How Administration Should Treat Rules of Ethics for Investment Advisors. Possible Legal Consequences of Them Violation in Polish Law
How Administration Should Treat Rules of Ethics for Investment Advisors. Possible Legal Consequences of Them Violation in Polish Law

Author(s): Michał Tadeusz Najman
Subject(s): Law and Transitional Justice, Law on Economics, Administrative Law
Published by: ADJURIS – International Academic Publisher
Keywords: investment advisor; ethics; legal consequences;
Summary/Abstract: The profession of investment advisor is relatively young and not very popular in Poland. It was introduced into the Polish legal system under the Act of March 22, 1991, Law on Public Trading in Securities and Trust Funds (Dziennik Ustaw of 1994, No. 58, position 239). Currently, there are 787 people on the list of investment advisors. It is afree profession within the meaning of Art. 88 of the Commercial Companies Code This profession is largely responsible for the proper functioning of economic transactions, including commercial transactions, which results from the specificity of the duties performed by its representatives. As in any profession of public trust, its representatives are required to be particularly diligent in performing it, and above all, they are subject to amore rigorous than common ethical regime, often resulting from codes of professional ethics. The article draws attention to the erroneous identification of the concept of an investment advisor with a financial advisor. The situation of a person violating the ethical norms of the investment advisor’s profession was also presented, in particular what consequences its violation may have on the financial market and whether the state’s response to them is adequate.

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