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The latest changes to the Central Register of Beneficial Owners
The Central Register of Beneficial Owners is a public register maintained by the Polish Minister of Finance, established pursuant to the EU’s 4th Anti–Money Laundering Directive (2015/849). The register has been in operation since autumn 2019, but in connection with harmonisation of provisions on disclosure of information on beneficial owners under EU legislation it is undergoing changes and improvements. Further modifications were made on 9 March 2023.
Crowdfunding: A way for companies to raise capital
corporate, capital markets, already in force
After July 2022 amendments to the law, companies can now benefit from crowdfunding. As usual, the devil is in the details.
Private subscription of shares in a non-public company
corporate, capital markets
A private subscription is a convenient method to raise share capital. How to carry it out in practice?
What is happening with the Foreign Exchange Law?
The Foreign Exchange Law has remained unchanged for many years. However, foreign exchange permits, though rarely required anymore, as well as reporting obligations, should still be kept in mind. To a large extent, foreign exchange transactions are freely allowed, but this does not mean that they are completely liberalised and not monitored by the National Bank of Poland.
Changes in anti money laundering law
corporate, already in force
Recent amendments to the AML/CFT Act regarding obligated institutions and reporting of beneficial ownership information to the Central Register of Beneficial Owners have expanded the catalogue of obligated institutions and introduced specific requirements they have to meet.
Will a tax exemption attract investors to the Warsaw Stock Exchange?
capital markets, tax, already in force
One of this year’s tax amendments that may affect Polish capital market participants is the income tax exemption for taxpayers investing in IPOs of companies entering the Warsaw Stock Exchange. Under certain conditions, they will be exempt from capital gains tax.
Will newly listed companies on the Warsaw Stock Exchange benefit from new tax regulations?
capital markets, tax, already in force
The Polish Deal introduces several solutions for Polish capital market participants, including corporate income tax changes for companies preparing to debut on the stock exchange. This amendment came into force on 1 January 2022.
Amendments to the Anti Money Laundering Act
On 25 February 2021, the Polish Parliament adopted amendments to the Anti Money Laundering and Counter Terrorism Financing Act of 1 March 2018. They concern both obligated institutions and reporting of information on beneficial owners to the Central Register of Beneficial Owners. Below we present some of the changes that will have a significant impact on the performance of duties by obligated institutions and entities required to make notifications to the register.
Dematerialisation of shares: Change in deadlines and the perspective of the Personal Data Protection Office
data protection, capital markets
The mandatory dematerialisation of shares of stock, introduced by the 30 August 2019 amendment of the Commercial Companies Code, was intended to bring about a situation as of 1 January 2021 where the shares of all joint-stock companies and joint-stock limited partnerships in Poland would take the form of an electronic record, and share documents would lose their legal force from that date. But the coronavirus epidemic has made it difficult for commercial entities to make this organisational change, and the parliament has extended the deadlines for complying with certain obligations related to dematerialisation of shares. The Polish Personal Data Protection Office has also issued an opinion on dematerialisation.
Registration of beneficial owners
already in force, capital markets
Under the Polish Anti Money Laundering and Countering Financing of Terrorism Act of 1 March 2018, newly established companies and partnerships are required to submit information about their beneficial owners to the Central Register of Beneficial Owners from 13 October 2019, and existing entities must do the same from 13 April 2020. The register is public and accessible free of charge.
Financial market – changes, changes, and more changes
new provisions, capital markets
Only a month ago we posted an article on plans to change the way the capital market is regulated and market investors are protected. The act has now been passed and signed into law, and will come into force on 1 January 2019.
Strengthening financial market supervision
capital markets, M&A
Recent difficult investor experiences have led to proposals for further regulatory changes aimed at increasing security and strengthening supervision of the financial market. Currently in a Sejm committee, a government bill is being read for the first time which would amend several acts, redefine the Polish Financial Supervision Authority, and impose an obligation to dematerialise some financial instruments.