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1
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Odpowiedzialność cywilna zarządzającego portfelem instrumentów finansowych

100%
Sójka T.
Ruch Prawniczy, Ekonomiczny i Socjologiczny
|
2017
|
vol. 79
|
issue 1
103-117
EN
This paper focuses on the civil liability of asset managers under Polish law. Following the transformation of the economic system and the development of the capital market in Poland, the importance of asset management has been gradually increasing, though it remains disproportionally lower when compared to the role of collective asset management in the form of investment funds. The chief purpose of both MiFID directives is to harmonise the rules applicable to investment firms providing brokerage services in Europe, and to protect the interests of investors who use brokerage services. Although the civil liability of investment firms offering brokerage services is part of what is broadly construed as investor protection, the regulations on this matter have been left to the Member States’ discretion. There is no doubt that discrepancies between Member States in this respect diminish the harmonising effect of both directives. This paper aims to determine the basic rules of civil liability of asset managers in Polish law, and present suggestions for the most common problems in this field.
PL
Przedmiotem niniejszej publikacji jest zagadnienie odpowiedzialności cywilnej zarządzającego portfelem instrumentów finansowych w prawie polskim. Wraz z transformacją ustroju gospodarczego i rozwojem rynku kapitałowego w Polsce znaczenie instytucji zarządzania portfelem instrumentów finansowych sukcesywnie rośnie, choć pozostaje ono niewspółmiernie niższe w porównaniu z rolą instytucji zbiorowego zarządzania inwestycjami w postaci funduszy inwestycyjnych. Celem obu dyrektyw MiFID jest harmonizacja zasad funkcjonowania firm inwestycyjnych świadczących usługi maklerskie w Europie oraz ochrona inwestorów korzystających z usług maklerskich. Jakkolwiek odpowiedzialność cywilna firm inwestycyjnych świadczących usługi maklerskie należy do szeroko rozumianej problematyki ochrony inwestorów korzystających z tych usług, to jednak zagadnienie to pozostawiono poszczególnym państwom członkowskim do unormowania. Rozbieżności w tym zakresie pomiędzy poszczególnymi państwami niewątpliwie zmniejszają harmonizacyjny skutek obu dyrektyw. Zadaniem niniejszego artykułu jest określenie podstawowych zasad odpowiedzialności cywilnej zarządzających portfelem instrumentów finansowych w prawie polskim oraz sformułowanie propozycji rozwiązania najczęściej pojawiających się problemów w tym zakresie.
2
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The Civil Liability of Asset Managers – a Polish Perspective

100%
Sójka T.
Adam Mickiewicz University Law Review
|
2019
|
vol. 9
EN
This paper focuses on the civil liability of asset managers in Polish law. Following the transformation of the economic system and the development of the capital market in Poland, the importance of asset management has been gradually increasing, though it remains disproportionally lower when compared to the role of collective asset management in the form of investment funds. The chief purpose of both MiFID directives is to harmonize the rules applicable to investment firms providing brokerage services in Europe, and to protect the interests of investors using brokerage services. Although the civil liability of investment firms offering brokerage services is part of what is broadly construed as investor protection, the regulations on this matter have been left to the member states’ discretion. There is no doubt that discrepancies between member states in this respect diminish the harmonizing effect of both directives. This paper sets out todetermine the basic rules of civil liability of asset managers in Polish law, and present suggestions for the most common problems in this field.
3
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Rejestr akcjonariuszy w postaci rozproszonej i zdecentralizowanej bazy danych

