New Bond Act
The Bond Act of 15 January 2015 will enter into force on 1 July 2015. Although it is a new law, for the most part it carries forward the regulations from the current law from 2005, with changes and additions where the need was revealed by the practice under the existing act.
Changes in issuers’ reporting requirements
Companies listed on the main market of the Warsaw Stock Exchange and NewConnect will be required to release year-end and interim reports as well as disclose inside information. This is more of an evolution in reporting requirements than a revolution.
Polish financial institutions to be required to report to US tax authorities
On 7 October 2014 the Polish government signed an agreement with the United States to implement FATCA in Poland. The agreement now awaits ratification. It is supposed to enter into force prior to 30 September 2015.
Key changes in Public Procurement Law
The Public Procurement Law amendment of 29 August 2014 introduces a number of important changes concerning non-price criteria, reliance on third-party capacity, abnormally low prices, trade secrets, grounds for exclusion, bid bond retention and wage indexation.
What is a reverse mortgage, and whom does it benefit?
In September 2014 the Polish Sejm adopted the long-awaited but controversial Reverse Mortgage Act. The act still requires the approval of the Senate and the President—and this new financial product deserves a closer look.
New guidelines from the European Commission on de minimis agreements
A communiqué from the European Commission on de minimis agreements exempt from TFEU Art. 101 has been published in the Official Journal of the European Union.
Legalisation of employment and stay of foreigners in Poland from 1 May 2014
Temporary stay up to 3 years, application for a stay permit up to the day before the visa expires, and a single permit for stay and work: These are just a few of the advantages introduced by the new Foreigners Act.
Public procurement requirements will apply to contracts for over PLN 126,747 net
An amendment to the Public Procurement Law will increase the threshold for application of the public procurement regime. Contracts and contests worth no more than EUR 30,000 will be exempt from procurement procedures.
Changes in reporting obligations of securities issuers
Recent amendments to the Transparency for Listed Companies Directive should improve the system for release of information by listed companies.
Work schedules: A new obligation of employers
The recent amendment of the Polish Labour Code introduced a requirement for employers to prepare work schedules for all employees. The new rules raise new doubts surrounding organisation of working time without eliminating the existing doubts.
Settlement of overtime pay may take up to a year
Under the amended provisions of the Polish Labour Code, in effect since 23 August 2013, employers are now permitted to apply approaches to determining employees’ working time that are more flexible than under the previous law.
Changes in working time regulations: Flexible but problematic
An amendment to the Polish Labour Code effective 23 August 2013 changed the regulations concerning working time. The new rules, allowing highly flexible working arrangements, carry over solutions previously in effect under the Anti-Crisis Act.