Narodowy Bank Polski takes over the organisation of POLONIA reference rate fixing
On 23 October 2017 Narodowy Bank Polski signed an agreement with ACI Polska Financial Markets Association under which the central bank takes over the function of an organiser of POLONIA reference rate fixing as of 1 December 2017.
The taking over by Narodowy Bank Polski of the function of an entity which manages the process of determining the POLONIA reference rate is a consequence of entry into force of Regulation (EU) 2016/1011 of the European Parliament and the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds.
Given the change of the fixing organiser, the amended “Rules and regulations for the POLONIA reference rate fixing” will take effect from 1 December 2017. At the same time, “The rules and regulations for the POLONIA reference rate fixing” of 21 December 2015 becomes void as of 30 November 2017.
The amendments to the provisions of the Rules and regulations for the POLONIA reference rate fixing are of a procedural nature and reflect the change of the entity in charge of POLONIA reference rate fixing. The taking over by NBP of the function of the POLONIA reference rate fixing organiser does not cause any changes to the method of determining the POLONIA reference rate, and also does not involve increased obligations on the fixing participants arising from the role they play in the index calculation process.
The existing function of the central bank as a calculation agent for the purposes of POLONIA reference rate fixing does not change either.
Entities Granted the status of a participant in the POLONIA reference rate fixing as at 30 November 2017 will retain their status provided they submit to Narodowy Bank Polski a Declaration to take part in the Fixing of the POLONIA Reference Rate (which constitutes Annex 1 to the Rules and regulations for the POLONIA reference rate fixing in force from 1 December 2017). The declaration should be submitted to Narodowy Bank Polski by 24 November 2017, to the following address:
Narodowy Bank Polski
Departament Operacji Krajowych
ul. Świętokrzyska 11/21
in an envelope bearing the inscription „Deklaracja przystąpienia do Fixingu Stawki Referencyjnej POLONIA” (Declaration to take part in the Fixing of the POLONIA Reference Rate).