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The Warsaw Stock Exchange is now over 20 years old. From its humble beginnings in 1991 it has now developed to become one of Europe's most active and dynamic bourses. The securities law regulations, influencing and generally shaping the securities market in Poland have gone through periodic reform with the last major changes being implemented in 2005, when three completely new acts governing different aspects of the securities markets have entered into force. Although this legislation implemented relevant EU law there has been a feeling for some time that further amendment was required, in particular to close off the use of certain creative structures which were avoiding the intention of the current legislation.Increased activity in public company takeovers has also exposed various gaps and uncertainties in the law.
Work began as far back as 2009 on a reform of the relevant provisions. Several years have passed without any new provisions having, as of yet, been introduced. However, in August 2011 the Ministry of Finance made an announcement of the principal form the amendments will take. The exact shape of the amendments will depend on the legislative process, but we consider it highly probable that the approach taken by the Ministry of Finance will be adhered to. As these regulations will be of key significance for both shareholders of public companies and potential investors, we have decided to draw attention to what we believe are the most important of the proposed amendments in this briefing.

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