Mandatory dematerialisation of shares: A new regulation to the Commercial Companies Code dated 30 August 2019 introduced the mandatory dematerialisation of shares of joint stock companies and partnerships limited by shares. Now, information on shareholders will be disclosed in an electronic shareholders’ register to be maintained by an external entitled entity, i.e. a brokerage house, a bank conducting brokerage activity or the Central Securities Repository. Paper shares shall dematerialise on 1 March 2021.
Identification of shareholders in listed companies: New regulations on the identification of shareholders in listed companies came into force in mid-2020 (implementing the SRD II in Poland). Under the regulations, entities keeping securities accounts or omnibus accounts shall make available to the listed company, information making it possible to identify the shareholders of the listed company and the number of shares issued, held by each of those shareholders. New regulations also introduced other rights and possibilities, aimed at facilitating shareholders’ active participation in the affairs of listed companies.
New legal venture aimed at start-ups: A simple joint stock company will be introduced in March 2021, as a new type of company. This is a hybrid between a limited liability company and a joint stock company aimed particularly at start-ups. The company rules enable resolutions to be adopted electronically, contributions to be made in the form of providing services or work, and shares to be issued without nominal value and to be transferred in a documentary form.
Shares subject to a public offer need to be registered: The new requirement to register shares subject to a public offer came into force in January 2020. Issuers of shares subject to a public offer are required to submit to the Polish Financial Supervision Authority, certain information on these securities and the issuance, within 14 days of their allocation. The requirement does not cover other securities, e.g. bonds, investment certificates etc.