The Polish Securities and Exchanges Commission (SEC) has taken steps to replace the existing Law on Public Trading in Securities, according to Bank Austria Creditanstalt AG (BA-CA).
The SEC has provided Custodian Banks’ Council with drafts of three new bills proposed to regulate the Polish capital market via the Act on the Capital Market Supervision, the Act on Trading in Financial Instruments and the Act on Requirements Regarding Public Offerings and Admission of Securities or other Financial Instruments to Trading on the Regulated Market and on Public Companies.
The proposed changes aim at unification of provisions regulating activities on the market and at adapting them to the directives of the European Union, according to BA-CA. It is anticipated that the legislative process will be finalized in the first half of 2005. SEC has requested market participants to present their views and comments to the proposed changes by October 28th, 2004.