Foreign companies
For Investors
List of companies with their registered office outside the territory of the Republic of Poland
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.
For Issuers
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Timely communication of corporate actions (§ 26 sub-paragraph 1 and 2 of the WSE Rules):
Issuers are required to immediately inform the Exchange of any intended or planned actions concerning the issuance of new financial instruments (for which admission to trading on the WSE will be sought), or any exercise of rights attached to financial instruments already listed on the WSE. This includes promptly notifying the Exchange of decisions made in these areas. In practical terms, any corporate actions or events—such as stock splits, dividends, mergers, or other significant actions—must be communicated and coordinated with the Exchange in advance. Such coordination is vital whenever these events may affect the organization, conditions, or continuity of trading. For example, if a corporate action could require adjustments to trading parameters, calendars, or settlement processes, prior coordination with the WSE will help ensure an orderly market. Please be aware that the Exchange may, at any time, request additional information or documentation from the issuer to maintain proper market functioning or to arrange for the suspension or resumption of trading, if necessary.
Ongoing compliance with Exchange regulations (§ 28 sub-paragraph 1 of the WSE Rules):
All issuers have a general and continuous obligation to comply with the WSE’s regulations, including the WSE Rules and the Detailed Exchange Trading Rules in UTP system. Compliance is not a one-time action but an ongoing commitment. We kindly remind you that failure to fulfill these obligations constitutes a breach of Exchange regulations. The WSE places great importance on this continuous compliance, as it ensures fairness and equality for all market participants.