International Comparative Legal Guide to: Alternative Investment Funds Laws and Regulations 2019 with the contribution of the DJM lawyers

 

We are pleased to announce that the new edition of an international publication of the series edited by the Global Legal Group – the International Comparative Legal Guide to: Alternative Investment Funds Laws and Regulations 2019 has been published in August 2019.

International Comparative Legal Guide to: Alternative Investment Funds Laws and Regulations 2019 is an international guide to alternative investment funds, composed with the contribution of the DJM lawyers. Publication provides a global comparison of the laws and regulations that govern the setting up and operation of alternative investment funds in 32 key jurisdictions in the world, where the investment funds market is very active. Individual parts of this publication relating to particular countries have been written by leading practitioners specializing in alternative investment funds in the specific markets.

The authors of the Polish part of the publication are lawyers of our Law Firm: Zuzanna Mariańska-Masiarz, an Attorney-at-Law, and Michał Żwirski, senior lawyer specialized in capital markets law.

The publication is available at:
https://iclg.com/practice-areas/alternative-investment-funds-laws-and-regulations/poland

First bond issues in Poland registered in the National Depository for Securities by an issue agent

 

We are pleased to announce that following the first issuance of investment certificates of a closed-end investment fund on the Polish market by an issue agent, the Debt Securities Issuance Team of our Law Firm has carried out the legal part of the first two issues of bonds on the Polish market registered under the new rules in the National Depository for Securities. The issues were registered by the National Depository for Securities on 17 July 2019.

We would like to remind you that obligatory dematerialization of bonds has been in force since 1 July and their registration in the depository requires the intermediation of an issue agent, which results from the provisions of the act of 9 November 2018 amending certain acts in connection with the strengthening of supervision over financial market and protection of investors on this market.

As part of our practice in the field of law regulating the issue of debt securities, we advise our Clients in all areas related to the organisation of the bond and other debt instruments issue process.

We encourage you to contact us and take advantage of our experience

First issuance of investment certificates of a closed-end investment fund on the Polish market pursued in accordance with new-established rules

 

We are pleased to announce that Dubiński Jeleński Masiarz and Partners  has carried out the legal part of the first issuance on the Polish market of investment certificates of a closed-end investment fund through an issue agent pursued in accordance with rules that entered in force on 1 July. On 12 July 2019 the National Depository for Securities informed about the registration of these certificates in the depository for securities.

At the beginning of the July, provisions of the act of 9 November 2018 amending certain acts in connection with the strengthening of supervision over financial market and protection of investors on this market entered into force, introducing new rules on the registration of private securities, including investment certificates issued by a closed-end investment fund which is not a public closed-end investment fund, as well as a new institution of an ‘issue agent’.

Since the 1 July, all newly issued investment certificates of non-public closed-end investment funds are subject to mandatory dematerialization and their registration in the depository for securities requires the intermediation of an issue agent.

Our Capital Markets Team advises our Clients on all of the areas related to the issuance of investment certificates carried out in accordance with the new-established rules, in particular with regard to negotiating agreements with issue agent, issue sponsor and payment agent, and preparing the issue documentation – the statute, terms of issue and applicable forms.

Employee investment schemes

 

We are pleased to inform that Dubiński Jeleński Masiarz and Partners have provided legal advisory services for ten out of nineteen financial institutions that offer employee investment schemes.

The services rendered by us include, inter alia, preparation of full legal documentation for employee investment schemes as well as provision of on-going legal advice.

We would like to heartily thank our Clients for their trust!

On 1 July 2019, employee investment schemes were launched in Poland. Such schemes are voluntary saving plans. It is assumed that they will cover more that 11 million people. No actions on the employee’s part is required to join the employee investment scheme. However, the employers will have to sign relevant agreements based on which their employees will save some funds for their future.

Employees saving through employee investment schemes will be putting between 2 and 4% of their wages aside for their future. To that, the employer will add another 1.5 – 4% of the amount of wages of individual employees. On the top of that, each person joining an employee investment scheme will receive PLN 250 from state budget as a welcome bonus, plus PLN 240 each year. As a rule, the funds accumulated by a given employee can be withdrawn when he/she turns 60. The withdrawal will also be possible, inter alia, in the case of a major illness or to cover own share when taking a loan for an apartment or a house.

The funds of employees are managed by specialised institutions with extensive experience on financial market, such as: investment funds societies, insurance undertakings and pension fund companies. These institutions are entitled to collect low management fees, but they cannot charge any fees for deposit and withdrawal of funds. Moreover, they are given statutory incentives to manage the employees’ funds effectively. Besides, institutions that wish to offer employee investment schemes must meet a number of stringent criteria.

Employee investment schemes will be implemented in a number of stages and the process is planned to last till 2021. Firstly, employee investment schemes will be joined by people working for entities with over 250 employees. Other groups of employees will subsequently be covered by the schemes, and the actual date of joining a scheme by individual employees will depend on the number of people employed by their employer.

Chambers Global Practice Guide: Investment Funds 2019 with the contribution of the DJM lawyers

 

On 1 March, 2019  Chambers Global Practice Guide: Investment Funds 2019, co-authored by DJM lawyers, has been published. Chambers Global Practice Guide series is edited by Chambers & Partners, seated in London.

