Poland's Komisja Nadzoru Finansowego unanimously authorised Warsaw-based XTB SA to conduct portfolio management involving one or more financial instruments at its meeting on 23 October 2026. The decision appears as item three in the authority's official record, which identifies the company by its Warsaw registered office and corporate register number KRS 0000217580.[1]
The authorisation changes the scope of activity the broker may carry out. A self-directed brokerage account lets a client decide which securities or derivatives to buy and sell. Portfolio management introduces a different arrangement in which the manager makes investment decisions within the mandate and restrictions agreed with a client. That distinction affects onboarding, disclosures, conflicts and how performance is assessed.[1]
It would be incorrect to report that XTB had already launched a managed portfolio product as a direct consequence of the decision. The supervisory notice records the legal permission, not a price list, product specification, minimum account size, investment strategy or first customer trade. Polish industry reporting on 26 October likewise noted that specific new offerings had not yet been disclosed.[1]
For a firm historically associated with online FX and CFD trading, discretionary portfolio management could potentially add a long-term investment service beside existing execution channels. That is an explanation of what the authorisation makes possible, not a forecast of resulting fee income. The economic outcome depends on client demand, assets under management, fee rates and the timing of an actual product launch, none of which are established by the KNF's meeting note.[1]
What changes for client protection and reporting
Permission versus commercial operation
| Question | Documented answer |
|---|---|
| Supervisory decision | Unanimous KNF approval on 23 October |
| Authorised activity | Portfolio management of one or more financial instruments |
| Corporate entity | XTB SA, Warsaw; KRS 0000217580 |
| Product terms and fees | Not provided in KNF decision |
| Managed assets and performance | Not established by approval |
An investment manager needs a defined mandate, appropriate client assessment and an audit trail of decisions made on behalf of the customer. This differs from offering general research or a model portfolio that the customer chooses to replicate personally. The exact conduct requirements will depend on the legal service offered and the entity, but the service label cannot be used interchangeably with investment recommendations.[1]
The permission belongs to XTB SA in Poland. It is not, by itself, evidence that every XTB group company may offer the same managed service or that a client in every country is eligible. Any commercial rollout will need entity-specific terms identifying the manager, investment mandate, charges and applicable client protections.[1]
The concrete next reporting question is when XTB specifies the first managed service and its client terms. On 30 October, the record verifies the regulatory permission; it does not support a claim that discretionary assets have already been gathered or that portfolio returns are available for evaluation.[1]
Sources & further reading
- KNF decisions taken on 23 October 2026 Polish Financial Supervision Authority · 23 Oct 2026 · Accessed 30 Oct 2026
- XTB with a new KNF authorisation Analizy.pl · 26 Oct 2026 · Accessed 30 Oct 2026