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The Act of 12 June 2015 amending the Capital Market Supervision Act and certain other Acts largely extended the list of entities required to finance supervision (by adding, among others, banks, insurers, investment funds, public companies, brokerage houses and foreign investment firms) and changes the amount of contributions of entities. As a result, the cost paid by the GPW Group was reduced significantly to PLN 9.1 million in 2016 compared to PLN 22.0 million in 2015. The Act was signed into law by the President of Poland on 31 July 2015 and promulgated in the Journal of Laws on 31 August 2015. A Regulation of the Minister of Finance effective as of 1 January 2016 determines among others the calculation method as well as the terms and conditions of the payment of fees by relevant entities. GPW reduced trading fees on transactions in shares, rights to shares and ETFs in the part of the order value up to PLN 100 thousand from 0.033% to 0.029% as of 1 January 2016, and reduced the fixed fee on an order from PLN 0.30 to PLN 0.25 as of 1 November 2016 in order to share the savings from the change of the structure of PFSA fees with active market participants. The reduction of the PFSA fee combined with the reduction of trading fees offered by GPW resulted in a proportionate decrease of both revenue and operating expenses throughout 2016.
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