Dentons has helped GPW Benchmark obtain permission from the Polish Financial Supervision Authority to administer all stock exchange indices, including the WIG20, mWIG40, sWIG80, and NCIndex, as well as the TBSP.Index.
According to Dentons, "The change of administrator is part of the process of harmonizing Polish capital market benchmarks with the requirements of the EU Benchmarks Regulation of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds."
In a linked move also connected with EU harmonization, Dentons reports, GPW Benchmark intends to file an application to the Polish Financial Supervision Authority by year-end to obtain authorization to administer the WIBID and WIBOR reference rates in 2020.
According to Dentons Partner Marcin Bartczak: ”The changes introduced, which concern determining and managing stock market indices, seek to ensure transparency and accuracy of processes governing benchmark calculation from the time input data is gathered right through to publication of the index.”
The Dentons team working on the project consisted of Partner Marcin Bartczak and Associate Tomasz Orczykowski.