An agreement concerning direct participation in KDPW may be concluded for different types of activities carried out on the market in financial instruments by the entity seeking participation:
Custodian activities or brokerage activities including the operation of securities accounts or omnibus securities accounts but not the execution of securities buy or sell orders on the account of clients in the territory of Poland:
Activities carried out outside Poland including the registration for other entities of securities recorded in an omnibus securities account operated in KDPW:
According to § 18 of the KDPW Rules (“Rules”), the participation agreement shall be concluded two weeks after the submission of the relevant application to KDPW together with all supplementary appended documentation, if the entity submitting the application fulfils the participation requirements specified by the law and by the Rules, and the application and supplementary appended documentation meet the formal requirements specified in the Rules.
The application and supplementary appended documentation must be submitted in the original counterpart or as a properly certified copy according to § 4 subpara. 6 of the Rules. Furthermore, official documents which have been drawn up outside Poland should become legally authorised in accordance with the relevant legal regulations. If an official document has been drawn up in a country which is a signatory of the Hague Convention of 5 October 1961 abolishing the requirement of legalisation of foreign public documents, such document should contain an apostille issued by the relevant authority of the country issuing the document.
Documents attached to the application, including powers of attorney which have been drawn up originally in a foreign language, should be submitted in Polish translation prepared and certified by a sworn translator. The other documents and the application should be submitted in Polish.