Strict Standards: Non-static method DB::connect() should not be called statically in /__handel2/config/db.php on line 28

Strict Standards: Non-static method DB::parseDSN() should not be called statically in /PEAR/DB.php on line 520

Strict Standards: Non-static method DB::isError() should not be called statically in /PEAR/DB.php on line 551

Strict Standards: Non-static method DB::isError() should not be called statically in /PEAR/DB.php on line 557

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 29

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1293

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1302

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1602

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1612

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1629

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1475

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1485

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1536

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1602

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1612

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1629

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method xajaxPluginManager::getInstance() should not be called statically, assuming $this from incompatible context in /__handel_admin/lib/xajax.inc.php on line 194

Strict Standards: Non-static method xajaxPluginManager::getInstance() should not be called statically, assuming $this from incompatible context in /__handel_admin/lib/xajax.inc.php on line 624

Strict Standards: Non-static method xajaxPluginManager::getInstance() should not be called statically, assuming $this from incompatible context in /__handel_admin/lib/xajax.inc.php on line 552

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1293

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1302

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1602

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1612

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1629

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1602

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1612

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1629

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1602

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1612

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1629

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1229

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1238

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1154

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1293

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1302

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1602

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1612

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1629

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1475

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1485

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1536

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1602

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1612

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1629

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1602

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1612

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1629

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1293

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1302

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1602

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1612

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1629

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method HTML_QuickForm::registerRule() should not be called statically in /__handel_admin/lib/SoftRequired.php on line 66

Strict Standards: Non-static method HTML_QuickForm_RuleRegistry::singleton() should not be called statically in /PEAR/HTML/QuickForm.php on line 354

Strict Standards: Declaration of HTML_QuickForm_hidden::accept() should be compatible with HTML_QuickForm_element::accept(&$renderer, $required = false, $error = NULL) in /PEAR/HTML/QuickForm/hidden.php on line 34

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method PEAR::isError() should not be called statically, assuming $this from incompatible context in /PEAR/HTML/QuickForm.php on line 603

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1602

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1612

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1629

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1602

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1612

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1629

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1293

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 955

Strict Standards: Non-static method DB::isManip() should not be called statically, assuming $this from incompatible context in /PEAR/DB/pgsql.php on line 323

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 960

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB/common.php on line 1302

Strict Standards: Non-static method DB::isError() should not be called statically, assuming $this from incompatible context in /PEAR/DB.php on line 1288

Strict Standards: Non-static method DB::isError() should not be called statically in /__handel2/config/db.php on line 51

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Dużo zmian dla akcjonariuszy i emitentów obligacji

Porady Prawne i Finansowe

Dużo zmian dla akcjonariuszy i emitentów obligacji

Piątek, 20 grudnia 2019
Na rynku giełdowym obowiązuje znowelizowana ustawa o ofercie publicznej. Regulacja weszła w życie 30 listopada. Wprowadziła ona m.in. wpływ akcjonariuszy na wysokość wynagrodzeń członków zarządu i rad nadzorczych z obowiązkiem ich publikowania, podniosła próg przymusowego wykupu akcji od udziałowców mniejszościowych z 90 do 95 proc., a także umożliwiła obrót niewykupionymi obligacjami.
– Nowelizacja ustawy o ofercie publicznej, która weszła w życie 30 listopada, rozszerza przypadki, w których należy korzystać z funkcji agenta emisji, zmienia zakres obowiązków tego agenta, a także, co jest niezwykle istotną zmianą, umożliwia obrót obligacjami w przypadku, gdy emitent ich nie wykupi, nie wywiąże się ze swoich zobowiązań. Dotychczas było to niemożliwe – mówi agencji informacyjnej Newseria Biznes Piotr Borowski, członek zarządu Giełdy Papierów Wartościowych w Warszawie.

W połowie października Sejm uchwalił nowelizację ustawy o ofercie publicznej, która dostosowała polskie prawo do wymogów unijnej dyrektywy. Ma ona lepiej chronić prawa akcjonariuszy i obligatariuszy, a także zwiększyć przejrzystość działania spółek publicznych. W przypadku nabywców obligacji wszystkie emisje mają już status publicznych, nawet jeśli liczba złożonych propozycji nabycia nie przekroczy 149 adresatów. Ponadto liczba złożonych propozycji nabycia w czasie 12 miesięcy podlega zsumowaniu i jeśli ma przekroczyć 149 adresatów, to jej plasowanie wymagać będzie publikacji memorandum informacyjnego zatwierdzonego przez Komisję Nadzoru Finansowego. Nowelizacja wydłuża także maksymalny okres prowadzenia obligacji z 6 tygodni do 3 miesięcy.

Zmiany dotyczą również emitentów akcji i akcjonariuszy.

– Nowelizacja wprowadziła obowiązek uchwalenia polityki wynagrodzeń dla członków zarządów i rad nadzorczych, która to polityka musi być akceptowana przez walne zgromadzenie akcjonariuszy – przypomina Piotr Borowski. – Ponadto zostały zaostrzone przepisy w zakresie raportowania transakcji z podmiotami powiązanymi, a także został podniesiony próg tzw. squeeze outu z 90 do 95 proc., czyli po przekroczeniu 95 proc. głosów w spółce akcjonariusz może wezwać pozostałych akcjonariuszy do przymusowego wykupu.

Utrudni to proces wychodzenia spółek z giełdy, z czym na polskim parkiecie mieliśmy w ostatnich latach często do czynienia. Do tej pory większościowi akcjonariusze, ogłaszając wezwanie do sprzedaży akcji i uzyskując w jego wyniku 90 proc. udziałów, mogli (i zawsze z tego korzystali) wezwać do przymusowego wykupu akcji od akcjonariuszy mniejszościowych, w wyniku czego uzyskiwali 100 proc. akcji i wycofywali spółkę z obrotu publicznego. Podniesienie tego limitu do 95 proc. zmniejszy prawdopodobieństwo opuszczenia giełdy przez spółkę. Z drugiej strony spółka także zyskuje nowe prawa wobec swoich udziałowców.

– Zostały również wprowadzone zmiany umożliwiające identyfikację spółkom akcyjnym ich akcjonariuszy – informuje członek zarządu GPW. – Teraz każda spółka akcyjna będzie mogła się dowiedzieć, kto jest jej akcjonariuszem. Ma to służyć polepszeniu komunikacji z akcjonariuszami i wprowadzaniu programów lojalnościowych, a także wykonywaniu praw korporacyjnych. Wprowadzono również obowiązek posiadania przez wszystkie spółki procedury anonimowego informowania o naruszeniach prawa. Takie mechanizmy muszą zostać wprowadzone we wszystkich spółkach giełdowych.

To nie jest jedyna zmiana na rynku obligacji, która zaczęła obowiązywać w tym roku.

– Od 1 lipca wszyscy emitenci mają obowiązek deponowania swoich obligacji w Krajowym Depozycie Papierów Wartościowych. Dotyczy to zarówno emisji obligacji publicznych, jak i niepublicznych. Ma to na celu zwiększenie przejrzystości tego rynku oraz zwiększenie bezpieczeństwa uczestników – mówi Piotr Borowski.




źródło: newseria.pl



tagi: rynek obligacji, obrót obligacjami niewykupionymi, akcjonariusze, emitenci obligacji, GPW,


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