Poland – FSA Final Decision Major Shareholding Case

Poland – FSA Final Decision Major Shareholding Case

On 5 January 2024, POL FSA issued final decision regarding Michal Kosciuszko.

  • POL FSA published the final decision regarding the Michal Kosciuszko major shareholding disclosure case.


  • On 15 December 2023, POL FSA repealed 13 December 2016 decision imposing PLN800,000 fine on Kosciuszko for infringements re major shareholding in Polskie Jadlo SA in 2011/12.
  • Fine of PLN760,000 imposed on Kosciuszko for failure to notify POL FSA and the company of the reduction in time, violating article 69 of the Public offering act.
  • By decision of 26 May 2017, POL FSA upheld the decision of 13 December 2016.


  • Kosciuszko appealed decision to Provincial Administrative Court, dismissed June 2018.
  • Appealed against the judgment of the Provincial Administrative Court in a cassation appeal, requesting it be set aside and that the case be remanded for re-examination.
  • On 25 February 2022, the Supreme Administrative Court reversed the appealed judgment and remanded the case to the Provincial Administrative Court after re-examination.
  • In October 2022, Provincial Administrative Court reversed FSA's decision of 26 May  2017.
  • Judgment of Provincial Administrative Court is final; after re-examining the case, FSA confirmed infringements, assessing Kosciuszko's readiness to cooperate with FSA as a mitigating circumstance and as a result, the decision was annulled.
  • Lower fine imposed on Kosciuszko; maximum penalty in this case is PLN1,000,000.