- Poland’s first AIC licence issued by PFSA (7/30/2020) specialisation: Capital Markets
We are pleased to announce that Dubiński Jeleński Masiarz i Wspólnicy sp.k. has successfully conducted the first in Poland proceedings before the Polish Financial Supervision Authority for issuing a license to perform the activity of the Alternative Investment Company Manager (AICM).
The legal provisions introducing the institution of an Alternative Investment Company (AIC) and AICM into the Polish legal system came into force in June 2016. Last week the entity supported by our law firm received the first license of AICM in Poland. The pioneering nature of the proceedings before the Polish Financial Supervision Authority was related to the necessity of acting on the basis of legal regulations not applied by any other entity so far.
The decision of the Polish Financial Supervision Authority issued in this proceedings is the first license of this kind in Poland. Other AICM operating on the domestic market due to the low value of the assets under management (below EUR 100 000 000) benefit from a statutory exemption and operate under a simplified supervisory regime – without a licence but on the basis of an entry in the register of AICM kept by the Polish Financial Supervision Authority.
Within our Capital Markets Team, we advise our Clients in all proceedings before the Polish Financial Supervision Authority, including those concerning alternative investment companies and the management of alternative investment companies
- International Comparative Legal Guide to: Alternative Investment Funds Laws and Regulations 2019 with the contribution of the DJM lawyers (9/10/2019) specialisation: Investment Funds
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:
- First bond issues in Poland registered in the National Depository for Securities by an issue agent (7/18/2019) specialisation: Investment Funds
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 (7/12/2019) specialisation: Investment Funds
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 (7/12/2019) specialisation: Investment Funds
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.
- DJM in the Chambers & Partners ranking (3/12/2019) specialisation: Bez kategorii
We are proud to announce that for the fifth time in a row – Dubiński Jeleński Masiarz and Partners was ranked in this year’s Chambers Europe published by Chambers & Partners. It is one of the most prestigious rankings of law firms.
We were ranked in the following three categories: Restructuring / Insolvency, Banking & Finance and Corporate / M&A. In the category of Restructuring / Insolvency we were included in Band 2, and were outranked only by two international firms.
Partners leading the restructuring practice – Kazimierz Jeleński and Jarosław Dubiński – once again were ranked individually as leading experts in restructuring and insolvency.
We are honoured by our Clients’ opinions quoted in the ranking, describing our Team as “very much focused on this area and getting a lot of assignments from clients, including large financial institutions.” „The biggest advantage of this team is the focus on getting the deal done. They try to understand the situation of the company and various groups of stakeholders.”
We would like to thank our Clients for their trust and another year of fruitful cooperation.
- Chambers Global Practice Guide: Investment Funds 2019 with the contribution of the DJM lawyers (3/4/2019) specialisation: Investment Funds, Specialisation
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:
- International Comparative Legal Guide to: Alternative Investment Funds 2018 6th edition with the contribution of the DJM lawyers (8/1/2018) specialisation: Investment Funds, Specialisation
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:
- DFJ changes name and appoints Tomasz Masiarz a managing partner (1/9/2018) specialisation: Bez kategorii
We are happy to inform you that as of 9 January 2018 our firm’s name has changed to Dubiński Jeleński Masiarz and Partners sp.k.
The change of name is the result of the appointment of Tomasz Masiarz as one of the three managing partners, replacing Wojciech Fabrycki in this capacity. For 17 years now, Tomasz Masiarz has been specializing in financial markets, securities, investment fund law and asset management.
Assumption by Tomasz Masiarz’s od duties of the managing partner is an element of the strategy of strengthening our transaction practice in the area of securities and public companies. The change will ensure support for our strong Mergers & Acquisition Practice, managed by Jarosław Dubiński, Kazimierz Jeleński and Paweł Kapica, which has carried out the largest number of the most spectacular of the firm’s M&A projects.
Dubiński Jeleński Masiarz and Partners is a leading Polish law firm specialized in business law. We have over 30 lawyers, and our Partners are recognized experts in their fields of specialization. Jarosław Dubiński together with Kazimierz Jeleński oversee the transactional and restructuring practice, Tomasz Masiarz is responsible for capital markets and securities practice, Paweł Kapica manages numerus mergers & acquisitions and private equity / venture capital projects, Tomasz Chełstowski heads the litigation practice, and Grzegorz Bocian is in charge of corporate debt financing and corporate law projects. For the last couple of years, owing to the transactions implemented as part of the practice led by Jarosław Dubiński and Kazimierz Jeleński, our firm has maintained a top position in the Ranking of Law Firms organized by the Rzeczpospolita daily, in the category of equity and restructuring transactions, and has been awarded in prestigious international rankings of law firms: Chambers Global and Chambers Europe in the category of Restructuring and Insolvency and Banking and Finance.
Tomasz Masiarz has over 17 years of experience in advising clients active on Polish capital markets, including public companies and investment funds. Tomasz Masiarz specializes in financial instruments markets, public offerings, investment fund law and asset management. Apart from advising clients on all aspects of their operations, he has acted on their behalf in numerous proceedings held before the Polish Financial Supervision Authority (KNF) and the Polish Securities and Exchange Commission (KPWiG), including the successful establishment of a dozen or so investment fund companies and several hundred investment funds. He lectures at the Post-Graduate Capital Market Law Studies at Warsaw School of Economics. He has been invited on numerous occasions as an expert to conferences on capital market regulations. He has also authored a number of publications on Polish capital markets.
- The acquisition by Plukon Food Group BV (the Netherlands) of a majority stake in L&B Wyrębski Sp. z o.o. (7/21/2017) specialisation: Merges and Acquisitions (M&A), Specialisation
DFJ provided legal advisory services to Plukon Food Group BV (the Netherlands) at the acquisition of a majority stake in the company under the business name L&B Wyrębski Sp. z o.o. operating in the poultry sector (the “Company”). The transaction included the acquisition of both existing and newly-issued shares in the Company’s increased share capital with a view to providing the Company with a part of financing necessary for the construction of a state-of-the-art poultry slaughterhouse and processing facility.
Dubiński Jeleński Masiarz and Partners Law Firm is a leading Polish law firm specialized in economic law. We employ over 30 lawyers and our partners are recognized experts in their fields. Jarosław Dubiński, Kazimierz Jeleński and Tomasz Masiarz have created a firm with unique competences combining the advantages of a Polish law firm with the experience gained at international law firms.