie soft law EBA pełni na rynku usług płatniczych. Trzecim zamierzeniem badawczym stało się udzielenie odpowiedzi na pytanie czy w porównaniu do soft law z pozostałych segmentów rynku finansowego UE można w odniesieniu do soft law EBA na rynku usług płatniczych argumentować o istnieniu szczególnej specyfiki czy podziału.
EN
The objective of this paper, entitled “An Analysis of EBA Soft Law on the Payment Services Market” is firstly to reconstruct the substantive content of the main types of EBA soft law for the payment services market and group the resulting findings according to thematically classified procedural standards and principles (as related, for example, to data aggregation) specified by EBA both for payment services providers, consumers and supervisory authorities. The second aim is to identify and classify the functions and roles arising therefrom and fulfilled by EBA soft law for the payment services market. The third research goal of this project is to answer the following question: is it possible to argue that EBA soft law on the payment services market has a special or distinct character compared to soft law from other segments of the European Union’s financial market?
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The role of the polish financial supervision authority in the new european architecture of supervision over the financial market1

63%
Fedorowicz M., Zalcewicz A.
Wroclaw Review of Law, Administration & Economics
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2012
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vol. 2
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issue 2
80-94
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