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How to become a KDPW_CCP participant:

A participation agreement is signed in the following steps:
  1. filling an application (Form No. 1 or  Form No. 2) for participation (together with appendices),
If the application is seeking to obtain the participation type of:
  • general clearing member – representative in securities trading – it is necessary to indicate as appropriate the participant or the entity that is not a participant, for whom the applicant intends to act in that type of participation status,
  • non-clearing member- it is necessary to indicate the entity or entities that will perform the activities of representative for the applicant in clearing.

Appendices to the application:
  • a copy of the company statute or articles of association and a valid copy or excerpts from the relevant company register;
  • a copy of the brokerage licence or licence to conduct other activities related to trading in or registration of financial instruments, that entitle the performance of activities which the applicant intends to perform as part of participation, if such licence is required by appropriate legal regulations, while for foreign investment companies conducting brokerage activities on the territory of the Republic of Poland - an additional declaration showing that conditions have arisen to allow them to begin performing brokerage activities in the territory of the Republic of Poland, defined in Article 117(3), second sentence, of the Act on Trading in Financial Instruments, or a document from the Polish Financial Supervision Authority (KNF), confirming that the Authority has received from the appropriate foreign supervisory body notification on the intention to begin performing brokerage activities in the Republic of Poland, by that foreign investment company, indicating the date when this notification was received;
  • cards with specimen signatures of the applicant’s authorised representatives, as well as copies of power of attorney documents in instances where the right to represent the applicant by those persons submitting a specimen signature on the specimen signature card does not derive from the registration documents (Form No. 3),
  • a declaration on Court jurisdiction (Form No. 4)
  • an information card containing the address for deliveries and, for an entity that seeks the participation type of non-clearing member, also the number of the bank account of the entity in the currency in which transaction clearing is performed, as well as a list of staff authorised by the applicant to contact KDPW_CCP (Form No. 5),
  • a declaration concerning the place of establishment or fixed establishment(Form No. 29).

If the application is for a participation status type related to the clearing member status, the applicant should attach, in addition to the documents listed above, also the following documents:
  • a list of staff employed in posts involving transaction clearing,
  • a declaration indicating the applicant’s identifier in the relevant settlement institution, or indicating the entity which will perform the role of the applicant’s settlement agent and the agent’s identifier in the relevant settlement institution (Form No. 7),
  • a declaration indicating the number of the applicant’s bank account, managed in the relevant clearing bank in the given currency in which KDPW_CCP clears transactions and in which the applicant intends to participate in clearing, or indicating the entity that will perform the role of payment agent for the applicant and the number of the bank account managed for it in the clearing bank and where the applicant plans to participate in clearing in EUR - also the number of the cash account managed for the applicant in TARGET2 or indicating the entity that will perform the function of payment agent for the applicant and the number of the cash account maintained for it in this system(Form No. 6, 6 a),
  • declarations of the entities indicated by the applicant according declaration 6 or 7, which will perform the functions of settlement agent or payer agent, whereby they accept to perform such functions for the applicant.
  • if the applicant submits the application:
    • after the end of the period in which financial statements for a given period should be audited according to applicable legal regulations concerning the applicant – the audited financial statements for the period together with the auditor’s opinion and report,
    • on the lapse of six months after the end of the last six months of a financial year or the start of business – interim financial statements for the period.
  • if the applicant intends to post debt securities denominated in EUR, issued by European Union Member States other than the Republic of Poland, as margins or contributions to the clearing guarantee fund or the relevant guarantee fund:
    • a declaration indicating, according to a resolution of the Management Board of KDPW_CCP, a relevant identifier of the applicant in the relevant depository system for such securities, indicated by KDPW_CCP, or the number of the securities account managed for the applicant in such system and, where the securities account is to be managed for a collateral agent in such system, indicating an entity that will perform the function of collateral agent and, according to a resolution of the Management Board of KDPW_CCP, a relevant identifier of the agent or applicant in such system, or the number of the relevant securities account managed for the agent or applicant in such system,
    • a declaration of the entity indicated by the applicant above-mentioned that will perform the function of collateral agent, wherein it agrees as referred to in § 3 point 13 item (a) of the Rules of transaction clearing (organised trading) in favour of the applicant, unless a separate agreement between KDPW_CCP and the entity or an entity operating the depository system for such securities confirms that it performs such function for the applicant,
  • if according to the relevant legal provisions applicable in the state of seat of the applicant or where a seat is not required to be established, then its head office, CRR does not apply to its activity:
    • a declaration of the applicant indicating the elements referred to in § 24 subpara. 3 and § 25 subpara. 2 and 3 of the Rules of transaction clearing (organised trading), which it considers eligible according to those provisions for the calculation of Tier I capital and funds considered equivalent to Tier I capital within the meaning of CRR, where such declaration should be authenticated by a person authorised as an auditor in a European Union Member State or a third country and subject to public supervision, disciplinary system and quality assurance system in such state, considered equivalent to the requirements laid down in the provisions referred to in § 17 subpara. 2 of the Rules of transaction clearing (organised trading),
    • a list of financial information referred to in § 28 subpara. 3 of the Rules of transaction clearing (organised trading) , to the extent defined according to subpara. 2, which the participant is required to provide to the competent authorities which supervise its operation and the time limits within which it is required to provide such information to such authorities and where there is no such requirement – a declaration to the effect that it is not required to provide specific data to such authorities according to the applicable legal provisions binding such participant.
  • if the application relates to the type of participation related to the status of clearing member for transactions made by another entity to which novation applies, the applicant shall in addition to the above documents, also submit a declaration of the entity which makes the transaction prepared according to § 15a subpara. 1 of the Rules of transaction clearing (organised trading) (Form No. 19)
  • If an application concerns the type of participation referred to in § 11 subpara. 1 point 3 of the Rules of transaction clearing (organised trading) and the applicant has indicated a settlement agent, it shall include with the application a written power of attorney granted to KDPW_CCP by the agent to request a settlement institution to open relevant accounts in the system operated by the settlement institution if KDPW_CCP opens clearing accounts for the applicant in the clearing system referred to in § 1 subpara. 1 of the Rules of transaction clearing (organised trading) in order to register positions arising from transactions executed in the derivatives market.
    The power of attorney shall include a declaration to the effect that the settlement agent waives the right to cancel this authorisation or to amend its scope in order to enable KDPW_CCP to exercise its rights, as described in the rules.

