The Twinning Light project Strengthening the supervising capacities of the Polish Financial Supervision Authority - UKNF in the field of capital market was implemented by the Italian supervisory authority (Commissione Nazionale per le Societa e la Borsà – Consob) for the Polish Financial Supervision Authority. The project contributed to increasing the knowledge and professional capacities of the employees and therefore to strengthening supervisory powers of the UKNF in the field of capital market in light of current directive on insider trading and market manipulation (Market Abuse Directive – MAD).

The project’s overall objective was strengthening the institutional and operational capacity of the public administration in order to properly function in the structures of the European Union and proper enforcement of the EU regulations concerning financial market.

In the framework of project implementation and carried out trainings Surveillance and enforcement of the market abuse cases the experts of the Italian supervisory authority transferred the knowledge on methods of detection of abuse, proceedings of enforcement and enforcement actions in light of defendant’s rights according to the powers stipulated in the Market Abuse Directive (MAD), cooperation with the public prosecutor office and the police, as well as on identification of the methods of investigation not only on a capital market but on a financial market as a whole, in which there is a ground for possible abuses.

The representatives both of the UKNF and institutions closely cooperating with the UKNF in the field of market abuse (the Police Headquarters, the Central Anticorruption Bureau and  the District Prosecutor’s Office) participated in the trainings.

Moreover, the Twinning Light partner with the assistance of the UKNF experts developed the guidebook comprising knowledge and information obtained from the Italian supervisory authority, including issues related to “insider trading” and “market abuse” in regard to the Marker Abuse Directive, as well as covering also i.a. issues concerning activity on financial market done by non-regulated entities and guidelines how to protect individuals from fraudulent activities. The guidebook included also some features of enforcement proceedings and actions aimed at monitoring and protecting market integrity. The guidebook has been made available to the employees of the UKNF to be used while implementing professional duties in the field of supervision of the financial market.

All the project objectives and results were achieved.
Participation in the training seminars and acquired knowledge increased the professional capacities of the employees and through strengthened the institutional and operational capacities of the public administration institution in order to proper implement the EU regulation on financial market, especially regarding detection and prevention the financial market abuse, including insider trading and market manipulation, and therefore contributed to increasing the security on the financial market in Poland.

Project was implemented between December 2008–July 2009.