The most important changes include clauses enabling privatisation of the WSE and
permitting foreign investors to acquire its stock. Other changes have to do with
admitting branches of foreign brokerages to operation on the regulated market
(including conclusion of transactions on the Exchange). In December 2000, more
liberal principles were adopted for admission of foreign securities to the Polish
market. The regulated market was also divided into the official and unofficial
markets (Exchange and non-Exchange markets). Regulations pertaining to
acquisition of large blocks of stocks were elaborated in more detail. Changes in
disclosure requirements for holders of blocks of stocks, as well as for companies
themselves, strengthened the protection of minority shareholders.
The WSE's rules and regulations were changed in 2000. The important changes
include abolition of listing requirements for companies concerning minimum equity
and profitability, as well as further development of regulations on the
derivatives market, including introduction of regulations on options.
Some of the changes in the WSE's rules were related to the introduction of the
new system, WARSET; regulations on specialist brokers were replaced by
regulations on market makers (animators) and issuer's market makers. The rules
for trading on the Exchange were modified: securities can be listed in only one
of the three quotation systems (in the continuous trading or single-price systems
with one or two auctions).
The rules governing block trades also changed, as did those regarding access to
the Exchange's IT system.
Detailed Exchange Trading Rules (a complex set of detailed rules concerning
organisation of trading on the Exchange) were adopted and implemented in 2000.