Legal environment

KELER CCP Central Counterparty Ltd. (hereinafter KELER CCP) is a central counterparty operating based on Act CXX of 2001 on the Capital Markets (hereinafter Act on the capital markets) and Regulation (EU) 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR).

KELER CCP operates in line with the above regulations, its regulatory documents and the provisions of the decrees of the Magyar Nemzeti Bank (hereinafter: Supervisory Authority).

The Supervisory Authority (MNB) based on resolution number H-EN-III-43/2014 on 4 July 2014 and on the collective opinion („Joint Opinion”) issued together with the Supervisory College pursuant to EMIR with resolution number H-EN-294/2017, issued on 7 September 2017, authorized KELER CCP to provide the following services.

1. To provide clearing services and undertake obligation to perform transactions it cleared as defined in Article 14 (1) and (3) of EMIR, as well as in Section 339 (1) and (2) a) and b) of Capital Market Act in respect of the following asset categories:

   	List of Classes	Asset Category	Trading Location
   Financial Instruments	Securities (financial instruments referred to in points 1, 2 and 3 of Section C of Annex I of MiFID)	Equity	Regulated market
   			OTC market
   		Debt	Regulated market
   			OTC market
   	Derivatives (financial instruments referred to in points 4 to 10 of Section C of Annex I of MiFID)	Equity	Regulated market
   		Debt	Regulated market
   		Interest rate	Regulated market
   		Currencies	Regulated market
   		Commodities	Regulated market
   Other	Derivatives that are not MiFID financial instruments	Commodities
   	Assets that are not MiFID financial instruments	Commodities

    

2. To undertake obligations in relation to the performance of transactions concluded in respect of commodities, based on Section 339 (2) a) of the Capital Market Act, and in relation to its clearing activity, based on Article 14 (3) of the EMIR.

3. To perform IT, data supply and training activities as supplementary activities in relation to its clearing activity supporting the activities specified in points 1 and 2 above, based on Article 14 (3) of the EMIR.

KELER CCP is supervised by the Magyar Nemzeti Bank that also acts as shareholder, overseer and resolution authority. ESMA (European Securities Markets Authority) and the Supervisory College pursuant to EMIR also play a role in the supervision of KELER CCP.

In line with the agreements concluded KELER and KELER CCP outsource certain elements of their activity to each other in compliance with the provisions on outsourcing of the Act on the Capital Market and other relevant regulations.

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