Poland: Trade Repository In KDPW

As of November 2012 KDPW (The National Depository for Securities, Poland) will launch a new service: trade repository. The introduction of KDPW’s trade repository service addresses the Regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories (EMIR) which introduces among others the obligation to report derivatives trade to trade repositories and sets out the rules for trade repositories.

According to Article 48.5a of the Act on Trading in Financial Instruments of 29 July 2005 amended in order to introduce provisions concerning novation, the National Depository for Securities may – under the rules set out in separate regulations – collect and store information concerning trade in financial instruments and information concerning such instruments.

The KDPW trade repository will go operational in November 2012. It will operate under the Trade Repository Rulesapproved by the KDPW Management Board. The Rules set out among others the rules of participation in the repository and the rules of counterparty and trade identification.

At the turn of Q1 and Q2 2013, KDPW will file for the registration of the trade repository by ESMA (European Securities and Markets Authority) under the requirements of EMIR.

In the first operating phase, until the implementation of ESMA regulations defining the technical standards for trade repositories and until the effective date of the reporting obligation, the National Depository trade repository will operate exclusively through an internet application available to repository participants on the National Depository website.

In the first operating phase, both participation and reporting trade to the repository will be free of charge.

Once the European Commission has approved the technical standards, the trade repository’s regulations and IT tools will be harmonised with the requirements of the standards.

More information on the KDPW website: http://www.kdpw.pl/en/trade-repository/Pages/default.aspx