New regulations concerning prospectuses

Each approval of a prospectus by Polish Financial Supervision Authority will last ca. 6-8 weeks with the beginning of September. The condition is to prepare documentation properly. Polish Financial Supervision Authority will also publish all information about the course of issuing process.

Polish Financial Supervision Authority introduced some changes for prospectuses which will be submitted after 1st September this year. One of them, which is really important, concerns a plan of approval for a prospectus. With the beginning of September, the settlement of a timetable will be conducted in cooperation of the institution with issuer. If an issuing document is properly prepared and Polish Financial Supervision Authority has no reservations, the approval of the document will be possible in much shorter period – most frequently not exceeding two months. We want these proceedings to be standard, without delay and take ca. 6-8 weeks. It is our aim – informs Andrzej Jakubiak, Chairman of Polish Financial Supervision Authority.  


The representative of the institution points out that he will require an efficient introduction of adjustments from issuers with an incorrectly prepared documentation. In case of the lack of reaction for comments from Polish Financial Supervision Authority or delays in communication due to issuer, the submitted prospectus will not be approved. We are going to publish how much time the institution as well as issuer spend for works  – adds. According to Polish Financial Supervision Authority, the making of the message concerning time needed for issuer to submit a proper documentation public will influence on enhancement of trust among investors.   


We also want to introduce a second rule after 1st September, that is cooperation with issuers in case when they have so called complex financial history – explains Andrzej Jakubiak. I mean enterprises which decide on takeover, merger of sales transaction before or in the middle of the prospectus process. These operations complicate capital structure of issuer. Polish Financial Supervision Authority keeps a lookout on support of issuer in such moments and makes the approval process efficient.   


Each investor who wants to enter the regulated market, be on the basic market, will know more precisely in comparison to the past how this process will be running and how much time it is going to take – explains representative of the institution asked about influence of changes on enhancement of competitiveness of the Polish market. He emphasizes that the building of trust among investors is possible only in case of high information transparency from issuers. Quality of submitted documentation in this case is a crucial factor.  


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