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Detailed Rules, Registration Procedures - changes

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 Amendments which came into force on 29 June 2020
  • Resolution No. 493/2020 of the KDPW Management Board dated 15 June 2020 amending the Detailed Rules of Operation of Krajowy Depozyt Papierów Wartościowych
The amendments:
1/ incorporate the amendments of the Act on Public Offering and the Conditions of Introducing Financial Instruments to an Organised Trading System and on Public Companies, as amended by the Act of 16 October 2019, and amendments in connection with the coming into force of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC;
2/ incorporate the amendments of the KDPW Rules in connection with the mandatory uncertificated form of shares required under the Act of 30 August 2019 amending the Commercial Companies Code and certain other Acts; 3/incorporate the 2019 amendments of the Corporate Income Tax Act, shifting the tax withholding agent’s obligations in connection with the payment of income of a closed-end fund by such fund without redemption of investment certificates from the issuer to managers of securities accounts or omnibus securities accounts in which such certificates are registered if they participate in such payment as intermediaries;
4/ clarification of certain provisions concerning the processing of payments of entitlements from securities and the processing of general meetings of public companies;
5/ deletion of provisions concerning the use of phone numbers for the authentication of access to the application available on the KDPW website supporting electronic communication with KDPW.
  • Resolution No. 494/2020 of the KDPW Management Board dated 15 June 2020 amending the Detailed Rules of Operation of Krajowy Depozyt Papierów Wartościowych and the Registration Procedures of Krajowy Depozyt Papierów Wartościowych
The amendments are required in connection with the implementation by KDPW, scheduled on 29 June 2020, of the processing of mandatory partial redemption of investment certificates marked with a given ISIN code, performed irrespective of a request of a fund participant, and mandatory full redemption of investment certificates marked with a given ISIN code, unrelated to the liquidation of the investment fund and performed irrespective of a request of a fund participant. Furthermore, the amendments eliminate suspension in the event of lack of coverage for the settlement of conditional or unconditional sale/purchase of securities between the National Bank of Poland and banks in open market operations. If such transaction cannot be settled when due, settlement instructions concerning such transaction will be deleted from the depository system and KDPW will not attempt to settle the transaction thereafter unless the counterparties to such settlement submit new settlement instructions for such transaction. Other minor amendments concern provisions relating to the processing of structured certificates (in particular, new provisions governing the course of action where a beneficiary waives the payment due on redemption of structured certificates) as well as provisions relating to transfers of securities without transfer of ownership.
Detailed Rules 03.03.2020 -28.06.2020

New KDPW regulations that came into force on 3 March 2020 (the date of KDPW’s authorisation referred to in Article 16 of CSDR). Those regulations replaced their existing counterparts.
Detailed information  
Detailed Rules 30.09.2019 - 02.03.2020

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.


Amendments, which came into force on 19 November 2018.
Resolution No. 668/2018 of the KDPW Management Board of 5 November 2018 relating to amendments to the KDPW Detailed Rules of Operation and KDPW Registration Procedures.
The amendments relate to:
  1. Removing the restriction related to the registration of Treasury bills in the depository system (as investor CSD), i.e. removing provisions indicating that such a registration may only take place in connection with using Treasury bills as collateral in favour of KDPW_CCP, or in connection with their use as contribution to the clearing fund,
  2. Amendments related to proposals announced by the S&R NMPG PL working group, relating to the introduction of the ability to change the declared settlement system (between the batch and RTGS system) in settlement instructions sent to the depository system,
  3. Amendments related to proposals announced by the S&R NMPG PL working group, relating to the introduction of a new, simplified mechanism for the settlement of component transactions introduced to the depository system,
  4. Amendments to provisions relating to the crediting of securities accounts, or omnibus securities accounts – this relates in particular to changes extending the ability of sending a summary list of securities by a lead manager, which is in response to requests from participants for this functionality,
  5. Amendments to provisions governing the rules for the calculation of transaction values in settlement instructions, whose processing in the depository system only consists of a securities transfer onto or from a securities account or an omnibus securities account kept in KDPW – this is to ensure compliance of existing regulations with amended rules on anti-money laundering and the prevention of terrorism financing, which were introduced to KDPW,
  6. Amendments aimed at enabling the settlement of operations described in § 2 item.1 of Appendix No. 2 of the KDPW Detailed Rules of Operation also to be performed during the evening technical session "W” – the proposal for this amendment is the result of the need to make the relevant entries in the depository system related to ISIN code change operations following the change of issuer CSD for specific securities. In such instances, KDPW receives basic information on the performance of the operation in the foreign CSD during the accounting day and should in principle perform the relevant registration of account balances on the same day. Bearing in mind that this is a technical operation, the correct moment to perform such an operation is the technical session taking place at the end of the accounting day.
Detailed Rules of Operation of KDPW 06.06.2018 - 18.11.2018 Amendments to the KDPW Detailed Rules of Operation which came into force on 6 June 2018
Resolution No. 317/2018 of the KDPW Management Board on amendments to the KDPW Detailed Rules of Operation.
The amendments principally consist of the introduction of a new paragraph 9a, which describes the manner in which KDPW processes personal data sent by direct participants and which relates to their clients (the purpose of the amendment is to indicate situations in which KDPW processes the personal data of the clients of direct participants in its capacity as controller of data within the meaning of the GDPR Regulation); the amendments also relate to changes to § 123a subpara.3, which consist of the replacement of the indicated deadline D+1, which is inadequate for non-Treasury debt securities denominated in Euro issued before 2015, with the deadline W-2.
Detailed Rules of Operation of KDPW 19.04.2018 - 05.06.2018

