GPW
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New legal regulations
New challenges related to development of the market and preparation of the WSE for privatisation made it necessary for the Act on Public Trading in Securities to be amended. The new law was passed in December 2000, and went into effect in January 2001.

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.


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  10 years of the Exchange
 Turnover structure
by instrument in 1991-2000
Przewijanie w g—r«Przewijanie w d—¸
1991

Sejm (Lower House of Parliament) passes Act on Public Trading in Securities and Trust Funds.

Founding act of Warsaw Stock Exchange signed on April 12.

1993

Sejm passes Act on National Investment Funds.

1994

National Depository for Securities spun off from organisational structures of WSE.

1995

Sejm passes Act on Bonds.

1997

Legal regulations updated; securities market regulated from now on by two separate pieces of legislation: Act on Public Trading in Securities and Investment Funds Act.

Sejm passes Act on Mortgage Bonds and Mortgage Banks.

1998

Sejm passes Act on Public Finance (new rules for T-bond issuance).

2000

Act on Bonds amended.

Sejm passes Commercial Companies Code.

Investment Funds Act amended.

Act on Public Trading in Securities amended.