Interactions with the Polish Financial Supervision Authority (KNF) constitute an important aspect of the operations of a publicly listed company. Apart from duties arising directly from applicable laws, issuers of publicly traded securities must also comply with specific duties formulated by the market regulator – among other sources, also in the Best Practices codes.

In early November 2019, the KNF published for consultations a draft document regulating appointment, composition and operation of the audit committee at a public company (or of its Supervisory Board in cases where the latter is entrusted with audit committee duties). GESSEL’s capital markets lawyers joined in the ensuing debate, contributing practical insights designed to streamline functioning of the Best Practices document and to render it more legible.