By 31 March 2020, any issuer of bonds which have not been redeemed before 1 July 2019 will be required to file, with KDPW, an electronic report of the debt owed to the holders of such bonds as at 31 December 2019.
Following the enactment of the Act on Amendment of Selected Other Acts in Connection with Measures to Strengthen Financial Market Supervision of 9 November 2018 (Ustawa z dnia 9 listopada 2018 r. o zmianie niektórych ustaw w związku ze wzmocnieniem nadzoru nad rynkiem finansowym), any issuer of bonds which have not been redeemed before 1 July 2019 will be required to file, with KDPW, an electronic report of the debt owed to the holders of such bonds as at 31 December 2019.
Details to be disclosed and report submission procedure
The report should cover:
• issue code,
• number of bonds within individual issues,
• nominal value per bond, and currency,
• bond’s annual coupon rate,
• total amount to be paid by the issuer upon bond redemption, together with its currency,
• statement on whether matured amounts have already been paid by the issuer and, if so, how much has been paid.
The obligation discussed above should be fulfilled directly by the issuer (in the case of paper-form bonds) or through a brokerage house keeping the bond register (in the case of dematerialized bonds issued before 1 July 2019).
The issuers and entities keeping a securities register have 15 days after the end of each month to provide KDPW with the above details, to be updated as of the last day of the month, if the originally reported details have changed by that time.
Any bond issuer or entity keeping a register of bonds, which fails to perform or improperly performs the obligation referred to above, is liable to a fine of up to PLN 2,000,000.00, to be paid by its agent.
LEI and issuer’s status
In order to be able to file the report with KDPW, you should have a legal entity identifier (LEI). Those who do not have a LEI should make sure to obtain it ahead of report submission, i.e. before 31 March 2020.
If you have any questions related to the issues discussed above, contact us at email@example.com.