During the meeting held on September 21, 2016, the Board of the Financial Supervisory Authority (ASF) approved the launch of an action plan for the establishment of a national central counterparty (CCP) for offering clearing services for all markets and financial instruments and in order to meet the requirements of European legislation on market infrastructure (EMIR) in Romania.
Based on the ASF evaluation, the best solution for the authorization of a local Central Counterparty under EMIR is the establishment of a new Romanian entity that would not overlap the Central Depository, the credit institutions or the central register of transactions. The CCP project, promoted by the ASF, aims to create the entity as a joint stock company and is considering an ownership structure that would include the Romanian state through the Ministry of Finance and other entities or financial groups involved in the operations of trading and post trading.
The Board of the Financial Supervisory Authority is taking into consideration an allocation of EUR 3 to 5 million from the surplus achieved in the last two years to finance the new entity through the Ministry of Finance since the ASF cannot be a shareholder of the CCP. According to the ASF, the project of establishing a national CCP remains open to attract other national and international institutions, such as Bucharest Stock Exchange, Sibex, EBRD or IFC in its shareholding structure.
Impact on investors: In the context of the general objective of developing capital market infrastructure in Romania, the Board of the Financial Supervisory Authority announces its project to create a local Central Counterparty in Romania.