5:28 19 February 2026
Regulator tightens insider rules
The Polish Financial Supervision Authority (UKNF) has clarified rules governing same-day share transactions by company executives and related persons, a move widely seen as a response to the high-profile PKP Cargo case involving former board member Marcin Wojewódka.
On 10 December 2025, Wojewódka sold nearly all his shares during a trading session, then repurchased the same block later that day at a price more than 1 złoty lower, after the stock fell. The transactions, disclosed only after the session, triggered strong investor reactions and prompted UKNF to review the matter under EU MAR market-abuse rules. He declined comment and was removed from the supervisory board the following day.
In guidance issued on 17 February, UKNF stressed that insider transactions must be reported promptly, using a uniform template, with same-day trades aggregated. Notifications should reach issuers by session close, while public disclosure should occur as soon as possible after trading ends to avoid misleading investors and potential market manipulation.
