Dear Clients,
This is to kindly inform our gas and energy market non-/clearing members, and also Yield or MAVIR account holder clients, that in the last quarter of 2017, KELER Ltd., as the central securities depository in Hungary, submitted its license request under the Central Securities Depositories Regulation (hereinafter: CSDR) to comply with the most recent EU regulatory standards. The regulation defines standard requirements for all central securities depositories registered in the European Union, resulting in a more transparent and secure operation.
Based on Section C (a) of the CSDR, central securities depositories (CSDs) authorized to provide banking-type ancillary services can keep cash accounts only for the clients that are participants in a securities settlement system or holders of securities accounts (“keeping payment accounts for the participants of a securities settlement system and securities account holders and taking deposits in line with Annex I Point 1. of EU Directive 2013/36/EU).
In order to comply with the regulation, until 15 May 2018, KELER Ltd. is required to open securities accounts for all its Partners with cash account, and KELER Ltd. waives fully the account keeping fee of the securities account thus opened until the securities account is actually used. The intention to activate the securities account must be indicated in advance.
Therefore, if you are an existing client of KELER you are required to resign your agreement and complete two Information Form. With any related question please contact KELER Client Relationship Management at 
or 
.
Sincerely,
KELER Ltd.