Financial regulation

As a result of the recent financial crisis, we have seen in recent years the departure from the so-called light touch regulation approach, previously demonstrated by a number of financial market regulators and market participants, which to many meant self-regulation.

In view of the above, a number of new regulatory provisions have been adopted at the worldwide and European level that need to be applied by financial market participants. New regulations include provisions imposing tighter capital requirements for credit institutions and investment firms (CRR), provisions introducing the obligation of central clearing of the OTC derivatives (EMIR) as well as new regulations on investor protection (MiFID2/MIFIR). The above mentioned regulations either have a direct effect in Poland (as EU regulations) or need to be implemented into Polish law (as EU directives).

In respect of financial regulation, our lawyers have vast experience acting for banks and investment firms, including among others:

• preparation of amendments to the client documentation for the OTC derivatives for a number of Polish banks in order to implement EMIR requirements
• preparation of the client documentation for the OTC derivatives for a number of Polish banks
• preparation of an analysis concerning client funds protection in the context of MiFID/MiFID2
• preparation of a number of legal opinions concerning implementation of MiFID
• preparation of legal opinions relating to different aspects of CRR
• provision of legal advice concerning operation of a stock market of financial instruments and central deposit of securities in Poland