Izba Rozliczeniowa Giełd Towarowych S.A. (Warsaw Commodity Clearing House, “IRGiT”) has amended the Detailed Clearing and Settlement Rules of the Exchange Clearing House, in particular as a result of the coming into force of the Act on Special Protection of Certain Consumers of Gaseous Fuels in 2023 in connection with the situation on the gas market (“Act”), involving the possibility of providing the following documents as non-cash collateral:
- declaration by the electricity transmission system operator, within the meaning of Article 3(24) of the Act of 10 April 1997 entitled the Energy Law, submitted in the form of a notarial deed, on submission to enforcement pursuant to Article 777(1)(5) of the Code of Civil Procedure, or
- surety for the liabilities of the entity through which the electricity transmission system operator executes transactions resulting from the clearing of transactions carried out as instructed by the operator, secured by a notarized declaration on submission to enforcement pursuant to Article 777(1)(5) of the Code of Civil Procedure.
Moreover, formulated in more precise terms have been the provisions concerning the date of entering a lower amount of the bank guarantee in the Non-Cash Collateral Register in the event that the Clearing House Member submits a new bank guarantee document or an annex to the existing bank guarantee for an amount lower than the currently valid one.
The above amendments will come into effect as of 10th Jan 2023.