The Rules of the Settlement Guarantee Fund. 1. These Rules, hereinafter referred to as "the Rules", define the procedures for the formation

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1 Vald as of May 31, 2010 The Rules of he Selemen Guaranee Fund 1 1. These Rules, herenafer referred o as "he Rules", defne he procedures for he formaon and use of he Selemen Guaranee Fund, as defned n Arcle 65, subpara. 1 of he Law on he Tradng n Fnancal Insrumens of 29 July, 2005, guaraneeng he proper selemen of ransacons execued n he regulaed marke. 2. Daes and me lms defned n he Rules shall be deermned and calculaed accordng o 5 of he Naonal Deposory Rules The Selemen Guaranee Fund shall be made up of conrbuons made by clearng members, as defned by he Naonal Deposory Rules and shall conss of funconally separae pars where each par guaranees he selemen of specfc ypes of ransacons execued n he regulaed marke, accordng o he provsons of he Naonal Deposory Rules. 2. These funconally separae pars of he Selemen Guaranee Fund shall specfcally conss of he followng: a) The Guaranee Fund for he Selemen of Sock Exchange Transacons; b) The Guaranee Fund for he Selemen of OTC Marke Transacons; c) The Guaranee Fund for he Selemen of Sock Exchange Fuures Transacons; d) The Guaranee Fund for he Selemen of OTC Marke Fuures Transacons; 3. Each separae par of he Fund shall conss of a basc and reserve resource. 3 1

2 1. The asses ha form he Guaranee Fund for Selemen of Sock Exchange Transacons and he Guaranee Fund for Selemen of OTC Marke Transacons shall be used for he followng purposes: a) o ensure ha a Naonal Deposory parcpan who, owng o a lack of funds n s cash accoun, fals o perform oblgaons arsng from ransacons he parcpan has execued, s able o make paymens whn he necessary perod. b) o cover any possble prce dfferences beween he prce of secures formng par of a ransacon whose selemen has been suspended and he prce of her purchase or sale, n nsances where, n order o elmnae he selemen suspenson of such ransacon, secures are purchased or sold n order ha he parcpan who has no caused he selemen of he ransacon o be suspended may receve paymen; c) o gran loans, referred o under 17. d) o ensure he reurn of a secures loan, he reurn of coss borne by he Naonal Deposory for sellng he collaeral securng a secures loan and he purchase of secures n order o reurn hem o a secures lender, as well as o cover fees due for he secures lendng and borrowng agreemen f hese paymens derve from he concluson on a secures borrowng agreemen as par of he auomac secures lendng and borrowng sysem organsed by he Naonal Deposory, where he agreemen was ermnaed followng he falure by he secures borrower o reurn he secures whn he deadlne, or by he falure o supplemen collaeral for he secures loan o he amoun requred, or by he falure o pos hs collaeral n he proper form; paymens from he approprae separae par of he Fund shall be made whn he perod and accordng o he prncples defned n 73 subpara. 6 of he Naonal Deposory Rules. e) o cover any dfferences beween he marke prce of he secures ha consue he secures loan concluded as par of he auomac secures lendng and borrowng sysem organsed by he Naonal Deposory, whch was ermnaed followng he crcumsances ndcaed n pon d) above, and he amoun obaned for sellng he 2

3 collaeral for he loan, or he value of he collaeral ransferred o he secures lender, should he Naonal Deposory be unable o purchase he secures ha consued he loan n order o reurn hem o he secures lender. 2. The asses of he Guaranee Fund for Selemen of Sock Exchange Fuures Transacons and of he Guaranee Fund for Selemen of OTC Marke Fuures Transacons shall be used n nsances where he Naonal Deposory closes open posons n he dervaves marke, and he margn deposs provded by he clearng member wh hese posons prove of nsuffcen value. 3. Should he Fund asses requred o sele a ransacon or reurn a secures loan and cover ousandng lables, referred o n subpara. 1 pon d) exceed he oal value of all conrbuons pad no he approprae par of he Fund by he parcpan akng on he responsbles arsng from ransacon selemen, or he reurn of a secures loan, any paymen above he value of hese conrbuons shall frs be made from conrbuons pad n by ha parcpan o anoher par of he Fund, subjec o he provsons of 63, subpara. 3 of he Naonal Deposory Rules. Should hese resources connue o prove nsuffcen, he dsbursemen shall be made from he remanng asses of he approprae Fund. Secures kep by he parcpan n he Selemen Guaranee Fund, whch are no ncluded as conrbuon are no used and may be whdrawn by he parcpan accordng o he prncples descrbed n Provsons of he Naonal Deposory Rules shall apply o any maers relang o he prncples of he use of he Selemen Guaranee Fund ha are no regulaed by he relevan rules of he Fund Parcpans shall make he frs conrbuon o he basc resource of he funconally separae par of he Fund whn he followng deadlnes: a/ up unl he day ha he approprae body of he regulaed marke operaor ndcaes he day ha he parcpan, or an eny ha wll be represened by a parcpan n he Naonal 3

