LATEST CHANGES IN POLISH LAW

INVESTMENT FUNDS

On 4 December 2011 amendments to the Investment Funds Act and Act on Corporate Income Tax  (Journal of Laws of 2011, No. 234, item 1389) came into force. Pursuant to the foregoing amendments:

• the distinction of closed-end funds due to the nature of the investment certificates issued by those funds, was abolished;
• the concept of public closed-end fund, which investment certificates were taken in possession or acquired through a public offering, or were admitted to trading on a regulated market, or were introduced to the alternative trading system, was introduced;
• the requirement to obtain a permit issued by the Polish Financial Supervision Authority, to establish a closed-end fund, which issues certificates, that according to the fund’s statute are not available by way of public offering, nor admitted to trading on regulated market and neither introduced to the alternative trading system, was abolished;
• the availability of investment certificates issued by a closed-end funds for individuals was restricted by introducing a minimal level of not less than 40.000 euro, made by a single enrollment for a investment certificates of a given fund.

CONSUMER CREDIT

On 18 December 2011 the Act of 12 May of 2011 on Consumer Credit (Journal of Laws of 2011, No. 126, item 715, as amended) came into force. Pursuant to the foregoing Act:

• significant changes to the terms of granting a consumer credit, were introduced;
• the maximum level of consumer credit was increased from 80 000 pln to 255 550 pln (or its equivalent in other than Polish currency);
• standard information forms for consumers which will contain all the basic information on granted credit, were introduced ;
• the period for the consumer to withdraw from the credit contract was extended to 14 days from the date of the contract;
• the possibility for the creditor to stipulate in the contract a commission, in case of the repayment of the entire credit before the date specified in the contract, was introduced;
• the creditor’s obligations regarding the requirements of consumer credit’s advertisement, were determined;
• the creditor’s obligation to evaluate the credit risk of the consumer before signing the consumer credit contract was imposed;
• the 5% limit of the total amount of all fees, commissions and other costs associated with the consumer credit contract, was abolished.

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