capital markets | In Principle

Go to content
Subscribe to newsletter
In principle newsletter subscription form

capital markets

Crowdfunding: A way for companies to raise capital
After July 2022 amendments to the law, companies can now benefit from crowdfunding. As usual, the devil is in the details.
Crowdfunding: A way for companies to raise capital
Private subscription of shares in a non-public company
A private subscription is a convenient method to raise share capital. How to carry it out in practice?
 
Private subscription of shares in a non-public company
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.
What is happening with the Foreign Exchange Law?
Will a tax exemption attract investors to the Warsaw Stock Exchange?
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 a tax exemption attract investors to the Warsaw Stock Exchange?
Will newly listed companies on the Warsaw Stock Exchange benefit from new tax regulations?
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.
Will newly listed companies on the Warsaw Stock Exchange benefit from new tax regulations?
Quest: Listing on the Warsaw Stock Exchange
The game development market in Poland and worldwide is steadily growing, and ambitious companies from the game sector are looking for ways to increase brand recognition and raise funds for new productions. This leads them to consider listing their shares on the stock exchange. So the question is, who can go public, what is to be gained from doing so, and how to go about it?
Quest: Listing on the Warsaw Stock Exchange
Amendments to the Investment Funds Act
Work on the amendment of the Investment Funds Act is coming to an end. The changes include extending the range of fees in connection with distribution of participation units in Poland and introducing uniform rules for advertising information provided by funds and detailed rules for protection of investors in the event of cessation of marketing of participation units in foreign funds in Poland.
Amendments to the Investment Funds Act
Dematerialisation of shares: Change in deadlines and the perspective of the Personal Data Protection Office
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.
Dematerialisation of shares: Change in deadlines and the perspective of the Personal Data Protection Office
Paperless securities
The end of 2019 was a kind of a caesura in the legislative process of abandoning the physical document as a carrier of securities used to raise finance on capital markets. Bonds, investment certificates, mortgage bonds, shares and subscription warrants have either bid farewell, or will soon do so to the physical document as a carrier.
Paperless securities
How to establish collateral on investment certificates of closed-end investment funds?
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.
How to establish collateral on investment certificates of closed-end investment funds?
Public companies must adopt a compensation policy
On 5 November 2019, the President of Poland signed into law an amendment to the Act on Public Offerings and Conditions for Introduction of Financial Instruments into an Organised Trading System and on Public Companies. Most of the new regulations enter into force 14 days after publication of the amending act. It is intended to adjust Polish law to reflect the entry into force of the EU’s Prospectus Regulation (2017/1129) (which generally should have been done by July).
Public companies must adopt a compensation policy
Registration of beneficial owners
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.
Registration of beneficial owners