Recent Amendments To Polish Securities Laws

Effective April 23, 2013, Polish securities laws were amended primarily in connection with an effort to transpose in Poland the 2010 amendments to the EU Prospectus Directive, and also to tighten up various securities regulations in other respects. While most of the amendments were wrought into the local prospectus regulation, the Law on Public Offers, Conditions of Introduction of Financial Instruments to Organized Trading and on Public Companies, various amendments were made also to the Commercial Companies Code, the Bond Law, the Investment Company Law and the Law on Trading in Financial Instruments

New Dividing Line Between Private and Public Offers

While the previous threshold between private (generally, unregulated) and public (regulated) offers was 99 identified addressees, taking cue from the revised Prospectus Directive, such threshold is set now at 149 identified addressees. In addition, the prior general exemption for gratuitous transactions has