2019 has been a year of revolutionary changes in Polish capital markets law and company law; these are bound to have significant ramifications for all market participants.

Amendments have been introduced to the laws governing public securities offers, also with respect to drawing up issue prospectuses and information memoranda. Detailed requirements have been introduced for issues settled for via debt offset. Companies listed in the regulated market are now bound by statute to draw up remunerations policies. Transactions within capital groups will become more complicated, in that they are now subject to a stricter regulatory regime.

The impact of the various legislative changes is not limited to publicly listed companies. 2020 will be marked by preparations for a major overhaul of Polish company law, with mandatory dematerialisation of all shares in joint stock companies and discontinuation of dealing in their paper forms as its most prominent feature. (...)


The full text of this article is available (in Polish) in Stock Market (Winter 2020, p. 68-71). If you are interested in an English-language version, please contact: kontakt@gessel.pl