Poland's Ministry of Finance reported that the Council of Ministers has adopted a draft deregulatory bill for non-public closed-end investment funds that would remove the obligation to register these funds’ investment certificates with the National Depository for Securities (KDPW) and, for that purpose, to appoint an issuance agent. The change is intended to simplify certificate issuance and reduce operating costs while maintaining investor safeguards. Under the draft, non-public closed-end investment fund certificates could be registered in the fund’s participant register if the fund’s statute provides for it, with the register maintained by the managing investment fund company (TFI) or a professional entity engaged by the TFI. Moving to the participant-register model would require investor meeting approval and a statute amendment, and would create a duty to provide KDPW with information on certificates and any due benefits arising from them, including whether and to what extent those benefits have been paid. The bill would enter into force 14 days after publication in the Journal of Laws.

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