Amendments of the Rules of Transactions Clearing (non-organised trading) enter into force on 1 October 2019
following the decision of the Polish Financial Supervision Authority (KNF) of 5 September 2019 approving the amendments adopted under Resolution No. 43/345/18
of the KDPW_CCP S.A. Supervisory Board dated 21 December 2018, as amended by Resolution No. 38/385/19
of the KDPW_CCP S.A. Supervisory Board dated 17 June 2019 and Resolution No. 47/394/19
of the KDPW_CCP S.A. Supervisory Board dated 12 August 2019.
The following modifications are to be expected as a result of the entry into force of the aforementioned amendments to the Rules of Transaction Clearing (non-organised trading):
- clearing members’ required contributions to the OTC guarantee fund managed by KDPW_CCP will be updated on a daily basis,
- the methodology of calculating the fund value and the participants’ contributions will be modified,
- additional margins will no longer be required,
- the maximum value of the fund will no longer be determined,
- the first (initial) contribution to the fund will be adjusted,
- a single institution code will be used for the purposes of participation in the fund,
- certain matters concerning clearing member default will be clarified in the regulations,
- the amount of the flat-rate withholding tax charged to non-resident clearing members will be defined.