Amendments coming into force on 29 June 2020
- Resolution No. 493/2020 of the KDPW Management Board dated 15 June 2020 amending the Detailed Rules of Operation of Krajowy Depozyt Papierów Wartościowych
incorporate the amendments of the Act on Public Offering and the Conditions of Introducing Financial Instruments to an Organised Trading System and on Public Companies, as amended by the Act of 16 October 2019, and amendments in connection with the coming into force of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC;
incorporate the amendments of the KDPW Rules in connection with the mandatory uncertificated form of shares required under the Act of 30 August 2019 amending the Commercial Companies Code and certain other Acts; 3/
incorporate the 2019 amendments of the Corporate Income Tax Act, shifting the tax withholding agent’s obligations in connection with the payment of income of a closed-end fund by such fund without redemption of investment certificates from the issuer to managers of securities accounts or omnibus securities accounts in which such certificates are registered if they participate in such payment as intermediaries;
clarification of certain provisions concerning the processing of payments of entitlements from securities and the processing of general meetings of public companies;
deletion of provisions concerning the use of phone numbers for the authentication of access to the application available on the KDPW website supporting electronic communication with KDPW.
- Resolution No. 494/2020 of the KDPW Management Board dated 15 June 2020 amending the Detailed Rules of Operation of Krajowy Depozyt Papierów Wartościowych and the Registration Procedures of Krajowy Depozyt Papierów Wartościowych
The amendments are required in connection with the implementation by KDPW, scheduled on 29 June 2020, of the processing of mandatory partial redemption of investment certificates marked with a given ISIN code, performed irrespective of a request of a fund participant, and mandatory full redemption of investment certificates marked with a given ISIN code, unrelated to the liquidation of the investment fund and performed irrespective of a request of a fund participant. Furthermore, the amendments eliminate suspension in the event of lack of coverage for the settlement of conditional or unconditional sale/purchase of securities between the National Bank of Poland and banks in open market operations. If such transaction cannot be settled when due, settlement instructions concerning such transaction will be deleted from the depository system and KDPW will not attempt to settle the transaction thereafter unless the counterparties to such settlement submit new settlement instructions for such transaction. Other minor amendments concern provisions relating to the processing of structured certificates (in particular, new provisions governing the course of action where a beneficiary waives the payment due on redemption of structured certificates) as well as provisions relating to transfers of securities without transfer of ownership.