The part of publication regarding Polish investment funds market was written by lawyers from our Capital Market Team: Tomasz Masiarz – Managing Partner who runs the investment fund practice at DJM, Rafał Lidke – attorney, associated with DJM for over 10 years, Zuzanna Mariańska-Masiarz –  attorney-at-law, cooperating with DJM since 2006 and Patrycja Gliwka – junior associate.

Chambers Global Practice Guide: Investment Funds 2019 is an expert legal commentary, written by specialists from the most significant jurisdictions around the world. The publication describes key aspects regarding investment funds operations. We kindly invite you to read the publication, available at:

https://practiceguides.chambers.com/practice-guides/investment-funds-2019

International Comparative Legal Guide to: Alternative Investment Funds 2018 6th edition with the contribution of the DJM lawyers

ICLG

We are pleased to announce that the new edition of an international publication of the series edited by the Global Legal Group – the International Comparative Legal Guide to: Alternative Investment Funds 2018  has been published in July 2018.

International Comparative Legal Guide to: Alternative Investment Funds 2018 is an international guide to alternative investment funds, composed with the contribution of the DJM lawyers. Publication provides a global comparison of the laws and regulations that govern the setting up and operation of alternative investment funds in 29 key jurisdictions in the world, where the investment funds market is very active. Individual parts of this publication relating to particular countries have been written by leading practitioners specializing in alternative investment funds in the specific markets.

 

The authors of the Polish part of the publication are: Tomasz Masiarz, a managing partner at our Law Firm in charge of the investment fund practice and Rafał Lidke, an attorney associated with our Firm for over ten years.

The publication is available at:
https://iclg.com/practice-areas/alternative-investment-funds-laws-and-regulations

DFJ advised Templeton Asset Management (Poland) TFI S.A. in license proceedings before Polish FSA

Dubiński Fabrycki Jeleński i Wspólnicy Law Firm represented Templeton Asset Management (Poland) TFI S.A. before the Polish Financial Supervision Authority in the proceedings for granting an authorisation to conduct activities as an investment fund management company and to create an investment fund Franklin Templeton Fundusz Inwestycyjny Otwarty. On November 3, 2015 the Polish Financial Supervision Authority unanimously granted to Templeton Asset Management (Poland) TFI S.A. licenses authorizing the company to create and manage Polish investment funds, manage portfolios of financial instruments, provide investment advisory services and act as a representative of foreign funds.

In connection with the above proceedings, the Law Firm, as an external legal advisor, provided TAMP TFI S.A. with comprehensive legal assistance at each stage of the proceedings, among others, within the scope of creation of an umbrella investment fund Franklin Templeton FIO, as well as preparation of all necessary documentation, including internal documentation of the Management Company and the Fund, required under applicable provisions of law in relation to investment fund management companies.

The project was supervised by Jarosław Dubiński, managing partner of the Law Firm, and handled by a team of lawyers of the Law Firm, including in particular Tomasz Masiarz, partner of the Law Firm, and attorney at law Rafał Lidke.

Templeton Asset Management (Poland) TFI S.A. belongs to a capital group of Franklin Templeton Investments, which is one of the biggest investment organizations in the world. As a global leader in asset management, the Franklin Templeton Investments Group provides its services to over 23 million clients in more than 150 countries all over the world.

Establishment of new Investment Funds for TFI BGK S.A.

The Law Firm has advised Towarzystwo Funduszy Inwestycyjnych BGK S.A. (an investment fund company) on establishing, in cooperation with Bank Gospodarstwa Krajowego and Polskie Inwestycje Rozwojowe S.A., four investment funds: Fundusz Inwestycji Samorządowych (local government investment fund), Fundusz Inwestycji Infrastrukturalnych- Kapitałowy (capital infrastructure investment fund), Fundusz Inwestycji Infrastrukturalnych-Dłużny (debt infrastructure investment fund), and Fundusz Inwestycji Polskich Przedsiębiorstw (Polish enterprises investment fund), with the aggregate target capitalization of PLN 6.5 billion. These investment funds will be set up in the second quarter of 2015. The project was managed by Tomasz Masiarz, a Law Firm’s partner. Tomasz Masiarz heads the Law Firm’s investment funds practice.

Consultancy for TFI BGK

The Law Office represented Towarzystwo Funduszy Inwestycyjnych BGK S.A., a company wholly-owned by Bank Gospodarstwa Krajowego, before the Polish Financial Supervision Authority in the proceedings of licencing TFI BGK S.A. to pursue its business operations. Within the above-said project, the Law Office provided Towarzystwo Funduszy Inwestycyjnych BGK S.A. with comprehensive legal assistance which involved consultancy pertaining to formation of an investment fund company, formation of an investment fund (Fundusz Sektora Mieszkań na Wynajem FIZ AN), engagement of external entities to perform the activities connected with the operations of the investment fund company to external entities, as well as preparation of any and all documentation connected with the said proceedings, including but not limited to any external documentation required by laws in force with respect to investment fund companies.