The ASF proposes to amend ASF Regulation no. 3/2013 in order to extend the deadline for CCP.RO to submit the additional documents required for authorization.

Bucharest, 31 July 2024 – Given that the Financial Supervisory Authority has been notified by CCP.RO that it is not able to meet the deadline of 8 September 2024 by which CCP.RO must submit to ASF additional information to declare the file complete and requests to extend this deadline by a maximum of 30 days, in a prudent approach and in the context of the importance of achieving the strategic objective of establishing a national central counterparty, the Authority has published for consultation a proposal to amend Article 4. para. (6) of ASF Regulation No. 3/2013, which aims to extend the deadline for the submission of additional documents by a sufficient period of time (90 days), in order to prevent the repetition of a situation similar to the one that occurred with the last amendment of Regulation No. 3/2013.

We recall that the last amendment to ASF Regulation No. 3/2013 took place through Regulation No. 4/2024 on the amendment of Art. 4 para. (6) of the Regulation of the Financial Supervisory Authority No. 3/2013 for the authorisation and operation of central counterparties, issued in accordance with the provisions of Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories. This Regulation has extended the deadline for the CCP to submit additional information to ASF by a maximum of 6 months, the resulting new deadline being a maximum of 18 months from the date of their request by the Authority.

ASF proposed at that time, during the public consultation, a longer extension period of maximum 12 months, but at the request of CCP.RO the deadline was extended by only 6 months, which proves to be insufficient for the completion and submission to ASF of the complete authorisation documentation.

The Financial Supervisory Authority remains committed to continue to support, within the limits of its competences, the realization of the project to establish a national central counterparty.

We also mention that ASF will continue to follow in its analysis the deadlines and requirements of the authorisation requirements provided for by the legislation in force and, subsequently, those imposed by the new EMIR 3.0 legislative package from the moment of its entry into force.

The Draft Regulation amending Article 4 para. (6) of ASF Regulation No. 3/2013 is subject to public consultation for a period of 10 calendar days and can be consulted here.

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