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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

 

The deadline for concluding the participation agreement or extending the participation to a new type of participation
According to § 32 of the KDPW Rules (“Rules”), KDPW shall decide on whether or not to conclude an agreement for direct participation with the applicant and shall prepare a response to the applicant in this matter within a period of one month from the date of the submission of the application for the conclusion of this agreement by the applicant; where the applicant is a CSD or CCP – then within three months of this date.

The application and supplementary appended documentations must be submitted in the original form or as properly certified copies - according to § 5 subpar 3 of the Rules.

Furthermore (§ 6 of the Rules), official documents prepared abroad, should be legalised in accordance with the relevant law. If a public document has been prepared in a country that is a signatory to the Hague Convention of 5 October 1961 Abolishing the Requirement of Legalisation for Foreign Public Documents, such a document should be apostilled by the relevant state department from the country where the document has been drafted.

Last modified: 06-07-2021 Go up