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.
A bill currently being processed by the Sejm significantly limits the right of a management board member to resign from office at any time.
As of 1 October 2018, companies will no longer prepare paper financial statements. After more than six months of implementation of the new regulations, we can make an initial assessment of their application in practice.
The proposed Act on Succession Management in Sole Proprietorships will offer new solutions for business owners. It is intended to allow the heirs to continue operating an individual business after the owner’s death.
A gap in legal provisions might mean criminal liability for management board members for not filing financial statements on time.
Amendments to the National Court Register Act which came into force on 15 March 2018 make it compulsory to register addresses for correspondence of persons associated with Polish companies with the National Court Register.