The Registration procedures- 20.11.2017 - 18.11.2018


Amendments to the KDPW Detailed Rules of Operation which came into force on 19 April 2018

On 19 April 2018 new amendments came into force in the KDPW Detailed Rules of Operation, adopted in accordance with Resolution No 210/2018 of the KDPW Management Board of 5 April 2018.

The amendments relate to rules on the processing of payments from close-end investment funds, performed without the redemption of investment certificates, to ensure their compliance with new rules introduced at the beginning of the year to the Corporate Income Tax Act, where such income is taxed “at source”, imposing however at the same time corporate withholding tax obligations on issuers (with the exception of anonymous taxpayers), rather than entities managing securities accounts or omnibus securities accounts. Remaining amendments relate to clarifying that the “quick refund” procedure is not initiated in instances where the relevant income tax has been charged and collected on the basis of rules applicable to anonymous taxpayers and that KDPW does not perform the role of withholding agent for this tax with respect to taxpayers disclosed by the holder of the omnibus securities account (as is the case for income/discounts paid/applied on behalf of corporate income tax payers from non-Treasury securities issued prior to 1 January 2015).

Detailed Rules of Operation of KDPW 20.11.2017 - 18.04.2018
 
Amendments to the KDPW Detailed Rules of Operation and to the KDPW Registration Procedures which came into force on 20 November 2017

Resolution No 750/2017 of the KDPW Management Board of 6 November 2017 r. relating to amendments to the KDPW Detailed Rules of Operation and the KDPW Registration Procedures,
in connection with changes to be introduced to the KDPW depository system as part of the autumn IT implementation window, which include
  • changes to the processing of securities transfer orders (including Treasury bills), for which KDPW performs the role of investor CSD, within the depository system and outside the depository system, which will now involve the introduction of an acceptance mechanism for orders sent to that system by direct participants (following confirmation of the relevant settlement taking place in the top-tier CSD), instead of the instruction matching mechanism currently in place, 
  • the introduction of the ability to perform partial settlement for conditional repo trades and sell/buy-back trades (for bilateral trades and trades executed on the Treasury BondSpot Poland platform).
Detailed Rules of Operation of KDPW 28.06.2017 - 19.11.2017
Registration Procedures of KDPW 28.06.2017 - 19.11.2017

Archives

The amendments which came into force on 23 March 2017
Resolution No. 157/2017 of the KDPW Management Board
The amendments have been prepared in connection with the planned introduction of the ability to block securities in the depository-settlement system for the purpose of making contributions to the Bank Guarantee Fund in the form of payment obligations

Amendments to the KDPW Detailed Rules of Operation and to the KDPW Registration Procedures which came into force on 20 December 2016
implemented via Resolution No. 816/16 of the KDPW Management Board of 6 December 2016 amended by Resolution
No. 823/16 of 8 December 2016.
The new amendments are related to the ending of the practice of registering derivatives in the depository system and new rules on the basis of which KDPW will no longer manage any form of settlement involving derivatives instruments.
The correction relates to the provisions of § 2 item. 36 of Appendix 2 of the KDPW Detailed Rules of Operation and consists of adding the words “… or the KDPW clearing fund”, which were inadvertently omitted in the original wording of Resolution No. 816/16.
Last modified:20-07-2020 Go up