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Clearing Fund Rules - modifications

2022:
Amendments of the Rules of the Clearing Fund entered into force on 25 April 2022 following the decision of the Polish Financial Supervision Authority of 3 March 2022 on the extension of the authorisation to provide clearing services as a CCP to the extent of activities connected with the clearing of repo transactions concluded in organised trading and the decision approving amendments to the Rules of the Clearing Fund, adopted in Resolution Resolution No. 15/498/21 of the Supervisory Board of KDPW_CCP S.A. dated 11 May 2021 (as amended by Resolution Resolution No. 9/553/22 of the KDPW_CCP S.A. Supervisory Board dated 16 March 2022).
Amendments to the Clearing Fund Regulations are made in order to adjust regulation in connection with the launch of repo clearing.

2019:

On 1 October 2019 the amendements to the following rules entered into force:
1. Rules of Transaction Clearing (organised trading) - in connection with the decision of the Polish Financial Supervision Authority of 5 September 2019 approving amendments to the Rules of Transaction Clearing (organised trading) under Resolution No. 44/346/18 of the KDPW_CCP S.A. Supervisory Board dated 21 December 2018 as amended by Resolution No. 39/386/19 of the KDPW_CCP S.A. Supervisory Board dated 17 June 2019 and Resolution No. 46/393/19 of the KDPW_CCP S.A. Supervisory Board dated 12 August 2019,
2. Rules of the Clearing Guarantee Fund - in connection with the decision of the Polish Financial Supervision Authority of 5 September 2019 approving amendments to the Rules of the Clearing Guarantee Fund under Resolution No. 45/347/18 of the KDPW_CCP S.A. Supervisory Board dated 21 December 2018 as amended by Resolution No. 40/387/19 of the KDPW_CCP S.A. Supervisory Board dated 17 June 2019,
3. Rules of the WSE BondSpot ATS Guarantee Fund ,the amendments are aimed at adjusting the provisions of the Rules of the WSE BondSpot ATS Guarantee Fund to the amendments to the Rules of the clearing fund and include, i.e. the introduction of a process of daily updating of clearing members' required contributions.
Draft Rules of the WSE BondSpot ATS Guarantee Fund
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 (organised trading), the Rules of the Clearing Guarantee Fund and the Rules of the WSE BondSpot ATS Guarantee Fund:
  • clearing members’ required contributions to the clearing fund and the relevant guarantee funds 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 as follows,
  • additional margins will no longer be required,
  • the maximum value of the funds will no longer be determined,
  • the minimum contribution to each fund will be adjusted,
  • a single institution code will be used for the purposes of participation in the funds,
  • 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,
  • clause will be added authorising clearing members to terminate the participation agreement unilaterally, together with all transactions, in the event of KDPW_CCP default.
The Rules of the Clearing Guarantee Fund, 01.09.2016 - 30.09.2019

2016:

Amendments of the Clearing Fund Rules enter into force on 1 September 2016 following the decision of the Polish Financial Supervision Authority of 6 June 2016 approving the amendments adopted in Resolution No. 37/160/14 of the Supervisory Board of KDPW_CCP S.A. dated 5 November 2014 as amended by Resolution No. 5/204/16 of the Supervisory Board of KDPW_CCP S.A. dated 8 February 2016, Resolution No. 12/211/16 of the Supervisory Board of KDPW_CCP S.A. dated 27 April 2016, and Resolution No. 26/225/16 of the Supervisory Board of KDPW_CCP S.A. dated 19 May 2016.

The amendments concern in particular the following:
  • Preparations for the establishment of collateral through the posting in the transaction clearing liquidity guarantee system of EUR-denominated debt securities issued by European Union member states other than the Republic of Poland (the service will be launched at a later date to be communicated to the participants with an advance notice of at least two weeks); 
  • Introduction of the possibility of establishing collateral through the posting in the transaction clearing liquidity guarantee system of cash in EUR as deposits/margins, contributions to the clearing fund or the relevant guarantee fund.