Exchange Commission to improve effectiveness by March

The Securities and Stock Exchange Commission (KPWiG) is working on a draft law to boost its powers and investor confidence in the Warsaw Stock Exchange prior to joining the EU. Although the country has not suffered any major corporate accounting scares on the scale of Enron or WorldCom, it has been notoriously slow in enforcing rules against insider trading and price fixing. Commission officials say the court system is backlogged. "Undoubtedly we live with a conviction that the system is not effective," Commission Chairman Jacek Socha told reporters. The Commission will finish its draft on how to implement EU directives on market abuse, passed late last year, into a new measure outlining its powers by March. "The draft, which has already been discussed with the Justice Ministry, will guarantee improved effectiveness," said Beata Jarosz, head of the Commission's market supervision department. (Reuters) M.M.