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Timeline of processing the application for the authorisation of KDPW_CCP under EMIR

On 4 November 2013, the clearing house KDPW_CCP was received notification of the Polish Financial Supervision Authority (KNF) that the application for the authorisation of the clearing house under the requirements of EMIR is complete. KDPW_CCP will receive KNF’s decision concerning the authorisation by 6 May 2014.

KDPW_CCP points out that the participants of the clearing house will be bound by the applicable provisions of EMIR and its implementing regulations as of the day of the authorisation of KDPW_CCP under EMIR.

Pursuant to the procedure laid down in EMIR, the application of KDPW_CCP will be processed according to the following timeline:

  • Within 4 months (starting on 4 November 2013), the local supervisory authority which has received the application (KNF) will perform a risk assessment of KDPW_CCP and submit a report to the college of supervisors established to evaluate the application of KDPW_CCP, consisting of representatives of KNF, the National Bank of Poland (NBP), and the European Securities and Markets Authority (ESMA). [4.03.2014]
  • Within 30 calendar days of receipt of the report, the college will reach an opinion determining whether KDPW_CCP complies with the requirements for central counterparty clearing houses laid down in EMIR. [4.04.2014]
  • Pursuant to EMIR, the local supervisory authority (KNF for KDPW_CCP) has 6 months of confirming the completeness of the application to evaluate the clearing house and decide whether to grant or refuse the authorisation. [6.05.2014]

 

Timeline of processing the application for the authorisation of KDPW_CCP under EMIR

KDPW_CCP Authorisation

Last modified: 14-11-2013 Go up