4 Deposory acng as clearng member, commences acves on ha regulaed marke, no laer, however, han wo days pror o he day ha ha parcpan or eny has commenced he acves ndcaed n ha decson - f ha parcpan, or ha eny do no already perform acves n he regulaed marke. b/ no laer han wo days pror o he day ha he parcpan, or an eny ha wll be represened by a parcpan n he Naonal Deposory acng as clearng member, execues he frs ransacon, - f ha parcpan, or ha eny already perform acves n he regulaed marke, however, n a scope of acvy secured by anoher par of he Fund. 1a. Parcpans wshng o become clearng members for ransacons execued n he regulaed marke by anoher eny followng a change of parcpan responsble for he selemen of hese ransacons, shall be oblged o make he frs conrbuon o he basc resource of a funconally separae par of he Fund wo days pror o he day when hs responsbly s aken on. 2. The frs conrbuon pad shall equal he mnmum conrbuon deermned, respecvely, accordng o he provsons of Appendx No 1, or Appendx No 2, subjec o he provsons of 8, subpara. 1a, second senence. 3. In makng he frs conrbuon o he basc resource of a gven funconally separae par of he Fund, he parcpan shall be oblged o ndcae ha par of he Fund hey are makng a conrbuon o. 4. Parcpans holdng he saus of clearng members for ransacons covered by he same separae par of he Fund, however as par of more han one ype of acvy deermned accordng o 11 subparas. 1-4 of he Naonal Deposory Rules, shall be oblged o make a separae conrbuon o ha par of he Fund, allocaed o each of hose ypes of acves. The provsons of subparas. 1-3 shall apply accordngly o each of hese separae conrbuons. 5. Pror o makng he frs separae conrbuon, descrbed n subpara. 4, frs senence, o he basc resource of a gven funconally separae par of he Fund, parcpans shall be oblged o nform he Naonal Deposory n wren form of he ype of acvy deermned, 4

5 accordng o 11 subparas. 1-4 of he Naonal Deposory Rules, whn whch he conrbuon wll be pad n Parcpans shall make conrbuons o he Selemen Guaranee Fund n he form of cash or Treasury secures. The ypes of Treasury secures, whch may be pad as conrbuons o he Fund, as well as he erms, and condons ha hese secures need o mee o be recognsed as a conrbuon o he Fund shall be defned by he Managemen Board of he Naonal Deposory by means of a resoluon. 2. Subjec o he provsons of subparas 3-5 as well as 8, subpara. 2 and 18, subpara. 2, cash asses pad n by parcpans shall be consdered o be conrbuons o he basc resources of each separae par of he fund on a proporonal bass n relaon o he oal requred value of hese conrbuons, whle for he remanng poron of he conrbuon, hs shall comprse Treasury secures pad n by he parcpan. For parcpans makng separae conrbuons, descrbed n 4, subpara. 4, second senence, o he same separae par of he fund, he regsraon of he cash asses and Treasury secures pad n shall ake place separaely for each of hese conrbuons. 3. In he selemen nsrucon descrbed n 5a subpara. 2 b, a parcpan may ndcae he conrbuon for whch he secures beng pad n s o be exclusvely couned. Treasury secures ndcaed n hs way wll be couned as par of hs conrbuon as a prory before oher secures pad n by he parcpan o he Selemen Guaranee Fund, whle as regards he scope of he par of he Fund, as descrbed n 4, also as a prory before he paymen of any cash. They wll no be couned as par of oher conrbuons pad n by ha parcpan o he same, or oher separae par of he Fund. In he even of he crcumsances and accordng o he provsons descrbed n 14 a, such an ndcaon shall no affec he rgh of he Naonal Deposory o allocae he Treasury secures o he basc resource of anoher separae par of he Fund, han he one o whch he parcpan pays n he conrbuon, whch has been ndcaed,. 5

