A closed-end fund
It issues public investment certificates. Investment certificates may be offered to the public or released for trading on a regulated market or introduced to the alternative trading system, if the investment fund statute thus stipulates.
The permit given by the Commission for authorization to set up a closed investment fund issuing investment certificates, which according to the statute of investment fund will be offered in a public offering or released for trading on a regulated market or introduced to the alternative trading system, is synonymous with the approval of the prospectus or fund information memorandum in accordance with the regulations of Chapter 2 of the Act on Public Offering, if the obligation to prepare and approve them following regulations of this Act. Public closed investment fund is obliged to issue investment certificates only in a public offering.
GUS – Departament Studiów Makroekonomicznych i Finansów