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Author: Tomasz Szlązak Title: The Prospectus Directive - Chosen Aspects of the Impact of European Regulation on the Public Regulated Markets of Poland and the United Kingdom This is my final thesis I wrote in 2009, for the LLM programme in Corporate Governance, Financial Regulatioin and Economic Law, ran by the University of London, Institute of Advanced Legal Studies. Got 76% for it, so I guess it should have at least some good bits in it. If anyone stumbles upon it and happens to read it, please let me know (fairly politely), whether its any good and if I should strive to publish it via the usual channels. I'm thinking about translating it into Polish and trying to publish it somewhere. Also, if you happen to be an established legal academic (yeah right) and you would be interested in reviewing it, I would be chuffed to put it mildly.
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  The Prospectus Directive – Chosen Aspects of theImpact of European Regulation on the PublicRegulated Markets of Poland and the United Kingdom 1  2  The Prospectus Directive – Chosen Aspects of the Impact of European Regulation onthe Public Regulated Markets of Poland and the United Kingdom...............................11.0. Introduction .................................................................................................3Regulated Markets in UK and Poland ................................................................5Stock Exchange Capitalisation and Number of Listed Companies ....................5. Decrease in Capitalisation as a Global Phenomenon .......................................7The Decision to Enter the Public Regulated Market .........................................93.1. Share Capital and the Nature of Shares ......................................................9Considerations for Raising Share Capital ....................................................... 10Cost of Capital ................................................................................................12The Effect of Regulation ................................................................................. 13Other Issues of Regulation .............................................................................. 15The Regulatory Agencies of the UK and Poland ............................................ 15The Financial Services Authority ....................................................................16Polish Financial Services Authority ................................................................ 17Comparing the Regulators ...............................................................................19Power to Regulate v. Power to Supervise ...................................................... 20Transparency and Public Consultations ......................................................... 21Conclusions on the Authorities ........................................................................ 24The Implications of the European Internal Market Legislation ....................... 25The Financial Services Action Plan and the Single European Market ............26The Prospectus Directive ................................................................................. 28The Single European Passport ..........................................................................28The European Entry Regime Specific Regulations ..........................................29Personal Responsibility .................................................................................... 31Approval Procedure ..........................................................................................32Incorporation by Reference .............................................................................. 33Regulatory Competition Issues ....................................................................... 34‘Race to the Top’ v. ‘Race to the Bottom’ ...................................................... 35Prospectus Directive and High Harmonisation Rules ..................................... 37Further Harmonisation – Level 2 Regulation ...................................................38Directive’s Implementation in Poland and the UK ......................................... 40The Impact of the Entry Regime on the Market ...............................................43The Importance of Public Enforcement ........................................................... 44Conclusions ...................................................................................................... 46Bibliography, Cases and Statutes ..................................................................... 49 1.0. Introduction It is the aim of this essay to compare and discuss the differences in the regulatoryregime of the United Kingdom and Poland. I focus my efforts on the markets where3  regulation plays the most significant part, meaning the public regulated markets of listed shares. It is clear that the markets themselves are very different in effect of numerous factors such as history and the legal systems’ characteristics. The role of European regulation in harmonising the regulatory regimes of those two markets hasadmittedly played an important role in bringing them together in terms of theregulation of entry requirements along with numerous other issues. I start this essay by observing the recent activities on the public regulated markets and the economicdevelopments that allow description of the differences in the markets themselves. Theessay’s second part is devoted to analysing the factors that can shape a company’sdecision to raise capital via means of the capital markets, with special consideration of the public regulated share markets. I then go on to analysing the characteristics of thefinancial authorities in the United Kingdom and in Poland. In the second half of thisessay I consider the European perspective of public equity markets regulation. First, Idescribe the European legislation shaping the regulation of admissions to listing in both the UK and Poland. I then go on to discuss the procedure and effects of implementation of the mentioned European legislation into the legal orders of thosecountries. I close the essay with an assessment of the impact of the most importantissues described in the earlier parts.4
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