Poland: Restrictions for participation in corporate actions


Clearstream Banking1 would like to advise their customers that effective


Clearstream Banking’s depository for the Polish market no longer supports the processing of buy or sale orders on behalf of individual persons in the context of corporate actions, such as tender offers.  These new regulatory requirements are a result of MiFID II relating to trading activity (Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61).

Institutional investors can continue to participate in corporate actions that involve buying or selling, however additional documentation requirements may apply. As an example, investors will have to specify their Legal Entity Identifier (LEI) for their instruction to be valid. Any other such requirements are specified in the event notification. Consequently, the deadline for sending corporate action instructions may be earlier.

Further information

For further information, please contact Clearstream Banking Client Services or your Relationship Officer.


1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.