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REGULATORY PRACTICE

A major element of SPCG’s capital markets practice are services for investment funds and investment firms at each stage of their activities:

  • beginning from their establishment and obtaining the required permits,
  • through the preparation of the required internal and client-related regulations, and
  • provision of ongoing advice on their activities,
  • representation in dealing and disputes with both supervisory authorities and clients.

We also offer services to other capital market or financial institutions, including trade organisers, banks, insurance companies or pension fund management companies, in all matters concerning their activities, mainly regulatory matters.

SPCG provides advisory services in the processes of acquisition of financial institutions’ stock  and represents clients before the competent authorities to make the applicable notifications and obtain the required approvals. We have extensive experience representing clients in dealings with institutions such as:

  • the Warsaw Stock Exchange (GPW),
  • the Central Securities Depository of Poland (KDPW) as well as
  • state authorities such as the Polish Financial Supervision Authority (KNF) and the Office of Competition and Consumer Protection (UOKiK).

In its capital market practice, SPCG cooperates on an ongoing basis with the Chamber of Fund and Asset Management (“IZFiA”) in the field of consultancy in legislative work and creating environmental standards for fund management companies and funds managed by them. We also cooperate with the Chamber of Brokerage Houses („IDM”) in legislative work on the functioning of investment companies on the Polish capital market. Thanks to the cooperation with both Chambers, we are constantly involved in the process of creating legislation regarding the capital market in Poland.

SECURITIZATION

As an important and large part of capital market practice, SPCG provides services related to securitization. Our services in that area relate specifically to:

  • creation and management of securitization funds,
  • advisory in tender proceedings regarding the sale of NPL portfolios for both sellers and buyers of receivables,
  • sale transactions of receivables to securitization funds (true sale, buy & leave, forward flow),
  • conclude subparticipation agreements.

Members of our team co-authored legal regulations related to securitization. Thanks to on-going cooperation with IZFiA, we are constantly involved in the legislative process regarding provisions important from the point of view of participants in the securitization processes. In our practice, we advise foreign and domestic investors, as well as fund management companies and entities managing the portfolio of receivables (servicers) in relation to the construction of various transactions involving the sale of receivables, including tax and regulatory aspects of such transactions.

TRANSACTIONAL PRACTICE

Our practice in capital markets in relation to transactional advisory comprises the provision of services concerning:

  • mergers and acquisitions  including with the involvement of public companies,
  • advice regarding information obligations (both to prepare companies to meet and fulfill their information obligations on an ongoing basis),
  • advice on corporate services,
  • preparation for and implementation of management stock option plans,
  • advice on other matters including participation in the security deposit system and system of trade in financial instruments,
  • preparation and conduct of Initial Public Offerings (IPO),
  • preparation and conduct of secondary stock options,
  • preparation and conduct of issues of financial debt instruments,
  • conduct of dual listings for issuers established outside of the territory of the Republic of Poland,
  • conduct of treasury stock buyback plans,
  • conduct of calls to subscribe for the sale or conversion of public company shares,
  • conduct of squeeze-outs and delistings.

 

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Artur
Zapała
legal counsel
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