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Information obligations required by law
Information obligations of companies whose securities are admitted to trading on the WSE regulated market are not significantly different from the requirements imposed on companies on other developed capital markets in the European Union. Polish regulations in this regard are consistent with EU regulations, in particular the Transparency Directive and the Market Abuse Directive. Compliance of listed companies with the obligations is supervised by the Polish Financial Supervision Authority.
WSE Main List
WSE Main List companies are required to publish:
- inside information – all information which fulfils the conditions of the definition in Article 154.1 of the Act on Trading in Financial Instruments;
- current reports – report on events concerning the issuer or the issuer’s subsidiary referred to in the Regulation of the Minister of Finance, as well as other information provided pursuant to the legislation (acquisition and sale of a material block of shares, transactions of persons performing specific functions in the company);
- quarterly reports for Q1, Q3 and Q4, containing unaudited abridged quarterly financial statements;
- semi-annual reports for H1 of the financial year, containing audited abridged semi-annual financial statements;
- annual reports containing audited annual financial statements prepared in accordance with the binding accounting principles.
- Financial statements contained in periodical reports should be prepared in accordance with the accounting principles binding on the issuer. In most cases, financial statements of listed issuers with a seat in the Republic of Poland are prepared in accordance with IAS/IFRS, although financial statements of entities which do not constitute capital groups may be prepared in accordance with the Polish Accounting Standards.
Obligations of companies listed on NewConnect are less stringent compared to the Main List. Companies are required to provide:
- current reports (to a narrower extent than on the WSE Main List), including inside information;
- quarterly reports containing selected balance-sheet items and selected items of the profit and loss account;
- annual reports containing audited financial statements;
- financial statements contained in periodical reports should be prepared by the issuer in accordance with the regulations binding on the issuer (a foreign company may apply the standards binding in its country of seat).
Obligations of significant shareholders and authorities of companies
According to Polish legislation, investors who hold a material block of shares are subject to information requirements. They are required to provide specific information on change of their stake.
- A shareholder is required to notify of the fact of achieving or exceeding the threshold of 5%, 10%, 15%, 20%, 25%, 33%, 33 1/3, 50%, 75%, 90% of the total vote at the General Meeting (and of the fact of reducing the stake to or below the thresholds).
- A shareholder whose stake has exceeded 10% of the total vote at the General Meeting is required to notify any change of the stake by at least 2% of the total vote at the General Meeting; a shareholder whose stake has exceeded 33% is required to notify any change of the stake by at least 1%.
- Members of management boards and supervisory boards, as well as other persons who perform specific functions in the company, are required to notify transactions in shares of the issuer’s companies and the issuer’s other financial instruments, as well as derivative instruments whose underlying are the issuer’s instruments, made by them or by persons closely related to them.
- Members of management boards and supervisory boards, as well as other persons who perform specific functions in the company, are not allowed to make transactions in shares and other financial instruments of their company (as well as derivative instruments whose underlying are such instruments) in “closed periods” (2 weeks before the publication of a quarterly report, one month before the publication of a semi-annual report, 2 months before the publication of an annual report, and in any case of having inside information until it is disclosed).