Borowski, Grzegorz2013-03-122013-03-122003Ruch Prawniczy, Ekonomiczny i Socjologiczny 65, 2003, z. 1, s. 129-1450035-9629http://hdl.handle.net/10593/5150The article presents the modifications introduced in January 2002 to the Directive on the coordination of laws, regulations and administrative provisions related to undertakings for collective investment in transferable securities, which is crucial for the principle of free flow of capital in reference with collective investment institutions. Against the background of the Directive provisions the author presents the economic and legal reasons for the amendment, discussing the amendments in reference to the authorization of collective investment institutions, the principles of starting activity by companies managing such institutions and the obligation of such institutions to keep the investors informed. The author pays special heed to the potential consequences of the amendment for the Polish regulations on open investment funds included in the Act of 28 August 1997 on investment funds (full text in legislative journal Dz.U. 2002, No49, poz.448 with further amendments).plArtykuł