DJM's lawyers have the unique and the most extensive experience in the Polish market in providing services to investment funds and management companies of investment funds, as well as foreign funds connected with the Polish market.

The team members have developed specialisation in various legal issues related to investment funds. DJM’s lawyers have been involved in creating many pioneer structures and models of operation on the Polish market. Numerous solutions developed from DJM’s lawyers practice are present at the moment in all management companies of investment funds on the Polish market. Some solutions are also reflected in legal regulations implemented in Poland. Many times DJM’s lawyers actively participated in the legislation process regarding investment funds regulations. Our Clients are assisted by our lawyers in every aspect of the functioning of investment funds on the market.

Our lawyers, inter alia, represent investment funds and management companies of investment funds in proceedings before common and arbitration courts, and in proceedings, including appeal proceedings, before administration authorities, especially before the Polish Financial Supervision Authority in all types of proceedings, including with respect to authorisations for creating investment funds, approval of prospectuses of public closed-end investment funds. We also advise in the course of bringing foreign investment funds to the Polish market (notification).

DJM’s lawyers are actively involved in the legislation process connected with amendments of legal regulations for investment funds in Poland. DJM, on behalf of the Management Companies of Investment Funds Association, contributed to legal provisions regulating basic aspects of functioning of the investment funds market in Poland. DJM’s lawyers often actively participated and continue to participate in the legislation process regarding investment funds regulations. In the years 2016 – 2017, DJM participated in legislation works for the implementation of UCITS V Directive, AIFMD Directive and MiFID II Directive in Poland. Our lawyers made a significant contribution to legislation process for the introduction of employee capital plans (“PPK”) to the Polish pension system.

Our lawyers are regularly invited and make presentations at specialist courses, trainings and lectures on the law of investment funds. Tomasz Masiarz, Partner of DJM, gives lectures on the investment funds at the Postgraduate Studies in the Capital Market Law at the Warsaw School of Economics.

Our lawyers have been selected for the another time in a row to co-author the publication of a renowned global organization Chambers and Partners based in London, related to investment funds in comparative perspective – Global Practice Guides – Investment Funds 2020 (Q&A). The publication provides a global comparison of the laws and regulations that govern the setting up and operation of investment funds in major jurisdictions in the world, where the investment funds market is very active. DJM’s lawyers prepared a chapter on Poland.

Special achievements of DJM in the area of investment funds include successful completion of the following projects on the Polish market:

• creation of the first closed-end investment fund in Poland organised in accordance with the Act on Investment Funds;
• creation of the first dedicated closed-end investment fund in Poland;
• creation of the first guaranteed closed-end investment fund in Poland;
• creation of the first specialised closed-end investment fund in Poland that may invest in real estate;
• creation of the first specialised closed-end investment fund in Poland;
• creation of the first specialised open-end investment fund in Poland;
• creation of the first umbrella fund with separate sub-funds in Poland;
• creation of the first hedging fund in Poland;
• the first merger of open-end investment funds on the Polish market;
• the first take-over of the management of an investment fund on the Polish market;
• creation of the first master-feeder fund in Poland;
• creation of the first closed-end investment fund in Poland with its structure implementing, to the fullest extent possible, the common global standard for private equity funds in the form of limited partnerships;
• the first and only transformation of a non-public closed-end investment fund into a public closed-end investment fund in Poland
• obtaining the first authorisations of the Polish Financial Supervision Authority for commissioning the management of the portfolio of a non-public assets closed-end investment fund to an entity non-authorised to conduct brokerage activity
• the first in Poland notification of a Polish open-end investment fund in another EU Member State (on the territory of the Grand Duchy of Luxembourg),

Because of many years of experience as well as uninterrupted contact with issues connected with investment funds, our lawyers have comprehensive knowledge about, in principle, all aspects of operation of investment funds and up-to-date requirements of the Polish Financial Supervision Authority connected with the management of investment funds. Recently DJM:

• advised at the first in Poland issue of investment certificates of a non-public investment fund, registered in the depository of securities with participation of a new institution called the “issue agent”
• participated actively in the legislation process for the implementation of legal regulations governing the transformation of common pension societies into management companies of investment funds;
• co-operated with ten financial institutions (including management companies of investment funds and common pension societies) in the process of creating from zero the structures connected with employee capital plans (“PPK”), and as part of such co-operation DJM drafted and consulted on full documentation of “specified date funds”, including the articles of association of such funds, information and product documents, as well as provides assistance at each stage of implementation of employees capital plans;
• advised on the first notification of a Polish open-end investment fund (UCITS) in another EU Member State (on the territory of the Grand Duchy of Luxembourg);
• conducted the first project on the Polish market involving public bonds program, implemented by a non-public closed-end private equity investment fund;
• successfully completed a pioneer project of obtaining an authorisation for a management company of investment funds to conclude an agreement on the investment fund portfolio management for a non-public assets closed-end investment fund, pursuant to the Article 46 paragraph 3a of the Act on Investment Funds and Alternative Investment Funds Management, and then represented the management company of investment funds in the following six such proceedings before the Polish Financial Supervision Authority, all of which ended with obtaining the authorisation of the Authority;