Supervising Broker Examinations

The Supervising Broker examination is mandatory for everyone designated by an exchange member to serve as a Supervising Broker. 

Information about Supervising Broker examinations is available from the Market Operations Membership Team:

Scope of the examination

The scope of the Examination includes knowledge of:

1) Exchange Rules and the Detailed Exchange Trading Rules in UTP System, with emphasis on:
     a) Exchange member and market maker terms of operation,
     b) Trading rules for the cash and derivatives markets, as well as the market maker system,
     c) Special trades,
2) Resolutions concerning exchange trading or exchange member operations,
3) Exchange Management Board resolutions, guidance and recommendations concerning exchange trading or exchange member operations.

Supervising Broker courses and examinations schedule:

* If you would like to attend an on-line training and exam, please contact the Exchange Members Team at .
 

Enrolment

Only securities brokers entered into the Polish Financial Supervision Authority’s (KNF) register of securities brokers are eligible to enroll in the Supervising Broker course/examination.

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.

The above mentioned condition also does not apply to Supervising Brokers designated by exchange members if the scope of the Supervising Broker’s responsibilities does not include supervision over order submission.

Candidates may enroll personally (by submitting the examination application to the Exchange) or may be enrolled by an exchange member. Candidates for Supervising Brokers may also be enrolled for the Supervising Broker course/exam by an entity seeking admission as an exchange member.

Applications for the Supervising Broker course should be submitted to the Exchange Secretariat (fax. 0 22 537 77 90) using a properly completed registration form.

Applications for the Supervising Broker examination should be submitted to the Exchange Secretariat (fax. 0 22 537 77 90) using a properly completed registration form.

Applications for Supervising Broker examinations are accepted no later than one week prior to the examination date. In special cases, the chair of the examination board may accept an application after that date.

Fees

The fee for the Supervising Broker examination is PLN 500 + VAT (five hundred zlotys).

The examination fee is paid by the Supervising Broker candidate or by the exchange member appointing the candidate. The examination fee is non-refundable if the Supervising Broker candidate fails to show or is excluded from the examination. If any circumstances prevent a candidate appointed by an exchange member from taking part in the examination, the exchange member may appoint a substitute and notify the exchange thereof no later than one day before the date of the examination.

Examination

The examination tests theoretical knowledge. It comprises 30 questions and takes 45 minutes. All questions are multiple-choice questions. In order to pass the examination, candidates must correctly answer at least 20 questions.

The examination board may disqualify participants resorting to assistance from others at the examination, using disallowed aides, helping other examination participants, or otherwise interfering with the examination procedure.

If an examination participant is found to have used unauthorized assistance, the examination board may nullify the participant’s examination results.

In special cases, the examination board may nullify the entire examination procedure.

Results

The examination results are published at the head office of the Warsaw Stock Exchange within three business days after the examination date or within a period defined by the chair of the examination board. Examination participants may appeal the examination results to the examination board. Appeals may be lodged within two business days after the publication of the results. Appeals must be lodged in writing at the Exchange Secretariat. The examination board reviews appeals within three business days after the deadline for the submission of appeals.

Market Operations notifies Supervising Broker candidates or appointing exchange members of the examination results and issues certificates to candidates who have passed the examination.

Validity of passed examinations for Supervising Brokers.

Once removed from the Supervising Broker register, a Supervising Broker’s examination is valid for 12 months; within the 12 months a Supervising Broker may be re-entered into the Supervising Broker register. After the 12-month period, the candidate must re-take the Supervising Broker examination. The maximum time allowed between passing a Supervising Broker examination and filing an application for entry into the Supervising Broker register is also 12 months.

Supervising Brokers removed from the Supervising Broker register by the Exchange Management Board or an exchange officer authorized by the Exchange Management Board, due to an identified gross breach of exchange regulations, must re-take and pass another examination before being re-entered into the Supervising Broker register.