Prof. M. Romanowski as co-author of the latest edition of the System of Private Law Volume 9

Prof. Michał Romanowski, as co-author of the latest edition of Systemu Prawa Prywatnego Volume 9 'Contract Law - Unnamed Contracts', describes issues relevant to the investment market, including: brokerage commission agreements, relations between a brokerage house and an investor, and the liability of a brokerage house. Prof. Michał Romanowski also analyses securities underwriting agreements and sponsored issue of depositary receipts, securities derivatives agreements - option and futures contracts.

"The promotion of a non-named contract to the category of named contracts usually leads to a restriction of the principle of freedom of contract. The interpenetration and coexistence of public and private law in the sphere of economic transactions is inevitable. Private law regulation fills, as it were, with content the framework outlined by public law regulation. Public law regulation should fulfil a service role in relation to private law regulation. The problem lies not in the lack of instruments guaranteeing the protection of clients' interests, but in the inadequate use of these instruments. The interests of clients of investment firms are (or at least should be) guarded by: FSA, courts, prosecutor's office, President of the Office of Competition and Consumer Protection. However, some contracts should be regulated by law and be given the status of a named contract - an example of such a contract is the brokerage order contract, which is currently regulated in a fragmentary way. ' - says Professor Michał Romanowski.

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