Poland: Proposed package of coronavirus solutions for capital markets

The Polish Financial Supervision Authority has issued a package of solutions for supervised entities to facilitate their operations in the current situation. The package includes the following proposed solutions:

1. extension of deadlines for preparation, approval and publication of annual financial statements and annual consolidated financial statements by the entities supervised by Polish Financial Supervision Authority;
2. extension of deadlines for submission of quarterly reports and consolidated quarterly reports by issuers for the first quarter of the financial year which commenced on 1 January 2020;
3. extension of the deadline for holding an annual general meeting;
4. extension of the deadline for approval of a remuneration policy;
5. changes regarding information memoranda to simplify and accelerate the procedure for offer documents required to be submitted by entrepreneurs to raise funds;
6. 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.