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Modifications under implementation:

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.