Przestępstwo manipulacji instrumentem finansowym (manipulacji na rynku) w perspektywie reguł prawa karnego międzyczasowego
The offence of manipulating a financial instrument (market manipulation) given the rules of interim criminal law

Summary/Abstract: Art. 183 sec. 1 of the Act on Trading in Financial Instruments does not define the features of the subject of the offence of manipulation. It only formulates a sanctioning norm. Decoding a sanctioned norm requires the interpretation of a whole conglomerate of administrative regulations. At the same time, both the central regulation and the supplementary regulations have changed in recent years. The article aims to recreate the most favourable – from the point of view of the intertemporal rule in Art. 4 of the Penal Code – set of regulations that make up the norm that criminalizes manipulation. The author, analysing the level of specificity of the penal norm, points to the impossibility of its reconstruction both in the current state and in the past. Moreover, he presents arguments in support of the opinion that in the period from July 3, 2016, to May 6, 2017, the Polish legal system depenalized offences of manipulating a financial instrument.

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