Issue prospectuses to be proceeded quickly

opublikowano: 20-12-2007, 20:43

Warsaw (Puls Biznesu) - Because of decision made by  Stanislaw Kluza, head of the Polish Financial Supervision Authority (KNF), the risk investors bear will get bigger.


KNF prepares revolutionary changes. It wants to check documents submitted by companies prior to their listings only as far as formal aspects are concerned. The authorities want the managements and brokers to be responsible for the content. This is a way to cope with a flood of one hundred issue prospectuses which have came to the authorities.

The issue prospectuses are supposed to be approved within several days instead of several months. It is possible because KNF wants to withdraw from checking the content of the documents. It will only see whether they agree with procedures.


One of KNF employees unofficially confirmed the news to “PB”. Investment advisors are not surprised and support the plans.

“This is a very good idea. On developed markets, the supervisor controls only whether the prospectus is done according to the rules but not what its content is. The latter is up to the company and its advisors”, Pawel Tamborski, Unicredit CA IB Polska member of the board commented.


“The market is big enough to take such risk. It will increase investment opportunities for investors. More companies will compete for their money at the same time. We should not totally give up the control of KNF but it should be selective”, Zbigniew Mrowiec, ex-head of KPWiG, the organization preceding KNF commented.


There are worries, however, that the risk investors bear will get bigger. KNF will probably more often than today forbid selling issues. If problems are discovered after the IPO of a company, its shares may be adversely affected.

© ℗
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Podpis: MG

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