Following our previous Newsflash dated 28 February, 2022 ( here ), we would like to inform our clients that KELER, the Hungarian CSD, has published the detailed rules of the penalty payment procedure in the form of a Depository Announcement.
The document becomes effective as of 17 March, 2022 and can be downloaded from the KELER website at the following link:
KELER - KELER Announcement - Detailed rules on management of penalties
As announced earlier this year the go-live date of the penalty mechanism is 2 May, 2022 but KELER plans to calculate the penalties retroactively for February, March and April 2022 as required by the European Securities and Markets Authority (ESMA).
Impact on investors: Penalties for late matching and settlement will be applied by KELER for the transitional period retroactively for the period of February, March and April 2022.