Foreign companies

Disclaimer concerning specific risks inherent in investing in securities issued by foreign entities

The Warsaw Stock Exchange (GPW) alerts investors who invest in securities issued by entities established outside of Poland (“foreign issuers”) to the fact that, in the case of foreign issuers, the risks inherent in any investment in and the activity of the issuer are not identical to the risks typical of entities established and operating under Polish law.

Foreign companies whose financial instruments are traded on markets organised by GPW are established in different regions of the world, including both European Union Member States and non-EU countries. Investors should be aware that the rights of shareholders of a foreign company and the exercise of such rights may be materially different from the rights of shareholders a Polish company established under the Polish Code of Commercial Companies and Partnerships. Furthermore, foreign companies may comply with disclosure obligations to an extent different from that imposed by Polish law.

Due to differences in national legal systems, foreign issuers are subject to different regulations, including not only corporate regulations and tax laws but also bankruptcy, recovery, resolution and similar regulations. Some legal provisions applicable in other countries are materially different from those applicable under Polish law. To a certain extent, foreign companies may be exempted from the jurisdiction of Polish common courts of law and from the supervision exercised by the Polish Financial Supervision Authority (KNF) and other national public authorities.

The Warsaw Stock Exchange underlines that the aforementioned circumstances should be taken into consideration at each time when making investment decisions involving securities of foreign issuers. Such decisions should rely on a review of the issuer’s information document with a special emphasis on risks arising from legal and organisational differences in the country of establishment or registration of the entity. If required, we also recommend to consult a legal advisor or investment advisor.