Regulatory Framework

Rules governing trade in financial instruments:

THE KDPW RULES

valid as of 30 September, 2019

* On 1 July 2017 the amendment of the Law of Goods and Services Tax (VAT) of 11 March 2004, introduced by Law of 1 December 2016, lifted the exemption from the VAT on the fees charged by KDPW S.A. under the Table of Fees, presented in the net value, in points: for participants 5.1., 5.1.1., 8.2., 8.4., 8.5., 8.6.1., 8.6.1.1., 8.6.1.2., 8.6.2.1., 8.6.2.2., 8.6.3., 8.6.3.1., 8.6.5., 8.6.7., 8.9.3. and for issuers 6.5., 6.5.1., 7.1., 7.2., the VAT tax at the basic rate of 23% will be added

Amendments to the KDPW Rules, which came into force on 30 September 2019

Temporary reductions
Temporary Fee reductions for the period from 1 January 2019 to 31 December 2019 inclusively.
1. The fee for the registration of bonds issued by the State Treasury, a foreign central government, the National Bank of Poland or another central bank (item 2.1.3.1. in the section entitled “Fees charged for issuers” of the KDPW Table of Fees, which forms Appendix No. 1 of the KDPW Rules) shall be lowered to 0.001%.
2. For bonds issued by the State Treasury, a foreign central government, the National Bank of Poland or another central bank, the fee for the registration of securities performed in accordance with documents submitted in electronic form by a participant, or by direct participants on the basis of authorisation provided by the issuer (item 2.2. in the section entitled “Fees charged for issuers” of the KDPW Table of Fees, which forms Appendix No. 1 of the KDPW Rules), shall be lowered to 0.001%, and
3. For bonds issued by the State Treasury, a foreign central government, the National Bank of Poland or another central bank, the fee for the processing of all other corporate actions (item 6.4. in the section entitled “Fees charged for issuers” of the KDPW Table of Fees, which forms Appendix No. 1 of the KDPW Rules) shall be lowered to 1000 (one thousand) PLN.

Resolution No. 64/764/18 of the KDPW Supervisory Board of 13 December 2018

Temporary fee reduction from 1 July 2019 to 31 December 2019 inclusively:

1/ The fee for the settlement of transactions executed in organised trading:
a/ the fee amount, described in point 4.1. of the section entitled: "Fees charged to direct KDPW participants” of the Table of Fees, shall be reduced from PLN 4 to PLN 3,
b/ the fee amount, described in point 4.1.1. of the section entitled: "Fees charged to direct KDPW participants” of the Table of Fees, shall be reduced from PLN 1 to PLN 0.75,
c/ the fee amount, described in point 4.1.1.1 of the section entitled: "Fees charged to direct KDPW participants” of the Table of Fees, shall be reduced from PLN 4 to PLN 3;
2/ The basic fee amount for post-transaction settlement in relation to a transaction executed in organised trading, described in point 4.2. of the section entitled: "Fees charged to direct KDPW participants” of the Table of Fees, shall be reduced from PLN 3 to PLN 2.25;
3/ The fee amount for performing all other types of for-payment or free-of-payment settlement, described in point 4.3. of the section entitled: "Fees charged to direct KDPW participants” of the Table of Fees, shall be reduced from PLN 4 to PLN 3;
4/ The basic fee amount for settlement involving only those securities, described in point 4.4. of the section entitled: "Fees charged to direct KDPW participants” of the Table of Fees, shall be reduced from PLN 3 to PLN 2.25.

Resolution No 6/774/19 of the KDPW Supervisory Board of 4 March 2019.

