The Polish Financial Supervision Authority (KNF) in its decision of 3 March 2020 has authorised Krajowy Depozyt Papierów Wartościowych (KDPW, the Polish CSD) under CSDR*, confirming that KDPW meets the European Union’s legal requirements for central securities depositories.
Under the single passport system, the authorisation confirms that KDPW is ready to provide services under EU standards across the EU including recording and safe-keeping of financial instruments as well as settlement of transactions.
“PFSA’s decision is essential for entities active on the Polish capital market, including banks, brokers and trading venues for whom KDPW is a key service provider in securities registration and settlement,” said Maciej Trybuchowski, CEO of KDPW. “To meet the CSDR requirements, KDPW has developed and implemented a range of system modifications in its key areas including IT systems, operating links with other CSDs, and corporate affairs,” said Mr Trybuchowski.
The objective of CSDR is to provide common European requirements for CSD services and to improve securities settlement, including harmonisation of settlement rules on the European markets.
The KDPW Group has a positive track record of regulatory and supervisory approvals including the authorisation of the clearing house KDPW_CCP under EMIR (PLN and EUR clearing), the registration of the KDPW Trade Repository by the European Securities and Markets Authority (ESMA), and the global LEI accreditation by GLEIF (Global Legal Entity Identifier Foundation).
*Regulation of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories (CSDR)
