Change in trademark registration system
The second amendment to the Industrial Property Law, which enters into force on 15 April 2016, introduces major changes in the procedure for obtaining protective rights to a trademark—replacing the current examination system with a register system.
Easier to revoke or invalidate a trademark
The amendment of the Industrial Property Law entering into force on 15 April 2016 also introduces major changes in regulations governing the loss of the protective rights to trademarks.
New system of penalties and administrative sanctions for violation of Public Offering Act now before the Parliament
The bill would significantly raise the sanctions for violation of reporting obligations—to PLN 40 million or 5% of annual turnover. The Polish Financial Supervision Authority could also publish the names of persons violating the act.
Restructuring Law and amended Bankruptcy Law: Scope and essence of changes
The main provisions of the Restructuring Law of 15 May 2015 enter into force on 1 January 2016. It will serve one of the foundations of commercial law in Poland, enabling effective restructuring of insolvent enterprises.
Control of trading in agricultural real estate
The new Agricultural System Act of 5 August 2015 enters into force on 1 January 2016, superseding the act of 11 April 2003. Barring further amendments, from the New Year the Agricultural Property Agency will be vested with expanded pre-emptive rights and new rights to decide on whether agricultural establishments can be partitioned.
A lost opportunity: Corporate arbitration and reform of Polish arbitration law
The amendment to the arbitration law that enters into force on 1 January 2016 should increase the popularity of Poland as an arbitration forum. Lawmakers did not take full advantage of the opportunity to expand the scope of arbitration, however, ignoring calls for changes in the arbitrability of corporate disputes.
More changes in the Industrial Property Law
The amendment of 24 July 2015 to the Industrial Property Law doesn’t enter into force until 1 December 2015, but another amendment has already been published—dated 15 September 2015 and entering into force on 15 April 2016. Letters of consent are the most important change introduced by the first amendment, while the second amendment will revolutionise the system for obtaining protective rights to trademarks. The changes will affect the registration procedure and the grounds for lapse of protective rights.
Shareholder loans under the amended Bankruptcy Law
Systemic amendments to Poland’s Bankruptcy & Recovery Law enter into force on 1 January 2016.
Changes in inheritance law
New rules on heirs’ liability for decedents’ debts are the most significant changes in the set of amendments to the Civil Code and the Civil Procedure Code, among other acts, effective 18 October 2015.
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.
Polish financial institutions to be required to report to US tax authorities
On 7 October 2014 the Polish government signed an agreement with the United States to implement FATCA in Poland. The agreement now awaits ratification. It is supposed to enter into force prior to 30 September 2015.
