New rules for settling securities transactions
A bill to amend the Act on Trading in Financial Instruments was adopted on 28 June 2012
Danuta Pajewska: Dual listing increases the opportunities for raising capital
An interview with Danuta Pajewska, the partner in charge of the Capital Markets practice and the Financial Institutions practice at Wardyński & Partners, about the advantages for a company when its shares are admitted to trading on more than one stock exc
Audit committees in public companies
When a company is listed on the stock exchange, it should appoint an audit committee within the supervisory board. The committee must include an independent director with audit or accounting competence.
Foreign exchange permits and reporting
Although foreign exchange permits are rarely required in Poland anymore, companies must still remember about certain central bank requirements in this area.
Best practice just gets better and better
Under amendments to the WSE Code of Best Practice, companies will have to publish their sponsorship policies and comment on false reports about the company.
What does a shareholder have the right to know about a public company?
At a general meeting of a listed company, shareholders have a right to ask questions about the company’s affairs, but management is not required—or even allowed—to answer some of them.
Omnibus securities accounts in Poland
From 2012, foreign investors wishing to invest directly in financial instruments in Poland should no longer need to open a securities account at a Polish brokerage or trust company.
UCITS IV Directive not implemented in time-what to do now?
The deadline for Poland to implement the EU’s revised investment fund regulations came and went on 30 June 2011, but since then the Ministry of Finance has published its initial proposal to codify UCITS IV.
An end to evidentiary privilege for funds in relations with consumers
Fund statements no longer have the status of an official document in the event of a dispute with a client.
What may a fund do as a shareholder of a public company?
Statutory restrictions on participation of open investment funds in joint-stock companies should be interpreted narrowly. Restrictions on voting rights do not limit the exercise of other share rights.
May the management board deprive a shareholder of the right to vote?
Violation of obligations related to acquisition of a major stake in a public company is subject to the sanction of loss of voting rights.
Financial Supervision Authority fines are for real
Information published on the website of the Polish Financial Supervision Authority (KNF) shows that the KNF takes full advantage of its authority to impose fines for failure to play by the rules on the financial markets.
