WKB Legal Alert | Changes in the functioning of the Central Register of Beneficial Owners
On 31 October 2021, with the last part of the amended provisions of the Act on Counteracting Money Laundering and the Financing of Terrorism entering into force, certain aspects of how the Central Register of Beneficial Owners (Centralny Rejestr Beneficjentów Rzeczywistych) functions have changed.
WKB Legal Alert | Whistleblower Explained or Who Can Become a Whistleblower and What Protection Can Be Expected
On 18 November 2021, a draft law was published on the protection of persons who report breaches of law with the goal of implementing the Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the protection of persons who report breaches of Union law into the national law. The period for the implementation expires on 17 December 2021. Currently, the draft law has been sent to public consultation. Since the main mechanism preventing individuals from reporting such breaches is the fear of retaliation, the principal purpose of the Directive and the implementation law is to provide a proper level of protection to whistleblowers.
BULLETIN | The most important changes in labor law – an overview
We kindly encourage you to review the currently pending legislative proposals and recent changes in the area of employment law. In the latest WKB newsletter, you will be able to learn more about: remote work, whistleblowers protection, an amendment to the Social Security System Act and obtaining information on employees’ vaccinations.
WKB Legal Alert | Amendments to Polish Companies Law – updated draft bill
On 6 July 2021, the Government Legislation Centre published an updated draft of the bill to amend the Commercial Companies Code (“CCC”) and certain other acts, following its review by a meeting of its legal committee. Compared with the draft published half a year ago, the July 2021 draft does not introduce significant changes. The primary purpose of the bill is to introduce into Polish law novel legal regulations in respect of holdings and moreover a range of amendments strengthening the position of supervisory boards, by providing them the tools needed to more effectively exercise corporate supervision. We present the most important provisions of the draft amendments.
WKB Legal Alert | New edition of the best practice for GPW listed companies. Evolution or revolution?
The Best Practice for GPW Listed Companies is the code of corporate governance rules which all companies listed on the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie; the “Exchange”) Main Market are subject to since 2002 (as soft law). The current edition of the Best Practice, adopted in 2016, was replaced by the Exchange Supervisory Board in its Resolution No. 13/1834/2021 of 29 March 2021, by a new edition (i.e. the Best Practice for GPW Listed Companies 2021) which came into force on 1 July 2021.
Die Novelle des Gesetzes vom 1. März 2018 zur Bekämpfung von Geldwäsche und Terrorismusfinanzierung, mit der die Regelungen der sog. 5. Geldwäsche-Richtlinie (des Europäischen Parlaments und des Rates (EU) 2018/843 vom 30. Mai 2018) in die polnische Rechtsordnung umgesetzt werden, tritt in Kraft.
WKB Legal Alert | Amendments to the Act on Counteracting Money Laundering and the Financing of Terrorism – the eight key changes
New amendments to the Act of 1 March 2018 on Counteracting Money Laundering and the Financing of Terrorism, which transpose the provisions of the so-called 5th AML Directive (Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018) into Polish law, will be coming into effect.
WKB Legal Alert | Cyber – compliance in the shadow of pandemic. A cyberfraud case study
Running a business in the pandemic era, including switching to remote working, has opened multiple doors for cyberattacks. Cybercriminals become more skilful in using new technologies and social engineering to their advantage. A cyberattack may cause severe losses, including financial ones, for the company. To minimise potential losses, cybersecurity guidelines adopted by organisations should be given a closer examination.