Julia Trzmielewska addresses the “Risk of change in the legal environment for investment fund societies and depositaries” conference
The event, organised by MMC Polska, was held on 8-9 April. In its course, Julia Trzmielewska, associate at GESSEL, led a panel entitled “The Polish Financial Supervision Authority position of 21 December 2018 regarding acceptance and proffering inducements – Practical significance and means of implementation of the Polish Financial Supervision Authority recommendations”.
The two-day conference discussed topics such as:
- Guideline interpretation issues in light of amendments to the legislative Act regarding strengthening supervision over the financial market;
- Increased scope of operations and depositary duties vis a vis the investment fund society;
- Pursuit of claims as between the investment fun society and the depositary;
- The charter of the fund vis a vis the interests of the fund participants;
- Tax scheme changes – new duties incumbent on investment fund societies;
- Dematerialisation of investment certificates and the attendant limitations.
For her part, Julia Trzmielewska will discuss the position of the Polish Financial Supervision Authority published on 21 December 2018, focusing on:
- The character of additional services and services improving the quality of service for the client or prospective client;
- The proscription on “inducements” assuming the form of an advance payment or commission;
- Services which may justify “inducements” from investment fund societies to distributors;
- Services which do not justify “inducements” from investment fund societies to distributors;
- Duty to provide information and documents indicating activities intended to improve service quality in accordance with art. 32b.2 of the legislative Act regarding investment funds – scope and character of the statutory duty, role of distributors and of investment fund societies in the process.
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