Poland to deregulate area of current information disclosure, including quarterly reports
Poland's Ministry of Finance will deregulate the area of current information disclosure, including quarterly reports, but will take investors' opinions into account when making changes, the ministry wrote in response to a parliamentary question.
"Currently, the Ministry of Finance is conducting legislative work aimed at considering deregulation proposals and comments on simplifying and facilitating the performance of obligations under the regulations on current and periodic information disclosed by issuers of securities, submitted by numerous entities operating on the capital market, including the Polish financial watchdog KNF," the Ministry of Finance announced.
"Based on the proposals submitted, a draft regulation amending the regulation of the Minister of Finance of June 6, 2025, on current and periodic information provided by issuers of securities and the conditions for recognising information required by the laws of a non-member state as equivalent will be developed," it adds.
The Ministry of Finance indicated that some of the comments and proposals submitted concern quarterly reports.
‘"It should be emphasised that there are different positions on this issue, both pointing to the need to completely abolish the obligation for issuers to publish quarterly reports and consolidated quarterly reports, and to the need to maintain this obligation, with the possibility of modifying its scope," it wrote.
Poland's finance ministry pointed out that, in raising objections to the proposal to abolish the obligation to publish quarterly reports, some entities indicate that completely abandoning quarterly reports would be equivalent to depriving investors and other interested parties (analysts, investment advisors) an important source of knowledge about the situation of issuers of securities listed on the Polish stock exchange.
It continued that the ability to assess the situation of public companies by analysing the information contained in quarterly reports contributes to transparency, liquidity and investor confidence, and facilitates sound investment decisions, which contributes to the proper functioning of the capital market.
In particular, individual investors point to the value of quarterly reports for shareholders, especially in a volatile economic environment. Therefore, instead of abolishing them, they propose simplifying quarterly reports, e.g. limiting their volume to the most important financial information and explanations, which would make them simpler and quicker to prepare and more valuable to investors.
"In view of the above, the Ministry of Finance stresses that it is open to changes in quarterly reporting, but the final solutions in this area should be developed on the basis of the positions of capital market participants, in particular organisations representing investors and issuers," the ministry concluded.
map/ han/ ao/