Not long ago the Polish Financial Supervision Authority approved prospectus on the Polski Holding Nieruchomości Group S.A. The State Treasury started to sell the stake of this company. Even in the period preceding official commencement of the offer doubts arouse concerning confidentiality of the offer whose representatives of the Treasury Ministry did not want to give opinion about this because of the fact that the offer is partly addressed to foreign investors (American and Canadian investors). However, each investor interested in the company who visits its website, will see a message concerning the fact that the shares of the company are not the instrument that has admission to trading on the foreign markets, including the USA, Canada, Japan, Australia and other states of the European Union and its acquisition by the foreign investors will be possible only in the limitation permitted by the local law of the state of the investor.
Those restrictions show that in spite of the global character of the economy of the developed states more and more legal integration of the markets and effort put in investment barrier lifting domestic or foreign status of the issuer is still of significance. The issuers who want to incite foreign investors must obey the investment rules that are obligatory in the states to which the offer is addressed and the same they must care for scrupulous observance of the Polish law and keep required information confidence ensuring all investors equal access to those information.