ASI is the abbreviated name for an Alternative Investment Company, which forms part of an alternative investment fund, but not the type defined in Article 3(4)(2) of the Investment Funds Act. The primary activity of an ASI is to collect assets from multiple investors and invest them in their interest, in accordance with a defined investment policy. Like any legal entity, an ASI has certain rights and obligations arising from the nature of its operations. So, is an ASI required to submit reports to the Polish Financial Supervision Authority (KNF)?

Rights and Obligations of ASI

The law clearly states that “the sole purpose of an Alternative Investment Company, subject to exceptions provided by law, is to collect assets from multiple investors in order to invest them in the interest of those investors in accordance with a defined investment policy.” This means that the exclusive business activity of an ASI is asset collection and investment. Other types of activity may be undertaken, but they must be directly related to the core investment function.

An ASI may operate in various legal forms — including limited liability companies, limited partnerships, or joint-stock limited partnerships.

Reporting Obligation to KNF

Each ASI is required to submit a report to KNF by the end of January of the year following the reporting period. Importantly, this obligation applies even if the ASI did not conduct any investment activity during the year and generated zero income. A report must always be submitted — even a zero report.

What Does the Report Include?

The report must be submitted as a structured XML file via the ESPI system. It should be an analytical statement containing information about the main instruments traded by the company, as well as key exposures and concentrations, enabling supervisory authorities to effectively monitor systemic risk.

The file name must comply with the requirements set out in the Regulation of the Minister of Development and Finance of December 21, 2016 on supplementary reporting obligations for managers of alternative investment funds.

The report should describe the ASI’s investment portfolio, including:

  • Geographic allocation of investments
  • Total asset value across the five main markets
  • Distribution across the five main investment categories
  • For companies investing in foreign currency assets, the exchange rate used for portfolio valuation

Correctly specifying the reporting period for the submitted files is essential for compliance.

Professional Support Recommended

Given the technical and legal nuances involved, it is advisable to appoint a qualified entity familiar with the regulatory framework. This can save time and reduce stress.