SKDD-CCP go live re-scheduled

Zagrebacka Banka d.d.
Thu, 03/03/2016

Croatian HANFA announced new deadlines related to the introduction of SKDD-CCP.                                                             
                                                                 
The Croatian Financial Services Supervisory Agency (HANFA) has distributed a letter to market participants providing the SKDD-CCP go-live timetable.

SKDD-CCP Smart Clear Inc. (SKDD-CCP) is expected to submit amendments to their application for the authorisation to provide CCP services on the market in the course of March. It should be the final submission after SKDD-CCP received numerous questions related to the risk assessment process from the European Securities and Markets Authority (ESMA) and follow-up requirements from HANFA in terms of compliance with the provisions of 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), and the relevant technical standards.

After the submission of all the required amendments, the further procedure will depend on the completeness of the documentation and the final conclusion of a collegium of regulators. In line with EMIR, the procedure should be conducted in the following phases according to pre-defined deadlines:

  • Decision on the completeness of the submitted application – by the end of April 
  • Risk assessment process - by the end of August
  • Decision on authorisation - by the end of October
  • SKDD-CCP go-live - by the end of November

Each phase of the process can be completed even before the above stated deadlines.

Contact:
Jelena Bilušić
Head of Relationship Management
GSS Croatia
jelena.bilusic@unicreditgroup.zaba.hr