6 4. Treasury secures pad n o he Fund shall only cover a poron of he full conrbuon, whose amoun shall be defned by he Managemen Board of he Naonal Deposory by means of a resoluon. Neverheless, 7 days pror o he record day on whch hose enled o receve paymens followng redempon of hese secures are deermned, he Treasury secures shall cease o be a vald form of paymen owards he conrbuon o he Fund. 5. The value of he conrbuon, where ncludes secures, shall be equal o he percenage reducon ( harcu ) rae publshed by he Naonal Deposory n a manner defned n a resoluon of he Managemen Board of he Naonal Deposory, mulpled by he marke value of hese secures. 6. The marke rae of he secures shall be deermned accordng o he provsons of 6 of he Naonal Deposory Rules. 5a 1. The Naonal Deposory manages a secures accoun on whch secures pad no he Selemen Guaranee Fund by parcpans shall be regsered. 2. Conrbuons o he Selemen Guaranee Fund shall be made as follows: a. For cash by makng a deb on he bank accoun ndcaed by a parcpan, accordng o he prncples descrbed n 48 subparas. 3 or 3a of he Naonal Deposory Rules, on he bass of an nsrucon from he Naonal Deposory, b. For secures by means of a ransfer of secures ono he secures accoun referred o n subpara. 1, performed by he Naonal Deposory on he bass of a selemen nsrucon from a parcpan, relang o he change of saus of hose secures, o secures allocaed for paymen no he Fund. 6 6

7 1. Subjec o he provsons of subpara. 2, conrbuons o basc resources of he funconally separae pars of he Fund shall be updaed on each day ha he Naonal Deposory performs he selemen of ransacons guaraneed by he asses of he Fund. 2. Repealed 3. The separae conrbuons pad n by he parcpan accordng o he prncples descrbed n 4, subpara. 4 o he basc resource of he same par of he Fund, shall be updaed separaely. Repealed Updang he conrbuons o he ndvdual pars of he Fund, referred o n 6, subpara. 1 shall be carred ou accordng o he approprae algorhms defned n Appendces 1 2 o he Selemen Guaranee Fund Rules. 1a. The conrbuon o he basc resource of he funconally separae par of he Fund, ncludng also he separae conrbuon descrbed n he frs senence of 4 subpara. 4, shall no be lower han he mnmum conrbuon, defned as approprae n Appendx 1 or Appendx 2. The Supervsory Board of he Naonal Deposory for Secures shall have he rgh o auhorse he Managemen Board of he Naonal Deposory o defne oher amouns for he mnmum conrbuon han hose se ou n he aforemenoned Appendces. The Managemen Board shall nofy he Supervsory Board of he Naonal Deposory of he conens of a resoluon n hs maer a he neares meeng of he Supervsory Board. 2. In nsances especally jusfed by reasons of radng and ransacon selemen safey, he Managemen Board of he Naonal Deposory shall have he rgh by way of resoluon o: 1/ aler, for a lmed perod of me, no longer however han one monh, subjec o he provsons of subpara. 3, he parameers of such algorhms for specfc parcpans, or for 7

8 specfc ypes of acves hey perform, as well as o change he values of he parameers of specfc algorhms, or 2/ oblge all or some parcpans o make conrbuons o he Fund up o a predefned amoun, oher han he amoun defned accordng o he provsons of subpara. 1 and 1a, as well as deermne ha he paymen of hese conrbuons may ake place n a paymen form oher han hose descrbed heren. The conens of hs resoluon shall be made known o he Supervsory Board of he Naonal Deposory by he Managemen Board a s neares sng. 3. The Supervsory Board of he Naonal Deposory shall have he rgh o auhorse he Managemen Board o change he algorhm parameers or change her values for perods exceedng one monh, defnng a he same me he perod for whch such auhorsaon s graned Conrbuon adjusmens shall ake place where he sum of adjused conrbuon values of he parcpan o he basc resources of gven pars of he Fund s hgher or lower han he sum of he curren values of hose conrbuons, applyng he provsons of subpara. 2 and 10 subpara. 4. The curren value of he conrbuon shall be deemed as he value of he conrbuon o he approprae separae par of he Fund, on condon ha here was no requremen o sell he asses of he Selemen Guaranee Fund below he purchase prce. In such nsances, he Managemen Board of he Naonal Deposory for Secures shall deermne he level of he conrbuons ha form he bass for he updae adjusmens by means of a resoluon. 2. The rghs and responsbles of a parcpan makng separae paymens, as descrbed n he frs senence of 4 subpara. 4, o he same separae par of he Fund, arsng from conrbuon adjusmens, shall be deermned separaely for conrbuons pad n by ha parcpan as par of each of he acves performed by ha parcpan, deermned accordng o 11 subparas. 1-4 of he Naonal Deposory Rules. 8

