In May 2023, the European Commission published a legislative package on the protection of retail investors. The proposed legislative changes are intended to create conditions for increasing the involvement of retail investors in capital markets, with the aim of creating a secure framework for investments in these markets. The package includes amendments to MiFID, IDD, Solvency II Directive, AIFMD and UCITS, as well as an amendment to the PRIIPs regulation. During the seminar, we talked about the proposed changes, which relate to the disclosure of marketing information and materials, incentives, product oversight and governance (ensuring “value for money”), suitability and adequacy tests, knowledge and competence for financial advisers and qualifying clients as professional clients.

Read more

For years, the “gold standard” of debt financing in the renewable energy sector was the financing of auction projects or projects based on PPAs in the project finance formula. Market developments and the macroeconomic situation have resulted in a significant development of alternative forms of debt financing allowing for a much more flexible structuring of transactions.

Read more

In recent years, there has been growing evidence that the use of distributed ledger technology, or DLT, may have a role to play in the evolution of financial markets across the globe by delivering operational efficiency, cost efficiencies, product innovation, broader market access and new liquidity pools. Our experts discussedthe increasing use of DLT by reference to recent case studies that Clifford Chance has worked on and focused on the legal considerations for market actors wishing to use the new technology.

Read more

The ongoing energy transition is predicted to bring about a rapid increase in demand for electricity storage capacities, which will be essential as the role of renewable energy sources continues to grow. Although in its infancy, the Polish electricity storage sector is developing very rapidly. During the meeting, our hosts will summarise the state of play of electricity storage in Poland, shedding some light on the key considerations and challenges related to the development, operation and financing of battery storage enterprises.

Read more

During the meeting, together with financial experts from Gamut Analytics, based on practical examples and acquired experience, we presented the spectrum of possibilities of using private debt instruments as an alternative to bank loans or equity for specific needs (such as acquisitions, refinancings, shareholder buyouts) with a particular focus on building shareholder value.

Read more

During this meeting, we presented examples of circumstances constituting unexpected deviations from the norm – the proper course of restructuring processes – concerning restructuring proceedings. However, such anomalies can often be encountered in practice and for this reason they should be kept in mind when considering the structure and specific solutions used in a restructuring transaction. We highlighted the practical problems that may be associated with choosing a particular path for conducting a restructuring transaction and indicate the most common reasons for an unsuccessful restructuring. The above aimed at indicating the circumstances that are worth avoiding or paying attention to from the very beginning of the structuring of the restructuring process.

Read more

The development of the renewable energy market in Poland and the dynamic macroeconomic situation compels market participants to explore alternative forms of financing. One type of financing for photovoltaic systems that has emerged in the United States and is gaining popularity in western Europe is Solar ABS, which stands for Asset-Backed Securities backed by loan, lease or power purchase agreement (PPA) receivables. During the seminar, we presented the general principles of true sale securitisation transactions and delved into the specifics of Solar ABS.

Read more