Poland: Package for capital markets
implemented and proposed solutions (Covid-19)
The Polish Financial Supervision Authority has issued a package of solutions for entities subject to its supervision (Supervisory Stimulus Package) to support their business operations in the current situation. The following solutions have been implemented:
- Two-month extension of deadlines for preparation and approval of annual financial statements and annual consolidated financial statements (the extension will apply to obligations related to financial years which end after 29 September 2019 but not later than 30 April 2020 and if the deadline for performance of these obligations did not expire by 31 March 2020);
- Sixty-day extension of deadlines for submission of quarterly reports and consolidated quarterly reports for quarters which commence after 31 December 2019 but not later than 1 May 2020;
- Two-month extension of deadlines for submission of annual reports and consolidated annual reports for financial years which end after 30 December 2019 but not later than 30 April 2020;
- Temporary suspension of duty to obtain approval of information memoranda from the Polish Financial Supervision Authority;
The Supervisory Stimulus Package also includes the following proposed solutions:
- Extension of the deadline for approval of remuneration policy to 31 August 2020;
- A pragmatic approach to selected supervisory activities (including review of information obtained from current reporting to minimize obligations imposed on supervised entities).
The Financial Supervision Authority is making implementation of the proposed solutions contingent upon further developments in the coronavirus situation.