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Izba Rozliczeniowa Giełd Towarowych S.A. („IRGiT”) is amending the Detailed Clearing and Settlement Rules of the Exchange Clearing House. In particular, it has adapted the provisions concerning acceptable non-cash collateral to reflect the amendment to Article 31zzh sec. 8 of 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 2021 Item 2095, as amended) (hereinafter, the “Act”).

The Detailed Clearing and Settlement Rules of the Exchange Clearing House have been amended to incorporate the change in the rules for recognizing non-cash collateral introduced by the Act, namely:

  • 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 may now be submitted also by a Clearing House Member performing the obligation referred to in Article 49a sec. 1 of the Energy Law Act of 10 April 1997,
  • the collateral limit applicable to collateral submitted in the form of a notary deed mentioned above and in the form of a surety extended by the parent company, has been changed to 75% of the required collateral margin,
  • the time period, in which IRGiT will accept the additional forms of non-cash collateral envisaged by the Act has been extended until 31 March 2023.

The above amendments will come into effect as of 28 January 2022.

Detailed description of the amendments