Polish implementation of 2010 Amending Directive

Legislation implementing the Directive No 2010/73/EU amending the Prospectus Directive No 2003/71/EC (the Amending Directive) is expected to enter into force in Poland shortly. The draft of the new law aims to change the Act on Public Offerings, the Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies dated 29 July 2005 so that it conforms to the Amending Directive.

The Law substantially changes the regulatory framework of Polish securities law. The amendments introduced by the Law are threefold: (i) general changes; (ii) those that apply only to debt offerings; and (iii) changes that apply only to equity offerings.

As to the general changes, of particular note is the alteration in the definition of the public offering. As such, offers now addressed to fewer than 150 (instead of 100) persons will no longer qualify as a public offering. Additionally, according to the Law, the exemption from the obligation to publish a prospectus will now apply to public offerings solely for “professional investors”, as defined in the Act on Trading in Financial Instruments dated 29 July 2005. This is a change from the definition in the previous version of the draft text…

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