The Polish capital market offers investment opportunities to both legal entities and natural persons. The market may be used to acquire shares during initial public offers of private or state-owned companies in a privatiSation process. It may be also used to buy or sell government bonds, as well as raise new capital. Furthermore, it is an important source of capital for publicly listed companies, because they can issue new shares to the market.
On 29 July 2005, Parliament passed three laws (the ‘New Acts’):
The New Acts significantly modify existing regulations concerning public trading in securities. They harmonise the regulations of the Polish market to EU regulations and thus make access to the Polish market easier for foreign companies and vice versa. It should also be underlined that as from l July 2005, European Commission Regulation 809/2004 (‘Prospectus Regulation’), specifying the rules on drawing up issue prospectuses directly applies in Poland. At the moment, the Takeover Directive is in the process of being implemented, although some provisions have already been adopted in the New Acts.
Among other things, the New Acts introduce considerable changes in the functioning of the market and its institutions, and also provide opportunities for obtaining funds from the market for issuers’ activities.
2. SUPERVISION OVER CAPITAL MARKET
On 19 September 2006 there came into force the Act of 21 July 2006 on the supervision of the financial market. As a result, a new administrative authority, called the Financial Supervision Commission (‘Commission’), commenced its activities. It took over the competencies of the Polish Securities and Exchange Commission and of the Insurance and Pension Funds Supervisory Commission.
The Commission’s activities are supervised by the prime minister. The Commission is composed of a chairperson, two vice-chairpersons and four members. The members of the Commission are:
The Commission’s chairperson shall have a prosecutor’s powers in civil law cases arising from participation in trading on the banking, pension, insurance or capital markets, or relating to entities operating on those markets. This flows from the provisions of the Code of Civil Procedure.
In instances of offences committed within the scope of the Commission’s supervision, indicated above, or those committed on that market against the interests of its participants, the Commission chairperson, upon being petitioned, will have the same rights that an aggrieved party has in criminal proceedings.
As of 1 January 2008, the Financial Supervision Authority shall perform the tasks performed thus far by the Banking Supervision Commission.
1 Governed by the provisions of the Act on Trading in Financial Instruments of July 29th 2005, the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading and Public Companies dated July 29th 2005, the Act on Investment Funds of May 27th 2004, the Act on Commodity Exchanges of October 26th 2000 and the Act on Capital Market Supervision of July 29th 2005.
2 Governed by the provisions of the Banking Law of August 29th 1997, the Act on the National Bank of Poland of August 29th 1997 and the Act on the Operation of Cooperative Banks, Their Associations and Associating Banks dated December 7th 2000.
3 Governed by the provisions of the Act on the Organisation and Operation of Pension Funds of August 28th 1997, the Act on Occupational Pension Programs of April 20th 2004, the Act on Personal Pension Accounts of April 20th 2004 and the Act on Insurance and Pension Fund Supervision and the Insurance Ombudsman dated May 22nd 2003.
4 Governed by the provisions of the Act on Insurance Activity of May 22nd 2003, the Act on Insurance Intermediation of May 22nd 2003, the Act on Insurance and Pension Funds Supervision and the Insurance Ombudsman dated May 22nd 2003 and the Act on Premium Subsidies for Farm Crops and Livestock Insurance dated July 7th 2005.
5 Governed by the provisions of the Electronic Payment Instruments Act of September 12th 2002.
3. TRADING IN SECURITIES ON THE POLISH CAPITAL MARKET
The trade in a public company’s securities can take two forms: primary and secondary public trade. Primary public trade involves the issuer or underwriter either proposing, or actually acquiring newly issued securities. Secondary public trading involves an entity other than the issuer or underwriter either proposing, or actually acquiring securities.
4. INITIAL PUBLIC OFFERING
The public offering or admittance of shares into trade on the regulated market requires an issue prospectus to be drawn up. This has to be approved by the Commission and made available to the public. The Act implements into Polish law, inter alia, the single-passport rule contained in Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading. This provides that when shares are admitted into trade on the regulated market in several member states, the issue prospectus approved in the home member state (eg in Poland) is valid for the purposes of admitting shares into trade in other EU member states. The condition for admitting shares into trade on the market of another EU member state is notification to the relevant body of the accepting state of the approval of the issue prospectus in the home state by the supervisory body of this country (eg the Commission). In such a case the issue prospectus does not have to be approved again in the accepting state, and admittance into trade occurs on the basis of the same prospectus.
