The Polish Government has approved drafts of three Laws regulating the capital market and passed them on to the Polish Parliament for further discussion and approval.
The Government proposes to introduce changes to the following Laws:Law on Trading in Financial InstrumentsLaw on Public OfferingsLaw on Investment Funds.
The main aim of the changes is to adopt the Polish capital market regulations to the European Union standards, in particular to the Markets in Financial Instruments Directive (MIFID).
In practice, the proposed changes will influence the formal monopoly of the National Depository for Securities with respect to settlement of stock exchange transactions, foreign shareholders and regulations concerning securities lending and short selling.
It is expected that the Polish Parliament will start reviewing drafts within next 2-3 months, consequently enabling the November 2007 MiFID implementation deadline.