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SUPERVISING BROKER

An exchange member is obliged to appoint and notify the Exchange of at least one person performing the obligations of a supervising broker.

Functions of a supervising broker
The functions of a supervising broker include:

1. to keep a list of the exchange member’s exchange brokers,
2. to verify the qualifications and experience of the exchange brokers under the criteria set out in the Detailed Exchange Trading Rules (Chapter 3, § 6.4),
3. to supervise the exchange member’s exchange brokers,
4. to admit the exchange member’s exchange brokers to submission of orders to the exchange,
5. to supervise compliance with the regulatory requirements in the submission of broker’s orders,
6. to manage the development and implementation of procedures applicable to the submission of orders to the exchange,
7. to act as the contact person for authorised employees of the exchange and other exchange members relating to transactions concluded on the exchange.

Conditions necessary to obtain the status of a supervising broker
According to § 95 of the Exchange Rules, any person who meets the following requirements is eligible to become a supervising broker:

1. has been entered in the register of securities brokers with the Polish Financial Supervision Authority,
2. has passed an exam testing the knowledge of the regulations and procedures governing the exchange concerning the rules of submitting broker’s orders to the exchange and receiving information for the purpose of conducting the trading,
3. is an employee or officer of an exchange member.

Entry of an exchange member into the register of supervising brokers
Entry of a representative of an exchange member into the register of supervising brokers takes place upon the fulfilment of the requirements set out in the regulations governing the exchange and the submission of an application for entering a candidate into the register of supervising brokers.
The form of the application for entering a candidate into the register of supervising brokers is presented in Exhibit 3 to the Detailed Exchange Trading Rules.

A certificate of passing the examination on knowledge of the regulations governing the Exchange and the rules of submitting broker’s orders and receiving information for the purpose of conducting the trading or a certificate referred to in § 95.5 of the Exchange Rules should be attached to the application.


 

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