Investment funds will be able to create funds that provide loans. There is a project

Investment Fund Companies will be able to create funds for granting loans, they will also be able to manage reference indicators and loan servicing – according to the draft law published on Monday.

On Monday, a draft amendment to the Act on investment funds and management of alternative investment funds and certain other acts authored by the Ministry of Finance was published on the website of the Government Legislation Center. Its aim is to implement recently amended EU regulations, which include, among others: what an investment fund can do and what a TFI can do. Among the changes proposed in the Act, the Ministry of Finance included the possibility of creating investment funds that will deal with granting loans, i.e. loan funds.

A closed-end investment fund may be established as a loan fund if it invests at least 50%. net asset value in money loans or if its investment strategy will consist mainly in granting such loans – we read in the justification for the project. It was added that in addition to closed-end loan funds, open-ended loan funds will be able to exist.

The project includes provisions according to which an investment fund company will be able to provide “services in the field of administration of reference indicators, excluding the administration of reference indicators used in the funds it manages”. In addition, TFI will be able to “provide loan servicing services”.

The Ministry of Finance also proposes changing the provisions regarding fund depositories. According to the current regulations, the fund's depositary must have its registered office in the country, but due to changes in EU regulations, it will be possible to choose as the depositary an institution that has its registered office in another EU country, but is authorized to operate in the country. The justification stated that when using the services of depositories from other EU countries, EU regulations impose two conditions – lack of competition and the value of assets on a given market equal to or lower than EUR 50 billion.

“Due to the significant excess of the value of assets held by depositaries on the Polish market compared to the value of (…) (EUR 50 billion), it is not expected that domestic AIFs will be able to use the services of depositaries based in another Member State,” we read in the justification.

The proposed act is to enter into force on April 16, 2026, although some of its provisions will enter into force 6 months from the date of announcement, and some only on April 16, 2027. (PAP)

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