POLAND Law and Practice Contributed by: Wojciech Trzciński, Łukasz Łyczko, Konrad Frąckowiak and Katarzyna Kaczmarzyk, PwC Legal Business Solutions
The EU AI Act establishes a classification system for AI based on the level of risk associated with its use. Depending on the classification, financial institu - tions will be required to meet specific obligations to introduce, distribute or utilise the AI systems. These responsibilities include introducing procedures to monitor their operation and ensuring that people with appropriate competencies are employed to manage AI solutions. The implementation of the EU AI Act is currently an important regulatory topic considered by most Polish think tanks and local governments associating with banks, funds and other financial institutions. The use of AI systems is expected to develop, and may be further impacted by recommendations/positions of the PFSA, the General Inspector for Personal Data Protection or the Inspector General of Financial Infor - mation. 3.11 Anticipated Changes for Fund Managers There are no forthcoming changes anticipated in rela - tion to the issues described in 3. Fund Managers . 4. Investors 4.1 Types of Investors in Alternative Funds AIFs include entities with different types of invest - ment strategies, attracting different types of inves - tors. According to Polish regulations, there are two categories of investors: • retail investors – with little or no investment knowl - edge and experience, who are generally afforded more protection; and • professional investors – who have the experience and knowledge to make appropriate investment decisions and properly assess the risks associated with those decisions. 4.2 Side Letters In principle, all investors in AIFs should have equal rights. There are also legal requirements regarding the content of constitutional documents, terms of issue, etc, which are subject to review by the PFSA. How - ever, side letters are not excluded.
In the case of CEIFs dedicated to a limited number of investors, separate co-operation agreements are entered into from time to time between all investors and the IFC. In the case of AICs, investor agreements are in place to address issues such as contributions and exit rules. There is no requirement to report or disclose such agreements to the PFSA. However, the PFSA and oth - er competent authorities may request access to such documentation in the course of inspection activities. 4.3 Marketing of Alternative Funds to Investors AICs can be marketed to: • professional clients ‒ generally understood as individuals with the knowledge and experience to make the right investment decisions and properly assess the risks involved in those decisions; and • retail clients ‒ exclusively in the case of an authori - sation in accordance with Article 5 (1) of Regulation 2015/760. A natural person may be deemed a professional client if the value of their contribution to an AIC is no less than the equivalent of EUR60,000 in Polish zloty. Natural persons participating in non-public CEIFs or SOEIFs that adopted CEIFs’ investment restric - tions should contribute no less than the equivalent of EUR40,000 in Polish zloty. Public CEIFs can be marketed to both professional and retail clients. 4.4 Rules Concerning Marketing of Alternative Funds Rules that apply to marketing units/shares of EU AIFs in Polish territory demand that adequate technical and organisational solutions are established, ensuring the following. • The proper transfer, take-up and repurchase of the units/shares of the EU AIF in Polish territory pursu - ant to internal regulations of the EU AIF for the investors. This includes access to the information regarding the acquisition, take-up or repurchase
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