Communiqués

GPW Amends Alternative Trading System Rules

The Warsaw Stock Exchange imposes stricter rules on issuers listed in the Alternative Trading System if they fail to publish annual reports. Under the new regulations, companies which fail to publish two consecutive annual reports will have to be delisted. The new regulations are part of GPW’s broader initiative to revitalise the NewConnect market and increase its transparency.

In order to ensure the highest standards of transparency for market participants, financial instruments of issuers who fail to comply with their disclosure obligations to the extent of publication of annual reports will have to be delisted in the ATS. Pursuant to the new § 12b of the ATS Rules, the Exchange Management Board will be required to delist the financial instruments of an issuer who fails to publish two consecutive annual reports. This obligation also applies to consolidated annual reports in the case of issuers preparing consolidated financial statements. In order for the disclosure obligation to be deemed fulfilled, the report must be prepared and submitted in accordance with the rules applicable in the ATS, including complete annual financial statements.

The new provisions impose an additional restriction. An issuer whose financial instruments are delisted may not apply for the reintroduction of its securities to trading earlier than after 12 months. The new rules will apply to both NewConnect and Catalyst ATS. However, as demonstrated by GPW’s practice to date, the delisting sanction will mainly apply to companies traded on NewConnect.

GPW has identified over 30 companies which have failed to publish two or more annual reports and could be delisted once the new regulations come into force. However, they have an additional six months to make up as the amendments to the ATS Rules come into force on 7 May 2026. After that date, delisting will take place immediately after the expiry of the five-month deadline for the publication of the annual report if the issuer fails to publish reports for two consecutive financial years.

In order to ensure full transparency for investors, GPW will publish a list of issuers meeting the delisting criteria set out in the new § 12b of the ATS Rules on its website www.newconnect.pl. This will make it easier for investors to identify companies at risk of sanctions and incentivise their shareholders to mobilise the companies’ management to make up as soon as possible.

The amendments to the Alternative Trading System Rules are an important step towards increasing transparency, accountability, and safety on NewConnect and Catalyst. The rule of mandatory delisting for failure to publish annual reports strengthens the issuer disclosure regime and promotes the creation of a more predictable and reliable investment environment. These measures are part of the NewConnect market revitalisation project, which aims to create a stable and attractive venue for small and medium-sized companies to raise capital.