1) acquires or disposes of securities in breach of the proscription referred to in Art.67,
2) fails to make a notification referred to in Art.69 within the time prescribed or makes such a notification in breach of the provisions of Art.69,
3) exceeds the defined threshold of the total vote in breach of the conditions referred to in Art.72 through Art.74,
4) fails to meet the conditions referred to in Art.76 or Art.77,
5) fails to announce or carry out a tender offer within the time prescribed, or dispose of shares within the time prescribed in the events referred to in Art.73.2 or Art.73.3,
5a) fails to announce or to conduct on time a tender offer in the cases specified in Art.74.2 or Art.74.5,
5b) fails to announce or to conduct on time a tender offer in the case specified in Art.90a.1, 6) (repealed),
7) despite receiving the request referred to in Art.78, fails to introduce necessary changes in or supplements to the contents of the tender offer or fails to deliver explanations concerning the contents within the time prescribed,
8) in the case specified in Art.74.3, fails to pay a difference in the share price within the time prescribed,
than a price determined under Art.79,
9a) directly or indirectly acquires or subscribes for shares in breach of Art.77.4.1 or Art.77.4.3 or Art.88a,
10) acquires his own shares in breach of the procedures, dates and conditions specified in Art.72 through Art.74, Art.79 or Art.91.6,
10a) conducts right of squeeze out in a manner non-compliant with the rules specified in Art.82,
10b) fails to meet the requirement referred to in Art.83,
11) despite the obligation specified in Art.86.1, fails to make documents available to the special-purpose auditor or furnish explanations to him,
11a) fails to perform the obligation referred to in Art.90a.3,
12) commits the act specified in points 1 to 11a above, while acting on behalf or in the interest of a legal person or an organisational unit without legal personality.
– the Commission may, by way of decision, impose a pecuniary penalty of up to PLN 1,000,000, or
2. The fine in the amount specified in paragraph 1 above may be imposed separately for each act specified therein.
3. The fine referred to in paragraph 1 may be imposed separately on each entity bound by the agreement referred to in Art.87.1.5.
4. In the decision referred to in paragraph 1 above, the Commission may determine a deadline for the repeated performance of the obligation or act which is required under applicable regulations and the breach of which was the reason for imposing the fine. If the obligation or act is not performed by such deadline, the Commission may again, by way of a decision, impose a pecuniary penalty. The provisions of paragraphs 2 and 3 above shall apply accordingly.
5. The relevant decision shall be issued following a hearing. Chapter 8 Civil Liability
Article 98.
1. The entity responsible for the authenticity, integrity and completeness of information contained in the issue prospectus, information memorandum and other documents drawn up and made available with respect to public offering of securities, admission of securities or financial instruments other than securities to trading on a regulated market or seeking such admission, is obliged to repair damage caused by making available to the public of information that is unreliable, untrue or incomplete or by omission of information, unless this entity or the persons for whom it is responsible, are not at fault, subject to paragraph 2 below. 2. The entity which has prepared a summary or translation thereof shall be liable exclusively for damage caused in the event that such a summary or translation is misleading, inaccurate or contradictory when read with other parts of the issue prospectus.
3. (repealed). 4. (repealed).
their activities pertaining to trading in financial instruments, use information specified in these provisions, unless they were not and could not be aware of such information being untrue or omitted.
6. The liability of the entities specified in paragraphs 1, 2 and 5 above shall be joint and several and may not be limited or excluded. This shall be without prejudice to the possibility of concluding an agreement governing mutual obligations of these persons under such liability.
7. The issuer and the entity which prepared, or participated in the preparation of, information referred to in Art.56.1 are obliged to repair damage caused by making untrue information available to the public or omission of true information, unless this entity or the persons for whom it is responsible, are not at fault.
8. The issuer of depository receipts and the entity which prepared, or participated in the preparation of, information referred to in Art.59 are obliged to repair damage caused by making untrue information available to the public or omission of true information, unless this entity or the persons for whom it is responsible, are not at fault.
9. The entities referred to in paragraphs 1, 2 and 5 to 8, while performing their responsibilities, should exercise due diligence resulting from the professional nature of their activity.
Chapter 9