The 100th Resolution of the Advisory Committee at the National Depository for Securities (KDPW) in Warsaw
On 10 February 2012, the Advisory Committee at the National Depository for Securities (KDPW) issued its 100th Resolution.
The Advisory Committee was established on the basis of the provisions of the Law on Trading in Financial Instruments and began operating on 20 December 2005. In accordance with the Law, its membership is open to representatives of key financial market institutions – the Warsaw Stock Exchange, BondSpot, the Polish Chamber of Brokerage Houses, the Polish Custodian Bank Council at the Polish Bank Association, the Polish Association of Listed Companies and representatives of foreign institutions.
According to Article 46 subpara. 5 of the Law on Trading in Financial Instruments of 29 July 2005, the Advisory Committee issues opinions on reports prepared by the KDPW Management Board relating to corporate affairs, business and financial plans, reports on the operation of the Investor Compensation Scheme, the KDPW Rules of Operation and other KDPW regulations issued on the basis of these Rules. The Advisory Committee also issues opinions on the Rules of KDPW_CCP, i.e. rules that define the principles of the clearing of transactions executed in financial instrument trading, as well as the Rules of the Clearing Fund.
The current members of the Advisory Committee include:
- Jacek Mierzejewski – Chairman of the Advisory Committee, representative of the Polish Custodian Bank Council at the Polish Bank Association, Bank Handlowy in Warsaw,
- Konrad Makowiecki – Deputy Chairman of the Advisory Committee, representative of foreign institutions, KBC Securities N.V. Polish branch,
- Beata Kaproń – representative of the Polish Chamber of Brokerage Houses, CDM Pekao SA brokers,
- Teresa Rogalska – Vice President of the Management Board, BondSpot SA.
- Oktawian Jaworek - representative of the Polish Association of Listed Companies, Ruch SA,
- Dariusz Knapik – representative of the Polish Chamber of Brokerage Houses, Erste Securities Polska SA,
- Piotr Zaczek – representative of the Polish Custodian Bank Council at the Polish Bank Association, Deutsche Bank Polska SA,
Working for the Advisory Committee at the National Depository for Securities enables us to represent the position of market participants in important projects, which play a key role in the development of the Polish capital market. This allows a proper exchange of views between market participants and the National Depository, enabling the efficient growth of the market infrastructure. – Jacek Mierzejewski, Chairman of the Advisory Committee at KDPW.
In 2011, as in previous years, KDPW maintained a regular working relationship with the Advisory Committee. Last year, KDPW sought the opinion of the Advisory Committee 25 times in relation to proposed amendments to regulations, Management Board reports and business and financial reports. The projects, which had a major significance for the market and in which the Advisory Committee played an active role in supporting KDPW included in particular: the introduction of the kdpw_stream depository-settlement system, the KDPW_CLEARPOOL clearing guarantee system, the introduction of the omnibus securities account concept into Polish law, the implementation of the hold and release mechanism, and the transfer of EURO payment processing from the SORBNET EURO system to TARGET2.
Last year we relied on significant levels of commitment from members of the Advisory Committee in connection with the establishment of the KDPW_CCP clearing house and the need to issue opinions on draft regulations related to the transfer of clearing functions from KDPW to KDPW_CCP, as well as in connection with the update of the KDPW Corporate Strategy for 2010-2013. The KDPW Management Board is especially grateful to the Committee for its professional co-operation. The hundredth resolution is a good opportunity for us to express our thanks to the members of the Committee for their positive engagement. - Iwona Sroka, President of the Management Board & CEO, KDPW and KDPW_CCP.