BFG has been appointed to act as the resolution authority for CCPs with registered offices in the Republic of Poland (Article 258b(1) of the BFG Act).
The clearing house KDPW_CCP S.A. is the only CCP with a registered office in the Republic of Poland.
The Fund shall perform the tasks of the CCP resolution authority under CCPRRR, including the following ongoing tasks:
- providing an opinion on the update of the CCP’s recovery plan,
- preparing the CCP resolution plan, reviewing it annually and updating the plan where appropriate,
- CCP resolvability assessment,
- participation in ESMA Resolution Committee,
- establishing a resolution college, managing the work of the college, including chairing the college, and ensuring cooperation and coordination between the members of the college.
Resolution college provides a framework for resolution authority and other relevant authorities to perform the following tasks:
- exchange information relevant for drawing up resolution plans, including for taking into consideration the systemic impact of the implementation of the resolution plan, for the application of preparatory and preventative measures and for resolution;
- draw up resolution plans pursuant to Article 12 CCPRRR;
- assess the resolvability of CCPs pursuant to Article 15 CCPRRR;
- identify, address and remove impediments to the resolvability of CCPs pursuant to Article 16 CCPRRR;
- coordinate public communication about resolution plans and strategies.
