The “Omnibus Accounts” Working Group of the Council for Capital Market Development in Poland is set to discuss the implementation of the “nominee concept” by 2008, ING Security Services Poland has said.
The group has set a timetable for discussing the potential introduction of the system, beginning 8 May. On that day, regulators including the Financial Supervisory Authority, Ministry of Finance and General Inspectorate of Financial Information will begin discussing legislation drafts on the matter. The drafts were prepared by Custodians’ Council, National Depository, Warsaw Stock Exchange and Chamber of Brokerage Houses last year.
On June 30, the group will release a package of “ready-to-pass” legislation amendments with the goal of enabling quick parliamentary proceedings.
It hopes the nominee concept will be implemented 1 January 2008.
ING earlier had speculated that implementing the nominee concept in Poland might be significantly delayed, as it wasn’t posed in the current MIFID amendments coming into force 1 Nov.