The Public Offer Act regulates primary market issues. The issuer is currently free to decide how to obtain capital from the market to finance his plans. He may:
In this first case, not even a public company has to seek approval for admission of further issue of shares into trade, but may direct the new share issue to, for example, a qualified investor. A public company is one in which at least one share is not in the form of a document but is registered at the securities depository. According to the new provisions, the carrying out of a public offer – directing the proposal to purchase securities to 100 persons or to an unspecified addressee – does not result in the necessity of admitting the company into regulated trade. Such a company does not become a public company and the company is not burdened with disclosure requirements.
In order to introduce securities into public trading in Poland at the Warsaw Stock Exchange, a relevant application must be submitted to the Commission to approve the issue prospectus and the issue must be registered at the National Depository for Securities.
The issue prospectus must be prepared pursuant to Prospectus Regulation 809/2004 (directly binding in Poland since 1 July 2005) and the CESR’s recommendations. It is more flexible and may be prepared as one document or as three separate documents: the registration document; a securities note; and a summary note. During the validity term of the prospectus, if any changes occur in the information contained therein, the issuer is obliged to present an annex for approval by the Commission The role of the Commission in approving the prospectus has been limited to examining the formal requirements; issuers will have to decide for themselves what information to include in the prospectus so as to come within the provisions.
It may be worth noting that the Act contains many relaxations of the requirements for preparing the prospectus. In some cases it is sufficient to prepare a simpler information memorandum. The following inter alia public offers or admissions into trade are affected with some exceptions, by the relaxations in the prospectus requirements: (i) securities issued by the State Treasury, regional authorities or the National Bank of Poland; (ii) securities issued by the European Central Bank or a member state; (iii) securities directed to qualified investors;
(iv) securities with unit nominal value not less than €50,000; (v) securities the total issue or sale value of which has not exceeded €100,000 within consecutive 12 months; (vi) securities in stock for stock transactions in cases of merger and acquisition; (vii) free of charge securities directed to the shareholders; (viii) directed to current and previous employees and the issuer’s or its affiliates’ management; and (ix) in the case of dual listing.
These less strict requirements are intended to contribute to the dissemination of new share issues and to facilitate the whole process of acquiring additional equity from public markets.
In order to obtain approval of the issue prospectus, it is necessary to lodge an application in the form of a single document or in the form of separate documents (registration document, the securities note and the summary note).
The Commission issues its decision on the approval of the issue prospectus within 10 business days following submission of the complete application. Decisions on applications which include securities of issuers whose existing issued and subscribed to securities have not been offered in a public offering nor admitted to trading on a regulated market, are made within 20 business days of submission.
The Commission may decline to approve an issue prospectus in the form of a single document or separate documents, if it does not comply, in its form or substance, with the requirements laid down in pertinent laws.
Where the submitted documentation is incomplete, or where additional information is required, the Commission may demand other documents and information concerning the financial or legal situation of the issuer. In such cases the period allowed for issuing approval starts from the day on which the required documentation is supplied.
Moreover, where the submitted documentation is incomplete, the Commission is obliged within 10 business days following the submission of such documentation, to notify the applicant of the need to supplement that documentation.
In its decision on the approval of the issue prospectus, or the decision approving individual documents of the prospectus in the form of separate documents, the Commission may, at the issuer’s request, authorise the omission from the prospectus of information whose disclosure:
Subject to the agreement of the relevant authority of another member state, the Commission may transfer the approval of an issue prospectus or the prospectus in the form of separate documents, submitted to the Commission by an issuer for which Poland is the home state, to such competent authority where the Commission deems this justified. The particular reason for this may be the nature of the issuer or the securities covered by the issue prospectus or the nature of the public offering or the admission to trading on a regulated market. The Commission shall notify the applicant of such a transfer within three business days.
Similarly the Commission may consider an application for approval of an issue prospectus transferred by the relevant authority of another member state on the basis of an agreement of the Commission with the relevant authority in another member state.
