The Central Securities Depository of Poland – has filed an application for authorisation under CSDR* with the Polish Financial Supervision Authority. CSDR defines, among others, single requirements for central securities depositories in the European Union. The authorisation will confirm that KDPW is ready to provide services under the EU standards across the European Union, including the registration and safe-keeping of financial instruments and the settlement of transactions.
“The authorisation project has been of key importance to the Company and its Management Board over the past months. It has involved all the units of our organisation and required a range of systemic, regulatory and organisational modifications. The preparatory work and harmonisation have continued for more than two years. I am very proud to say that the authorisation application has been filed today with the Polish Financial Supervision Authority,” said Dr Paweł Górecki, Chairman of the KDPW Supervisory Board and acting President and CEO.
CSDR imposes uniform requirements for CSD services across the EU and aims to facilitate the settlement of securities through harmonisation of settlement rules on the European markets. CSDR defines requirements for members of the managing bodies of CSDs. CSDR has direct effect in the EU Member States.
“To harmonise with the CSDR requirements, KDPW has developed and implemented a range of systemic modifications in the key areas of its operation including KDPW’s IT systems, in particular reporting and data maintenance, cross-border (FoP) links, discipline of settlement, fees and controlling processes, as well as corporate matters,” said Sławomir Panasiuk, Vice-President of the KDPW Management Board.
“We are very well prepared for the authorisation of KDPW. The KDPW Group has extensive experience gained in the authorisation of the clearing house KDPW_CCP under EMIR (for PLN and EUR clearing) as well as the registration of the Trade Repository with ESMA (European Securities and Markets Authority). KDPW_CCP was the third clearing house to be authorised in the EU. KDPW_TR was one of the first four European trade repositories to be registered,” said Michał Stępniewski, Member of the KDPW Management Board.
The filing of the authorisation application does not complete the authorisation process; however, it allows KDPW to perform its core business. The next key step will be KDPW’s authorisation process; according to EU regulations and national legislation, it will take at least 6 months.