Effective representation in registration proceedings before the Polish Financial Supervision Authority
Experienced specialists from our law firm have helped many entrepreneurs who have decided to take advantage of the institution introduced into the Polish legal system through the amendment of the Act of 27 May 2004 on investment funds and alternative investment fund management (i.e. Journal of Laws of 2022, item 1523; hereinafter: ‘UFI’).
Entrepreneurs are increasingly using the investment vehicle of an alternative investment company
An alternative investment company (hereinafter also referred to as an ‘ASI’) is an alternative investment fund (other than a specialised open-ended investment fund or a closed-ended investment fund). The sole objective of this fund is investment activity subjected to the exceptions set out in the UFI. In this context an investment activity is understood as i.e. the collection of assets from a number of investors with intention to invest them in accordance with the adopted investment policy.
The management of the alternative investment company, i.e. the management of at least the investment portfolio and the risks associated with the investment activities of the ASI, is carried out by the manager of the ASI.
There is no regulation in the UFI that prescribes the adoption of a specific legal form for the performance of this activity – either by the ASI itself or by the ASI manager. Indeed, the following are considered permissible legal forms of ASI activity: a limited liability company, a joint-stock company, a European company and, with regard to externally managed ASIs, also a limited partnership and a limited partnership limited by shares. The manager of an ASI, on the other hand, can only be a capital company, including a European company.
An important step defining of the investment policy and strategy of the ASI.
The procedure itself aimed at obtaining the right to operate as an ASI manager may take two turns, depending on the total value of the assets in the investment portfolio of a alternative investment fund.
In a situation in which the value of the assets comprising the investment portfolio of ASI, as a rule, does not exceed the PLN equivalent of EUR 100,000,000 in order for such an ASI manager to commence operations, it is sufficient to be entered in the register of ASI managers kept by the Polish Financial Supervision Authority (it is not necessary to obtain a permit in this respect).
In such a case, the registration procedure takes the form of an administrative proceeding and requires the preparation of documents expressly set out in the UFI, with particular regard to the investment policy and strategy of the ASI.
Lawyers from our law firm have repeatedly advised clients interested in using the described investment vehicle and its assets. They have successfully represented clients in registration proceedings concerning ASI managers before the Polish Financial Supervision Authority.