The issuer is obliged to make available an issue prospectus to the public. Nowadays, it is not necessary to print the prospectus, publishing it on the internet is sufficient. However, an entity making the issue prospectus available is obliged, at the request of an interested party, to provide it with a printed copy free-of-charge
Secondly, the Commission publishes on its website information on the issue prospectus which have been approved and made available to the public, along with links to the issuer’s websites or of the company operating the regulated market on which the electronic version of the issue prospectus has been posted.
In cases where Poland is the home state, the prospectus must be in Polish. If the offer, however, is made in Poland and outside it, Polish is to be used for assessing and publishing the prospectus, but the prospectus should also be prepared in the official language of the other country, where the offer is to be made.
In cases where Poland is the accepting state, the prospectus is to be prepared in Polish or English, with the decision made by the issuer. If the prospectus is in English, the summary note (or summary document in case of a prospectus drawn up as a set of documents) must be in Polish.
5. TRADING IN SECURITIES – SECONDARY MARKET
The Trading in Financial Instruments Act regulates secondary market issues. The new regulations strive towards a far-reaching freedom of the parties. A company whose shares are admitted into trade does not have to admit subsequent issues, but may direct subsequent issues to employers or qualified investors and do so without having to draw up a prospectus.
Securities admitted into trade may also be the subject of freedom to trade, direct transactions may occur even without the mediation of a brokerage house.
Novelties include alternative systems of flotation that are competitive in relation to the Warsaw Stock Exchange organised by eg brokerage houses.
Thus, many possibilities have been created for both investors and issuers.
6. LARGE BLOCKS OF SHARES
The new Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies, addresses issues associated with trading in securities. In particular, it provides for special regulations governing the purchase of large blocks of shares in a public company. It should be underlined that this Act no longer provides for the obligation to obtain consent of the Commission for the purchase of substantial blocks of shares.
Pursuant to these regulations, any investor, who:
In the event of failing to notify the appropriate authorities on reaching the above-mentioned thresholds, the investor may not exercise any voting rights in respect of such shares. In addition, such an investor shall be subject to a fine of up to PLN 1 million (approximately €250,000).
7. TAKEOVER
At the moment, the Takeover Directive is in the process of being implemented, although some provisions have already been adopted in the New Acts.
To acquire more than 33 per cent of total votes in a company, an offer for subscription through sale or conversion of shares in an amount allowing attainment of 66 per cent of total votes shall be issued, unless the excess above 33 per cent occurs as a result of an offer described below (acquisition of all remaining shares).
To acquire more than 66 per cent of total votes in a company, an offer for subscription through sale or conversion of all remaining shares shall be issued. In such case, a shareholder who within six months of an offer has purchased other shares of such a company in a different way than through an offer, for a price higher than specified in such offer, is obliged, within one month of such purchase, to pay the price difference to every party that sold shares in that offer, excluding parties whose shares were purchased for a reduced price. This reduction applies to parties possessing not less than five per cent of all shares of the company, which are allowed to negotiate the price with the offering party.
i) If any of the shares of a public company are listed on the regulated market, the share price in a tender offer may not be lower than:
• the average market price for the last six months prior to announcement of the offer, if the shares were traded on a regulated market;
• the average price over a shorter period, if the shares were traded on a regulated market for less than six months; ii) If the price cannot be specified in accordance with point i), or if the company is under bankruptcy or arrangement proceedings, it may not be lower than their recent value. iii) In addition, the price offered in the offer mentioned in point ii) cannot be lower than:
Moreover, the price listed in the offer mentioned in iii (b) above, cannot be lower than the average market price for the last three months of trade of these shares on the regulated market prior to the announcement of offer.
Additionally one should note that the price listed in any type of a tender offer can be lower if it concerns shares constituting at least five per cent of all shares that will be purchased in the offer from an appointed party submitting to the offer if the offering entity and such party so decide.
The price offered in the offer to subscribe for conversion of shares is the value of the dematerialised shares of another company whose ownership shall be transferred in exchange for the offered shares.
The obligations to announce a public offer do not arise in cases of share purchases, among others, from an entity of the same capital group/holding, in accordance with a financial security establishment agreement or those which are under a pledge.
The offer shall be announced after collateralising 100 per cent of the value of the shares to be acquired. The instituted collateral should be documented with a certificate from a bank or other relevant institution.
Some offers may be announced and conducted through an entity conducting brokerage activities in Poland, which is obliged to notify the Commission and companies operating the stock exchange or company operating over-the-counter market activities of its intention to issue the offer, no later than seven working days before bidding. The announcement must be attached to such information.
