We are setting another precedent in capital market and trust fund cases.

Once again we have won against the Financial Supervision Commission before the Supreme Administrative Court. The Supreme Administrative Court upheld the cassation appeal of Romanowski and Partners in a precedent-setting case concerning the issue of the so-called "parking of shares" on behalf of a "hidden" shareholder.

The ruling is very important for capital market practice (in particular, closed-end investment funds, private foundations, and trusts). It concerns the scope of obligations related to a significant stake in a public company incumbent on the beneficiaries of such entities.

We reasoned that the beneficiary's ability to exert influence over the exercise of rights from shares is crucial. Contrary to the FSC's position, it is not enough that the trust institution was established to multiply the beneficiary's assets. It is necessary to study the nature and legal construction of the trust institution. Not every beneficiary can be "automatically" considered a "hidden" shareholder. After all, the law is context!

From the Firm's side, the case was handled by Prof. Michał Romanowski and Piotr Haiduk.