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Exchange Amends ATS Rules

2023-11-23 12:29:30

PRESS RELEASE

  • Amendments to the Rules of the Alternative Trading System concerning the criteria for the introduction of financial instruments to GPW’s alternative trading system (ATS) will enter into force on 1 June 2024.
  • The amendments address the expectations of market participants to improve the safety of investments in NewConnect and Catalyst ATS.
  • At the same time, the Exchange is expanding its offer for issuers to include investment crowdfunding services.

To address the expectations of market participants, the Exchange has decided to amend the ATS Rules, primarily in order to improve the transparency of issuers and consequently the safety of trading in the alternative trading system (NewConnect and Catalyst) operated by GPW. The amendments, which will come into effect on 1 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 NewConnect; increasing to 25 the minimum number of minority shareholders which are unrelated parties; and imposing restrictions on the listing of founding shares on NewConnect.

At the same time, the GPW Group is expanding its offer for issuers to include investment crowdfunding services. The services will be provided by GPW Private Market S.A. under the Polish Financial Supervision Authority’s authorisation to operate as a crowdfunding service provider received on 27 October 2023. The company intends to start its operations in 2024.

All amendments are set out in Resolution No. 1249/2023 of the Management Board of the Warsaw Stock Exchange dated 16 November 2023, which can be found at this link.

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The Warsaw Stock Exchange Group (GPW Group) operates trading platforms for shares, Treasury and corporate bonds, derivatives, electricity and gas, and provides indices and benchmarks including WIBOR and WIBID. The index agent FTSE Russell classifies the Polish capital market as a Developed Market since 2018. The markets operated by the GPW Group are the biggest in Central and Eastern Europe. For more information, visit www.gpw.pl