The new law deregulating several professions, including exchange brokers, was enacted on 5 August 2015 and comes into force on 30 November 2015. According to its provisions, trading via the Polish Power Exchange (POLPX) will no longer require the assistance of a commodity exchange broker certified by the Financial Supervision Authority (FSA). Transactions on the POLPX will now be performed by persons possessing certain knowledge, qualifications and skills, certified by the POLPX.
In relation to this new law, the POLPX has decided to amend its own regulations and procedures concerning accreditation of individuals entitled to conduct transactions on the POLPX. Under the new law, certification will require the completion of a training program followed by an exam, conducted by the POLPX (previously conducted by the FSA). Those already certified as commodity exchange brokers and those who have represented members of the POLPX in trading on the POLPX for at least 12 months will be awarded the new certificate without having to complete the training program or pass exams.
The training program will be available not only in Warsaw, but also in other Polish and European cities. Exams will be conducted both in Polish and English. These rules, when accepted by the FSA, will make it significantly easier to obtain a certificate, especially for individuals residing in countries other than Poland. However, it is worth noting that the new law requires certified individuals to possess sufficient knowledge of Polish that will allow them to conduct transactions on the POLPX.