Klauzula generalna istotnego wpływu informacji poufnej na cenę lub wartość instrumentu finansowego

Abstract

General clauses, as indeterminate phrases, allow to properly apply the capital markets law in changing social and economical conditions. This type of regulation is instrumental in passing fair judgments in special cases which differ from the typical circumstances described in legal regulations. The general clause of the significant influence of confidential information on the price or value of a financial instrument constitutes an indeterminate phrase signifying the assessment of the level of influence of a particular piece of information on the price or value of a financial instrument. The result of including the general clause in the legal definition of confidential information is the fact that the assessment specified by the clause should be taken into account by the legal authorities while determining the circumstances and their legal consequences. This particular model of regulation allows to use the existing legal regulations with more flexibility and, in consequence, to apply the existing law in a more optimal way, according to ratio legis.