In line with the announcement published on its website on 16 August 2019, Central Depository & Clearing Company Inc. (SKDD) confirmed the extension of the CSDR licencing procedure. Namely, Conclusion issued by The Croatian Financial Services Supervisory Agency (HANFA) on 9 August 2019 requires minor amendments to SKDD’s licencing request by 15 November 2019 at the latest.
Previously another Conclusion was issued by HANFA (on 2 August 2019) regarding the completeness of SKDD-CCP Smart Clear Inc. (SKDD-CCP) request to provide services as a central counterparty. In line with that, SKDD-CCP’s request has been evaluated as incomplete due to overlapping of deadlines with the implementation of the new trading platform and the vacancy of the key risk management function. As a result, SKDD-CCP has to close both gaps and revert to HANFA by 30 September 2019.
Impact on investors: Further delay of CCP and CSDR licences on Croatian market.