Shareholder’s proxy at the general meeting of a public company
The season for annual general meetings is approaching with the deadline for approval of the financial statements of Polish companies. Shareholders need not participate in the meeting personally, but may appoint a proxy. However, the law provides for certain differences in appointment of proxies in listed and unlisted companies.

New Bond Act
The Bond Act of 15 January 2015 will enter into force on 1 July 2015. Although it is a new law, for the most part it carries forward the regulations from the current law from 2005, with changes and additions where the need was revealed by the practice under the existing act.

Changes in issuers’ reporting requirements
Companies listed on the main market of the Warsaw Stock Exchange and NewConnect will be required to release year-end and interim reports as well as disclose inside information. This is more of an evolution in reporting requirements than a revolution.

Who needs paper?
When conducting transactions involving shares in a Polish joint-stock company, it is essential to formulate the share sale agreement properly and carry out the measures required for effective transfer of the share rights to the buyer.

Share transactions and the right to vote the shares of a public company
It may happen that a shareholder of a public company is not entitled to vote its shares at the company’s general meeting.

Changes in reporting obligations of securities issuers
Recent amendments to the Transparency for Listed Companies Directive should improve the system for release of information by listed companies.

Investments in securities by managers of public companies
A management board member, with access to confidential company information, is subject to a number of restrictions on buying or selling shares of the company, on his own or another’s account.

Is the Alternative Investment Fund Managers Directive already in force in Poland?
Poland has yet to adopt regulations implementing AIFMD, but that does not mean that nothing will change on the Polish market for private equity and closed investment funds in the next few months, before the new regulations are enacted here.

The future of securitisation
The recommendations published recently by the Financial Stability Board may result in more rigorous regulation of securitisation transactions.

2013 brings further changes in laws governing the capital market
A number of changes in two key laws governing the capital market—the Investment Funds Act and the Public Offerings Act—will go into effect in 2013.

Can a company defend against a hostile takeover?
When reports become public of plans for a hostile takeover of an exchange-listed company, the question arises whether the company may take any measures to oppose the takeover.

New rules for settling securities transactions
A bill to amend the Act on Trading in Financial Instruments was adopted on 28 June 2012
