Supervising Broker

Every GPW exchange member is required to appoint at least one Supervising Broker. The powers and responsibilities of Supervising Brokers are defined in the Exchange Rules and the Detailed Exchange Trading Rules.

The responsibilities of Supervising Brokers include:

1. keeping a list of the exchange member’s traders,
2. verifying the qualifications and experience of the traders using criteria set out in the Detailed Exchange Trading Rules (Chapter 3, § 6.4),
3. supervising the exchange member’s exchange brokers,
4. authorizing the exchange member’s traders submit orders to the exchange,
5. supervising regulatory compliance while submitting orders,
6. managing the development and implementation of procedures for submitting orders to the exchange,
7. acting as the contact person for authorized employees of the exchange and other exchange members relating to transactions executed on the exchange.

Conditions necessary to obtain Supervising Broker status

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 examination testing the general knowledge of regulations and procedures governing order submission to the exchange and receiving information for the purpose of conducting trading,
3. is an employee or officer of an exchange member.

Note:

The requirement to be entered into the Polish Financial Supervision Authority’s register of securities brokers does not apply to Supervising Brokers hired by foreign investment firms, operating on the exchange without a branch in Poland, by means of remote telecommunications from a foreign establishment or branch.

Entry of an exchange member into the Supervising Broker register

Entry of an exchange member’s representative into the Supervising Broker register takes place upon the fulfilment of requirements set out in the regulations governing the exchange and the submission of an application for entering a candidate into the Supervising Broker register.

The form of the application for entering a candidate into the Supervising Broker register is presented in Exhibit 3 to the Detailed Exchange Trading Rules.

A certificate of passing the examination testing the general knowledge of regulations and procedures governing order submission to the exchange and receiving information for the purpose of conducting trading or a certificate referred to in § 95.5 of the Exchange Rules should be attached to the application.

Entry into the Supervising Broker register is decided at the request of an exchange member by the Exchange Management Board or an exchange officer authorized by the Exchange Management Board within two weeks after filing an application.

A Supervising Broker hired by one exchange member or being a member of its authorities cannot be hired by another exchange member or be a member of its authorities.