Moment zawarcia umowy o administrowanie zabezpieczeniami obligacji
The moment of conclusion of the agreement for administering bond collateral

Summary/Abstract: The effectiveness of bond collaterals is of great importance in the first place for bondholders, but in a broader perspective for the entire debt securities market. Ensuring that established collateral guarantees real security is a condition for increasing confidence in the market. This should be fostered by an appropriate interpretation of the law, consistent with the objectives of the regulation. The provisions only slightly regulate the matters related to the collateral administration agreement. Despite the small amount, the rules are inconsistent, and their application raises a lot of doubt. One of them is the question of when the security administration agreement should be concluded. The purpose of the study is to point out the arguments supporting the thesis that acollateral administration agreement can be concluded at any time, starting from the idea for bond issues, until the issuer buys the last bond of the given series.

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