Język Polski
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Sale of the organized part of the investment fund company enterprise. De lege lata and de lege ferenda remarks
Adam Stopyra
Abstract
Transactions concerning the sale of an organized part of the TFI enterprise are rarely found on the Polish market. In practice, the disposal of such entities in the financial sector takes place through mergers or acquisitions of shares. The provisions of the Act on Investment Funds does not even indirectly address the sale or acquisition of a TFI enterprise. The concept of a TFI enterprise does not differ fundamentally from the definition known in the civil law developed on the basis of Article 55(1) of the Civil Code. Specificity of TFI's activity is associated with equipping it with specific attributes, such as the management of investment funds. This specificity of the components of each company's enterprise means that the acquisition of the TFI enterprise or its part involving the management of investment funds means that the acquiring entity can only be another investment fund company enterprise. The current Investment Funds Act regulations do not directly regulate the admissibility of the transfer of information covered by professional secrecy in the event of the sale of part of the TFI enterprise - thus causing certain legal complications. De lege lata, this issue cannot be solved, what makes necessary for the legislator to intervene to eliminate the identified legal loophole.
Keywords:
investment funds management company, enterprise, organized part of the enterprise, KNF, investment fundJEL Codes
K20, K15Details
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