Amendments to IRGiT’s regulations – amendment to the Detailed Clearing and Settlement Rules of the Exchange Clearing House

Izba Rozliczeniowa Giełd Towarowych S.A. (“IRGiT”) has amended the Detailed Clearing and Settlement Rules of the Exchange Clearing House, including in particular:

1. adapting the provisions on acceptable non-cash collateral in connection with the coming into force of an amendment to the Act of 2 March 2020 on special solutions related to prevention and combating of COVID-19, other communicable diseases and crises caused by them (Journal of Laws 2020 Item 1842, as amended) (hereinafter, the “Act”), and
2. adding the obligation for Clearing House Members to sign an agreement authorizing a buyer to issue invoices, correction invoices and duplicate invoices on behalf and for the supplier (self-billing agreement).

Bearing in mind the upcoming effective date of the amendment adding section 8 to Article 31zzh of the Act, until 30 June 2022 IRGiT will accept additional forms of non-cash collateral, i.e.:

• surety of a company from a capital group, which is a parent company, within the meaning of Article 4 item 3 of the Competition and Consumer Protection Act of 16 February 2007, of the entity, to which such surety is extended, and holding a credit rating specified in the Act within the meaning of Article 3(1)(a) of the Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ EU 302 17.11.2009, page 1, as amended), which attached to the surety agreement a bank guarantee or a statement of submitting to enforcement under art. 777 § 1 item 5) of the Code of Civil Procedure prepared in the form of a notary deed;
• statement of submitting to enforcement under art. 777 § 1 item 5) of the Code of Civil Procedure prepared in the form of a notary deed by the Clearing House Member holding an appropriate credit rating.

IRGiT has also adopted, also until 30 June 2022 as prescribed by the Act, the removal of the quantitative limits restricting the possibility of providing Property Rights to certificates of origin and CO2 emission allowances (EUA) as non-cash collateral by entities holding an appropriate credit rating or belonging to a capital group holding such credit rating.

with IRGiT is intended to improve the security of the clearing system and mitigate risks related to the distribution and correctness of accounting documents.

The above amendments come into force on 10 December 2021.