KDPW filed an application for registration of a trade repository
On 2 May 2013, the Central Securities Depository of Poland (KDPW) filed an application for registration of a trade repository with the European Securities and Markets Authority for purposes related to the reporting of details of concluded derivative contracts in accordance with the obligation imposed by the provisions of the EU Regulation EMIR.
EMIR imposes the obligation of reporting all derivative contracts to a trade repository irrespective of the market on which such contracts are made. It applies to legal persons concluding derivative contracts. According to the EU regulations, the obligation may be delegated to another entity or to a central counterparty (CCP).
According to the procedure set out in the Regulation, ESMA will verify the completeness of the application within 20 business days from its receipt. If ESMA confirms the completeness of the filed documents, ESMA will review the application within another 40 business days and decide about the registration of KDPW as a trade repository.
Considering the review deadlines of ESMA, the filing of the application on 2 May 2013 will allow KDPW to be registered as a trade repository well in advance of the effective date of the obligation of reporting derivative contracts to a trade repository. The reporting obligation for the first classes of derivative instruments takes effect 90 days after the date of registration of the first trade repository by the European Securities and Markets Authority. It will initially apply only to interest rate derivatives and credit instruments. The reporting obligation for other derivative contracts will enter into force on 1 January 2014 (provided that the first trade repository is registered by ESMA by 1 October 2013).
For more information about the trade repository service of KDPW and next steps taken by ESMA, visit the Trade Repository tab of our website.
* Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR).