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.
Form of submitting documents
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.