[Excerpt] The transformation of Poland's economy from a centrally planned to a modern market economy continues apace. Successive governments have re-affirmed their commitment to privatization and the liberalization of the economy with the aim of encouraging private enterprise and attracting foreign investment. The Association Agreement with the European Union, which came into force in February 1994, and the acceptance by the member states of the Treaty of Nice, were important steps towards Poland's goal of full EU membership. In a referendum held on June 7 and 8, 2003, Poland voted in favour of joining the EU. Poland gained full EU membership on 1 May 2004. Poland is beginning to tap international capital markets. Against this background there has been, and continues to be, rapid legislative development. It is vitally important for the investor to keep abreast of new legislation. What follows is a brief guide to the more important legal issues likely to be relevant to the foreign investor.