Brokerage House licence (dom maklerski) (Poland)

At a glance

What it lets you do

• Reception and transmission of orders
• Execution of orders on behalf of clients
• Dealing on own account
• Portfolio management
• Investment advice
• Underwriting or placing on a firm commitment basis
• Placing without a firm commitment
• Operating a multilateral trading facility (MTF)
• Operating an organised trading facility (OTF)
• Safekeeping and administration of financial instruments
• CFD and forex brokerage

• Reception and transmission of orders. Receiving client orders in financial instruments and passing them to another firm for execution.
• Execution of orders on behalf of clients. Concluding agreements to buy or sell financial instruments on behalf of clients.
• Dealing on own account. Trading financial instruments against proprietary capital, which includes acting as counterparty to client trades.
• Portfolio management. Managing client portfolios that include financial instruments on a discretionary, client-by-client basis.
• Investment advice. Giving personal recommendations to a client about one or more transactions in financial instruments.
• Underwriting or placing on a firm commitment basis. Guaranteeing the sale of an issue of financial instruments by committing to buy what is not sold to investors.
• Placing without a firm commitment. Placing financial instruments with investors on a best-efforts basis, without guaranteeing the sale.
• Operating a multilateral trading facility (MTF). Running a multilateral system, other than a regulated market, that matches third-party interests in financial instruments under non-discretionary rules.
• Operating an organised trading facility (OTF). Running a multilateral system for non-equity instruments where the operator exercises discretion over order execution.
• Safekeeping and administration of financial instruments. Holding financial instruments for clients and related services such as cash and collateral management, as an ancillary service.
• CFD and forex brokerage. Offering retail and professional clients contracts for difference and rolling spot forex, usually as dealing on own account or order execution.

Where it is valid

Cost

How long it takes

Statutory: 2 months from a complete application⁶. Observed: not published. The statutory clock usually starts only when the regulator treats the application as complete, and pauses while it waits for answers to its questions.

Buying a company that already holds it

Prior notification with an objection period. Acquiring or increasing a qualifying holding needs prior notification to the KNF, which can object within 60 working days (extendable by up to 20 working days while it waits for information). For national payment institutions the thresholds are 20%, 30% and 50% (Payment Services Act, Art. 72a); for banks they are 10%, 20%, one third and 50% (Banking Law, Art. 25). Shares acquired in breach carry no voting rights.⁷

Laws behind it

• Directive 2014/65/EU on markets in financial instruments: Directive 2014/65/EU
• Alternative Investment Fund Managers Directive: Directive 2011/61/EU