The objective of the General Terms and Conditions of CCP Austria Abwicklungsstelle für Börsengeschäfte GmbH (hereafter "CCP.A GTC") is to ensure and maintain an efficient, orderly functioning and regulated financial market.
The CCP.A GTC govern the clearing and settlement of exchange transactions in securities admitted to listing on the Official Market, Second Regulated Market and to transactions concluded in the Vienna MTF on the Wiener Börse AG. Exceptions to this are exchange transactions in securities pursuant to § 29 which have not been included in the clearing system by CCP Austria ("Non-CCP-eligible securities") as well as securities transactions which are concluded through an official broker.
The CCP.A GTC contain general provisions and the procedures as well as the framework for the organization of clearing, the clearing procedures, the treatment of default events and the deposit and realization of clearing collateral and contributions to the default fund.
The CCP.A GTC have to be accepted by all Clearing Members as admission requirement.
CCP.A General Terms and Conditions of Business (effective as of July 1, 2019)
Procedure of changing the GTC
Any material change in CCP.A’s GTC is discussed in detail beforehand in the regular meetings of the Management Board. If the material change relates to the area of responsibility of the Supervisory Board of CCP.A (e.g. objectives and strategies or the risk management), the latter has to be consulted and needs to make a resolve to implement the adjustment (see also Art. 7 para. 2 of Delegeated Regulation (EU) No. 153/2013 or Article II of the Bylaws of the Supervisory Board). In the event of change in the field of risk management the Risk Committee has to be consulted, too (see also Art. 28 para. 3 of Regulation (EU) No. 648/2012 or § 2 of the Bylaws of the Risk Committee).
Furthermore, the National Competent Authority in collaboration with the College has to validate and approve material changes of models or parameters of CCP.A’s risk management (see also Art. 49 para. 1 of Regulation (EU) No. 648/2012). In case of a material change to the conditions of authorization of CCP.A, the National Competent Authority has to be informed immediately (see also Art. 14 para. 4 of Regulation (EU) No. 648/2012). In all other cases the National Competent Authority has to be notified but is not required to approve the amendment.
In general, pursuant to § 6 or 9 GTC, any amendments shall be promulgated in the Official Publication Medium (website: www.ccpa.at). As far as determined in the Austrian Stock Exchange Act, the General Terms and Conditions of the Exchange Operating Company or the GTC of CCP.A, a publication shall also be published in the Official Publication Medium (Bulletin) of the Exchange Operating Company on its website (www.wienerborse.at). Thus an amendment of the GTC of CCP.A is also coordinated with Wiener Börse AG in advance. Amendments shall be deemed accepted by the Clearing Member unless an objection is raised in writing within 14 days after publication. A refusal to agree shall constitute a material reason for the termination of the existing Clearing Agreement by CCP.A with immediate effect (pursuant to § 9 GTC).
CCP.A maintains the general principle of customer-friendly behavior and therefore all Clearing Members are informed in any case in a timely manner via newsletter about an amendment and its application time in a clear and comprehensive way.
If necessary and useful, any significant and not only formal amendment of GTC will be presented to the Clearing Members in a Member Meeting or a Bilateral Meeting. In this context, Clearing Members have the possibility to ask questions or to make suggestions for improvement.