The retraction of an offer is not allowed unless another entity announces an offer relating to the same shares after the original announcement is made. The retraction of an offer for all remaining shares of such a company is permissible only if another entity announces an offer for all the remaining shares of such a company for a price not lower than in the original announcement.
Between the announcement of the offer, in accordance with point ii) above, and its conclusion, the announcing entity or related entities:
After the announcement of the offer, the entity obliged to announce the offer and the management board of the company whose shares are included in the offer must report the offer (presenting its contents) to the unions, or if there are no unions, to employees.
Upon receipt of the information on the tender offer, the Commission may, within three working days prior to the admission of bidders, file a demand to introduce necessary changes or amendments to the content of the summons or to provide clarification to its content within the time specified in the demand. This is a new power granted to the Commission.
For not fulfilling the obligations specified above, the Commission may impose a fine in each case of up to PLN 1 million (approx €250,000).
8. SQUEEZE-OUT
A shareholder or shareholders alone or with other entities – dominant, dependent, or on the basis of an agreement – who have reached or exceeded 90 per cent of the total voting rights in a public company have a right to demand from other shareholders the sale of all the shares they possesses (compulsory purchase). Such a sale occurs through a tender with the price subject to the rules of mandatory tenders and does not require the consent of the shareholder to whom the demand was addressed. The said demand must be announced and conducted by a Polish brokerage house and is irrevocable. Moreover, minority shareholders have a right to put their shares to any shareholder or shareholders who act in concert, who have exceeded the 90 per cent threshold subject to the same rules (reversed squeeze-out).
9. DOUBLE LISTING
The Act implements into Polish law, inter alia, the single-passport rule contained in Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading. This provides that when shares are admitted into trade on the regulated market in several member states, the issue prospectus approved in the home member state (eg in Poland) is valid for the purposes of admitting shares into trade in other EU member states. The condition for admitting shares into trade on the market of another EU member state is the notification to the relevant body of the accepting state on the approval of the issue prospectus in the home state by the supervisory body of this country (eg Commission). In such cases the issue prospectus does not have to be approved again in the accepting state, and admittance into trade occurs on the basis of one and the same prospectus.
The issuer for which Poland is the home state may conduct a public offering or may apply for admission of securities into trading in a member state (host state) on the basis of a prospectus approved by the Commission after presentation to the relevant authority in the host state of a certificate acknowledging approval of the issue prospectus.
The certificate is issued at the request of the issuer or the selling shareholder. This request must indicate the host state. The applicant may also submit a request for the Commission to simultaneously provide, together with the certificate, a translation into the host state’s language, of a summary note or of a summary which is part of the issue prospectus drawn up as a single document furnished by the applicant.
The certificate indicates what has been approved for omission by the Commission from the issue prospectus, together with the grounds for such an exemption and a description of the conditions for exemption and a specification of the information which cannot be presented. The certificate must indicate the specific features or the circumstances which justify the omissions from the prospectus or give a specification of the information which provisions of law allow to be withheld. The Commission delivers this certificate together with a copy of the applicant’s issue prospectus to the relevant supervisory body in the accepting state.
Companies admitted into public trading in other EU member states do not have to obtain the consent of the Commission to admit their securities into public trading within Poland.
The single-passport rule significantly facilitates entry onto the market by foreign investors, applies the home country principle in relation to supervision and substantially broadens the scope of securities (new definition of financial instruments). Moreover, new regulations would encourage Polish qualified investors to expand their portfolio and simultaneously open the Polish capital market to foreign investments.
10. FOREIGN EXCHANGE REGULATIONS
Polish investors may acquire and dispose of securities listed in countries with whom Poland has signed a treaty on the reciprocal support and protection of investments, without obtaining consents. In the event that they achieve significant capital engagement (10 per cent of participation in the base capital of a foreign company or the total value of foreign securities of companies exceeding the equivalent of €10,000) they are obliged to submit annual reports on the securities owned to the National Bank of Poland.
Foreign investors may acquire or dispose of securities or debt securities listed in Poland without any restrictions and are generally entitled to transfer all of their profits. Furthermore, capital gains may be transferred abroad without the need to obtain special permission. In fact, with respect to forex requirements, foreign investors are generally subject to the same rules and regulations as Polish ones.
