Registration of securities - Issuer CSD

KDPW is a central securities depository (CSD) authorised under the CSDR.

As a central securities depository, KDPW provides the financial market among others with services related to the registration and keeping records of securities as a home depository. The registration of securities with a home CSD means that the securities are first registered with KDPW and not with any other central securities depository.

As a home CSD, KDPW can register securities issued not only under the laws of Poland or by Polish issuers but also securities from foreign jurisdictions; however, the registration of securities issued under the laws of another European Union member state must be notified by KDPW in advance to the competent supervisory authority of the market of origin of such securities.

As at 1 January 2023, KDPW has given notification for the following types of securities issued in the following jurisdictions:

• shares: Cyprus, Netherlands, Luxembourg,
• structured certificates: Netherlands.

The legal basis for the registration of securities with KDPW is provided by the Act on Trading in Financial Instruments, including mainly: public offering of securities, admission to trading on a regulated market or introduction to trading in an alternative trading system (ATS), which are known as public criteria for dematerialisation. As of 1 March 2021, KDPW may also register in the depository system shares of non-public companies that do not meet the above conditions (however, KDPW does not provide the service of maintaining a shareholder register, which means that the dematerialisation of non-public companies’ shares in KDPW follows the same rules as all other registered securities); as of 1 July 2019, under regulations imposing the obligation to dematerialise debt securities, KDPW registers all bonds, covered bonds and investment certificates issued under domestic law. Government bonds are also subject to the obligation to be registered with KDPW.

KDPW registers securities under an agreement concluded with the issuer. Detailed instructions on the registration of specific types of securities are included in the application templates.