KDPW Rules

valid as of 28 February 2025
The KDPW Rules
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Change archive

Changes that came into effect from:
Amendments that came into effect on 28 February 2025,
approved in Resolution No. 66/1075/24 of the KDPW Supervisory Board of 14 October 2024.

The amendments are related to KDPW’s implementation of changes to electronic communication with direct participants, currently covered by the Information Exchange System (SWI). The changes affect the communication via the A2A interface (currently the ESDK system) and the U2A interface (currently the ESDI/Web system). Both legacy interfaces are being replaced by new functionalities.
Changes to A2A communication affect the procedures for downloading electronic certificates used to authenticate the system connection. Changes to U2A communication include two new web applications which will be made available to participants in the Service Portal (https://online.kdpw.pl): CSD Services - Direct Participant - an application used to handle communication in the CSD services, including through system messages; Correspondence - for communication using unstructured files.
The possibility of establishing communication via the SWIFT communication system will be retained.

KDPW Rules 28.10.2024 - 27.02.2025
Amendments that came into effect on 28 October 2024,
approved in Resolution No. 59/1068/24 of the KDPW Supervisory Board of September 6 2024

The amendments impose an obligation on direct participants immediately to notify KDPW of any legal measures taken against them aimed at the liquidation, reorganisation or restructuring of their liabilities, resulting in suspension or restriction of the possibility of executing settlement instructions; moreover, the new amendments also concern maintaining a register of conflicts of interest by the KDPW S.A. Users Committee.

KDPW Rules 02.09.2024 - 27.10.2024

Amendments that came into effect on 2 September and 26 August 2024,

approved in Resolution No. No 21/1030/24 of the KDPW Supervisory Board of 3 June 2024.
 

Amendments relate to provisions on settlement discipline.

Amendments that came into effect on 8 July 2024,

approved in Resolution No. 30/1009/24 of the KDPW Supervisory Board of 13 December 2023  amended by resolution No. 20/1029/24 of 17 April 2024.
 
The amendments that have been introduced in particular adapt the provisions of the KDPW Rules to the recently introduced changes to the Law on Trading in Financial Instruments, introduce a new type of activity and types of participation aimed at banks managing securities accounts or omnibus securities accounts in accordance with Article 70 section 2 item 4 of this Law, extend the composition of the User Committee to include a representative of the chamber of commerce of fund and asset managers, define the rules for processing the payment of benefits and fees applicable to banking derivative rights, and also relate to various aspects of electronic communication with participants.
 

Amendments that came into effect on 31 May 2024,

approved in Resolution No. 1/1010/24 of the KDPW Supervisory Board of 28 February 2024.

The amendments in particular relate to the processing of requests from closed-end investment funds or investment fund companies to disclose information enabling the identification of participants of such funds and determining the number of investment certificates they hold, using KDPW as intermediary. The amendments also partially relate to new disclosure obligations, which, on the basis of Article 7c of the Law on Trading in Financial Instruments, will be imposed on issuers of bonds, mortgage bonds or investment certificates, as well as on issue agents.

KDPW Rules 01.01.2024 - 30.05.2024

Amendments that came into effect on 1 January 2024,

approved in Resolution No. 25/1004/23 of the KDPW Supervisory Board of 20 September 2023.

These amendments relate to fees charged by KDPW.

KDPW Rules 31.05.2023 - 31.12.2023

Amendments that came into force on 31 May 2023

adopted by Resolution No. 14/993/23 of the KDPW Supervisory Board of 15 March 2023
Amendments that entered into force on 20 March 2023, the date of launch of the new TARGET system, 
adopted in Resolution No 31/973/22 of the KDPW Supervisory Board of 14 September 2022.

KDPW Rules 01.01.2023 - 19.03.2023
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Amendments that entered into force on 1 January 2023: adopted in Resolution No 30/972/22 of the KDPW Supervisory Board of 14 September 2022 
THE KDPW RULES 10.02.2022 - 31.12.2022
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Amendments that entered into force on 10 February 2022

adopted in Resolution No 49/936/21 of the KDPW Supervisory Board of 8 October.
The introduced amendments related in particular to:
1 / the easing of certain formal requirements relating to documents that should be appended to applications submitted to KDPW by participants or entities applying for participation;
2 / the introduction of additional control mechanisms to prevent the risk of introducing securities to the depository, the registration of which would first require the notification procedure, referred to in Art. 23 of CSDR, to be initiated;
3 / the update of provisions relating to the special procedure for introducing shares and subscription warrants issued before March 1, 2021, to the depository;
4 / rules for settlement of payment between KDPW and a direct participant making an incoming intersystem transfer of securities from a foreign CSD, in the event that a foreign CSD has settled the so-called market claims related to this transfer.

THE KDPW RULES 01.02.2022 - 09.02.2022
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