Treść książki
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includedintheissueprospectus,whichformsthemaindocumentbasedonwhich
investorswillmaketheirinvestmentdecisions.
Gatheredandconfirmedinformationisincludedtheissueprospectus(orinanother
documentperformingasimilarfunction,e.g.amemorandumofinformation
17
)
18
,
whichissubjecttotheapprovalprocedurebythePolishFinancialSupervisionAuthority
priortobeingpublished
19
.Thedecisiononapprovingtheissueprospectusisgenerally
issuedbythePFSAwithin10businessdaysfromthedateoffilinganapplication.
However,iftheissueprospectusreferstothesecuritiesofanissuerwhohasnever
offeredanysecuritiesissuedandsubscribedsofarinanypublicoffering,andifthese
securitieshavenotbeenadmittedtotradingontheregulatedmarket,thenthePFSA
issuesitsdecisionwithin20businessdaysfromthedateoffilingtheapplication.Ifthe
issueprospectusdoesnotmeettherequirementssetoutbytheprovisionsoflaw,if
thesubmitteddocumentationisincomplete,orifadditionalinformationmustfirstbe
obtained,withinthescopenecessaryforapprovingtheissueprospectus,thenthePFSA
maydemandthattheinformationpublishedintheissueprospectusbesupplemented
orchanged,orthatotherdocumentsandinformationregardingthefinancialorlegal
standingoftheissuerbepresentedorincludedintheissueprospectus20.Inaddition,
thePFSAmaydemandthatadditionalinformationbeincludedintheissueprospectus.
Theapplicationtoapprovetheissueprospectusmayberefusediftheprospectusdoes
notmeettherequirementsspecifiedbytheprovisionsoflawwithregardstoitsform
orcontent.Inaddition,upontheapprovaloftheissueprospectusbythePFSA,the
issuerisobligedtopermanentlyandimmediatelyinformthePFSAaboutanyevents
orcircumstancesthatcouldhaveamaterialeffectontheperceptionofthefinancial
instrumentsofferedpubliclybytheissuer21.
Upontheapprovaloftheprospectus,theissuerperformsthepublicofferingand
collectssubscriptionsforthenewissueofshares.Beforemakingapublicoffering,itisin
theinterestoftheissuer,butalsotothebenefitofinvestors,toannouncethescheduled
issue.Announcinginformationabouttheissueisreferredtoastheissuepromotion.
Securitiesofferedbytheissuer,aswithanyothercommodity,shouldbeadvertisedin
ordertodrumupinterestamonginvestorsintheissuer,inthesecuritiesbeingoffered
andinthecontentoftheoffer.Theissueroftenconductsmarketresearchtogauge
interestinitsofferwhiledraftingtheoffercontent,particularlythepriceofshares,the
17ThememorandumofinformationisissuedinthesituationsdescribedinArticle7Paragraph3item
5a)andb)andinParagraph4items4and5oftheAPO.
18Theobligationtoprepare,approveandmakepublictheissueprospectusexists,asarule,inthecase
ofaninitialpublicoffering,apublicofferingandinproceedingsonadmittingsecuritiestotradingonthe
regulatedmarket.
19AccordingtoArticle410Paragraph4oftheCCC,anapplicationforapprovalofanissueprospectus
orinformationmemorandum(oranapplicationforconfirmationthattheinformationincludedinthe
memorandumcomplieswiththeinformationrequiredintheissueprospectus)cannotbefiledlaterthan
fourmonthsafterthedateofadoptingaresolutiononincreasingthesharecapital.
20
ThePFSAmaymakesuchademandtowardstheissuer,thesellingparty,anentityauthorisedtoaudit
financialstatementswhoperformedsuchanauditoffinancialstatementsoftheissuerpublishedinthe
issueprospectus,theentitydescribedinArticle27Paragraph1item3oftheAPO,theparentcompanyor
asubsidiaryoftheissuerorthesellingparty,membersofmanagementbodiesoftheissuerortheselling
party.
21IntheformofannexestotheprospectusthattheissuermustsubmittothePFSAwithin24hours
fromtheevent,orfromtheoccurrenceofcircumstancesforthepurposeoftheirapproval.
14
