In brief

• The cabinet has approved a bill aligning Polish rules on investment funds and alternative investment funds with EU law.
• The draft implements Directive (EU) 2024/927, tightens outsourcing rules and extends liquidity management tools.
• Closed-end lending funds would have to allocate at least 50 percent of net asset value to cash loans.

Alignment with EU rules

The cabinet has approved a bill that adapts Polish regulations on investment funds and alternative investment funds to European Union law. According to the government, the draft is meant to make the sector more resilient to market risks, sharpen supervision and give fund participants and investors a high level of protection (Rada Ministrów przyjęła ustawę usprawniającą funkcjonowanie funduszy inwestycyjnych oraz alternatywnych funduszy inwestycyjnych – Ministerstwo Finansów).

Key provisions

The bill transposes into Polish law Directive (EU) 2024/927 on the activities of investment funds and managers of alternative investment funds (RM przyjęła ustawę usprawniającą funkcjonowanie funduszy inwestycyjnych – podatki.biz). It also clarifies the rules for lending by alternative investment funds, with the aim of making that activity more transparent and secure.

The draft tightens rules on outsourcing, under which fund managers transfer functions to third parties. It extends the use of liquidity management tools, so funds can respond more effectively to market conditions and limit risks for participants. It also streamlines supervisory reporting and data collection.

Lending funds

Under the proposal, closed-end investment funds specialising in lending would have to allocate at least 50 percent of their net asset value to cash loans, or adopt an investment strategy based mainly on granting such loans (Rząd daje zielone światło funduszom pożyczkowym – prawo.pl). Open-end lending funds would also be permitted. The amendment modifies the May 27, 2004 act on investment funds and the management of alternative investment funds. The government hopes the change will revive this segment of the financial market.

Context

The bill was adopted on October 27, 2026, the same day the government approved a separate package on capital market functioning (Rząd przyjął przepisy usprawniające funkcjonowanie rynku kapitałowego – Ministerstwo Finansów).

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