Abstract

On 1 July 2015, the new Act on Bonds came into force, replacing the Act on Bonds of 29 June 1995. The purpose of the new Act is to replace the existing regulations, which in practice did not take into account the needs of the market and changes in the capital markets. The problems arising from the use of the existing Act on Bonds discouraged issuers from issuing non-treasury bonds in accordance with the Polish law. The new Act on Bonds introduced a number of changes and innovations. It also allays the doubts that existed in relation to the application of the old Act. The most important changes include: specification of entities having issuance capacity, introduction of the institution of a bondholders’ meeting, admission of changing the terms of bond issue after completion of the issue process, introduction of subordinated and perpetual bonds and allowing for a possibility to appoint an administrator for securities other than a mortgage or a registered pledge.