Stock exchange authorities deter companies from listing

10-01-2008, 17:29

Warsaw (Puls Biznesu) – KNF has a list of  50 questions for companies planning their debut. Listings were supposed to be easier this year but they won’t.

Polish Financial Supervision Authority (KNF) has special proceedings for small companies when it doubts whether they are ready for the listing. This is a list of 50 questions which – according to officials – are supposed to make the managements understand how serious the IPO is. In fact, they deter the companies from the WSE. According to “PB” sources, a series of questions about, among others, formerly taken credits, ways of managing the company or strategic analyses have been sent to at least 30 companies recently. Part of them have given up their debuts. Many complain at the Association of Individual Investors (SII).

“We keep receiving complaints that the companies are asked many questions which fail to verify anything”, Piotr Cieslak, SII analyst said.

“Some companies want very much to be listed but they are not fully aware what requirements are connected with such a decision”, Stanislaw Kluza, KNF CEO said.

At the end of 2007, “PB” said that KNF wanted to make the procedures easier. It was supposed to give up thorough control of issue prospectuses and instead check whether they were in accordance with the law. This was a revolution: procedures would be easier but investors would bear bigger risk. Brokers and advisors would be responsible for the quality of the prospectus and any mistakes made in them. Yesterday, in “Parkiet” daily, Stanislaw Kluza said that there will be no simplification of the procedures. Meanwhile, experts believe changes are necessary.

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