An applicant which is a foreign investment firm or another foreign financial institution seeking clearing member status:

  • If an applicant seeking the status of clearing member has provided the financial information referred to in § 28 subpara. 2 and 3 of the Rules of transaction clearing (organised trading) to the competent authorities which supervise its operation, according to the applicable regulations binding it, it shall also attach to the application such information prepared for the last period of activity preceding the date of submission of the application described in § 20 subpara. 2 point 5 item (a) or (b) of the Rules of transaction clearing (organised trading), respectively. Subject to subpara. 4, the applicant shall provide the financial information referred to in the preceding sentence prepared on a separate basis and where the relevant legal provisions applicable in the state of its seat or, where a seat is not required to be established, its head office require it to prepare and provide such information to the competent authorities which supervise its operation on a consolidated basis – then in addition it shall provide such information prepared on such basis.
  • If according to the applicable provisions of CRR the competent authorities which supervise the operation of the applicant have waived the precautionary requirements on an individual basis, and as a result it is not required to provide such authorities with the financial information referred to in § 28 subpara. 2 and 3 of the Rules of transaction clearing (organised trading) prepared on a separate basis, it shall attach to the application a copy of the official document which confirms that the precautionary requirements have been waived on such basis. In that case, the applicant shall attach financial information provided on a consolidated basis to the competent authorities which exercise consolidated supervision over the applicant unless the applicable legal provisions do not require it to provide such information to such authorities, as confirmed by a copy of the official document attached by the applicant to the application.

In addition, please note the following conditions:
  • the application and the attached documents require the delivery of the original document or an appropriately certified copy pursuant to § 4 subpara. 3 of the Rules of transaction clearing (organised trading) and the other documents attached to the application which have been drawn up abroad should be legally authorised according to § 5 of the KDPW_CCP Detailed rules of transaction clearing (organised trading);
  • participants holding clearing member status are obliged at least once every calendar year to take part in tests of the Business Continuity System organised by KDPW_CCP, according to § 32 of the Rules of transaction clearing (organised trading);
  • participants holding clearing member status are obliged to holder of:
    • a depository account, or a securities account managed in a settlement institution relevant for the scope of transaction settlement covered within that status, or those entities with a settlement agent in that settlement institution, and
    • a cash account, in the relevant clearing bank, in the currency in which KDPW_CCP clears transactions and in which participation of such entity in transaction clearing performed by KDPW_CCP is envisaged, or a payment agent maintaining such an account in this bank, and where it plans to participate in clearing in EUR - also a cash account maintained in such currency in TARGET2, or a payment agent maintaining such an account in this system.

            2. Granting participation status in KDPW_CCP
            The participation agreement shall be concluded two weeks after the date of the submission of the relevant application to KDPW_CCP if the entity seeking to conclude the agreement fulfils the participation requirements specified by the law and by Rules of transaction clearing (organised trading), and the application and supplementary appended documentation meet the formal requirements specified by Rules of transaction clearing (organised trading).