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Piotr Smołuch, Jakub Salwa and Łukasz Piekarski, act BSWW bond practice members, will participate in four debates focusing on key regulatory changes and their implications, on procedures and costs connected with bond issue as well as on collateral establishment procedure. They will also present a bond issue case study.
The conference agenda is available here.
We hope to see you there.
During the first one, on 4 March 2020, we will discuss the general issues of combating money laundering and financing of terrorism. The second meeting, on 10 March 2020, will be practice-oriented and addressed especially to obligated entities. It will deal with the implementation of anti-money laundering regulations.
The meetings will be hosted by Aleksandra Sztajer, Maciej Iwanejko and Mariusz Grochowski.
Agenda:
• General issues of combating money laundering and financing of terrorism
• Legal framework and AML institutions
• AML requirements for obligated entities, esp. risk assessment, financial security measures and transaction monitoring
• Central Register of Beneficial Owners – ownership structure verification, beneficial owner details reporting and disclosure, reporting procedure
• Administrative and penal sanctions
• Money laundering – a threat to the financial system and obligated entity
• AML compliance – obligated entity’s internal procedures and AML Compliance Officer
• Financial security measures and their implementation in light of personal data protection
• Information disclosure to the General Inspector of Financial Information
• Transaction monitoring as an element of risk-based approach
• Special restrictive measures with respect to individuals, groups and entities
• Obligated entity inspection – inspecting entities, inspection place and time, post-inspection statements
Place: act BSWW, Skorupki 5, Warsaw
RSVP by 27 February 2020 (ewa.cacaj@actlegal-bsww.com)
Join us!
Agenda:
• Key changes to appeal procedure in light of existing regulations
• Key changes to complaint procedure
• Impact on the rights and obligations of parties to tender procedure
• Conciliatory procedure
The meeting was ran by Marcelina Daszkiewicz and Sebastian Pietrzyk, co-heading the law firm’s public procurement practice.
The Fujitsu Poland Global Delivery Centre team in Łódź seems to be at a watershed moment. So far, the centre has been operating in two locations in Łódź, providing a wide range of IT services to clients from all over the globe. Now, it has decided to consolidate its office. From 2022, employees of the local branch of the leading Japanese IT service provider will be taking up technological challenges in the revitalized quarter of Łódź.
Fujitsu Technology Solutions is the largest IT infrastructure provider, operating on all the major markets in Europe, the Middle East, Africa, and India. Its clients include large enterprises, SMEs, and individual clients.
The company began its Łódź journey in March 2009 with the opening of the Fujitsu Poland Global Delivery Centre – a key location in the Fujitsu global service network. The centre provides IT support services for global clients as part of remote IT infrastructure management (end clients and data centres), application services, research on the development of new technologies and innovative products, as well as financial and accounting management for Fujitsu branches. It is here where hundreds of specialists provide solutions and support 119 leading brands from all sectors: finance, banking, automotive, services, industry/production, and telecommunications 365 days a year, 24/7.
On a daily basis, the Service Desk (first and second line support) works in 21 languages, including English, German, French, Hungarian, Italian, Turkish, Slovenian, Greek, and Czech.
The decision to consolidate and choose a new location is another step in the company’s growth in Łódź. Fujitsu will take up 16,300 sqm of the Fuzja office space. The new headquarters will be built in the immediate vicinity of the historic Art Nouveau CHP plant, which soon is going to be refurbished and adapted to new functions.
– Since the opening of the first building in Łódź in 2009, each subsequent stage of our move has stemmed from our continuous growth. Over time, we opened new business lines and hired more specialists, so naturally our teams expanded. It was starting to be a tight squeeze. In spring 2016, we decided to launch a second Łódź location – says Piotr Jankowski, Managing Director of the Fujitsu Poland Global Delivery Center. – Employee reactions were completely different. We were learning to operate from two locations, but the dynamics of our development and the voices of our personnel showed that consolidation was a must. A positive work environment and the type of cooperation which blurs the division into business lines or structural hierarchy are the two key elements making our approach to services and organizational culture unique. There is nothing more important to us than our employees feeling comfortable at work, hence the search for one shared location. The question arose – what a new shared destination should be like: more campus-style (like Textorial Park) or more office-style (like University Business Park). We asked our employees about their dream office. The survey conducted by the Colliers International team clearly indicated an inclination for a campus. Fuzja will make it happen. It will give us a place where our entire Fujitsu team will be able to work under the same roof in the very heart of the city, go out for lunch when off-duty, organise team-building events, eat dinner with the client, or quickly run their private errands – this is our dream come true. We are already counting down the months until moving – he adds.
