Representatives of Brokerage Houses, Banks and Investors to Give Opinions on Key Regulations of KDPW_CCP
The Supervisory Board of KDPW_CCP has appointed the Risk Committee on 12 June 2013. The Committee is comprised of independent members of the Supervisory Board, representatives of brokerage houses, banks and investors.
The Risk Committee provides opinions and advice on all matters which may impact risk management, in particular any significant change of the risk model, clearing member default procedures, criteria of granting clearing member status, clearing of new classes of derivative instruments or outsourcing. The Risk Committee also provides opinions on transaction clearing rules and detailed transaction clearing rules (which was a responsibility of the Advisory Group before the amendment of the KDPW_CCP Statute).
“I an very glad that the key organisations of brokerage houses, banks and investors will have the formal opportunity to work even closer with our clearing house. The appointment of the Risk Committee is one of the last steps in the harmonisation of KDPW_CCP with the requirements of the EU regulation EMIR. The decision to appoint the Risk Committee will also improve the safety of clearing and allow our participants – banks and brokerage houses – to have direct impact on the activity of the clearing house in the key areas of its operation,” said Iwona Sroka, President and CEO of KDPW_CCP. “The members of the Committee have solid experience in risk management and have for years worked with the Central Securities Depository of Poland and with KDPW_CCP”, said Ms Sroka.
The clearing house KDPW_CCP is finalising its efforts necessary to prepare for authorisation under EMIR. The appointment of the Committee is one of the last steps in the process. Authorisation will proceed before the local supervision, which will appoint a dedicated college including the participation of representatives of the Polish Financial Supervision Authority (KNF), the National Bank of Poland, and the European supervisor ESMA. Authorisation of KDPW_CCP will confirm the clearing house’s compliance with the European regulations and the highest standards of CCPs, opening the door to the provision of services across the European Union.
The first meeting of the Risk Committee has been held on 12 June 2013. The Committee has decided to elect Mr Norbert Jeziolowicz (independent member of the Supervisory Board of KDPW_CCP, representative of the Polish Banks Association) as Chairperson and Ms Agata Kulas (representative of the Chamber of Pension Fund Companies) as Deputy Chairperson.
The first point of order of the Committee is to give an opinion on documents submitted by KDPW_CCP with the application of authorisation of the clearing house under EMIR.
Composition of the Risk Committee:
independent member of the Supervisory Board of KDPW_CCP, Director of the Retail Banking and Financial Markets Department at the Polish Banks Association (ZBP)
representative of the Chamber of Pension Fund Companies (IGTE), Member of the Management Board of Nordea PTE SA
Jarosław Dominiak – representative of the Association of Individual Investors (SII), President of SII
Janusz Łaski – representative of the Council of Custodian Banks at the Polish Banks Association (ZBP), Director of the Custody Products Department, ING Bank Śląski SA
Maciej Łoziński – representative of the Chamber of Fund and Asset Management (IZFA), Director of the Investment Monitoring Department, PZU SA
Prof. Witold Małecki - independent member of the Supervisory Board of KDPW_CCP, lecturer at the University of Finance and Management in Warsaw
Prof. Mieczysław Puławski - independent member of the Supervisory Board of KDPW_CCP, Director of the International Capital Markets Department, Warsaw School of Economics
Agnieszka Rostkowska – representative of the Chamber of Brokerage Houses (IDM), Director of the Risk Controlling and Internal Supervision Department, DM Banku Handlowego SA
Bartłomiej Wieczorek – representative of the Polish Banks Association (ZBP), Managing Partner in the consulting firm Areto