POLAND: GPW Amends ATS Rules

Monday November 27 2023

On 23^rd November 2023, the Warsaw Stock Exchange (GPW) announced its decision to amend the Alternative Trading System (ATS) Rules, primarily to improve the transparency of issuers and consequently the safety of trading in the alternative trading system (New Connect and Catalyst) operated by GPW. The amendments, which will come into effect on 1^st June 2024, focus on the criteria and requirements for the introduction of shares or bonds to the ATS. The amendments include raising to PLN 2 million the value of the required equity of an issuer seeking to be listed on New Connect; increasing to 25 the minimum number of minority shareholders which are unrelated parties; and imposing restrictions on the listing of founding shares on New Connect.

All amendments are set out in Resolution No. 1249/2023 of the Management Board of the Warsaw Stock Exchange dated 16^th November 2023.

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