Fuzja, developed by Echo Investment, will breathe new life into this part of Łódź. The nearly 8 hectares of the post-industrial city space in Tymienieckiego Street are undergoing revitalization. The historic buildings will regain their former splendour and become filled with people again thanks to their new functions. New facilities will be built to supplement the existing urban fabric with places to live, work, and socialise. The entire city quarter will re-open to welcome employees, residents, and visitors. The bustling Fujitsu centre will be created in the immediate vicinity of residential flats, shops, restaurants, cafés, local squares, and shared spaces full of greenery.
– The decision of Fujitsu to choose Fuzja for their new joint headquarters of Fujitsu Poland Global Delivery Centre proves that the project has great assets. The project works are gaining momentum. Although there is still a lot to be done, today we are celebrating another ground-breaking moment for the project. We are proud to announce that the Fuzja community will be joined by the great people working in the Fujitsu teams. From the very outset, we have been emphasising that what we are creating is a very unique space on the map of Łódź. Services at your fingertips, delicious coffee just around the corner, a great restaurant for lunch breaks, green squares perfect to take a breather or attend a compelling meeting or event – that is what Fuzja is all about. A colourful bustling space full of people who simply like where they are – says Katarzyna Kubicka, Regional Director at Echo Investment’s Office Department.
Colliers International helped to choose the final location and eleborate hone contract details by Fujitsu. act BSWW advised Fujitsu on legal issues.
– Historically fuelled by the textile industry, Łódź is experiencing a renaissance. Revitalization of entire city quarters what can be proved by Fuzja, launching new projects, excellent job market, and availability of highly-skilled specialists attract the biggest players from the business services sector (SSC/BPO). This is further corroborated by the decision to expand Fujitsu in Łódź. Consolidating the existing company locations and choosing Fuzja for a new headquarters is a breakthrough moment. We are glad that we can be part of this process and celebrate the signing of the third largest office space lease agreement on the Łódź market – says Marcin Włodarczyk, Regional Director of Colliers International in Łódź.
– Thanks to projects such as Fuzja, city parts gain a unique character, being valuable for residents and businesses. This is an extremely positive trend on the Polish real estate market. We are extremely pleased that we could advise Fujitsu while concluding a lease agreement in such a unique place and with such a significant transaction on the office space commercialization market. It is another project where we support our client – says Alicja Sołtyszewska, Partner at act BSWW.
The project consisted in setting up a joint venture company which will focus on real estate asset management services in Poland.
act BSWW has rendered complex legal services including representation of MK Holding Sarl within negotiating the terms of the investment agreement as well as representing both parties within the whole competition clearance process and assisting the parties within the process of completion and setting up the JV vehicle.
The transaction was led by Jakub Salwa, with participation of Janusz Szeliński and under supervision of Piotr Smołuch.
Katowice Business Point is located at Ściegiennego 3, in the direct vicinity of the largest shopping mall in the Silesia region – Silesia City Center, and one of the most prestigious residential estates in Katowice – Dębowe Tarasy. As a business location, it offers many perks, easy access to transport services being one of them.
act BSWW advised the buyer throughout the purchase of shares in the company owning Katowice Business Point. The services provided by the law firm included due diligence audit of the property, drafting transaction-related documents, negotiation support and transaction-related advice.
The project team was led by Marek Wojnar (attorney-at-law and Managing Partner, co-heading the real estate practice of the law firm) and Marta Kosiedowska (attorney-at-law, Partner), with the support of Katarzyna Góra (attorney-at-law, Senior Associate). Due diligence audit was prepared under the direction of Magdalena Banaszczyk-Głowacka (attorney-at-law, Partner).
– The fund’s investment strategy focuses on office and retail projects in the CEE region, Poland in particular, says Marta Kosiedowska, Partner at act BSWW. We are happy to see the dynamic development of our Client’s projects and appreciate the trust placed in us, she adds.
Adventum is a group of boutique investment fund management companies focused on Central European real estate investments. The Group’s personnel includes highly experienced real estate professionals with CFA, NRW and MRICS qualifications, with a combined investment experience of 70+ years. The management has so far executed investments in the CEE region with a total value of over EUR 1.5bn.
The seller was represented by Dentons.
From the beginning of 2021, entries in shareholders registers, kept by entities which are authorized to maintain securities accounts (in accordance with the Financial Instruments Trading Act), will have legal effect. This means that from that date on it is the persons listed in such registers, and not the holders of shares (in the case of bearer shares) or persons entered in the share register (in the case of registered shares), who will be deemed as shareholders.
Although the vacatio legis period relating to the amendment may seem relatively long, some of the new regulations, regarding the procedure of share registration, already entered into force on 1 January 2020, with further provisions taking effect on 10 March 2020. As of 1 January 2020, every public limited company (spółka akcyjna) and partnership limited by shares (spółka komandytowo-akcyjna) will be required to put up a website where, in a section intended for shareholder communication, it will publish news it is required to advertise under the law or own articles of association. What is more, the companies will be required to repeat the request to shareholders to handover paper-form shares five times, with the time limit for the first request until 30 June 2020. Before the first request, the company should enter into a shareholders register agreement with an entity approved by a shareholders’ meeting.