100%
Sójka T.
Przegląd Ustawodawstwa Gospodarczego
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2021
|
issue 4
26-33
EN
The subject of this article is the register of shareholders of a private joint-stock company and a simple joint-stock company maintained in the form of a distributed, decentralized database, in particular using blockchain technology. It addresses the issue of the form of shares of non-public companies and the model of their dematerialisation; the register of shareholders and the obligations of the entity keeping this register. In this article I present the thesis that regulations regarding the shareholder register kept in the form of a distributed and decentralized database should be interpreted in the light of the provisions shaping the general function of the shareholder register as the basic mechanism for exercising shareholders' rights and trading the shares. Therefore, the construction of such a register of shareholders must ensure not only the integrity of the data contained therein but above all the correctness of corporate relations in the company.
PL
Celem niniejszego artykułu jest analiza podstawowych problemów prawnych związanych z prowadzeniem rejestru akcjonariuszy prowadzonego w formie rozproszonej, zdecentralizowanej bazy danych, w szczególności wykorzystującej technologię blockchain. Porusza więc on także problematykę formy akcji spółek niepublicznych i modelu ich dematerializacji; rejestru akcjonariuszy oraz obowiązków podmiotu prowadzącego ten rejestr. W niniejszym opracowaniu prezentuję tezę, że regulacje dotyczące rejestru akcjonariuszy prowadzonego w formie rozproszonej i zdecentralizowanej bazy danych należy interpretować świetle przepisów kształtujących ogólną funkcję rejestru akcjonariuszy jako podstawowego mechanizmu służącemu wykonywaniu prawa akcjonariuszy i obrotu nimi. Dlatego też konstrukcja takiego rejestru akcjonariuszy musi zapewniać nie tylko integralność zawartych tam danych, ale przede wszystkim prawidłowość stosunków korporacyjnych w spółce.
4
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Dicta Hermetis w manuskrypcie Biernata z Lublina

100%
Sójka T.
Porównania
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2015
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vol. 17
165-196
EN
This publication is the effect of research on the hermetic tradition and the beginning of the Polish humanism. It examines the textual content of the first of the three parts of the manuscript PAN No 1717 from Crakow, in which Biernat of Lublin wrote down selected fragments of hermetic writings. The article shows conclusions that appear on different stages of the philological analysis. The interpretative procedtu'e focuses on fundarnental herrnetic issues. lt indicates dorninant topics that were chosen and copied into the rnanuscript or ptuposely ontitted by Biernat of Lublin. Moreover, it cornbines selected editions of hennetic writings, con1pares specific fragrnents, sentences and v.rords (dicta Herrnetis). Tltis exegesis also reveals the philosophical tradition that influenced the way of reading by Biernat of Lublin. pretative procedure focuses on fundament pretative procedure focuses on fundament pretative procedure focuses on fundamentpretative procedure focuses on fundamentpretative procedure focuses on fundament pretative procedure focuses on fundament pretative procedure focuses on fundament pretative procedure focuses on fundament pretative procedure focuses on fundament pretative procedure focuses on fundamentpretative procedure focuses on fundament pretative procedure focuses on fundament pretative procedure focuses on fundamentpretative procedure focuses on fundamentpretative procedure focuses on fundamentpretative procedure focuses on fundamentpretative procedure focuses on fundamentpretative procedure focuses on fundament pretative procedure focuses on fundamentpretative procedure focuses on fundamentpretative procedure focuses on fundament pretative procedure focuses on fundamental hermetic issues. 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This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). 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This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced a Hermetis). This exegesis also reveals the philosophical tradition that influenced the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin. the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin. the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin. the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin. the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin.the way of reading by Biernat Lublin. the way of reading by Biernat Lublin. the way of reading by Biernat Lublin. the way of reading by Biernat Lublin.the
PL
Prezentowana publikacja jest efektem badań nad tradycją hermetyczną i początkami polskiego humanizmu. Omawia tekstualną zawartość pierwszej z trzech części rękopisu PAN nr 1717 z Krakowa, w którym Biernat z Lublina spisał wybrane fragmenty pism hermetycznych. Artykuł ukazuje wnioski, jakie pojawiają się na kolejnych etapach analizy filologicznej. Procedura interpretacyjna skupia się na podstawowych zagadnieniach hermetycznych. Wskazuje na dominanty tematyczne wybrane do manuskryptu lub celowo pominięte przez Biernata z Lublina. Oprócz tego zestawia wybrane edycje pism hermetycznych, porównuje konkretne fragmenty, zdania i pojedyncze słowa (dicta Hermetis). Egzegeza ukazuje także filozoficzną tradycję, która warunkowała sposób czytania przez Biernata z Lublina.
5
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CZYTANIE GWIAZD (Grzegorz Raubo, „Ludzie się na górne zapatrują obroty”. Astronomiczne konteksty literatury polskiego baroku. Poznań 2011, ss. 244)

