History

The Chamber of Brokerage Houses was created on 28 of June 1996 on the basis of a resolution of the 5th Convention of the Association of Brokerage Houses of the Polish Bank Association. The Association was up till then the brokerage house representative organisation. The Chamber of Brokerage Houses has been registered in the Register of Economy Chambers on 29 of November 1996.

Currently the Chamber represents 19 brokerage houses.

Activity

The legal framework of the establishment and activity of the Chamber of Brokerage Houses are

The Law on the Trading of financial instruments, dated 29 July 2005
The Act of the Economic Chambers, dated 8 June 1989
Statute of the Chamber of Brokerage Houses, amended on 17 November 2004

The main objectives of the Chamber are:

1. to take part in the creation of legal and economic environment, favorable for the cumulating and activation of capital and enhancing pro-investment behaviors,
2. to cooperate with Government administration and institutions of the capital market in making initiatives, developing, and improving regulations pertaining to the capital market and countering regulations considered by the Chamber members as harmful to the market,
3. to improve the self-regulatory ability and expand the competence of the Chamber, among other things, by taking over regulating powers from Government administration organs,
4. to intensify and consolidate links among the Chamber members, preserve the milieu character of the organization, and recognize responsibility for the security and development of the securities market,
5. to ensure equal protection of the interest of the Chamber members,
6. to protect participants in the securities transactions by way of introducing and implementing the principles of good practice in the brokerage houses, and of systemic solutions enhancing the security and stability of the capital market,
7. to initiate and take part in studies and educational work related to the development of Polish capital market and Polish economy,
8. to create the brokerage houses development strategy in the context of shaping the model of investment banking,
9. to perform educational and training activities in order to improve the professional level of the Chamber members,
10. to build a public image of professional and internally coherent organization representing the milieu's interests, especially by promoting the activities of the Chamber and maintaining permanent contacts with the mass media.

The Chamber creates and promotes, in the form of the Good Practice Code of Brokerage Houses, the fundamental principles of professional ethics in brokerage houses activity and it takes care to see those principles obeyed.

Regulations are mandatory for the members of the Chamber.
In the case of breaching the principles of ethics or genuine implementation of business activities by a Chamber member, and in the case of breaching the regulations and resolutions of the Chamber authorities, this member is responsible before the Chamber Court. The Chamber Court interprets the provisions of the good practice code of brokerage houses. Penalties used by the Court are warning, reproach, fine, suspension of Chamber membership up to 6 months, and relegation from the Chamber.

A representatives of the Chamber take part in the meetings of the Securities and Exchanges Commission on conditions determined by the Law on the Public Trading of Securities - they may participate without voting rights in sittings of the Commission in matters pertaining to the regulation of the securities market.

The Chamber implements its tasks also by way of:

1. issuing opinions on draft laws pertaining to the regulation of the public trade in securities, brokerage or consulting, activities of brokerage houses, regulations concerning economic and occupational self-government bodies, as well as other regulations affecting the capital market,
2. presenting its own draft laws pertaining to the area referred ton in item 1 and cooperation in the preparation of the drafts,
3. evaluating the implementation and effects of the legal regulations concerning brokerage or consulting activities, as well as other regulations affecting the capital market,
4. issuing opinions and expert reports, as well as sending its representatives on assignments to the consulting or opinion-making being established outside the economic self-government organs,
5. inspiring and developing cooperation in statutory activities with all participants on the domestic capital market and institutions of the securities market in other countries,
6. extending assistance to the Chamber rnembers within the limits set by the Statutes in connection with their activities,
7. promotion of knowledge about the capital market, especially about the brokerage business and consulting,
8. organization and support of professional training of the staff of brokerage houses and consulting agencies, organization of apprenticeship and follow-up training,
9. establishing and maintaining respective institutions, units, and equipment, such as, schools, publishing houses, research institutes,
10. ensuring assistance to the Chamber members in matters related to taxes, tariffs, registration, licenses, foreign currencies, by way of consulting and representing the Chamber members before respective organs in connection with procedures they carry out in this field,
11. providing, on request of courts and administrative authorities, explanations concerning the existing custom in professional activities of brokerage houses,
12. keeping a list of experts in professional brokerage activity of the brokerage houses.