Status of CCP and CSDR licencing procedures

Zagrebacka Banka d.d.
SKDD officially confirmed the latest status of licencing procedures for CCP and CSDR.
Mon, 25/11/2019

As confirmed on its website, Central Depository & Clearing Company Inc. (SKDD) submitted the amended request to Croatian Financial Services Supervisory Agency (HANFA) to obtain the licence in line with provisions of CSDR on 15 November 2019. Licencing procedure is divided into two phases. During the first phase, HANFA has thirty working days form the day of receipt of the amended request to evaluate the completeness of the request. In second phase, final decision on granting the licence will be made within six months from the day when complete request has been submitted.

Additionally, HANFA issued another Conclusion (on 13 November 2019) evaluating SKDD-CCP Smart Clear Inc. (SKDD-CCP) request to provide services of a central counterparty as incomplete. In line with that, SKDD-CCP has been granted with new deadline (1 September 2020) to comply with requests stated in HANFA’s Conclusion, the most important once being filling the vacancy of the key risk management function and description of compliance with provision of ESMA guidelines.

Impact on investors: Continued delay of CCP and CSDR licences on Croatian market.  

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