11. STOCK EXCHANGE
Over 300 companies (including six foreign companies) are currently listed on the Warsaw Stock Exchange (WSE). Most securities and all treasury bonds and derivatives are quoted on the continuous trading system. Only some securities are traded on the single price quotation system.
The following trading systems exist on the WSE:
PARALLEL MARKET (UNOFFICIAL)
Source: Warsaw Stock Exchange
The Warsaw Stock Exchange was founded by the State Treasury as a non-profit joint-stock company. The highest decision-making body of the Warsaw Stock Exchange is the General Meeting of Shareholders. Its role is to make changes to the Articles of Association and to elect members of the Supervisory Board. It consists of representatives of the State Treasury, banks and brokerage houses (the WSE shareholders).
The Warsaw Stock Exchange’s Supervisory Board formulates the Rules of the WSE, controls operations of the exchange, admits securities to trading, and grants and recalls stock exchange membership. It comprises 12 members appointed by the General Meeting of Shareholders.
The Management Board coordinates the day-to-day operations of the WSE, sets the rules for the introduction of securities to exchange trading and supervises the activities of brokers and brokerage firms in market transactions. The Management Board consists of five members, acting under the supervision of the President, who is elected by the General Meeting of Shareholders for a three-year term.
12. INSTITUTIONS OF THE CAPITAL MARKET IN POLAND
Companies from countries belonging to the OECD may conduct brokerage services for Polish investors, under the branch regime, after obtaining permission from the Commission. They may also open representations in Poland in order to advertise and promote their activity.
With the consent of the Commission and on the conditions therein specified, a foreign entity which stores securities or mediates in the trading of securities in countries belonging to the OECD, may conclude contracts to provide brokerage services or open securities accounts in entities providing such services in Poland.
The Polish capital market is presently fully open to foreign investors, investment companies and issuers. Legal provisions have been harmonised with EU regulations concerning the functioning of financial institutions, the principles governing trading in securities, conducting transactions concerning substantial share packages, offering financial products in Poland and the possibility of acquiring them abroad. Several facilities have been created for OECD countries. The Polish capital market is currently both a challenge and an opportunity for investors and financial institutions.
The opportunities and advantages for foreign issuers entering the Polish capital market include the following:
13. FINANCIAL INSTRUMENTS
According to the act on Trading in Financial Instruments, financial instruments shall include:
i) securities;
ii) any of the following instruments other than securities:
a) units in collective investment undertakings,
b) money market instruments,
c) futures contracts and other equivalent cash-settled financial instruments, forward interest-rate agreements, equity, interest-rate and currency swaps,
d)options to buy or sell any financial instruments, interest rate options, currency options, options on such options and other equivalent cash-settled financial instruments,
e) property rights whose price depends, whether directly or indirectly, on the value of items of a specified type: specific types of energy, measurements and allowances of production or pollution emissions (derivatives on commodities),
f) any other instruments admitted or seeking admission into trading on a regulated market in the territory of a member state. Broker-traded financial instruments shall be the financial instruments referred to in points i and ii a-d above.
The new definition of financial instruments has been broadened in order to avoid ambiguity and to improve investor protection by eliminating investment products which are not covered by the regulations and the supervision of the Polish Financial Supervision Commission (‘Commission’). The new definition of financial instruments includes not only the financial instruments present on the Polish capital market, but also the instruments present on more developed capital markets.
Significant changes, especially for the brokerage houses and entities running securities accounts, have been made to the definition of securities. Derivative rights and other property rights traded on the regulated market have been excluded from this definition.
The Commission’s supervision has been extended on the accounts where broker-traded financial instruments other than securities, admitted for trading, are registered.
The Act on Trading in Financial Instruments introduces the possibility of running the commodity exchange markets by regulated markets, and repeals the obligatory participation of the National Depository for Securities in the registration and clearing procedures on those commodity exchange markets.
