• A bill of exchange as an investment for a fixed, guaranteed interest? With regular interest payments? Consumer, mind your savings!
• President of UOKiK has imposed fines on Assay ASI and the company's managers for the "Bills of Exchange Agreement" offer. Another Group company, Assay Management, has been also fined.
• Using a bill of exchange in a way that contradicts its function - the practice has also been proven to the Dziesiątka Finanse company.

In April 2023, President of UOKiK issued a consumer warning indicating that Assay Management Alternative Investment Company (Assay ASI) uses bills of exchange in a manner contrary to its function, thus there is a high risk of consumers losing their invested funds.

Assay ASI offered "Bills of Exchange Agreements." This occurred with the use of the bill of exchange in a manner contrary to its function which resulted in the transfer of the risk of the company's investment activities to consumers. As President of UOKiK pointed out in recently-issued decision, this constituted an unfair market practice. The company Assay ASI and its managers were fined (more than PLN 60 thousand): Paweł Kruszyński - more than 480 thousand zlotys and Iwo Rybacki - more than 250 thousand zlotys.

The fine also terminated the proceedings against Assay Management (more than PLN 650 thousand) - the other Assay Group company, which solicited clients for Assay ASI and encouraged to conclude the “Bill of Exchange Agreement" it offered. The company misled consumers about the certainty of future financial benefits from investments in bills of exchange and the coverage of this offering by the Polish Financial Supervision Authority. In fact, profits were not certain and this type of activity is exempt from supervision.

Bill of exchange (dis)agreement

Assay ASI is a financial entity engaged in investing with funds raised from third party investors. It issues participation rights as provided for in the Act on Investment Funds and Management of Alternative Investment Funds. In this case, these are shares in joint-stock companies. With regard to retail investors, such as consumers, the issuance of shares should be done through a public offering. Such a solution guarantees access to objective information, both before and during the investment decision. By using the bills of exchange improperly, Assay ASI violated regulations. Consumers who entered into the "Bills of Exchange Agreement" bore the risk of the company's investment activities. This consisted mainly of acquiring shares in start-ups, ventures that carry a high investment risk.

- Assay ASI's use of the bill of exchange as an instrument for raising capital, and the subsequent use of funds from consumers for activities related to investments in other entities, is a violation of good morals. Such action had the effect of transferring the risk of investment activities to consumers. In turn, assurances of guaranteed financial benefits from the venture and that the offering is subject to PFSA supervision may have influenced consumers' decisions to entrust their money to Assay ASI. If consumers had not been misled, they could have managed their savings differently- says President of UOKiK, Tomasz Chróstny.

Decisions concerning Assay ASI, its managers as well as Assay Management are invalid. They can be appealed to the court.

Dziesiątka Finanse fined

President of UOKiK also issued a decision against Dziesiątka Finanse of Świdnica (Lower Silesia province) and fined it a total of more than PLN 520,000 (PLN 524,781). The entrepreneur engaged in three practices that violated the collective interests of consumers. Two of them also concerned the use of bills of exchange in relations with consumers. The company used this security in a manner contrary to its function, offering "investment bills of exchange” and used the funds raised to grant cash loans. Thus, it placed the risk of its lending business on consumers. In addition, it misled by spreading false information about the safety of the investment. In his decision, President of UOKiK also questioned the practice regarding the entrepreneur's core business of lending. It refers to non-lowering the total cost of the loan in case of early repayment. Dziesiątka Finanse took into account the cost of the upfront fee which related to the period by which the term of the contract was shortened, thereby violating the collective interests of consumers.

Details can be found in the issued decision. It may be appealed against.

Activities to date

President of UOKiK has been conducting preliminary investigation into Credit Royal and proceedings on practices that violate the collective interests of consumers by CK Investments. Both companies offered consumers investments in bills of exchange.

Other investment “bills of exchange” investigations have already been completed. In August 2023, President of UOKiK issued a decision in the case of Aforti Holding which persuaded people to invest in the “bills of exchange offer."

In turn, at the end of 2022, President of UOKiK issued a decision concerning BREWE Leasing, and in June 2021  on Yanok Mortgage Fundwhich raised funds for its operations through “investment bills”.

All these decisions are not final - the companies have filed appeals with the court.

Consumer! Check out the answers to the most common questions about "investment bills of exchange" at finanse.uokik.gov.pl(in the alternative investments section).

Investment bills of exchange – remember:

-the term of an “investment bill of exchange” does not exist. It has been devised by entrepreneurs to depict a product which allows them to raise capital.

-the solvency of the “bill of exchange” issuer will be an exclusive guarantee for the “investment bill of exchange” security

-no guarantees of the Banking Guarantee Fund and the Polish Financial Supervision Authority

-are you going to make an investment? Visit finanse.uokik.gov.pl