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In December 2025, Professor Michał Romanowski became a member of the Programme Council of the European Financial Congress at the invitation of Professor Leszek Pawłowicz.

The European Financial Congress (EFC) is an independent think tank focusing on economic and financial issues. It is also one of the most important events in the financial industry in Poland and the Central and Eastern Europe (CEE) region, providing a platform for open debate among business, science and political leaders on the stability, security and sustainable development of the financial systems of Poland and the EU.

The EFC’s activities include organising congresses, developing systemic recommendations, Polish experts’ positions in international consultations, book publications, macroeconomic and technological forecasts.

The central event is the annual Congress in Sopot.

The invitation to Prof. Michał Romanowski to help shape the EKF programme is a recognition of his interdisciplinary approach combining the worlds of law, finance and economics.

Law is context – comments Prof. Michał Romanowski.

Legislative paralysis and MiCA: do Polish companies have to wait for a new law to offer crypto assets?

In an article published in Business Insider, our lawyers, Aleksander Orzeł, LL.B., and Mateusz Kędzior, LL.M., discuss what the lack of a law on the crypto asset market means for Polish investment firms.

The consequences of the lack of a law:

• it is not currently possible for investment firms (i.e. regulated entities) to obtain the status of crypto-asset service providers (‘CASP’)
• limited ability to compete on equal terms with foreign brokers
• Polish investors also lose out – if they want to invest in crypto assets, they cannot use the services of Polish investment firms; they must turn to foreign or unregulated entities

However, the MiCA Regulation provides for certain mechanisms that Polish brokers can use while awaiting the entry into force of the Act. Polish entrepreneurs may consider cooperating with a licensed foreign entity in a model:

• similar to an agency model (the MiCA Regulation does not provide for a specific regime for agency activities; however, they may be conducted on the basis of freedom to conduct business as long as the agent’s activities do not constitute the independent provision of crypto-asset services)

This solution may allow Polish investment firms to operate now, in cooperation with entities licensed outside Poland.

More in the article available HERE.

Our experts, Piotr Haiduk, partner, and Aleksandra Cyniak, senior associate at Rzeczpospolita, analysed the consequences of the CJEU judgment in the Lubreczlik case (C-396/24).
The authors show that despite the groundbreaking significance of the Lubreczlik judgment, the legislator did not take its effects into account in its legislative work, once again shifting the burden of solving the systemic problem of Swiss franc loans onto the courts.

The article addresses, among other things, the following issues:

• discrepancies in case law following the Lubreczlik ruling
• practical consequences for banks, consumers and the justice system
• who benefits from relativising the balance theory and perpetuating legal chaos
• why the balance theory is a win for the justice system
• the significance of the CJEU ruling in case C-510/25 (Adazik)

The authors argue that the government’s Swiss franc bill currently being debated in the Sejm is passé because it was drafted before the Lubreczlik ruling, which the bill’s authors seem to overlook. The aim of the Swiss franc bill is to speed up proceedings and streamline the courts. However, until case C-510/25 (Adazik) is resolved and the effects of this judgment are determined at the statutory level, there will be no acceleration and, consequently, no real relief for the courts.

More in the article available HERE (Polish version only).

Transmission easement – what does the Constitutional Tribunal’s ruling of 2 December 2025 mean for transmission companies?

The Tribunal ruled that the acquisition by prescription of a land easement corresponding to the content of a transmission easement is unconstitutional.

The result? A possible wave of claims from property owners, including in cases of:

• easement agreements concluded before 3 August 2008,
• final judgments on the acquisition of easements by prescription.

What should be done now?

• Inventory of properties at risk,
• preparation of a defence strategy against potential claims.

The Constitutional Tribunal’s ruling significantly changes the landscape of disputes concerning transmission infrastructure.

More in our alert available HERE.

Aleksandra Kieliszek from the Romanowski i Wspólnicy law firm writes about non-pecuniary claims relating to personal rights pursued between capital companies and their succession.
In the case analysed, the courts unequivocally confirmed that non-pecuniary claims relating to personal rights – such as apologies or statements – are not subject to succession and are closely linked to the person who committed the infringement. As a result, after the defendant company was removed from the register, the proceedings had to be discontinued. It cannot be continued with its legal successor.

Key points:

• non-pecuniary claims relating to personal rights pursued between companies are not transferred to the legal successor,
• the loss of legal capacity by the defendant prevents a judgment from being issued,
• claims for personal rights cannot be ‘replaced’ with claims under the Unfair Competition Act in order to ‘save’ oneself from discontinuation of proceedings.

This analysis also highlights the importance of precise formulation of claims, especially in corporate disputes, where the right litigation strategy can determine the outcome of a case.

More in the article available HERE.

Short sellers are once again attacking the Polish company, causing CCC’s share price to fall by over 14%.

