A new chapter for Poland’s investment fund market — ETFs, QIF and regulatory reform

In the first half of 2026, the Polish government included in its legislative work programme a draft new act intended to comprehensively reform the rules governing the investment fund market. The announced changes cover both the passive funds sector, including ETFs, and the segment of alternative investment funds, with particular emphasis on creating a new investment vehicle — the Qualified Investment Fund (Kwalifikowany Fundusz Inwestycyjny, “KFI” / “QIF”).

ETF reform — integration with the European market

One of the key elements of the draft is to reshape the legal framework for the operation of ETFs (Exchange Traded Funds) in Poland. The planned regulation is intended to allow ETFs to operate in the UCITS format — i.e., as undertakings for collective investment in transferable securities compliant with EU UCITS standards. Such a structure would allow for:

• the use of the EU passport, enabling distribution of Polish ETFs across EU Member States;
• presence on global analytics platforms and rankings (e.g., Morningstar, Refinitiv);
• increased investment attractiveness for institutional investors, including foreign ones.

The draft also provides for the possibility of issuing new classes of participation units that will be admitted to stock-exchange trading, bringing traditional investment funds closer to the ETF mechanism by combining fund distribution with trading on the secondary market.

This reform is intended to prepare the Polish capital market to operate on a European scale and to create conditions for fair competition between domestic investment fund companies and foreign funds.

Qualified Investment Fund — a vehicle for the private equity market

The second pillar of the reform is the introduction into the Polish legal system of a new type of alternative investment fund — the Qualified Investment Fund (KFI / QIF). According to the project description, the QIF is to be structurally designed along the lines of private equity/venture capital funds operating in EU markets.

The new fund will be characterised, among other things, by:

• operating under a committed-capital model (commitment), with contributions made at the manager’s call (capital calls);
• a closed-end structure, without the possibility of redemptions at the investor’s request;
• a distribution and profit allocation structure consistent with the waterfall model (return of capital, minimum rate of return, manager’s remuneration);
• a higher transparency standard and a formal investors’ body, strengthening oversight of the manager’s actions.

The QIF will be subject to supervision by the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego, KNF) and to the sanctions regime set out in the Act on Investment Funds and the Management of Alternative Investment Funds. It may be managed by: investment fund companies (Towarzystwa Funduszy Inwestycyjnych, TFI), ASI managers registered with the KNF, or EU entities compliant with AIFMD.

This structure is intended to facilitate the development of Poland’s private equity and venture capital market, increase the role of private capital in financing business activity, and attract foreign capital into the country.

Impact on institutional investors and the capital market

The draft act also includes provisions intended to improve the investment capabilities of institutions such as Employee Capital Plans (Pracownicze Plany Kapitałowe, PPK) and pension funds, by clarifying the legal framework enabling them to allocate assets to private market funds, including QIFs or similar EU investment vehicles. Current regulations in practice limit such investments, hindering portfolio diversification and the use of domestic pension capital for economic development.

Reform objectives and legislative timeline

The main objective of the new act is to remove regulatory barriers in the capital market, increase its attractiveness, and create a more competitive environment for domestic and foreign investors. The draft also aims to strengthen the position of Polish financial institutions on the European investment fund map.

The government plans to adopt the draft act implementing the above changes in Q4 2026.