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Disclosure Policy of the Warsaw Stock Exchange
The Disclosure Policy of the Warsaw Stock Exchange is a set of rules which define the standards of communications of the Exchange and its stakeholders as well as the rules of dissemination of information by the Company.
As an institution of public trust, an operator of a regulated market and an alternative trading system, and a public company, the Warsaw Stock Exchange pursues a transparent disclosure policy providing market participants with effective access to consistent and reliable information.
The Exchange makes all efforts to ensure that access to information takes into account the needs of its shareholders, clients and the broadly understood general public, and that it is equal for all interested parties and provided in compliance with the law.
The scope of information disclosed by the Exchange is largely defined by applicable Polish legislation.
The key legal acts and regulations impacting the Exchange’s disclosure policy include:
- the Commercial Companies Code;
- the Act on Public Offering and the Terms of Introducing Financial Instruments to the Organised Trading System, and on Public Companies of 29 July 2005 (the “Offering and Companies Act”);
- the Act on Trading in Financial Instruments of 29 July 2005 (the “Trading Act”);
- the Act on Capital Market Supervision of 29 July 2005 (the “Supervision Act”);
- the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information provided by issuers of securities and on conditions under which information required by legal regulations of a third country may be recognised as equivalent;
- the Exchange Rules;
- the Detailed Exchange Trading Rules in UTP System;
- the Alternative Trading System Rules;
- Resolutions of the Exchange Management Board.
The Exchange also complies with disclosure obligations under the corporate governance rules applied by the Company: the “Best Practice of WSE Listed Companies” and the “Corporate Governance Rules for Supervised Institutions”.
The Management Board co-ordinates the disclosure policy of the Exchange. External communications of the Warsaw Stock Exchange are handled by:
- the President and the Members of the Management Board of the Company;
- the Communications and Marketing Department;
- the Investor Relations Section;
- Employees of other organisational units authorised by the Management Board
As an organiser of trading, the WSE complies with the disclosure obligations imposed by laws which regulate the operation of a regulated market and the organisation of an alternative trading system, as well as the disclosure obligations under the rules of the markets operated by the Company. In compliance with such obligations, the WSE publishes rules, regulations, resolutions and communiqués for the operated markets, as well as quotations, information and statistics of trading, on the corporate website (www.gpw.pl) and the websites dedicated to NewConnect (www.newconnect.pl) and Catalyst (www.catalyst.pl).
The WSE’s principal website (www.gpw.pl) is also used as a tool of broadly understood education on Poland’s capital market. The website features dedicated thematic tabs: Prices, Regulations, Companies, Members, Market Data, Instruments, Investor Relations, as well as a section dedicated to the media: Press Centre. As a socially responsible company, the WSE also offers a website for disabled users.
The Investor Relations Section is responsible for providing information to existing and prospective shareholders and financial analysts.
As a public company listed on the Warsaw Stock Exchange, the WSE complies with the disclosure obligations applicable to all exchange-listed companies and provides the general public with information on the on-going activity of the company and its financial standing. Such information is disseminated among others on the principal website of the WSE under the Investor Relations tab.
The WSE pursues communication, promotion, and education activities according to the Rules of representation to Clients, third-party contractors, and the mass media. The Exchange also strives to communicate information about the Company and its activity to the broadly understood general public over available channels and forms of communication including websites, the media including social media, conferences and thematic seminars.
The Communications Section is responsible for media contacts; the Communications Section Director is also the Exchange’s Press Spokesperson.
The service available under www.gpw.pl features a tab dedicated to the media and all parties interested in news about the activity of the Exchange.
The provision of information to Clients of the Exchange under the WSE Organisational Rules is a responsibility of organisational units acting within the scope of their authority: the Client Relations Department, the Market Development Department to the extent of products, programmes and services offered by the WSE, and the Operations Department to the extent of operations.
In order to facilitate communications, the Exchange recommends that stakeholders ask questions by e-mail at:
- firstname.lastname@example.org (general questions and queries about operations),
- email@example.com (questions about the Exchange as a public company) and
- firstname.lastname@example.org (questions from the media).
The Exchange makes all efforts to respond to any questions without undue delay..