14. MARKET ABUSE
The entities supervised by the Financial Supervision Commission shall be obliged to promptly deliver to the Commission (if the Commission is the competent body authorising the conduct of regulated activities or the registered office of the entity or its branch) information on each reasonable suspicion that an instance of market manipulation has occurred. Such information shall include:
• detailed information on the suspected transaction, including: a) the financial instrument involved in the transaction; b) transaction type and manner of its execution; c) transaction date and place; d) transaction price and volume; e) type of market and trading system to which the transaction relates; f) description of the order covering the financial instruments to which the transaction relates, including the type and size of the order; g) details of the person who has placed the order or executed the transaction, including in particular information whether the person has acted for his/her own account or a third party’s account;
The entity performing the said obligation (eg brokerage house) cannot inform any entities other than the Commission, especially the entities for whose account the order has been placed or the transaction executed, nor other entities connected with the transaction.
This change is designed to tighten supervision over the trade in financial instruments through self-regulation performed by the financial market’s participants who are obliged to deliver information on any suspicious transactions. The market’s participants should be interested in that kind of control as it will lead to an increase in trust and will improve the attractiveness of the market for the new investors.
Persons preparing recommendations concerning financial instruments for dissemination among investors, or issuers thereof, as well as persons disseminating such recommendations, shall be obliged to exercise due diligence. They must ensure the reliability of the recommendations prepared by them and disclose any legitimate interests and conflicts of interest existing at the time of such preparation or dissemination.
Entities which, in preparing such recommendations omit to follow the above regulations, will be subject to a financial penalty of up to PLN 1,000,000 by the Commission. In its decision imposing a penalty, the Commission may determine a deadline for the performance of the breached or omitted obligation or act required under the applicable regulations. If the obligation or act is not performed by such deadline, the Commission may, by way of a decision, impose a further financial penalty.
This new instrument is designed to secure the interests of market participants and especially small investors. They should have complete knowledge of any legitimate interests and conflicts of interest affecting the entities preparing recommendations concerning financial instruments.
The definition of market manipulation has been made more transparent way, in order to make the proceedings of organs of justice easier, and to make the investors aware of possible dangers.
Some market manipulation acts have been decriminalised and are currently liable to administrative proceedings rules, which are quicker and easier. By way of a decision, the Commission may impose a financial penalty of up to PLN 200,000 or a financial penalty of up to ten times the financial benefit gained, or both, in cases of:
Moreover, in the following situations the Commission may, by way of administrative decision, impose a financial penalty of up to PLN 1,000,000:
• on anyone who stabilises the prices of financial instruments, or orders such stabilisation, in breach of the rules laid down in the relevant issue prospectus or of other regulations;
• on any entity which acquires its own shares in breach of the provisions of law;
• on anyone who acquires shares in a company operating a stock exchange market or an OTC market without being entitled to do so;
• on anyone who fails to deliver the information on a suspected manipulation or delivers such information in breach of the respective provisions of law;
• on anyone who fails to deliver the information on any reasonable suspicion of illegal disclosure or use of inside information or delivers such information in breach of the respective provisions law.
15. DELISTING
According to the Act on Public Offering, upon the request of an issuer with a registered office in the Republic of Poland, the Commission shall authorise the restoration of shares to certificated form (rematerialisation of shares).
The issuer may submit the above request, if the general shareholders meeting adopts a resolution on the rematerialisation of shares by way of a 4/5 majority of the votes cast in the presence of shareholders representing at least half of the share capital. A copy of the resolution should be attached to the request.
Shareholder(s) requesting that the adoption of the resolution be included in the agenda of the general shareholders meeting shall first announce a tender offer to acquire the company shares from all other shareholders.
The authorisation shall have the legal effect of releasing the issuer from the statutory obligations arising in connection with a public offering of shares or their admission to trading on a regulated market in the Republic of Poland. In the authorisation, the Commission shall specify the period, of not more than a month, upon the lapse of which the aforementioned legal effect shall take place.
The legal effect defined above shall take place by operation of law upon the lapse of six months from the date on which a decision on the declaration of bankruptcy of the company, including liquidation of its assets, or a decision on the dismissal of a bankruptcy petition for the company on the grounds that the value of the company’s assets is not sufficient to cover the costs of the proceedings, becomes final. The rematerialisation of shares shall not take place until the lapse of the above deadline.
The shares shall be withdrawn from trading on a regulated market by the deadline referred to in the above paragraphs.
According to the rules of Warsaw Stock Exchange, the Exchange Management Board shall delist a financial instrument:
Information about the suspension of trading in or the delisting of a financial instrument and about the withholding of admission to exchange trading or start of listing shall be immediately disclosed to the public as per the Act on Trading in Financial Instruments.
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