On 9 May 2024, POL UOK issued new clarifications on investment control regulations.
- Purpose of regulations was to protect against takeover of Polish companies important for public order, safety or health by entities from outside the EU, EEA and the OECD; the solution is modeled on regulations existing in other countries e.g. GE, FR, ITA.
- Issues related to determining who is obliged to submit notification about a planned investment to POL UOK were discussed in greater detail.
- Information on procedural and practical issues supplemented, in particular obligation to legalize foreign official documents; more details provided on this, related matters.
- Act on Control of Certain Investments does not provide for procedure to obtain opinion of Consultative Committee by POL UOK, obligation applies only to decisions by others.
- Updated document Procedural explanations re submitting notifications to POL UOK and conducting proceedings falling within scope of Investment Control Act is on website.
Background
- Protected Companies
- Includes businesses related to: power, gas, fuel, telecoms, medicines, food, chemicals, fertilizers; military/police technologies; core service software; all public companies.
- Value over €10mn in Poland in one of two financial years preceding intended takeover.
- Entities with registered office or citizenship outside EU member state, EEA and OECD must notify UOK of acquisitions, substantial shareholding, dominance of a company.