Temporary fee reduction for a limited period between 1 July 2019 and 31 December 2019 inclusively.
1. The fee for the registration of bonds, mortgage bonds or investment certificates following the submission of the application described in § 40 subpara. 1a of the KDPW Rules (item 2.3. In the section entitled “Fees charged for issuers and payment agents” of the Table of Fees), charged to participants who have consented to receive invoices in electronic form, shall be reduced according to the following principles:
1/ the minimum amount of the fee shall be reduced from PLN 2000 to PLN 1000, and
2/ in instances where registered and non-fully paid investment certificates of the same issue, issued by a given closed investment fund that is not a public closed investment fund, are registered in the same calendar month on the basis of more than one application, described in § 40 subpara.1a of the KDPW Rules, the total amount of the fees charged for these types of registration shall not exceed 25,000 (twenty five thousand) PLN, and the minimal amount of the fee determined in according with the principles described in item 1 above, shall apply to this amount and not to the separate fees which make up this fee.
The principle, described in subpara. 1, item 2 shall only apply on condition that the issuer of registered investment certificates shall submit a written declaration to KDPW confirming the existence of the circumstances described in subpara. 1, item 2, and containing the information enabling the identification of the applications on the basis of which they were registered in a given calendar month and that the submission of the declaration shall not take place later than the following calendar month.
2. The minimal fee for the processing of income payments from bonds, from securities issued by banks or from mortgage bonds, or for the redemption of bonds, securities issued by banks or mortgage bonds, which is not processed according to the principles described in § 40 subpara.5 of the KDPW Rules (item 3.2. of the Table of Fees, which forms Appendix 1 of the KDPW Rules, in the section entitled "Fees charged for issuers and payment agents”), charged to participants with the participation type of payment agent, that have consented to receive invoices in electronic form, shall be lowered from PLN 500 (five hundred) to PLN 200 (two hundred).

Resolution No. 35/803/19 of the KDPW Supervisory Board of 14 June 2019.

Temporary fee reductions that apply from 1 September 2019 to 31 December 2019 inclusively.
1/ The amount of the fee charged for the registration of structured certificates (item 2.1.4. in the section entitled: “Fees charged for issuers and payment agents” in the Table of Fees, which forms Appendix 1 to the KDPW Rules), is reduced from PLN 1000 to PLN 500.
2/ The amount of the fee charged for the processing of entitlement payments for structured certificates or for the redemption or cancellation of structured certificates, if this does not take place in accordance with the principles described in § 40 subpara. 5 of the KDPW Rules (item 3.3.1. in the section entitled: “Fees charged for issuers and payment agents” in the Table of Fees, which forms Appendix 1 to the KDPW Rules), is reduced from PLN 500 to PLN 200.

Resolution No. 37/805/19 of the KDPW Supervisory Board of 22 July 2019.

Executive resolutions:
Resolution No 623/2016 concerning securities which cannot be recorded in securities accounts or omnibus accounts maintained by Krajowy Depozyt Papierów Wartościowych
Resolution No 1000/2011 with amendments concerning the execution of payments arising from the settlement of transactions and other operations performed by Krajowy Depozyt Papierów Wartościowych, and concerning clearing banks
Resolution No 401/17 on determining the number of persons having the relevant skills, experience or qualifications in the performance of securities registration, employed by a participant managing the registration of securities

THE DETAILED RULES OF KDPW

valid as of 1 July, 2019

THE DETAILED RULES OF KDPW

Executive resolutions:

Resolution No. 690/18 of the KDPW Management Board relating to changes to the Timetable of the Accounting Day on: 19.04, 3.05, 20.06, 15.08, 1.11, 11.11, 24.12, 31.12 2019

Amendments, which came into force on 13 August 2019.
Resolution No. 610/2019 of the KDPW Management Board of 13 August 2019 amending Resolution No. 294/2019 of 6 June 2019 relating to amendments to the KDPW Detailed Rules of Operation and KDPW Registration Procedures.
The said Resolution is designed to further defer, until 15 October 2019, the enforcement of the Detailed Rules of KDPW Operations enacted by virtue of Resolution No. 294/2019 of 6 June 2019 that provide for an additional authentication level using unique SMS verification codes for access to KDPW in order to register securities via issuance agents, process securities payouts and organise general meetings of public companies.

THE REGISTRATION PROCEDURES

valid as of 30 September, 2019

THE REGISTRATION PROCEDURES

THE TRADE REPOSITORY RULES

valid as of 30 October, 2017

THE TRADE REPOSITORY RULES

Temporary reduction of fees

Temporary fee reduction for the period from 1 April 2019 to 31 December 2019, inclusive, that applies to entities seeking the status of repository participant in the period of application of the reduced fees
Resolution no 171/2019 of KDPW Management Board dated 1 April 2019

Modifications taking effect on 1 January 2020
under Resolution No. 12/780/19 of the Supervisory Board of Krajowy Depozyt Papierów Wartościowych S.A. dated 8 April 2019 amending the Trade Repository Rules.
The modifications reduce the participation fee for general reporting participants (GUR) from PLN 40,000 to:

PLN 15,000 provided that the GUR reports on behalf of no more than 3 counterparties and reports concern no more than 10,000 transactions or positions, or
PLN 30,000 provided that the GUR reports on behalf of no more than 6 counterparties and reports concern no more than 20,000 transactions or positions.

The reduced fees are available upon the submission of a declaration.

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