The application of new technologies in the amended Polish law regulating financial markets and company law
K. Jakub Gładkowski / Aleksander Kulasza
The article presents two important amendments in the Polish law in the sector of the financial markets and the company law which make use of the innovative IT solutions and thus lead to a greater protection of investors and to promoting investments in Poland. The examples of such changes in law are the obligatory dematerialisation of the Polish securities (of non-public entities), such as bonds and the introduction – for the needs of technology start-ups – a new legal form of operating business activity, namely a simple joint stock company, for which there is provided dematerialisation of shares with the use of such technologies as Public Key Infrastructure and Keyless Signature Infrastructure, and the blockchain type of technology.
KG LEGAL Kiełtyka Gładkowski establishes I-Start – a platform for financing start-ups in life science, new technologies, including fintech on the Polish market, based on foreign investors.
Currently I-Start works on the formula of the legal structure based on Singapore jurisdiction, which is related to the founding hybrid structure in Hongkong and the Netherlands.
The aim of I-Start is to partner international investors with Polish start-ups based on the principle of extreme costs optimisation of the created joint venture.
One of the leading projects of I-Start will be financing the calculation network, through which it will be possible to dig cryptocurrency, apply and teach AI, process big data and render graphics and video.
Polish IP law – new definition of trademark and trademark renewal procedure. On 17th January, 2019 the Polish Parliament passed an amendment to the Intellectual Property Law Act. It was necessary to adapt the said law to the requirements presented by the EU directive 2015/2436, which aimed at approximating the legislation of the Member States concerning trademarks.
In view of the current technological developments and the creativity of entrepreneurs, the definition of the trademark was amended. The trademark may still be ‘a word, including a name, a drawing, a letter, a number, a colour, a spatial form, including the shape of an item or a packaging’, and now also sound.
Entrepreneurs will also benefit from the changes concerning the procedure for the renewal of trademark protection rights. Procedure will be less formal and faster. It will be sufficient to pay the fee within a specified period of time, which will have to be notified by the Polish Patent Office.
Digital Innovation Hubs in Poland – new law
On 9th March, 2019 the act on the Future Industry Platform Foundation came into force. It tops the strategic project of the Ministry of Enterprise and Technology – the Polish Industrial Platform 4.0. The Foundation is to act as an integrator responsible for the transformation of domestic industry to the level of Industry 4.0, which already developed in many countries of the European Union. The Board of the FPPP will be appointed by 8th April 2019.
The main objectives of the Polish Future Industry Platform Foundation listed in the new act of law are as follows: distribution of knowledge and skills concerning the use of modern information technologies, support for entrepreneurs within the framework of raising the technical level and introduction of digital transformation of industry in Poland. Looking at the current demographic situation in Poland and shrinking labour resources, it is necessary to digitise and robotise industrial processes. In addition, the foundation will coordinate the work of Digital Innovation Hubs in Poland, which aim to provide access to the latest knowledge and technology. It is important to note that the Polish Future Industry Platform Foundation provides non-financial support in the form of training or consultancy. The first actions of the Foundation will be undertaken in the scope of management culture, adjusting e.g. university and vocational school offers to the expectations of entrepreneurs.
KG Legal Kiełtyka Gładkowski, based in Poland, advises its Clients in the registration procedure at the Polish Office of Electronic Communications. The legal services provided by KG Legal cover the process of obtaining the required licences and permits and submitting the period reports.