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Emisja euroobligacji na rynkach międzynarodowych jest coraz częściej rozważana przez polskie podmioty jako alternatywne dla kredytów bankowych źródło finansowania. Dotyczy to w szczególności kapitału od inwestorów, którzy nie...

The global financial crisis continues to affect CEE. Although there are some signs of recovery many borrowers in the region remain over-leveraged and restructurings are likely to remain a feature of the financial landscape for the foreseeable future. The financial...

Exchange Traded Funds ("ETFs") have been familiar to investors on developed capital markets for some time now. Recently they have also become available to investors on the Warsaw Stock Exchange (the "WSE") on a limited basis. ETFs are among...

W dniu 27 stycznia 2012 r. uchwalona została ustawa implementująca dyrektywę 2009/44/WE, zmieniająca m.in. ustawę o niektórych zabezpieczeniach finansowych ("Ustawa Zmieniająca"). Ustawa Zmieniająca wprowadza nową kategorię aktywów, które...

The act implementing Directive 2009/44/EC (the "Directive") which amends, among others, the Certain Financial Collateral Law (the "Amendment Act") was enacted on 27 January 2012. The Amendment Act introduces a new category of assets that can...

Polish entities increasingly consider issuing eurobonds in the international markets as an alternative to financing by way of credit facilities. This applies in particular to obtaining capital from investors that are not active in the Polish financial market....

The Eurozone crisis continues to dominate the global economic landscape, raising questions among market participants as to the implications for market standard derivatives documentation should a Eurozone member leave the currency union, albeit this remains an...

Polish law has two regimes for the securitisation of loan portfolios generated by banks, one governed by the Banking Act and one by the Investment Funds Act. Securitisation may proceed via a special purpose vehicle (issuing entity) or via a securitisation...

Structured products are a category of investment products that give the investors an upside potential by embedding derivative instruments (e.g. equity options). Typically, such products take the form of debt securities, investment funds, life insurance products,...

On 16 September 2011, the Act Amending the Act on Trading in Financial Instruments and Other Acts was adopted (the "Amendment Act"). The Amendment Act introduces to Polish law omnibus accounts ("Omnibus Accounts"), i.e. securities accounts...