Abstract

Upon entry into force of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published in connection with the public offering of securities or their admission to trading on a regulated market, a new regime for public offering of securities has been introduced in Poland. The new legal act not only changed the rules for drawing up prospectuses, but also authorized the new definition of “public offering”. It significantly differs from the definition known so far as laid down in Art. 3.1 of the Act on Public Offering, the Conditions Governing Introduction of Financial Instruments to Organized Trading and Public Companie. The purpose of this article is to provide a detailed interpretation of the new definition, including a reference to the concept of “private placement”.