# Brokerage House licence (dom maklerski) (Poland)

Source page: https://protegra.io/licensing/licences/investment-firm/poland-brokerage/

The Brokerage House licence (dom maklerski) is issued by Polish Financial Supervision Authority (KNF) under Act on Investment Funds and Management of Alternative Investment Funds of 27 May 2004. It can be passported to the other EU/EEA states by notification. The legal decision period is 2 months from a complete application. The application fee is EUR 4,500 equivalent in PLN. Ownership changes need the regulator's approval before completion.

## At a glance

| Official name | Brokerage House licence (dom maklerski) [1] |
| --- | --- |
| Issued by | [Polish Financial Supervision Authority](https://protegra.io/licensing/regulators/knf-poland/) |
| Jurisdiction | [Poland](https://protegra.io/licensing/jurisdictions/poland/) |
| Licence family | [Investment firm / broker-dealer](https://protegra.io/licensing/licences/investment-firm/) |
| Legal basis | Act on Investment Funds and Management of Alternative Investment Funds of 27 May 2004 [2]; Directive 2014/65/EU on markets in financial instruments (MiFID II) [3]; Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD) [4] |
| Passporting | EU/EEA passport available |
| Application fee | EUR 4,500 equivalent in PLN [1] |
| Annual fee | Up to 0.5% of average 3-year revenue, min EUR 750 [5] |
| Statutory decision time | 2 months from a complete application [6] |

## What it lets you do

- [Reception and transmission of orders](https://protegra.io/licensing/activities/order-reception-transmission/)
- [Execution of orders on behalf of clients](https://protegra.io/licensing/activities/order-execution/)
- [Dealing on own account](https://protegra.io/licensing/activities/dealing-own-account/)
- [Portfolio management](https://protegra.io/licensing/activities/portfolio-management/)
- [Investment advice](https://protegra.io/licensing/activities/investment-advice/)
- [Underwriting or placing on a firm commitment basis](https://protegra.io/licensing/activities/underwriting-firm-commitment/)
- [Placing without a firm commitment](https://protegra.io/licensing/activities/placing-without-commitment/)
- [Operating a multilateral trading facility (MTF)](https://protegra.io/licensing/activities/operating-mtf/)
- [Operating an organised trading facility (OTF)](https://protegra.io/licensing/activities/operating-otf/)
- [Safekeeping and administration of financial instruments](https://protegra.io/licensing/activities/safekeeping-financial-instruments/)
- [CFD and forex brokerage](https://protegra.io/licensing/activities/cfd-fx-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

_Issued in Poland (gold); can be passported to the other EU/EEA states (blue) by notification._

## Cost

_Regulatory costs from the official sources above. Professional fees, staff, office and audit come on top and depend on the business model._

## How long it takes

Statutory: 2 months from a complete application [6]. 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](https://protegra.io/licensing/laws/eu-mifid2-2014-65/): Directive 2014/65/EU
- [Alternative Investment Fund Managers Directive](https://protegra.io/licensing/laws/eu-aifmd-2011-61/): Directive 2011/61/EU

## Sources

1. [knf.gov.pl: oplaty koszty](https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/kapitalowy/informacje_ogolne/dzialalnosc_maklerska/oplaty_koszty): retrieved 2026-09-24
2. [dziennikustaw.gov.pl: 681](https://dziennikustaw.gov.pl/DU/2023/681): retrieved 2026-09-24
3. [eur-lex.europa.eu: TXT (32014L0065)](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065): retrieved 2026-09-24
4. [eur-lex.europa.eu: TXT (32011L0061)](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32011L0061): retrieved 2026-09-24
5. [knf.gov.pl: grupa III](https://www.knf.gov.pl/dla_rynku/wplaty_pokrycie_kosztow_nadzoru/rynek_kapitalowy/grupa_III): retrieved 2026-09-24
6. [knf.gov.pl: zezwolenie rozpatrywanie wniosku](https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/kapitalowy/informacje_ogolne/dzialalnosc_maklerska/zezwolenie_rozpatrywanie_wniosku): retrieved 2026-09-24
7. [knf.gov.pl: zezwolenie rozpatrywanie wniosku](https://www.knf.gov.pl/dla_rynku/procesy_licencyjne/platniczy/krajowe_instytucje_platnicze/zezwolenie_rozpatrywanie_wniosku): retrieved 2026-09-24

Last verified 2026-09-24 · Author: Danil Marmysh · Reviewed by Anastasia Sidorenkova · © Protegra. Data: CC BY 4.0, cite "Protegra Licensing Atlas". Not legal advice.