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PL
Na zlecenie Giełdy Papierów Wartościowych S.A. w Warszawie Instytut Zaawansowanych Studiów Prawnych im. Profesora Maurycego Allerhanda z siedzibą w Krakowie, powszechnie znany jako Instytut Allerhanda, opracował w 2018 r. koncepcję wydzielenia w polskim wymiarze sprawiedliwości specjalistycznego sądu dla spółek publicznych. Założenia do tzw. „ustawy o Sądzie Rynku Kapitałowego” przygotował adw. dr. hab. Arkadiusza Radwan, we współpracy z r. pr. Michałem Bobrzyńskim, LLM (Harvard), r. pr. Kamilem Nowakiem oraz dr. Krzysztofem Grabowskim – współpracownikami naukowymi Instytutu Allerhanda. Prezentujemy dokument w oryginalnej formie przekazanej Zarządowi GPW 5 grudnia 2018 r.
EN
In 2018 the Warsaw Stock Exchange commissioned the Allerhand Institute, to draw up assumptions for a legislation introducing into the Polish judicial system a separate specialized Capital Market Court competent in corporate law disputes of listed companies as well as disputes between investors and issuers of financial instruments. Moreover the jurisdiction of new court would extend to embrace judicial review of decisions issued by the Polish Financial Supervision Authority (KNF). The document was prepared by Professor Arkadiusz Radwan, in cooperation with Michał Bobrzyński (Attorney-at-Law, LL.M. Harvard), legal advisor Kamil Nowak (Attorney-at-Law) and Dr. Krzysztof Grabowski – all research associates affiliated with the Allerhand Institute. This is to present an original document submitted to the Board of the Warsaw Stock Exchange on 5 December 2018.
EN
The article is a review of a recent book edited by M. Kramme, Ch. Baldus, M. Schmidt-Kessel entitled “Brexit und die juristischen Folgen“ (Brexit and the legal consequences), Baden-Baden 2016. As the book comprises of more than a dozen of more or less loosely interrelated contributions, the review, apart from appraising the book’s structure, gives an annotated overview of each of the book’s chapters. These chapters are grouped into three larger parts covering: (1) the Treaty foundations and the legal framework of a Member State’s withdrawal from the Union (2) the impact of Brexit on selected areas of law, including, inter alia, company law, financial regulation, tax law, free movement of labour, and competition law; (3) the consequences of Brexit for Scotland and Northern Ireland.
EN
The decision on leaving the EU was driven by identity politics rather than sober economic considerations. The British government will have to reconcile the political expectations of the voters (red lines) with their long term economic aspirations, as it will be accountable towards the electorate for delivering both. The two-years sunset clause elicits the specter a hard Brexit scenario with theUK ending up as Union’s uncushioned dropout. The failure to work out any withdrawal agreement, ergo UK downgrading to a mere WTO status makes up the BATNA for the negotiating parties. From the day of the notification made pursuant to Article 50 TEU, this BATNA looms larger for the UK than it does for the EU-27, as the costs of losing the access to the other party’s market are estimated to be much higher for London than for Brussels. Avoiding hard Brexit will only be possible if a new model of future EU-UK trade relations will be worked out. The cost calculation for EU-27 cannot be limited to a ‘single game’ (one-stage strife) but it has to take into account the influence of the negotiated outcome on future behaviour of other players to the game, i.e. the remaining MS. Both parties remain in a confrontational logic. They resort to entering a chicken game – a negotiation strategy of signalling a limited room for manoeuvre. The main demands of the Leave camp are now being taken by the British government for red-lines supposed to be limiting London’s array of acceptable negotiation outcomes (Brexit means Brexit). On the other hand, the EU-27, as a heterogeneous group of countries remains inherently unpredictable, which may be also perceived as a structural narrowing of Brussels’ room for manoeuvre. Thus, contrary to the received wisdom, the London’s divide et impera strategy would easy turn counter-effective. A tension that exists between meeting voters’ political expectations on the one side, and safeguarding country’s long-term economic prosperity on the other, makes any possible tradeoff hard to accept. A strategy capable of reconciling these conflicting premises would be for London to strive to prevail in political symbolism while at the same time accept far-going concessions in the real sphere by allowing the EU-UK economic integration to be upheld through UK continued Club’s ‘membership in disguise’. The most probable outcome of the Brexit negotiation will be the adoption of a comprehensive free trade agreement. It is unlikely for the withdrawal agreement and/or for the future EU-UK FTA, alleviating the adversity of Brexit for the British economy, to be concluded without London’s readiness to rendering transfer payments towards the EU, and without UK participation in at least some of the Union’s key policies. Furthermore, UK will need to continue following at least some of the internal market regulations. The inherent downside of this arrangement for theUK will be the reduced influence of London on the Brussels-made laws. The compliance of United Kingdom with the EU legislation will need to be flanked by arrangements designed to guarantee a functioning law enforcement through institutionalized dispute resolutions mechanism (e.g. EU-UK court modelled after the EFTA-court).
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Ruszamy

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EN
Preface to the first volume by the journal’s editors. It draws upon the tradition of “Głos Prawa” (“The Voice of Law”) published between 1924 and 1939 and to the periodical “HUK” published in the years 2007-2010 as well as to a series of works of the Allerhand Institute. This is an invitation to contribute to the journal by scholars and practitioners of law and economics.
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Od Redakcji

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EN
A brief editorial overview of the contents of the Journal. From this issue onwards it will be published in two versions – Polish and English.
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Od Redakcji

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EN
Preface to the second volume by the editors of the Journal. A short description of the contents of this issue and an invitation to submit papers to “The Voice of Law” in Polish and English.
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Od Redakcji

51%
EN
A brief editorial overview of the contents of the Journal. From this issue it will be published in two versions – Polish and English will be published starting from this issue.
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