TC-CCP Application of KPEI

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Presentation transcript:

TC-CCP Application of KPEI ACG Exchange of Information Task Force session : TC-CCP Application of KPEI

Background KPEI is committed to always keep up and comply with international standards and best practices. KPEI raise a concern on the latest ESMA regulation regarding Third Country CCP (TC-CCP) : Regulation (EU) No 648/2012 (CRR IV) EU Regulatory Technical Standard (RTS) No 153/2013 Capital requirements for bank exposures to central counterparties KPEI has 115 clearing members and 23 of them are subsidiary of foreign securities companies with a market share reached 53.52% (2014) and 58.9% (Nov 2015). Among of them are from European Union have market share around 14.25% (2014) and 8.6% (Nov 2015). All of them are the most active members. Therefore, we believe that complying with this regulation will be having significant impact to Indonesia Capital Market.

Stages of Application Submission QCCP Submission of Application TC-CCP of KPEI 1. Letter of Application Submission 2. License as CCP 3. Self Assessment CPMI-IOSCO PFMI 4. The fulfillment of the principles of other relevant 5. Financial Data 6. Risk Data Process Assessment by ESMA to KPEI 1. Requests for additional information by the deadline for each request (15-30 days) 2. Letter of Confirmation Document has been complete 3. TC-CCP recognition decision will be delivered within 180 working days of complete Law Equivalencies between EC and of Indonesia FSA 1. Requests for supervision information to CCP of Indonesia FSA 2. Equivalencies process TC CCP recognition by ESMA 1. The decision on the application of TC-CCP after law/legal equivalencies between EC dan Indonesia FSA 2. The decision applies after 5 working days since issued 3. ESMA shall publish the list of TC-CCP that has been recognized on the ESMA

KPEI Send TC – CCP Application to ESMA No Date Description 1 30 Decembers 2015 KPEI Send TC – CCP Application to ESMA 2 7 January 2016 KPEI received ESMA’s confirmation letter regarding KPEI’s TC –CCP Application 3 8 January 2016 ESMA up date their list of TC – CCP applicant in their Website 4 19 February 2016 KPEI received ESMA’s letter regarding request additional information about KPEI 5 29 March 2016 Indonesia FSA received EC’s letter regarding Requirements for Central Counterparties (CCPs) in Indonesia 6 30 March 2016 KPEI send the answer of additional information to ESMA 7 4 April 2016 KPEI received ESMA’s confirmation letter regarding KPEI’s additional information to ESMA

Thank You