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The Central Securities Depository of Poland (KDPW) September 2014

The Central Securities Depository of Poland (KDPW) September 2014. Overview of the Polish Capital Market. Financial Supervision Authority (KNF). KDPW. WSE Main Market, BondSpot , Catalyst , NewConnect , OTC. KDPW_CCP. National Bank of Poland.

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The Central Securities Depository of Poland (KDPW) September 2014

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  1. The Central Securities Depository of Poland (KDPW)September 2014

  2. Overview of the Polish Capital Market Financial Supervision Authority (KNF) KDPW WSE Main Market, BondSpot, Catalyst, NewConnect, OTC KDPW_CCP National Bank of Poland Financial institutions and intermediaries Institutional investors Issuers Individual investors

  3. join the celebrations of the 25th anniversary of economic freedom in Poland ___________________________________ was established in 1991 was separatedin 1994, asan independent, joinstock company was created in 2011

  4. KDPW and KDPW_CCP 33% 33% • KDPW: • Trade repository service – EMIR compliant. One of the first 4 trade repositories in UE. ESMA registration of KDPW_TR (7 Nov. 2013) • LEI – one of the 14 agencies in the worldallocatingLEIs • KDPW_CCP: • Established: July2011 • 100% of sharesownedby KDPW • KDPW_CCP own capital: PLN 223M (ca. EUR 53M) • Central counterparty functionality through novation • Reporting to KDPW_TR (non mandatory) • KDPW_CCP the 3rd authorised clearing house in Europe 33% 100 %

  5. Mainresponsibilities of KDPW and KDPW_CCP 100% Clearing Settlement Regulated Market ATS Derivative OTC REPO OTC Regulated Market ATS Cash OTC Central Securities Depository Risk Management Managing Deposit Accounts Registering and Safekeeping of Securities SPAN VaR Corporate Actions Collateral Management Operational Links with Foreign CSDs Database Management PLN Govt. Bonds T-Bills WIG20 Companies NumberingAgency (ISIN, LEI) Investor Compensation Scheme Asset Management Guarantee Fund OFE Transfer Payments Trade Repository Exchange Clearing House (GIR KDPW)

  6. Central Securities Depository of Poland • The functions and tasks of KDPW are set out in the Act on Trading in Financial Instruments of 29 July 2005. • Main task: To organise, operate and supervise the depository-settlement system for trade in financial instruments in Poland • Pursuant to Article 48.7 of the Act on Trading…, KDPW may outsource, under a contract, the performance of specific tasks to a subsidiary. In line with this provision, KDPW has outsourced to the clearing house KDPW_CCP the performance of tasks including trade guarantees and clearing.

  7. Main Tasks of KDPW • ManagingParticipants’ depository accounts in which securities are registered as electronic records • Registration and safekeeping of dematerialisedfinancial instrumentsinParticipants’ depositoryaccounts • Settlement of transactions executed on regulated markets (WSE and BondSpot) and transactionsexecutedoutside of regulatedmarkets (NewConnect, BondSpot) • Monitoring the number of securities in trading to ensure it corresponds with the number of securities issued • Corporateactions – performance of issuers’ obligations to securities holders(e.g., dividendpayment, merger of shares) • Assigning ISIN and LEI to Polishissues of financial instruments (KDPW is the national institutionresponsible for assignment of ISIN and LEI)

  8. Number of Securities Accounts

  9. Operational Links withCSDs KDPW maintains19 operational links with foreign depositories: 9direct links between KDPW and a foreign depository and 10 indirect links via an international depository (Clearstream Banking Luxembourg, Euroclear Bank) or a custodian bank (Bulgaria). KDPW has both a direct and an indirect link with Slovakia.

  10. Trade Repository • A trade repository is a set of information which fulfils the requirements of the Regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories. • The KDPW Trade Repository became operational on 2 November 2012. • It operates under the Trade Repository Rules. 14 November 2013: KDPW_TR was registered by ESMA as oneof the four first regarded TRs.

  11. RegisteredTRs in UE (as of 12.09.2014)

  12. LEI Assigning • On 19 August 2013, KDPW has been assigned a prefix (2594) necessary to assign identifiers – future LEI – to legal entities. • According to the provisions of regulations delegated under EMIR, a relevant identifier is necessary in order to report derivative trades to a trade repository. The prefix has been assigned by the ROC Secretariat (Regulatory Oversight Committee Secretariat) and will identify codes assigned by KDPW in the global LEI system (GLEIS). The KDPW prefix has been requested by the Polish Financial Supervision Authority, which acts as a sponsoring authority in the process of ROC’s authorisation of a local unit as an LOU (pre-LOU) within the global LEI system.

  13. www.kdpw.eu

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