New rules set by the Polish Financial Supervision Authority (the ‘KNF’) regarding persons that are allowed to provide activities in the territory of Poland
The Cyprus Securities and Exchange Commission (the ‘CySEC’) hereby draws the attention of the Cyprus Investment Firms (the ‘CIFs’), which freely provide investment services in accordance with Article 79 of the Investment Services and Activities and Regulated Markets Law of 2007, as in force (the ‘Law’), in the territory of Poland, to KNF’s new rules that entered into force on 29 April, 2017, regarding the persons that are allowed to provide such services.
- Pursuant to article 79(2)(a) of the amended Polish Act of 29 July 2005 on Trading in Financial Instruments (‘the Act’), the activities of:
- client/potential client acquisition
- advising on the range of the investment services provided by a foreign investment firm or on financial instruments1 that are subject to those services,
may be conducted, in the territory of Poland, only by:
- A foreign investment firm
- An agent of a foreign investment firm (supervised intermediary acting in the name and on behalf of the investment firm).
- The only exception to that rule is thereafter provided in Article 79(2)(b) of the Act, where the above listed activities may be conducted by entities other than a (foreign) investment firm or an agent of a (foreign) investment firm only if the information is, at the same time, communicated to a broad group of clients or potential clients of the investment firm or to an indefinite recipient (e.g. TV or radio advertisement).
- CIFs may visit KNF’s website to read more information on the aforementioned provisions.
- CySEC herewith advises CIFs to consult with their legal consultants regarding the necessary actions/measures required to ensure compliance with KNF’s new regulatory requirements.
Reference: Cyprus Securities and Exchange Commission (2017). New rules set by the Polish Financial Supervision Authority (the ‘KNF’) regarding persons that are allowed to provide activities in the territory of Poland. Retrieved from http://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=3f08dccb-5dc3-4574-91b5-2f2fa1b932a9
For more information and guidance please email Michalaki, Pitsillidou & Co LLC – Cyprus Lawyers, at firstname.lastname@example.org or visit our website at www.impklawyers.com.Tel. +357 25660092 – Fax +357 25 660097.