In case of any questions about the issues presented above, feel free to get in touch. We will be happy to guide you through this process together with brokerage houses with whom we are cooperating.
Jakub Salwa
Attorney-at-law / Partner
+48 22 420 59 59
jakub.salwa@actlegal-bsww.com
Michał Pawlak
Attorney-at-law / Senior Associate
+48 22 420 59 59
michal.pawlak@actlegal-bsww.com
Sebastian will focus on driving the practice development and strengthening the law firm’s position in the field of public procurement.
“Sebastian is a seasoned advisor, who has been providing support in public procurement procedures and projects to contractors and contracting authorities alike for over dozen years,” said Jacek Bieniak, Managing Partner at act BSWW. “He will be an invaluable asset to act BSWW and its Clients,” he added.
The new Partner offers support with respect to public procurement law, claims assessment, FIDIC contracts and infrastructure-related disputes, advising both contractors and contracting authorities, especially ones operating in the architecture, energy, transport and IT sectors. Sebastian participated in a range of projects as part of preparations for EURO 2012 in Poland (rail and road network modernization, sports stadiums construction and air ports expansion). For over a dozen years, he was involved in modernization projects related to strategic Polish rail lines, the value of which exceeds EUR 5bn. He also advised on the construction of the Świnoujście LNG terminal.
In addition, he brings to act BSWW extensive experience in litigation strategy development and negotiation with contracting authorities, as well as claim management.
He has been successfully protecting his Client’s interests before the National Appeals Chamber (KIO) and regional courts.
Sebastian is a frequent presenter and author on public procurement law, having published many articles and delivered numerous presentations at public procurement conferences and seminars.
Marcelina Daszkiewicz, a co-head of the public procurement practice, has been with act BSWW since 2016 and handles one of the major public procurement projects of the law firm.
Public procurement is one of its key practice areas, covering both ongoing advice in the course of public procurement proceedings and representation of Clients before the Public Procurement Office President, the adjudicating panel of the National Appeals Chamber and common courts. The public procurement team is made up of experienced lawyers, with a strong track record in the field.
act BSWW was advising Buma Group throughout the investment process, from real property purchase, through financing, the leasing process and ongoing advisory, to advice on the post-completion stage of the project.
The project team was led by Michał Wielhorski (Managing Partner). He was supported by Alicja Sołtyszewska (Partner) and Mateusz Prokopiuk (Senior Associate), who advised on lease and financing-related issues respectively.
“It is another is a series of major projects ran by Buma Group that we had the opportunity to assist on,” said Michał Wielhorski. “We are happy to see the dynamic growth of our Client,” he added.
The Wadowicka 3 office complex is made up of three independent 8-storey class A buildings, offering a total office area of over 31,000 sq.m. as well as retail and service premises on the ground floors. It is located in the Podgórze quarter of Kraków, in the vicinity of Rondo Matecznego – one of the main transport hubs in Kraków.
Buma Group is the leader in the office market in Kraków. Its projects include office and residential developments, real property management and general contracting for investments and facades. Over the last thirty years, the company has completed more than a dozen residential and office projects, the latter covering a leasable area of 250,000 sq.m.
Following the enactment of the Act on Amendment of Selected Other Acts in Connection with Measures to Strengthen Financial Market Supervision of 9 November 2018 (Ustawa z dnia 9 listopada 2018 r. o zmianie niektórych ustaw w związku ze wzmocnieniem nadzoru nad rynkiem finansowym), any issuer of bonds which have not been redeemed before 1 July 2019 will be required to file, with KDPW, an electronic report of the debt owed to the holders of such bonds as at 31 December 2019.
The report should cover:
• issue code,
• number of bonds within individual issues,
• nominal value per bond, and currency,
• bond’s annual coupon rate,
• total amount to be paid by the issuer upon bond redemption, together with its currency,
• statement on whether matured amounts have already been paid by the issuer and, if so, how much has been paid.
The obligation discussed above should be fulfilled directly by the issuer (in the case of paper-form bonds) or through a brokerage house keeping the bond register (in the case of dematerialized bonds issued before 1 July 2019).
The issuers and entities keeping a securities register have 15 days after the end of each month to provide KDPW with the above details, to be updated as of the last day of the month, if the originally reported details have changed by that time.
Any bond issuer or entity keeping a register of bonds, which fails to perform or improperly performs the obligation referred to above, is liable to a fine of up to PLN 2,000,000.00, to be paid by its agent.
In order to be able to file the report with KDPW, you should have a legal entity identifier (LEI). Those who do not have a LEI should make sure to obtain it ahead of report submission, i.e. before 31 March 2020.
If you have any questions related to the issues discussed above, contact us at obligacje@actlegal-bsww.com.
