Derivatives trade repository rules

Changes that entered into force on 29 April 2024*

adopted by Resolution No. 18/1027/24 of the KDPW Supervisory Board dated 5 April 2024.

Changes result from the entry into force of EMIR REFIT regulations on 29 April 2024 and the review of the Rules, including fees charged
by KDPW, and include in particular:

• adjustments of definitions to the new European regulations (e.g. introduction of ERR, End of Day reports, changes in the process of obtaining required documents from participants within the onboarding process);
• changes regarding report submission and corrections (mandatory data format - XML compliant with ISO, permissions verification);
• changes related to communication methods within individual types of participation (additional MQ for EoD, A2A for PUR and KUR, U2A as basic channel - 10 years access to UTI history, content of input and output messages - 30 days, possibility of requesting a higher number
  of queues within selected types of participation);
• changes in fees (OTC market definition, introduction of fees for data transfer to another TR,  IDs changes).

* The amendments to the Rules referred to the Table of fees became effective on 1 May 2024.

Derivatives Trade Repository Rules - 01.01.2024 - 28.04.2024

Changes that entered into force on January 1, 2024

adopted by Resolution No. 26/1005/23 of the KDPW Supervisory Board dated 20 September 2023.

The amendments to the Derivatives Trade Repository Rules include:

• addition to the Rules (§ 2(1)(6), § 10, § 10a and § 11) of the basic regulations regarding the establishment of communication with the trade repository, previously contained in the Rules of communication with the derivatives trade repository, adopted by a separate resolution of the KDPW Management Board.
  The detailed rules for the establishment of communication governed by the Rules of Access to the KDPW IT Systems in the area of U2A communications and by the Regulations for Establishing Electronic Communication through System Connections in the area of A2A communications will remain unchanged.
• unification of rules related to submitting documents and declarations to KDPW with the provisions of the KDPW other service rules, whereby KDPW accepts documents from participants in written form or in an equivalent electronic form (bearing a qualified electronic signature),
• addition of specific provisions related to the change of the type of participation in the trade repository (§ 5(4)),
• addition of a dedicated chapter in the Rules concerning amendment of the Rules (§ 3) by moving the existing provisions of § 2 of the Rules to this new chapter,
• amendments to the Table of Fees.

Derivatives Trade Repository Rules - 10.04.2021 - 31.12.2023

The amendments to the Derivatives Trade Repository Rules, which apply from 1 and 10 April 2021 approved in Resolution  No. 4/891/21 of the KDPW Supervisory Board of 10 March 2021.

The main change, effective from April 10, 2021, concerns the introduction of a messages indicating the existence of a relationship between a reporting participant and a counterparty on whose behalf the participant reports to the trade repository. Other changes, effective from April 1, 2021, clarify and detail the existing provisions of the Derivatives Trade Repository Rules. 

 DERIVATIVES TRADE REPOSITORY RULES - 1.01.2021 - 31.03.2021 
 DERIVATIVES TRADE REPOSITORY RULES - 1.04.2021 - 09.04.2021 

The amendments to the Derivatives Trade Repository Rules, which apply from 1 and 10 April 2021 approved in Resolution  No. 4/891/21 of the KDPW Supervisory Board of 10 March 2021.

The main change, effective from April 10, 2021, concerns the introduction of a messages indicating the existence of a relationship between a reporting participant and a counterparty on whose behalf the participant reports to the trade repository. Other changes, effective from April 1, 2021, clarify and detail the existing provisions of the Derivatives Trade Repository Rules. 

 DERIVATIVES TRADE REPOSITORY RULES - 1.01.2021 - 31.03.2021 
 DERIVATIVES TRADE REPOSITORY RULES - 1.04.2021 - 09.04.2021 

The amendments to the Derivatives Trade Repository Rules, which apply from 1 January 2021 approved in Resolution No. 78/895/20 of the KDPW Supervisory Board of 16 December 2020. 

The changes concern the Table of Fees, constituting an appendix to the Rules, and part I “Fees charged to GUR and ZUR reporting participants”, ie point 1.1.2.2.
The following will change:
a) the fee rate (from PLN 24,000 to PN 15,000), the number of counterparties (from 6 to 50) and the number of transactions and positions reported by the participant on behalf of which the participant submits contract reports to the trade repository (from 20,000 to 1,000) and
b) the deadline for submitting a declaration to KDPW regarding the declared number of counterparties on behalf of which the participant will submit reports and the total number of transactions and positions it intends to report to the trade repository in a given year.

 TRADE REPOSITORY RULES - 1.04.2020 - 31.12.2020 

The amendments which apply from 1 April 2020 * 
approved in Resolution nr 10/827/20 of the KDPW Supervisory Board of 30 January 2020.

The key amendments concern discontinuation of electronic certificates in U2A communication following the integration of the Trade Repository system into the single access system of KDPW’s IT systems. Due to changes in communications with Trade Repository participants, the provisions of the Rules concerning electronic certificates are struck off, including § 2(1)(6), § 10(2)-(4), § 11, Chapter 6, § 24(4) and point 4.1 of the Table of Fees. Those provisions will be replaced by provisions of the Rules of Access to KDPW IT Systems (“Access Rules”) to be approved by the KDPW Management Board under the new § 10a(1) of the Rules, defining the detailed rules of access to and authorisation in the KDPW applications dedicated to electronic communication with the Trade Repository. The scope of application of the Access Rules will eventually include the Trade Repository as well as other KDPW services using the single access system in communication with participants.
You will receive a separate letter describing in detail the rules for communication with the Trade Repository, including the granting of access to persons authorised by participants and the migration of existing rights of such persons granted under issued and valid personal electronic certificates.
We have amended the Table of Fees attached to the Rules as follows:
a) addition of new fees;
b) addition of the definition of OTC contracts in points 1.2.1 and 1.2.2, deletion of the definition of ETD contracts;
c) addition of provisions concerning a cap on the sum of fees and new fees for reporting of trades and positions above thresholds set in the Table of Fees.
The other amendments of the Rules are as follows:
a) amendment of the definition of business day in § 2(1)(13);
b) removal of the requirement to provide notarised signatures of representatives of the entity seeking participation in the Trade Repository in § 4(3)(2);
c) modification of the time limit for KDPW to provide archive data from 5 to 3 days in § 17(5);
d) deletion of provisions concerning fees charged to participants holding the KUR status (Commercial Repository Participant) in § 33(1);
e) addition of the provision to the effect that all amounts in the Table of Fees are presented as net amounts in § 33(2).
*with the exception of § 10a(1) which came into force on 12 March 2020.

 TRADE REPOSITORY RULES - 1.01.2020 - 31.03.2020