POLAND Law and Practice Contributed by: Wojciech Ługowski, Lawarton Lugowski Kapica Spolka Komandytowa
designed for small and medium-sized enterpris - es seeking capital with fewer regulatory require - ments than the WSE’s main market. Meanwhile, Catalyst serves as Poland’s regulated market for corporate and municipal bonds, facilitating both retail and wholesale bond trading while ensur - ing compliance with MiFID II regulations and national securities laws. Cryptocurrency Exchanges See 10 Blockchain . Forex and CFD Trading/Platforms Forex and CFD Trading Platforms operate under MiFID II regulations, offering leveraged financial instruments such as contracts for difference (CFDs) and currency trading (Forex). These plat - forms must be licensed by KNF or another EU regulator under the passporting regime. Many retail trading platforms in this segment operate under foreign licences, although they remain subject to Polish consumer protection and finan - Crowdfunding platforms, while facilitating invest - ments, differ from traditional trading platforms as they do not provide active secondary mar - ket trading. They operate under the European Crowdfunding Service Providers Regulation and allow investors to participate in equity crowd - funding (acquiring shares in start-ups and SMEs) or debt/lending crowdfunding (financing busi - nesses through loans). Unlike stock exchanges, these platforms lack liquidity and secondary market mechanisms, meaning investors hold assets until a liquidity event, such as an acqui - sition or buyback. Others cial market regulations. Crowdfunding Platforms Other trading platforms, such as multilateral trading facilities (MTFs) and organised trading
facilities (OTFs), are also permitted. They oper - ate under MiFID II regulations and require appro - priate licensing and compliance with the best execution and market integrity standards. 6.2 Regulation of Different Asset Classes The regulatory frameworks for traditional securi - ties and crypto-assets differ significantly, reflect - ing the distinct nature of these financial instru - ments. Traditional Securities Traditional securities, such as stocks and bonds, are primarily governed by the Polish Act on Trad - ing in Financial Instruments. This Act aligns with MiFID II regulations, ensuring standardised regu - lation across EU member states. KNF oversees activities related to these financial instruments, enforcing compliance with established financial market laws. Crypto-Assets The regulatory landscape for crypto-assets wasn’t regulated until recently, when at the start of this year, the EU’s MiCAR came fully into force. This Regulation establishes a comprehen - sive EU-wide framework for crypto-assets and related services. MiCAR separates crypto-assets into three classes: asset-referenced tokens, e-money tokens and other tokens (including utility tokens). Poland has yet to prepare national implementa - tion of the Cryptoassets Act. See 10 Blockchain . 6.3 Impact of the Emergence of Cryptocurrency Exchanges The emergence of cryptocurrency exchanges, both centralised and decentralised, has led to
659 CHAMBERS.COM
Powered by FlippingBook