capital markets

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.