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In 2019, legal regulations came into force providing for a mandatory dematerialisation of investment certificates issued by closed-end investment funds, including those which are not a part of a public offering and have not been admitted to an organised trading market. Newly issued certificates will no longer be able to be issued as a document, or function as an entry in the record of investment certificates kept by an investment fund company. They will have to be registered in the depository of securities kept by the Krajowy Depozyt Papierów Wartościowych (National Depository for Securities, KDPW). These regulations were then supplemented by rules for how an issuing agent must operate a register of investment certificates before their registration in KDPW. This fundamental change entails a number of practical and formal consequences that are significant in establishing and enforcing collateral on investment certificates.

For nearly four years, Polish businesses have been in a possession of an important tool to restructure their debt and return to economically sustainable operations. Our experience since the Restructuring Law has been in force shows that with proper selection and cooperation with creditors, the new court procedures have many advantages and can lead to effective debt reduction. At the same time, we see room for improvement in the current regulations, which cannot be corrected through the practice of the authorities and participants in the restructuring process alone.

In the current legal system, the regulations on types of companies, their bodies and manner of functioning, liability for the company’s obligations, and protection of creditors, derive in basically unaltered form from the Commercial Code of 1934. The 1990s saw the introduction of modern regulation of the capital market in Poland. The following decades led to adoption of the Commercial Companies Code, gradual harmonisation of corporate law with EU law, and introduction of regulations allowing the use of digital technology in the establishment of limited-liability companies and certain aspects of their functioning.

Contemporary competition law is built on two pillars: faith in the liberal market economy and faith in economic analysis. But in many countries in the West, including Poland, this faith is clearly dying. How will competition law look in the third decade of the 21st century, and will the current situation inevitably lead to changes in the principles governing enforcement of competition law?

The award of an in-house procurement satisfying the conditions laid down in Art. 12(1)(a)–(c) of Directive 2014/24/EU is not necessarily consistent with European Union law, the Court of Justice of the European Union held in the judgment of 3 October 2019 in Case C-285/18, Kauno miesto savivaldybè. This ruling is not controversial, nor does it change the principles developed over the years for excluding internal procurement from the regime of the procurement directives. Nonetheless, it gives contractors an additional argument for challenging contracting authorities’ decisions ignoring such basic principles as transparency.

An overhaul of Polish civil procedure was published on 6 August 2019. The amending act partly entered into force on 21 August, but most of the new rules apply from 7 November. What can we say so far about the new rules, what should be expected, and what are the worries?

The amendment of the Civil Procedure Code introduces a few technical improvements to increase the efficiency of proceedings.

Along with the recent amendment of the Civil Procedure Code, the separate procedure in commercial cases has returned. This will undoubtedly be a major change for businesses and their counsel.

Electronic service between attorneys, and the end of fictitious service. The amendment to the Civil Procedure Code has brought numerous changes to the service of legal documents.

Two conditions must be met for a civil dispute to be resolved effectively: at the earliest stage of the case it must be precisely defined what is truly disputed between the parties, and the proceeding should be planned so that those issues can be focused on. If this can be achieved, the parties and the court can devote their energy and attention to the truly relevant issues. This will improve the speed and quality of judicial decisions, legal certainty, and security of commerce.