US funds line up to enter Poland as it joins EU

According to Parkiet, in a few months the first foreign investment funds will enter the Polish market. So far it is American funds, rather than European ones which are showing the greatest interest. Some of them have already reached preliminary agreements with banks concerning distribution of their financial products. "According to the draft amendment to the Investment Funds Act, distributors, which have permission to sell units of funds registered in Poland, will be automatically allowed to offer foreign units after the country joins the EU," said Artur Zapała, deputy director in Securities and Stock Exchange Investment Funds' Department. This applies to funds registered in the European Economic Zone and OECD. Last week, Nordea Bank was granted permission to distribute units of investment funds. "After accession we will introduce foreign products offered by the Nordea group," said Piotr Bieńkuński, deputy director of retail services in Nordea. mBank is also preparing to offer units and, "We want to introduce them as soon as possible," said the president of mBank, Sławomir Lachowski. (Parkiet, p. 1) M.M.