100%
Sójka T.
Porównania
|
2012
|
vol. 10
259-265
6
Content available remote

CZYTANIE GWIAZD (Grzegorz Raubo, „Ludzie się na górne zapatrują obroty”. Astronomiczne konteksty literatury polskiego baroku. Poznań 2011, ss. 244)

100%
Sójka T.
Porównania
|
2012
|
vol. 10
259-265
7
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Marsilio Ficino, „Teologia platońska. O nieśmiertelności dusz”

75%
Sójka T.
Logos i Ethos
|
2022
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vol. 59
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issue 1
257-294
8
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Zmiany w zakresie ochrony obligatariuszy oraz obowiązków emitentów obligacji

63%
Sójka T., Rycerski A.
Przegląd Ustawodawstwa Gospodarczego
|
2019
|
issue 5
2-8
EN
This article demonstrate selected amendments in the Act on bonds of 15th January 2015 carried outin the Act on the amendment of selected acts in conjunction with the strengthening of market surveillance and investor's protection on the financial market of 9th November 2018. The analysis has been limited to two aspects, specifically to the obligatory bonds' dematerialization and the duty to sign an agreement with the agent in process of the bond issuance. The impact of the new regulation on scope of investors' protection and the costs of debt financing have been assessed. The subject of this article is also to demonstrate the main legal measures which have been implementedunder the directive 2014/65/UE and which have been applied under the regulation 2017/565. The assessment of the aforementioned measures was necessary in order to analyse the new ones.
PL
Artykuł prezentuje wybrane zmiany w ustawie z 15.01.2015 r. o obligacjach dokonane na mocy ustawy z 9.11.2018 r. o zmianie niektórych ustaw w związku ze wzmocnieniem nadzoru nad rynkiem finansowym oraz ochrony inwestorów na tym rynku. Analizę tę zasadniczo ograniczono do dwóch aspektów, a mianowicie obligatoryjnej dematerializacji obligacji oraz obowiązku uczestnictwa agenta emisji w procesie emisji tych instrumentów finansowych. Oceniono wpływ nowych przepisów na zakres ochrony inwestorów oraz koszty pozyskiwania finansowania dłużnego. Odniesiono się także do najważniejszych instytucji wdrożonych do krajowego porządku prawnego na mocy dyrektywy 2014/65/UE oraz wynikających z rozpoczęcia stosowania rozporządzenia 2017/565, co było niezbędne przy dokonywaniu oceny nowych środków prawnych tworzonych z inicjatywy prawodawcy krajowego.
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Agent emisji obligacji

63%
Sójka T., Rycerski A.
internetowy Kwartalnik Antymonopolowy i Regulacyjny
|
2019
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vol. 8
|
issue 7
9-18
PL
Niniejszy artykuł prezentuje problematykę obowiązku uczestnictwa agenta emisji w procesie emisji obligacji, listów zastawnych i certyfikatów inwestycyjnych emitowanych przez niepubliczny fundusz inwestycyjny zamknięty. Jest to novum wprowadzone do polskiego prawa rynku kapitałowego na mocy ustawy z dnia 9 listopada 2018 r. o zmianie niektórych ustaw w związku ze wzmocnieniem nadzoru nad rynkiem finansowych oraz ochrony inwestorów na tym rynku (dalej: Ustawa)1 bezpośrednio oddziałujące na kształt podstawowych instytucji ustawy z dnia 15 stycznia 2015 r. o obligacjach (dalej: uo).
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