Obligacje

1. Addition of Art. 8a in the Act on Bonds: A retail client within the meaning of Art. 3.39c of the Act on Trading in Financial Instruments, who is a natural person, will be able to purchase bonds if the nominal value of the bonds is not less than EUR 40,000 or the equivalent of that amount expressed in the Polish currency or in another currency, determined using the mid-exchange rate of euro or the mid-exchange rate of that currency quoted by the National Bank of Poland on the date on which the issuer makes the decision on the issue;
2. Addition of Art. 27p–27r in the Act on Bonds, introducing the possibility of issuing the so-called transition bonds (green bonds): The issuer will be able to specify in the terms and conditions of the bonds the use of proceeds from the issue to finance a new environmentally sustainable investment project;
3. Addition of Art. 33a in the Act on Bonds, introducing mandatory intermediation by an investment firm in issues addressed to retail clients: A public offering of bonds, as referred to in Art. 2.D of Regulation 2017/1129, addressed to a retail client within the meaning of Art. 3.39c of the Act on Trading in Financial Instruments, who is a natural person, will require the intermediation by an investment firm or crowdfunding service provider holding a relevant permit;
4. The amendment of Art. 35 of the Act on Bonds consisted in a change of the mandatory content of the “invitation to purchase” by introducing a requirement to indicate obligations of not only the issuer, but also its entire group, if the issuer is a member of a group, and to indicate the forecast, estimated amount of obligations. Moreover, the invitation to purchase must be accompanied by the issuer’s and the parent entity’s representation to the effect that, to the best of their knowledge, the information provided by the issuer to the Register of Issuers’ Obligations maintained by the National Depository for Securities (KDPW) pursuant to Art. 48.5e of the Act on Trading in Financial Instruments is complete and up-to-date.
5. In the Act on Trading in Financial Instruments, among other things, the scope of the issue agent’s obligations has been amended:

was:

The obligations of the issue agent currently include:

1) verification whether the issuer meets the securities issue requirements specified by law;

2) verification whether the documentation and representations presented by the issuer meet the legal requirements for offering securities (…)

will be:

The obligations of the issue agent will include:

1) verification of documents constituting the legal basis for the issue of securities with regard to compliance with the legal requirements necessary for the establishment and exercise of rights conferred by such securities;

2) verification whether the documentation and representations presented by the issuer are complete and meet the legal requirements for offering securities (…).

6. The obligation for issuers to submit notifications to the KDPW (rze.info) specified in the Act on Trading in Financial Instruments has been amended as follows: Issuers will be obliged to notify the National Depository promptly, but no later than within 3 business days after the occurrence of the event, of the value of benefits conferred by the securities referred to in Par. 1 which have become due, indicating whether and to what extent those benefits have been satisfied, and to update the information referred to in Par. 1 if it is no longer accurate.
7. The possible catalogue of conflicts of interests between the issue agent and the issuer has been expanded (Art. 7a.3 of the Act on Trading in Financial Instruments);
8. A new reporting obligation will be imposed (Art. 7c of the Act on Trading in Financial Instruments): The issuer or the issue agent acting on behalf of the issuer in the case referred to in Art. 7a.1 will be obliged to provide the National Depository, prior to the conclusion of an agreement on the registration of securities in a depository for securities or other registration system referred to in Art. 49.1 of Regulation 909/2014, with additional information on the issue of such securities, the type of securities, the obligations arising therefrom and the manner in which they are offered. The Minister of Finance will determine, by way of a regulation, the detailed scope of the Information.
9. Art. 123a–123e has been added to the Act on Investment Funds, which provide that, at the request of a closed-end investment fund or an investment fund management company the entities operating securities accounts or omnibus accounts are obliged to make available to that fund or that management company information enabling the identification of the participants in the closed-end investment fund and the number of its investment certificates held by each of those participants, as at the date indicated in that request, which is no earlier than the date of the request.