Requirements for membership in the commodity power exchange run by lzi10112

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									   Requirements for membership in the commodity power exchange run by

                                           Towarowa Giełda Energii S.A.

The text below is for informal use only and is not legally binding.

     1. In accordance with the Polish law exchange members may include:

a) commodity brokerage houses (stated in the Commodity Exchange Act of October 26,
2000),
b) brokerage houses (stated in the Securities Trading Act of July 29, 2005),
c) power companies holding a license for generation, transmission, distribution or trade in
electricity and customers, being legal entities, eligible for using transmission services
(complying with the Act of April 10, 1997 – Power Law, compliant with the terms and
conditions referred to in the Commodity Exchange Act),
d) foreign legal entities from EU countries, running commodity brokerage activities (stated in
Art. 50, par. 1 of the Commodity Exchange Act of October 26, 2000).


Power companies may enter into transactions involving exchange commodities such as
electricity, air emission quotas, green certificates value of which depends directly or indirectly
on the value of electricity exclusively on their own account.

     2. Power companies may enter into transactions on commodity exchange, involving
        exchange commodities being electricity or certificates value of which depends directly
        or indirectly on the value of electricity, exclusively on their own account provided
        four permissions / agreements with institutions supervising capital and energy
        markets i.e. Polish Financial Supervision Authority, Energy Regulatory Office, Polish
        Transmission System Operator are concluded.

    2.1. According to the Commodity Exchange Act it is required that orders placed on the
           Polish Power Exchange must be placed by a commodity broker. Commodity broker
           may represent exchange member on all markets provided by the Polish Power
           Exchange i.e.:

    a) Day-Ahead-Market,
    b) Futures Market,
    c) Certificate Market,
    d) Emission Allowance Market.

Polish Financial Supervision Authority (Komisja Nadzoru Finansowego), requires following
procedure to accept brokers’ qualifications obtained in EU member state:

a) The application is the commencement of the procedure. The interested candidate holding
professional qualifications required in EU member states, submits the application to the
Polish Financial Supervision Authority. (Competent agency to recognize qualifications. The
application - in accordance with Art. 7 Law of 18 March 2008 on the rules to recognize

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qualifications required in EU member states for performing regulated professions. Application
form is accessible free of charge from the Bureau for Academic Recognition and International
Exchange. The application form should be in Polish – should not be translated. It can be
obtained under the following web site:
http://www.buwiwm.edu.pl/eu/public/pl/prof_pl/doclWniosek. pdf),

b) Polish Financial Supervision Authority collects information and gathers materials, conducts
proceeding concerning the application for the recognition of possessed qualifications,

c) In case of any significant differences in candidate’s country such as:
     a shorter educational period,
     different education and training program completed by the candidate ,
     significant difference in range of profession carried out by the candidate,
the Polish Financial Supervision Authority condition their decision by evaluating the
professional qualifications of the candidate. The Authority may require from the candidate to
serve     an adaptation traineeship or a skill test, if the candidate’s knowledge does not
counterbalance the education and training program differences needed in Poland. The
candidate can choose one of the above forms (the adaptation traineeship or the skill test).

d) After the above procedure has been completed, the Polish Financial Supervision Authority
undertakes an administrative decision where they decide about the recognition of the
professional qualifications.


2.2.   Permission of the Polish Financial Supervision Authority for keeping accounts or
       registers of exchange commodities. To obtain this permission the polish power
       exchange issues a promise to clear transactions made at the Polish Power Exchange.
       Permission is needed to participate in all markets stated in point 2.1. Application to the
       Polish Financial Supervision Authority is shown on our web site membership tuck.

2.3.   License for generation, transmission, distribution or trade in electricity granted by the
       President of the Energy Regulatory Office. License is needed to participate in Day-
       Ahead-Market and Futures Market.

2.4.   Transmission service agreement and comprising registration and configuration data of
       the Applicant acting as a participant in the Balancing Market. This concerns the
       entities folding applications for admittance to the Day Ahead Market and the Futures
       Market.


3. After all documents stated in points 2.1 – 2.4 are collected, the Applicant can draw up an
   application for membership on the Polish Power Exchange which should include the
   following documents:

       a) identification documents:
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    valid excerpt from an appropriate register of the Applicant
    a document confirming the assignment of the statistical identification number and
     tax identification number;
b) The Applicant being a member of capital group shall submit a written
     representation comprising:
        company name and address of the controlling entity.
        specification of liability (including financial liability) of the controlling entity
         vis-à-vis (liabilities) the Applicant;
c) A list of Applicant’s Management Board members including specimen signatures
   of such members;
d) A list of commodity exchange brokers employed by the Applicant (in the event of
   brokerage houses: commodity exchange broker or stock exchange broker),
   authorized to represent the Applicant in exchange transactions along with the
   copies of their licences, specimen signatures, phone numbers, e-mail addresses and
   the bund to obey the regulations of Towarowa Giełda Energii S.A.;
e) Data of persons authorized to represent the Applicant in the relations with the
   Exchange (including specimen signatures, phone numbers, e-mail addresses and
   the bund to obey the regulations of Towarowa Giełda Energii S.A.;
f) The Applicant filing an application for admittance to Green Certificate Market-
   Renewable Sources of Energy: an application for membership in the Green
   Certificate Register compliant with its Rules and Regulations;
g) The Applicant filing an application for membership in Emission Allowance
   Market: number of account opened in appropriate Register of Emission
   Allowances;
h) The Applicant filling an application for membership in Emission Allowance
   Market shall:
- Designate one person authorized by the Applicant to have access to the records
   stored in the emission account of Towarowa Giełda Energii S.A. kept in the
   National Register of Emission Allowances (in compliance with the specimen
   authorization);
- A photocopy of an identity card of the person authorized to have access to the
   records stored in the emission account of Towarowa Giełda Energii S.A. kept in
   the National Register of Emission Allowances, confirmed to comply with the
   original by the identity card owner;
i) A permission of the Polish Financial Supervision Authority to run brokerage
   activities – applicable to commodity brokerage houses and brokerage houses;
j) Financial and tax information needed:
    i.   valid full financial statement for the last financial year drawn up pursuant to
         the accounting regulations, along with the statutory auditor’s opinion and
         report (in case of lack of the approved by the affirmative body full annual
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           financial statement for the latest financial year or in case of lack of the report
           and opinion to the financial statement for the last financial year the applicant
           should introduce the financial statement for the previous financial year
           including the statutory auditor’s report and opinion),
    ii.    a certificate from a Tax Office having jurisdiction over the Applicant’s
           domicile to the extent that the Applicant is not in the arrears with tax payment.
   k) A copy of confirmed money transfer for the Application Fee into the account of
        Towarowa Giełda Energii S.A. in the amount displayed in the attachment of the
        Exchange Rules and Regulations – Exchange Fees and Charges.
        BANK DnB NORD Polska S.A. 86 2190 0002 3000 0046 2409 0101.


 On the Polish Power Exchange web site all regulations for the markets run by Towarowa
Giełda Energii S.A. as well as application for membership can be found.
 The Polish Power Exchange employees are ready to assist you with filling application
forms and with all matters related to membership in the Polish Power Exchange.




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