One of the solutions aimed at increasing the security of investors in the bond market is the Register of Issuers' Obligations (RZE), established on 1 July 2019 as a central database containing information on the balance of debt of issuers resulting from the issuance of bonds, covered bonds and investment certificates, as well as the degree of performance of benefits arising from such issues.
Pursuant to the Act of 9 November 2018 amending certain laws in connection with the strengthening of financial market supervision and investor protection in the financial market, Krajowy Depozyt Papierów Wartościowych S.A. is the administrator of the Register of Issuers' Obligations.
Issuers are required to notify all bond issues to the Register of Issuers' Obligations and to update such information until full redemption. Such information can be disclosed in two modes:
- reporting, if the instruments are not registered with the securities depository maintained by KDPW,
- on the basis of data recorded in the KDPW system, if the instruments are registered with KDPW.
Data on instruments registered with KDPW are collected directly in the KDPW system in connection with their registration and through the Benefits Payments Issue Management or Benefits Payments Event Registration applications to the extent of information on the benefits schedule and the performance of benefits.
Data on instruments which are not registered with KDPW are collected through the Issuers' Obligations application. Data are reported directly by the issuers of securities or by entities keeping records of such securities.
The Register of Issuers' Obligations containing information on the current balance of debt of issuers in respect of their obligations under bonds, covered bonds and investment certificates issued by them is available at https://data.kdpw.pl/oth/rze/info/. The information is updated on a daily basis in accordance with changes registered via the Issuers' Obligations application or directly in the KDPW system.
