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.