We offer complex legal services for international entities offering packaged retail and insurance-based investment products (PRIIPs), namely for fund managers, insurance undertakings, credit institutions or investment firms.
We offer legal support related to the regulatory duties of PRIIP manufacturers, sellers and financial advisors, arising from provisions of Polish and EU law.
We create conditions for safe legal environment for the protection of PRIIPs, including:
- preparation of Key Information Documents;
- support to comply with the Regulation (EU) No 1286/2014.
Our assistance is rendered in respect of:
- structured financial products, such as options, which are packaged in insurance policies, securities or banking products;
- financial products whose value is derived from reference values such as shares or exchange rates (derivatives);
- closed-ended and open-ended investment funds;
- investment-type insurance products, such as with-profit and unit-linked life insurance and hybrid products; and
- instruments issued by special purpose vehicles.
Cross-border legal advice for the sector of modern financial instruments in the Polish jurisdiction is based on over 300 legal acts, which include the following representative examples of sources of regulatory provisions applicable to Client’s cases:
- Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs);
- Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS);
- Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU;
- Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation;
- Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast);
- Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC;
- Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC;
- Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC;
- Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC;
- Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC;
- Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II);
- Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds;
- Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012;
- Directive 2000/31/EC of the European Parliament and of the Council of 8 June 2000 on certain legal aspects of information society services, in particular electronic commerce, in the Internal Market (‘Directive on electronic commerce’);
- Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning the distance marketing of consumer financial services and amending Council Directive 90/619/EEC and Directives 97/7/EC and 98/27/EC;
- Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data;
- Regulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the Community institutions and bodies and on the free movement of such data;
- Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision;
- Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010.
Polish regulations and provisions that constitute the implementation and supplementation of the EU provisions, also at the level of the regulations of the Polish Government:
- Polish Act of 11 September 2015 on insurance and reinsurance activities (i.e. Journal of Laws of 2021, item 1130, as amended);
- Polish Act of 29 September 2017 amending the act on supervision over the financial market and the act on insurance and reinsurance activity (Journal of Laws, item 2102);
- Ordinance of the Polish Minister of Finance of April 2, 2013 on the scope of information contained in the information document of an investment fund (Journal of Laws, item 451);
- Ordinance of the Polish Minister of Finance of 22 May 2013 on the information prospectus of an open-end investment fund and specialized open-end investment fund and the calculation of the profit-to-risk ratio of these funds (i.e. Journal of Laws of 2018, item 2202);
- Polish Act of 27 May 2004 on investment funds and management of alternative investment funds (i.e. Journal of Laws of 2022, item 1523, as amended);
- Polish Act of 21 July 2006 on supervision over the financial market (i.e. Journal of Laws of 2022, item 660, as amended);
- Polish Act of 15 December 2017 on insurance distribution (i.e. Journal of Laws of 2022, item 905);
- Regulation of the Polish Minister of Finance, Investment and Development of October 3, 2019 on the conduct of entities conducting activities in the field of intermediation in the sale and redemption of participation units and titles, as well as investment advice in relation to such instruments (i.e. Journal of Laws of 2021, item 1266);
- Ordinance of the Polish Minister of Finance of 30 May 2018 on the procedure and conditions of conduct of investment firms, banks referred to in art. 70 paragraph. 2 of the Polish Act on Trading in Financial Instruments, and custodian banks (i.e. Journal of Laws of 2020, item 1922, as amended);
- Ordinance of the Polish Minister of Finance of April 12, 2019 on the conditions to be met by an alternative trading system or organized trading platform operated by an investment firm (Journal of Laws, item 734);
- Ordinance of the Polish Minister of Finance of April 12, 2019 on the detailed conditions to be met by the regulated market and the auction platform (Journal of Laws, item 726);
- Regulation of the Polish Minister of Finance of 18 May 2018 on compulsory third party liability insurance for brokerage activities (i.e. Journal of Laws of 2021, item 1294);
- Ordinance of the Polish Minister of Finance of 18 May 2018 on compulsory third party liability insurance for the performance of agency activities (i.e. Journal of Laws of 2021, item 1268);
- Ordinance of the Polish Minister of Finance of December 22, 2015 on the detailed method of calculating the solvency margin and the minimum amount of the guarantee capital (Journal of Laws, item 2338);
- Ordinance of the Polish Minister of Finance of 23 December 2015 on the detailed method of calculating the basic solvency capital requirement according to the standard formula (Journal of Laws, item 2321);
- Polish Act of 18 July 2002 on the provision of electronic services (i.e. Journal of Laws of 2020, item 344);
- Regulation of the Polish Minister of Economy of 17 August 2010 on the establishment of a contact point for administration and a contact point for service providers and recipients (Journal of Laws No. 171, item 1152);
- Polish Act of 30 May 2014 on consumer rights (i.e. Journal of Laws of 2020, item 287, as amended).
