ASF organized today a new meeting with representatives of the shareholders of CCP.RO Bucharest S.A.

Bucharest, 15 July 2024 – In the context of the role of the Financial Supervisory Authority in supporting the development of the capital market and the strategic importance of the existence of a national central counterparty, ASF organized today a new meeting with representatives of the shareholders of CCP.RO Bucharest S.A.

Given that the Authority is closely following the necessary steps for the fulfilment of the National Strategy on the development of the Romanian capital market for the period 2023 - 2026, and the establishment of a CCP is an objective included in this strategy which is the exclusive responsibility of its shareholders, the purpose of the meeting was to reiterate to the shareholders the importance of achieving this goal and respecting the timetable developed and assumed by CCP.RO to achieve this objective.

Consistent with the position expressed at the previous meeting on 9 May 2024, the Financial Supervisory Authority, together with the National Bank of Romania, supports the realization of this project within the limits of its competencies. The project started more than 6 years ago, which has benefited during this period from multiple technical discussions, can only be completed with the fulfillment of all the requirements imposed by the legal framework for the authorization of a central counterparty and with a serious approach to make real progress.

In the context of the amendment of the European legislation on the authorization of central counterparties (EU Regulation No. 648/2012 - EMIR) and the deadline of 8 September 2024 set in the national regulations, which must be complied with for the declaration of the complete file, the ASF representatives, together with those of the NBR, drew the attention that it is necessary to take a judicious and accelerated approach to go through the necessary steps for the authorization of CCP.RO.

The conclusion of the meeting was that it is essential to optimize and improve the steps that the shareholders, together with the executive management of CCP.RO, must undertake to complete the necessary documents in order to comply with the legal deadlines required for authorisation as a central counterparty.

Therefore, the shareholders and the management of CCP.RO have agreed to revise the timetable for the operational milestones in order to make significant progress in the project’s development towards the strategic objective of licensing a national central counterparty.

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