Danuta Pajewska
Strengthening financial market supervision
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.
Pros and Cons of Outsourcing
Outsourcing continues to be an appealing solution for businesses. But for it to generate benefits rather than legal problems, a number of issues must be analysed—from the liability rules governing the parties to issues of state aid and data protection.
Consideration of customer complaints by financial institutions
Financial services are not always performed as they should be, and procedures for considering customer complaints have not always been effective. Consequently, in May 2015 the Polish Financial Supervision Authority adopted a resolution on consideration of customer complaints, and in August the Sejm adopted the Act on Consideration of Complaints by Financial Market Entities and on the Financial Ombudsman. The act has just entered into force.
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.
Dual listing on the Warsaw Stock Exchange
Dual listing refers to trading of a company’s shares on two (or more) stock exchanges at the same time.
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.
