"European" amendments to Law on Public Trading in Securities

As a result, it became necessary to adopt rules regulating the activity of European brokerage institutions in Poland. Introduction of provisions authorizing brokerage houses to perform advisory services connected with M&A transactions together with the previously regulated services connected with underwriting agreements and offering of securities has made the situation of brokerage houses partially similar to that of investment banks operating on developed capital markets. It should be stressed that these amendments also include new rules for admission to public trading of securities previously admitted or under admission procedure in one of the EU member states. Introduction of such securities to public trading in Poland will not require the consent of the Polish Securities and Exchange Commission, and it will be performed under the notification procedure. The application of such procedure is connected with the liberalization of EU internal capital markets and implementation of "single passport rule" providing that securities admitted to public trading in one EU member state shall be admitted to quotation within the Union without any material additional requirements. For further information please contact Lejb Fogelman or Jarosław Grzesiak at Dewey Ballantine Grzesiak LP. Tel +48 22 690 6100; fax +48 22 690 6222; www.deweyballantine.com