Start kampanii – Nadzór KNF nad emitentami

KNF’s new campaign aims to provide investors with thorough information on what kind of issuers are supervised by KNF, how it is done and what is the role of KNF for each type of issuer. The KNF has launched a dedicated website for this purpose.
The themes of the campaign are as follows:
Supervision of issuers listed on a regulated market and on an alternative trading system (ASO)
KNF supervises the following:
– the publication of all information (confidential, current and periodic), especially whether all reports have been submitted thoroughly and in a timely manner. In case of ASO, this is supervised by GPW, which then reports back to KNF in case of a finding.
– the publication of information on significant shareholders and all transactions on financial instruments performed by members of the management and supervisory board, and/or their family members
– trading of all financial instruments (stocks, bonds, derivatives) to detect any insider trading activities
– fulfillment of public offering requirements, including entering public offering securities into the stocks register
Supervision of issuers conducting public offering of securities
KNF approves the prospectus and checks its completeness and transparency for investors but is not involved in business modelling or business financing techniques of the issuer.
Supervision of foreign issuers
Foreign issuers are defined as those with headquarters outside of Poland but within the EU. They might fall under different obligations than their Polish counterparts. KNF has the right to inform the home country supervision body and/or ESMA about any irregularities.
For issuers conducting public offering of securities, it is necessary that the home country supervision body approves the prospectus and informs KNF about it. On the contrary, when a public company wants its stocks to be delisted, it needs a formal approval from KNF. This formal approval serves solely for the purpose of verification whether all formal conditions have been fulfilled, according to the regulations of the home country. KNF if not authorised to verify whether the conditions required in the Polish law have been fulfilled.
Shareholders‘ obligations
It is necessary for a shareholder to report any purchases of stocks if, as a result, the voting thresholds have been changed. KNF also requires all supervisory and management board members to report any sales or purchases of stocks of their company. The same applies for their close families.
KNF’s powers with regards to issuers
KNF can perform the following on issuers listed on a regulated market:
– request any necessary information from the supervisory or management boards, or the auditor
– submit recommendations
– initiate explanatory proceedings or administrative sanctions.
In case of ASO, these activities are performed by GPW who then informs KNF accordingly.
For public offering issuers, KNF has the right to:
– request supplementing the prospectus with additional information
– submit recommendations
– initiate procedures to abort or forbid the public offerings
– initiate explanatory proceedings or administrative sanctions.
Additionally, the published documents include the list of all websites where information on issuers can be retrieved, examples of law violations, information on where to seek help and a dictionary on used terms.
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There is also a supplementary glossary providing explanations of terms and expressions related to the themes of the campaign.