On Thursday, 16 October, NINGI Research published a report accusing CCC of inflating its revenues through fictitious sales of goods to an affiliated company. The result was a sharp sell-off of shares and millions in losses on the Warsaw Stock Exchange.

Sound familiar?

• The pattern is almost identical to Hindenburg Research’s attack on LPP in March.
• Short positions, a sensationalist report, investor panic – and a rapid decline in the share price.

In a commentary by Aleksander Cyniak and Aleksander Orzeł from the Romanowski i Wspólnicy law firm, we analyse:

• whether the activities of short sellers actually serve to improve the functioning of the market,
• who actually loses and who gains from the publication of such reports, and
• whether such activities are in line with European law (MAR).

You can find the commentary HERE

The Romanowski i Wspólnicy team advised LPP S.A. in the unprecedented case of Hindenburg Research’s attack on the company in March 2024. It was the first case of its kind on the capital markets of the European Union. We demonstrated that Hindenburg Research misled investors by making false allegations against LPP in order to profit from short selling at the expense of LPP shareholders. Criminal proceedings concerning the manipulation of LPP’s share price by Hindenburg Research are ongoing.

The company was advised by Michał Romanowski, Piotr Haiduk, Aleksander Orzeł, Aleksandra Cyniak and Mateusz Kędzior.

The advice included strategic support for LPP in connection with the publication of the so-called Hindenburg report and representation of LPP in proceedings supervised by the District Prosecutor’s Office in Warsaw in connection with the filing of a report of a crime committed by Hindenburg Research.

The law firm also represented LPP in administrative proceedings before the Polish Financial Supervision Authority related to the investigation of the proper performance of disclosure obligations in connection with the termination of LPP’s operations in Russia.

At the end of July 2025, the Polish Financial Supervision Authority approved the agreement concluded with LPP, ending the proceedings in this case.

Lawyers from the Romanowski i Wspólnicy law firm – Emil Smogorzewski, PhD, and Klaudia Szwarczyńska – have prepared up-to-date information for you on upcoming changes in labour law and the current challenges that employers may face [available HERE – Polish version only].

The most important changes and challenges for employers:

Minimum wage in 2026
PLN 4,806 gross per month (+PLN 140)
PLN 31.40 minimum hourly rate (+PLN 0.90)
higher benefits linked to the minimum wage (e.g. night shift allowance, benefits, severance pay)

New powers of the National Labour Inspectorate
reclassification of civil law contracts as full-time employment by administrative decision
remote inspections and electronic documentation
fines for violations of employee rights of up to PLN 90,000

Collective labour agreements
faster registration in the National Online Register
greater freedom in the content of agreements and mediation in the event of a dispute
the draft bill is already in the Sejm

WOT soldiers and employers
call-up for service within 6 hours
obligation of unpaid leave and special protection of the employment relationship
call-up for service renders any notice of termination ineffective

New regulations and challenges for employers and HR departments require adequate preparation today.

Lawyers from the Romanowski i Wspólnicy law firm – Emil Smogorzewski, PhD, and Klaudia Szwarczyńska – have prepared up-to-date information on upcoming changes in labour law, available [HERE – Polish version only].

The most important changes:

The National Labour Inspectorate (PIP) will gain the right to convert civil law contracts into employment contracts
Inspectors will be able to issue administrative decisions that will immediately convert the contract, even before the court has considered the appeal.

The Social Insurance Institution (ZUS) will take over the payment of sick pay from the first day
Employers will be exempt from the costs and administrative obligations associated with the first days of incapacity for work.

More flexible communication with trade unions and the works council
The exchange of information will also be possible electronically or in document form.

New obligation to inform foreigners about their right to trade unions
The regulations came into force on 1 June 2025, but there are discrepancies in their interpretation, e.g. whether they also cover persons already employed.

Why is this important?
Employers should already verify their contracts and procedures to avoid risks and comply with the new regulations.

The labor law team at Romanowski & Partners – attorney Emil Smogorzewski, PhD, counsel, and Klaudia Szwarczyńska, associate – have prepared a summer summary of the latest changes in regulations important for HR and compliance departments, available [TUTAJ – Polish version only].

What’s new?

Verification of diplomas – from January 1, 2026, employers will be able to verify the authenticity of paper diplomas. All that is required is an electronic request to the university, a fee, and a justification of legal interest.
Draft bill: link

Electronic health and safety training documentation – employees will also be able to confirm completion of initial training in electronic form. The new regulation will enter into force 14 days after its announcement.
Draft regulation: link

Temperature under control – from January 1, 2027, the maximum permissible temperature in the workplace will be 35°C (indoors) and 32°C (outdoor physical work). Already at 28°C, the employer will have to implement heat protection measures – technical or organizational, in consultation with employees.
Draft regulation: link

All changes respond to the real needs of the market – from counteracting counterfeiting, through the digitization of health and safety processes, to protecting the health of employees during hot weather.

It is worth familiarizing yourself with them before they come into force.