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Umowa zakupu energii (CPPA) jako instrument finansowy

VPPA, Virtual PPA, Synthetic PPA, MiFID, Wyłączenie MiFID

W dużym uproszczeniu Corporate Power Purchase Agreement („CPPA”) to umowa sprzedaży energii elektrycznej zawierana pomiędzy wytwórcą a obiorcą, z pominięciem spółki obrotu. Obecnie na rynku funkcjonują dwa podstawowe modele umów typu CPPA: fizyczny i finansowy. Zapraszamy do lektury tekstu autorstwa Michała Markowskiego i Łukasza Petelskiego >>

Changes in the regulation of the bond market in Poland:High costs of increased transparency

The recent scandal involving GetBack, which has shaken the foundations of the Polish debt securities market, has spurred Polish lawmakers to intervene in order to protect investors on the corporate bond market. Legislation has been enacted which to a large extent will change the outlook of the debt securities market in Poland. The justification for the bill stated that the regulation would “contribute to security and flexibility, which should in turn translate into increased interest in debt securities.” But it seems the new legislation will bring quite the opposite results. The price to be paid by market participants for increased transparency will be limited flexibility of debt instruments and further limitation of access to the market, particularly for Polish SMEs. Read more >  

Poland’s ban on marketing, distribution and sale of binary options

On 1 June 2018, two decisions by the European Securities and Markets Authority (ESMA) were published in the Official Journal of the European Union, formally adopting new measures to prohibit the sale, distribution and marketing of binary options to retail investors. The ban was originally implemented temporarily, for three months, but it has been extended ever since and has been in effect since July 2018. Read more >