Wpływ wejścia w życie MiFID II na ryzyko funkcjonowania spółek energetycznych w Polsce
Impact of the MiFID II Directive on the risk of operation of energy sector companies in Poland

Summary/Abstract: The introduction of the MiFID II Directive required the implementation of this EU act into the Polish legal order, taking into account some of its specifics. However, the Directive was not implemented before of transposition date. Lack of implementation caused the occurrence of regulatory risk on the side of energy companies involved in the wholesale market, related to the lack of certainty as to the final shape of the implementation. The time of the vacatio legis of the directive, instead of adapting the structure of enterprises, was used to wait for the introduction of implementing regulations. As a result, energy companies received very little time to adapt their structures to the new regulatory requirements. At the same time, they were obliged to conduct their activities based on the unchanged provisions of the PL Financial Instruments Act, with full awareness of the inevitable introduction of significant changes, including the imposition of regulatory duties, with a short date of their entry into force. All of the above meant that conscious energy companies, until the full development of the post-MiFID order and good practice, and especially the regulator’s approach to the new requirements, took a number of steps to prepare for the application of the new regulation

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