Abstract

In the Act of 29 July 2005 on public offering and the conditions governing the introducting of financial instruments to the organised trading system and on public companies the Polish legislator implemented the provisions of Art. 15.4 of 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. Article 50 of the said Act envisages the so-called off-prospectus disclosures. Besides the prospectus and the advertisements this manner of disclosure constitutes one of the channels through which information connected with the public offering of securities or their admission to trading on a regulated market may be provided to the public by the issuer or the securities holder.

Making a distinction between the above mentioned modes of disclosure is important insofar as depending on a given mode, the Act specifies different legal conditions under which disclosures can be made by the authorized entities. The following article present key legal problems which arise in connection with the applicable legal status.