On Tuesday, February 26, the Cabinet of Ministers will review the draft law package proposed by the Ministry of Justice with 6 mutually related draft laws - Amendments to the Financial Instrument Market Law, Amendments to the Law On Private Pension Funds, Amendments to the Law On Alternative Investment Funds and Managers Thereof, Amendments to the Law on Audit Services, Amendments to the Law On Investment Management Companies and Amendments to the Insurance and Reinsurance Law.
The draft laws were developed with a purpose to enact the requirements of Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 as regards the encouragement of long-term shareholder engagement in management of joint stock companies and strengthening of the rights of shareholders. The draft law package was developed in cooperation with the Finance and Capital Market Commission.
Amendments to draft laws include such significant changes as - the right of joint stock companies to establish their shareholders, to obtain their contact information as well as the right to request information about their shareholders from any intermediary of the chain of intermediaries.
Amendments are, inter alia, supplemented also with several important obligations of the parties - further on the intermediary will be obliged to perform all possible measures in order to promote the use of rights of a shareholder, an obligation will be determined for institutional investors and asset managers to develop and publish involvement policy, authorised advisors will have an obligation to publish information about the code applicable for operations thereof, joint stock companies will have an obligation to develop and publish remuneration policy and remuneration report, and an obligation to publish also transactions of related parties with subsidiary and to clarify the time period for publishing transactions of related parties.
The requirements of the Directive have to be implemented by 10 June 2019.