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.
The law is one of the main instruments of social impact, which is particularly evident in the midst of a global health crisis, when the situation and applicable regulations are changing every day. New statutes and regulations are key to maintaining the delicate balance between order and chaos, public and private interests, and the common good and individual rights.
The battle with the coronavirus is dynamically entering another phase. After the initial shock, we are realising that technology may have a crucial impact on the rate of return to a somewhat more normal life. This doesn’t mean just biotech. Solutions keeping the virus under relative control until effective vaccines reach the market can prove just as important.
Most businesses react nervously when they hear the letters “GDPR,” as in their view the regulation gets in the way of performing their day-to-day work, particularly marketing. At the same time, many businesses get lost in the tangle of regulations they are supposed to follow if they wish to lawfully direct marketing communications to individuals. What issues cause them the most difficulty?
Designing marketing initiatives in an organisation so they comply with the regulations, including data protection rules, can be problematic. The situation becomes even more complicated if marketing for several companies within a group is carried out by one of the companies, designated through informal internal arrangements (often without concluding any contracts).
Ensuring the transparency of websites is vital from the perspective of the GDPR. Persons entering a website must be aware of how their personal data will be processed on the site and for what purpose.