President Karol Nawrocki signed an amendment to the investment fund act on Thursday, allowing for alternative registration of non-public FIZ certificates.
President Signs Amendment to Investment Fund Act
President Karol Nawrocki signed the amendment to the investment fund act, the president’s office announced on Thursday.
The amendment aims to allow the registration of investment certificates of non-public FIZs outside the National Depository for Securities (KDPW).
Changes to Registration Procedures
The act modifies the law on investment funds, alternative investment funds, and financial instruments trading.
According to a statement from the president’s office, the primary goal is to deregulate and simplify the operation of non-public closed-end investment funds (FIZ) by restoring the possibility of registering investment certificates of non-public FIZs outside the KDPW – namely, in the register of fund participants maintained by the TFI or a manager from the EU.
Registration with the KDPW remains mandatory only for public FIZs.
Electronic Records and Data Transfer
The registry will be maintained electronically, and the entity maintaining it will be required to transmit data to the KDPW regarding certificates and fulfilled/required benefits.
Furthermore, a change in the registration system – for example, from KDPW to a registry – will require the consent of the investors’ meeting.
Effective Date
The act will come into force 14 days after its publication.