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Email this article The Issue of Defining a Transaction in the Light of the Related Party Transactions Regime: A Comparative Approach
Abstract
Related party transactions are an essential regulatory area influencing the shape of current corporate governance. The regime of supervision over these transactions in the Member States of the European Union is harmonised as a result of the transposition of European legislation into national law. However, the regime implemented by the Member States required the adoption of a definition of a material transaction delimiting the material scope of application of that regime. While the provisions implemented by the Member States contain guidelines on how to determine the materiality threshold (which does not generally cause interpretation problems), they regulate the term transaction differently (from no regulation to the adoption of detailed legal definitions of the term). This paper aims to conduct a brief comparative analysis of the rules governing the definition of a transaction in certain Member States and, based on this analysis, to formulate a de lege ferenda postulate that the current regime for related party transactions in Polish law is amended with regard to the introduction of a legal definition of a transaction.
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LITERATURE
Baszczyk M., Wymóg uzyskania zgody rady nadzorczej na transakcje ze spółkami z grupy – uwagi na tle art. 3841 k.s.h., “Przegląd Prawa Handlowego” 2024, no. 2.
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Davies P.L., Emmenegger S., Ferrarini G., Hopt K.J., Opalski A., Pietrancosta A., Castells A.R., Roth M., Schouten M.C., Skog R., Winner M., Wymeersh E., Implementation of the SRD II Provisions on Related Party Transactions, “ECGI Law Working Paper” 2020, no. 543.
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Habersack M., [in:] Münchener Kommentar zum Aktiengesetz, vol. 2: §§ 76–117, eds. W. Goette, M. Habersack, S. Kalss, München 2023.
Kalss S., [in:] Aktiengesetz. Kommentar, vol. 1: §§ 1–136, eds. P. Doralt, C. Nowotny, S. Kalss, Wien 2021.
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LEGAL ACTS
Act of 23 April 1964 – Civil Code (consolidated text, Journal of Laws 2025, item 1071, as amended).
Act No. 513/1991 Coll. Commercial Code of 5 November 1991, as amended.
Act of 15 September 2000 – Commercial Companies Code (consolidated text, Journal of Laws 2024, item 18, as amended).
Act No. 256/2004 Coll. on Capital Market Undertakings – Act of 14 April 2004, as amended.
Act of 29 July 2005 on public offering and the conditions governing the introduction of financial instruments to the organised trading system and public companies (consolidated text, Journal of Laws 2025, item 592, as amended).
Act of 24 May 2011 on the exercise of certain rights of shareholders in general meetings of listed companies, implementing Directive 2007/36/EC on the exercise of certain rights of shareholders in listed companies (Mémorial Luxembourgeois A, no. 109, as amended).
Act of 4548/2018 (Official Government Gazette Bulletin Α’ 104, 13.6.2018, as amended).
Act of 5/2021 of 12 April 2021 amending the consolidated text of the Capital Companies Law, and approved by Royal Legislative Decree 1/2010 of 2 July 2010, and other financial legislation, with respect to fostering the long-term involvement of shareholders in listed companies (Official State Gazette BOE-A-2021-5773).
Code of Companies and Associations of 23 March 2019 (Belgian State Gazette of 4 April 2019).
Codified Act of 2190/1920 on limited companies (Official Government Gazette Bulletin Α’ 37, as amended).
Commission Regulation (EU) 2023/1803 of 13 August 2023 adopting certain international accounting standards in accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the Council (OJ L 237/1, 26.9.2023).
Companies Act (Swedish Code of Statutes 2005:551).
Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement (OJ L 132/1, 20.5.2017).
Legislative Royal Decree 1/2010 of 2 July 2010 approving the Revised Capital Companies Act (Official State Gazette BOE-A-2010-10544, as amended).
Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (OJ L 243/1, 11.9.2002).
Regulations containing provisions relating to transactions with related parties (adopted by Consob with Resolution no. 17221 of 12 March 2010, later amended by Resolutions no. 17389 of 23 June 2010, no. 19925 of 22 March 2017, no. 19974 of 24 April 2017, no. 21396 of 10 June 2020, and no. 21624 of 10 December 2020).
Securities Market Code (Decree-Law no. 486/99 of 13 November 1999, as amended).
Stock Corporation Act of 31 March 1965 (Austrian Federal Law Gazette no. 98/1965, as amended).
Stock Corporation Act of 6 September 1965 (German Federal Law Gazette I, p. 1089, as amended).
CASE LAW
Judgment of the Supreme Administrative Court of 2 March 2021, II FSK 2968/18, LEX no. 3209290.
Judgment of the Voivodeship Administrative Court in Gdańsk of 20 January 2015, I SA/Gd 1234/14, LEX no. 1668120.
Judgment of the Voivodeship Administrative Court in Bydgoszcz of 20 April 2022, I SA/Bd 122/22, LEX no. 3346602.
DOI: http://dx.doi.org/10.17951/sil.2026.35.2.189-202
Date of publication: 2026-08-07 12:31:25
Date of submission: 2026-03-27 16:18:40
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