Rules in force during the transitional period:
- until the participant joins the SEI System by concluding a new agreement with KDPW_CCP S.A. in that system, but no later than 28 May 2025, the transmission by KDPW_CCP S.A. to that participant or by that participant to KDPW_CCP S.A. of information and declarations in the SWI System, operating under the SWI agreements concluded with Krajowy Depozyt Papierów Wartościowych S.A., is governed by the existing Rules of Transaction Clearing (organised trading);
- as of the time the participant joins the SEI System by concluding a new agreement with KDPW_CCP S.A. in that system, the transmission by KDPW_CCP S.A. to that participant or by that participant to KDPW_CCP S.A. of information and declarations in the SEI System, operating under the agreements concluded with KDPW_CCP S.A., is governed by the Rules of Transaction Clearing (organised trading) in the new wording referred to in this letter.
Communication between KDPW_CCP S.A. and clearing members during the transitional period:
- under the SWI agreements concluded with Krajowy Depozyt Papierów Wartościowych S.A. until such time that the participant switches to the new solution (SEI System), but no longer than until the expiry of those SWI agreements by notice given by Krajowy Depozyt Papierów Wartościowych S.A.;
- under the new agreement with KDPW_CCP S.A., in the SEI System, and the start-up of a new A2A connection. As of the time the participant concludes a new agreement with KDPW_CCP S.A., communication will operate using the new A2A connection and not under the SWI agreement concluded with Krajowy Depozyt Papierów Wartościowych S.A.;
- under agreements already concluded by participants with KDPW_CCP in the GUI system.
Furthermore, the Management Board of KDPW_CCP S.A. announces the following:
- the Agreement on access to KDPW_CCP services through established system connections (SEI System) has been approved by Resolution No. 17/25 of the Management Board of KDPW_CCP S.A. of 11 February 2025,
- the Agreement on access to KDPW_CCP’s services via the GUI application has been amended by Resolution No. 18/25 of the Management Board of KDPW_CCP S.A. of 11 February 2025.
The amendments to the regulations and the adoption of the new regulations aim to:
- modify the rules of communication with participants
Communication has to date operated under SWI agreements concluded by clearing members with Krajowy Depozyt Papierów Wartościowych S.A. (SWI System). The SWI agreements currently in place in the SWI system, concluded by clearing members with Krajowy Depozyt Papierów Wartościowych S.A., will be terminated with effect from 28 May 2025. Clearing members’ communication with KDPW_CCP will operate under the existing Agreements on access to KDPW_CCP’s services via the GUI application and under Agreements on access to KDPW_CCP services through established system connections (SEI System). The new agreements should be concluded by 28 May 2025. For more details on modifications to the rules for communicating with participants, guidance on how to establish a new A2A connections, see the tab A2A Certificates - KDPW_CCP
- addition of new provisions to the Rules of Transaction Clearing (organised trading) which authorise KDPW_CCP to withhold instructions relating to a request made by the participant for KDPW_CCP to return assets posted by that participant as a margin or a contribution to a clearing fund or other guarantee fund in the event that KDPW_CCP becomes aware of credible information about specific restrictive measures in accordance with the relevant legislation in connection with inclusion on sanction lists, issuance of a decision on the imposition of administrative sanctions on a participant or its client for breach of the legal provisions applicable to it in connection with the provision of financial services, or the imposition of such measures on an entity acting as a settlement agent or paying agent for that participant.