Read the CySEC Circular C663
Memo #48-2024
CySEC Circular No: C663
Date: 12/11/2024
Subject: Requirements of the Polish Financial Supervision Authority (the ‘UKNF’) regarding the referral and affiliate programmes offered by investment firms in the territory of Poland
Purpose: To draw the attention of CIFs to the Polish Financial Supervision Authority Position regarding the referral and affiliate programs run by investment firms in Poland.
In Summary:
CySEC has issued the Circular C663 on 12/11/2024 to draw the attention of the Cyprus Investment Firms (CIFs) to the Polish Financial Supervision Authority (UKNF) Position of October 2023, on referral programs and affiliate programs run by investment firms in Poland (hereby ‘the UKNF Position’).
In accordance with Circular C663, the UKNF Position forbids clients of an investment firm or unregulated intermediaries to undertake, under referral programs or affiliate programs, individualised actions to acquire clients or potential clients of investment services. Moreover, it forbids to such persons to provide information about the scope of the investment services provided by the investment firm. According to UKNF Position, these activities, except for the provision of information to a large group or an unspecified recipient, may only be performed by the investment firm or its tied agents.
With this Circular C663, CySEC urges all CIFs to take all appropriate actions and measures to adhere to the UKNF Position.
The Polish Financial Supervision Authority (UKNF) Position can be found on the following link:
Read the CySEC Circular C663
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