Treść książki
Przejdź do opcji czytnikaPrzejdź do nawigacjiPrzejdź do informacjiPrzejdź do stopki
andthetermsandconditionsoftheiracquisitioninordertoenableaninvestortodecide
whetherornottopurchasethesesecurities,theinvestmentcompanyisinchargeofthe
subscriptionforsecuritiesofferedbytheissuer.Theprocessofsubscribingforshares
inacompany(thesharessubscription)cannotexceedthreemonthsandissubjectto
theprovisionsoftheCommercialCompaniesCode(Article434oftheCCCetseq.).
Uponthesubscriptionclosingandforallthesharesbeingsubscribedfor,theissuer
filesanapplicationtoregistertheincreasedsharecapitalintheNationalCourtRegister
27
.
AccordingtoArticle431Paragraph4oftheCCC,aresolutiononincreasingtheshare
capitalcannotbenotifiedtotheregistrycourtmorethantwelvemonths(inthecase
ofanewissueofsharessubjecttoapublicofferingcoveredbyanissueprospectus
orinformationmemorandum)afterthedateoftherespectiveapprovaloftheissue
prospectus(orinformationmemorandum)andnolaterthanonemonthafterthedate
ofassigningshares.Newlyissuedsharesarecreatedatthemomentoftheregistrycourt’s
decisiononthesharecapitalincreasebecomingvalid.However,asmentionedabove,
ashare,asanobjectofpublictradingontheregulatedmarket,willbecreatedatthe
momentofbeingregisteredintheNationalDepositoryforSecurities28.
Everysecuritythatissubjecttoapublicofferingorisadmittedtotradingonthe
regulatedmarketmustbedematerialised.Therefore,pursuanttoArticle5Paragraph
4oftheATFI(andParagraph5withregardstofinancialinstrumentsotherthan
securities),theissuerofsecuritiesisobligedtoconcludeanagreementwithKDPW
S.A.onregisteringthesecuritiesinthedepositoryforsecurities.Theissuer’ssecuritiesare
enteredintospecialKDPWaccounts(issueaccounts).Atthemomentofconcludingthe
agreement,thesharesaresubjecttodematerialisation,whileanyentriesregardingthese
securitiesmadeinconnectionwiththeirsubscriptionorsalesinprimarytradingor
underaninitialpublicofferingbyaninvestmentcompany(namelybyentitiesacting
asstockbrokersorbycustodianbanks)arealsoconsideredsecuritiesaccounts,aslong
astheyidentifytheentitiesentitledtorightsunderthesecurities.Atthemomentof
dematerialisingatleastoneshare,thecompanythatissueditbecomesapubliccompany.
AccordingtoArticle4Paragraph1item2oftheAPO,apubliccompanyisacompany
inwhichatleastoneshareisdematerialisedwithinthemeaningoftheActonTrading
inFinancialInstruments29.
Atthesametime,therightsfromdematerialisedsecuritiesariseatthemoment
whentheyarefirstregisteredonthesecuritiesaccount,andtheownerofthisaccount
isentitledtotheserights.
Thenextstageintheprocedureofintroducingsharesintopublictradingisproceeding
beforethecompanyorganisingandperformingtradingontheparticularmarket(the
stockexchangemarketortheOTCmarket).Twosub-stagesshouldbedistinguished
27
Within14daysfromthedateofcompletingthesubscriptionorofthesaleofsecuritiessubjectto
thepublicoffer,orofadmittingthesecuritiestotradingontheregulatedmarket(ortheirintroduction
tothealternativetradingsystem),theissuerorthepartysellingthesecuritiesisobligedtoinformthe
PFSAaboutthisfact.Basedonthis,theAuthorityentersthesecuritiestoitsregister(thePFSAmaintains
aregisterofsecuritiessubjecttopublicofferings,aswellassecuritiesandfinancialinstrumentsotherthan
securities,admittedfortradingontheregulatedmarketorenteredintothealternativetrading-exceptfor
securitiesissuedbytheStateTreasuryandtheNationalBankofPoland).
28
Hencethespecificdualismofregulations-theCommercialCompaniesCodeandtheCapitalMarket
Law(inparticulartheActonTradinginFinancialInstruments)withregardstocreatingashareasasecurity.
29ExceptforacompanythathassharesregisteredunderArticle5aParagraph2oftheATFI.
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