The Polish Financial Supervision Authority has adopted a position on the dividend policy of brokerage houses, investment fund companies and general pension companies in 2026 – the Commission announced in a press release.
Investment fund companies
The Commission considers it necessary for the dividend in 2026 to be no higher than 75%. net profit was paid only by investment fund companies that did not violate the statutory provisions regarding capital requirements in the period from the beginning of 2026 to the date of adopting the resolution on the distribution of profit for 2025.
A dividend in this amount may be paid by an investment fund company that received the last BION final rating of 1 or 2 and for which the distribution of profit will not result in a reduction of the capital requirement coverage ratio below 1.5, while the capital requirement coverage ratio is calculated as the quotient of the value of the company's own capital and the applicable level of capital requirement.
Payment in an amount not higher than 100%. net profit for 2025 is possible in the case of investment fund companies that meet certain criteria and for which the distribution of profit will not result in a reduction of the capital requirement coverage ratio below level 2, while the capital requirement coverage ratio is calculated as the quotient of the value of the company's own capital and the applicable level of capital requirement.
In addition, when deciding on the amount of payout, investment fund companies should take into account:
– additional capital needs within twelve months from the date of approval of the financial statements for 2025, so that the method of profit distribution does not affect the ability to meet capital requirements in the following months;
– the amount of the financial result for the current year;
– claims of investment fund participants against the company in connection with improper management of investment funds reported in the period from the date of adoption of the last resolution on the distribution of profit.
General Pension Company
“Taking into account the low supervisory risk in the PTE sector, the relatively high value of equity held by PTEs, as well as the development phase of the OFE and DFE market, the Commission found it justified to modify the criteria of the dividend policy for PTEs, making them more flexible, without prejudice to capital requirements and the security of funds of people saving in pension funds,” the announcement reads.
The Commission considers it necessary that the dividend in 2026 be paid only by general pension companies that meet all of the following criteria.
A. Payment in an amount not exceeding 100%. net profit for 2025
The Society received the last final BION rating of 1 (good) or 2 (satisfactory).
– In 2025 and in the period from the beginning of 2026 to the date of adopting the resolution on the distribution of profit, there was no situation in which the company would fail to meet the statutory capital requirements.
– As of December 31, 2025, the value of the society's equity, increased by the value of the Guarantee Fund attributable to the society, was not less than 0.9%. net asset value of all pension funds managed by the company.
– As of December 31, 2025, the value of the society's liquid assets, increased by the value of the Guarantee Fund attributable to the society, was no less than 0.9%. net asset value of all pension funds managed by the company.
B. Withdrawal in an amount greater than 100%. net profit for 2025 is possible if:
– The Society received the last final grade: BION 1 (good).
– The Company meets the criteria II – IV listed in letter A.
– The payment amount cannot result in the value of the society's liquid assets, increased by the value of the Guarantee Fund attributable to the society, in 2026 being less than 1.50%. net asset value of all pension funds managed by the company.
When making a decision on the distribution of profit, the society should take into account additional capital needs within 12 months from the date of approval of the financial statements for 2025, related to the management of defined-date funds in accordance with the PPK Act.
Brokerage houses
The Polish Financial Supervision Authority found it necessary for the dividend in 2026 to be paid only by brokerage houses that meet certain criteria.
Dividend in an amount not higher than 75%. net profit for 2025 can only be paid by brokerage houses that meet the following criteria as at December 31, 2025:
– coefficient specified in Art. 9 section 1 letter and Regulation 2019/203315, is at least 75%,
– coefficient specified in Art. 9 section 1 letter b of Regulation 2019/2033 is at least 112.5%,
– coefficient specified in Art. 9 section 1 letter c of Regulation 2019/2033 was at least 175%.
The criterion adopted by the Polish Financial Supervision Authority assumes that the supervisory rating assigned in 2025 in the BION process is 1 or 2, and the brokerage house did not violate the provisions on capital requirements and liquidity requirements in 2025 and until the date of approval of the financial statements and adoption of the resolution on the distribution of profit for 2025.
In accordance with the Commission's recommendation, a dividend of no more than 100 percent net profit for 2025 can only be paid by brokerage houses that meet the criteria listed above, except that they also meet the criteria listed in letter A, point I at the end of the 1st, 2nd and 3rd quarter of 2025.
A dividend in an amount exceeding the net profit for 2025 can only be paid by brokerage houses that meet the criteria listed in letter A, point I at the end of each quarter of 2025 and achieved net profit for 2025 and whose supervisory rating assigned in 2025 in the BION process is 1.
For entities that adopt a resolution on dividend payment:
– coefficient specified in Art. 9 section 1 letter and Regulation 2019/2033 cannot – as a result of adopting a resolution on the payment of dividend – fall below 150%.
– coefficient specified in Art. 9 section 1 letter b of Regulation 2019/2033 may not – as a result of adopting a resolution on the payment of dividend – fall below 187.5%,
– coefficient specified in Art. 9 section 1 letter c of Regulation 2019/2033 may not – as a result of adopting a resolution on the payment of dividend – fall below 250%.
Meeting the individual criteria specified in letters AC is also required when applying for a permit to buy back own shares, and for the purposes of calculating the thresholds indicated there, the amount of the dividend paid and the requested amount of buyback of own shares are added up.
In the case of brokerage houses that obtained the permission of the Polish Financial Supervision Authority in 2025 to include the current period's profit in Common Equity Tier 1 capital, it is possible to pay a dividend in an amount not higher than the amount of net profit for 2025, less the amount included in Common Equity Tier 1 capital, in accordance with this decision, subject to the fulfillment of conditions.
When making decisions regarding the amount of the dividend, brokerage houses should take into account additional capital and liquidity needs within the twelve months from the date of approval of the financial statements for 2025, as well as the current financial situation of the brokerage house at the time of approval of the financial statements and adoption of the resolution on the distribution of profit for 2025, in particular the amount of the current financial result of the brokerage house. (PAP Business)
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