Implementation of the MIFiD II Directive in Poland and emission allowances

On April 21, 2018, the provisions of the Act amending the Act on Trading in Financial Instruments and certain other acts (Journal of Laws of 2018, item 685) entered into force. According to its provisions, emission allowances were classified as financial instruments. From that date, entities involved in the trading of emission allowances will be obliged, among others, to obtain an investment activities permit issued by the Polish Financial Supervision Authority, to report transactions, to comply with net limits, etc.

By amending the above Act, the EU MiFID II Directive was transposed, which aim is to impose a number of obligations on the entities involved in trading in financial instruments, including emission allowances, in order to increase the safety of market participants and increase transparency of the market.

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