REPORTING OBLIGATIONS OF COMPANIES LISTED ON NEWCONNECT - SCOPE, IRREGULARITIES IN COMPLETION AND THEIR CONSEQUENCES

摘要

The subject taken up in the article is the reporting obligations of companies trading their shares in the alternative trading system operated by the Warsaw Stock Exchange. The objective of the study, the results of which have been presented in this article, was the identification of the type of reporting obligations imposed by the Market Organiser on companies listed on NewConnect as well as the ascertainment of the most common irregularities in fulfilling these obligations and their regulatory consequences. Companies listed on New Connect are required to prepare current and periodic reports, whereas the Alternative Trading System Rules specify in detail the minimum information that the relevant reports must contain as well as the manner and timescale of their publication. The conducted analyses demonstrated that reporting irregularities are the most common type of breaches of the Alternative Trading System Rules. The number of sanctions imposed on participants by the Market Organiser in connection with such breaches is steadily increasing since the market's beginning. The majority of these irregularities concern periodic reports.