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…
If you are registered and logged in to the site, click on the link below to read the rest of the Allen & Overy briefing. If not, please register or sign in with your details below.
News from Allen & Overy
News from The Lawyer
Briefings from Allen & Overy
The ITC has reaffirmed its power to ban electronic transmissions from the US where those transmissions infringe an intellectual property right or are otherwise based on an unfair trade practice.
A new French law, the ‘Law to recapture the real economy’ (‘Loi visant à reconquérir l’économie réelle’ or ‘Loi Florange’), was made on 1 April 2014.
Analysis from The Lawyer
Imagine you’re the general counsel of London-based private equity investor BC Partners. You’re sipping on your coffee, hashing out the details of your imminent £382m investment into UK-based business publishing company Mergermarket.
‘Exotic’ investors and opportunities for legal work beyond M&A feature in The Lawyer’s high-level roundtable debate on south-east Europe