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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:


Brokerage activities:

  • Agreement for an entity operating securities accounts or omnibus securities accounts:
    • brokerage house
    • brokerage house – own account
    • lead manager
    • representative.


Custodian activities:

  • Agreement for an entity operating securities accounts or omnibus securities accounts:
    • custodian
    • custodian - own account
    • lead manager
    • representative.


Direct participant which perform the role of central securities register and whose offices are located outside the territory of the Republic of Poland:

  • Agreement for a holder of an omnibus securities account in KDPW
  • Agreement for an entity which outsources the operation of its proprietary securities account to KDPW


Direct participant managing a settlement house:

  • Agreement for participants acting as settlement agent, which following the conclusion of an agreement with another direct participant, manage for that participant a depository account and represent that participant within the scope of the registration of transaction settlement positions performed by a settlement house on dedicated registration accounts separated for this purpose and managed by KDPW for the represented direct participant
  • Agreement for an entity which outsources the operation of its proprietary securities account to KDPW


Direct participant performing activities involving the clearing of transactions executed as part of securities trading:

  • Agreement for a holder of an omnibus securities account in KDPW
  • Agreement for an entity which outsources the operation of its proprietary securities account to KDPW


Other activities:

  • Agreement for a holder of an omnibus securities account in KDPW
  • Agreement for an entity which outsources the operation of its proprietary securities account to 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, subject to the documents which have been drawn up originally in English, shall require no translation into Polish, and the documents, which have been drawn up originally in another foreign language, may be submitted in English translation which fulfils the conditions required of translations of official documents submitted to courts or public authorities in the country of establishment of the direct participant or entity applying for direct participation. In the latter case, the direct participant or entity applying for direct participation shall additionally submit to KDPW a declaration confirming that the submitted English translation fulfils the requirement laid down in the preceding sentence and that it is a true and precise translation of the original document.
The other documents and the application should be submitted in Polish, and the specimen signature cards and the information card, referred to in § 20 subpara. 1 points 3-5 of the KDPW Rules, may be drawn up in English.

Last modified: 04-01-2018 Go up