Polish FSA Authorises KDPW as ARM

On 31 July 2018, the Polish Financial Supervision Authority (KNF) authorised Krajowy Depozyt Papierów Wartościowych (KDPW, The Central Securities Depository of Poland) to provide transaction reporting services as an Approved Reporting Mechanism (ARM). As an ARM, KDPW is authorised to provide transaction reporting services in the European Union.

The ARM is a mechanism of reporting details of transactions in financial instruments on behalf of clients to supervisory authorities under the requirements of MiFIR.

From 3 January 2018 until the date of the KNF authorisation, KDPW operated an ARM under transitional regulations and reported transactions for 53 investment firms. The KDPW ARM reported more than 34 million transactions in financial instruments on behalf of clients over that period.

“KDPW offers flexible reporting models tailored to clients’ needs as necessary to report the complete range of required data via ARM, including data reported to the trade repository and transaction data from the markets operated by the Warsaw Stock Exchange (GPW) and BondSpot. Simplified transaction reporting models allow participants to largely reduce the volume of transmitted data in compliance with MiFIR,” said Sławomir Panasiuk, Vice-President of the KDPW Management Board.

“The ARM authorisation comes as a part of KDPW’s strategic efforts to develop an integrated portfolio of services supporting the functioning and growth of the Polish financial market. Like all our key services, ARM is offered to clients across the European Union. The ARM reports transaction details to the competent supervisory authority of the country the entity with the reporting obligation. At this time, KDPW reports transactions on behalf of clients to the Polish Financial Supervision Authority as well as the FSAs in Malta, Portugal and the United Kingdom, and may in the future report to other supervisory authorities depending on clients’ needs,” said Michał Stępniewski, Vice-President of the KDPW Management Board.