Detailed Rules of Operation of Krajowy Depozyt Papierów Wartościowych

Amendments that came into effect on 31 May 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.

Detailed Rules of Operation 01.01.2024 - 30.05.2024

Amendments that came into effect on 1 January 2024*,

The amendments relate to:

• The defininition of the rules for the processing of identification requests of shareholders of listed companies by KDPW in instances where shareholder data are not collected using KDPW as intermediary.

* The approved amendments to the KDPW Detailed Rules of Operation entered into force in three separate phases:

• The amendments relating to the autumn IT implementation window came into effect on 20 November 2023,
• The amendments relating to the shortening of the minimum time that may elapse between Day D and Day W came into effect on 1 December 2023,
• The amendments relating to the processing of identification requests of shareholders of listed companies came into effect on 1 January 2024.

Detailed Rules of Operation 1.12.2023 - 31.12.2023

Amendments that came into effect on 1 December 2023*,

The amendments relate to:

• The shortening to two business days of the minimum time that may elepse between the record date (Day D) and the payment date (Day W).

* The approved amendments to the KDPW Detailed Rules of Operation will enter into force in three separate phases:

• The amendments relating to the autumn IT implementation window came into effect on 20 November 2023,
• The amendments relating to the shortening of the minimum time that may elapse between Day D and Day W came into effect on 1 December 2023,
• The amendments relating to the processing of identification requests of shareholders of listed companies will come into effect on 1 January 2024.

Detailed Rules of Operation 20.11.2023 - 30.11.2023

Amendments that came into effect on 20 November 2023*,

The amendments relate in particular to the autumn IT implementation window and involve the following improvements:

• The introduction of the hold-release mechanism for cross-system securities transfers,
• The ability to change the system where transaction settlement is to be processed following matching of the relevant settlement instructions, and
• Aligning corporate action processing by issuers to AMI-SeCo standards.

Moreover the amendments also relate to:

• The shortening to two business days of the minimum time that may elepse between the record date (Day D) and the payment date (Day W), and
• The defininition of the rules for the processing of identification requests of shareholders of listed companies by KDPW in instances where shareholder data are not collected using KDPW as intermediary.

* The approved amendments to the KDPW Detailed Rules of Operation will enter into force in three separate phases:

• The amendments relating to the autumn IT implementation window will come into effect on 20 November 2023,
• The amendments relating to the shortening of the minimum time that may elapse between Day D and Day W will come into effect on 1 December 2023,
• The amendments relating to the processing of identification requests of shareholders of listed companies will come into effect on 1 January 2024.

Detailed Rules of Operation 31.05.2023 - 19.11.2023

Amendments that came into force on 31 May 2023

adopted by Resolution No. 409/2023 of the KDPW Management Board of 17 May 2023

Amendments that came into force on 8 May 2023
approved in Resolution no. 339/2023 of the KDPW Management Board of 24 April 2023.
The amendments relate to the processing of debit caps, referred to in § 84 of the KDPW Rules, as well as mandatory buyout of shares of non-public companies. Amendments relating to debit caps involve the deadline for their notification and create the requirement for such limits to be introduced by participants acting as payment banks via a dedicated system message. Implementation of the above changes regarding debit caps are planned for May 6-7 this year, as part of the spring IT implementation window. Furthermore, the changes regarding the mandatory buyout of shares of non-public companies consist of adding revised provisions in § 109a, which define the procedures for processing such buyouts in the depository system.
Detailed Rules of Operation 3.04.2023 - 7.05.2023

Amendments that came into force on 3 April 2023

approved in Resolution No 222/2023 of March 10, 2023 of the KDPW Management Board.
The amendments specify the rules for using offsetting accounts and change the payment deadline for fines charged for failure to perform timely settlement, starting with the fines charged for March 2023.
Detailed rules of KDPW 01.02.2023 - 02.04.2023

Amendments that entered into force on 1 February 2023

adopted in Resolution No 60/2022 of the KDPW Management Board of 18 January 2022.
The amendments relate to the introduction of the requirement for participants to keep securities accounting records using IT systems.
Detailed rules of KDPW 01.12.2022 - 31.01.2023

Amendments that came into force on December 1st, 2022
Resolution No. 958/2022 of the KDPW Management Board of 21 October 2022 on amendments to the KDPW Detailed Rules of Operation.
detailed information
Detailed Rules 05.11.2022 - 30.11.2022