9 3. Adjusmen o conrbuons shall be made by parcpans makng supplemenary conrbuons o he basc resource of he funconally separae par of he Fund, or by refundng parcpans a par of her conrbuon. 4. Refunds of par of a parcpan s conrbuon shall only be made n he form of cash by means of a cred paymen ono a bank accoun, referred o n 48 subpara. 3, or 3a of he Naonal Deposory Rules, ndcaed by he parcpan, on he bass of an nsrucon from he Naonal Deposory. The amoun of he refund may no exceed he lm of he parcpan s conrbuon, whch accordng o he provsons of 5 subpara. 4 mus be n cash form. 5. The Naonal Deposory shall have he rgh o offse (ne) any amoun owed o prevously from a supplemenary conrbuon, from he amoun o be refunded o he parcpan of a par of ha parcpan s conrbuon. The Naonal Deposory may also offse (ne) he debs and creds of a parcpan for he purpose of selng conrbuons o he Fund, wh he debs and creds arsng from selng he conrbuon o he ATS Selemen Guaranee Fund, whn he meanng of he Naonal Deposory Rules. 6. Any adjusmen nvolvng a refund o he parcpan of he poron of conrbuon made earler shall cease n crcumsances where parcpans are oblged o replace or make addonal conrbuons, referred o n 15 and The parcpan shall make a supplemenary conrbuon on he day followng he day of he updae, no laer han 9.00 f he conrbuon ncludes secures, and n remanng cases, no laer han 13.00, unless, n cases jusfed by reasons of radng and ransacon selemen safey, he Managemen Board of he Naonal Deposory, by way of resoluon, shall deermne such a me separaely for each updae. On he same day, he Naonal Deposory shall refund a par of he conrbuon pad n by he parcpan. 8. Falure o mee he deadlne referred o n subpara. 7 shall resul n he parcpan beng oblged o pay a fee equal o sauory neres wh respec o each day of he delay, whch also ncludes he day he conrbuon s made, f hs ook place afer

10 9. The Naonal Deposory shall be oblged o pay s parcpans a fee, deermned accordng o he provsons of subpara. 8, n nsances where he Naonal Deposory fals o refund he conrbuon o he parcpan on he day followng he day of he updae, unless such a delay has been caused for reasons of radng and ransacon selemen safey Conrbuon adjusmens shall be made on he bass of documens, conanng he nformaon descrbed n subparas 2 and 3, ssued by he Naonal Deposory and made avalable o parcpans. 2. On he day of he updae, he Naonal Deposory shall unl make avalable nformaon defnng he updaed values of conrbuons o he Fund. 3. Unl on he day followng he day of he updae, havng calculaed he value of he secures pad n as par of he parcpan s conrbuon o he Fund, he Naonal Deposory shall make avalable nformaon defnng he value of cash whch needs o be pad n by he parcpan, or refunded o he parcpan as par of ha day s conrbuon selemen. 3a. The nformaon, descrbed n subparas. 2 and 3, nended for parcpans makng separae paymens, referred o n he frs senence of 4 subpara. 4, shall be made avalable separaely for each such conrbuon. 4. Subjec o he provsons of 8 subpara. 1a, f he value of he cash, whch needs o be allocaed o he basc resource of he funconally separae par of he Fund for a gven conrbuon, s lower han 1000 PLN, hs value shall no be ncluded when defnng he debs and creds of parcpans, referred o n subpara. 3, for ha conrbuon Parcpans may reques he whdrawal of secures pad n by hem o he Selemen Guaranee Fund f hey send a selemen nsrucon relang o he change of saus of hese secures o secures whdrawn from he Fund, o he Naonal Deposory. 10

11 2. The whdrawal of secures may ake place no earler han durng he selemen sesson sarng afer on he day followng he day he parcpan has sen he selemen nsrucon, descrbed n subpara. 1, o he Naonal Deposory, on condon, however ha he parcpan has performed he oblgaons relaed o adjusng he conrbuon, carred ou on he dae of he whdrawal and s no necessary o use hese secures for Fund purposes. The selemen nsrucon, descrbed n subpara. 1, shall be consdered o have been sen o he Naonal Deposory on a gven accounng day, f was nroduced o he deposory-selemen sysem before on ha day. 3. here a parcpan has sen a selemen nsrucon, descrbed n subpara. 1, he documens descrbed n 10 shall no nclude he value of hese secures ha are he subjec of he nsrucon. 11a Parcpans shall be oblged o whdraw secures hey have pad no he Selemen Guaranee Fund seven days pror o he record day on whch hose enled o receve paymens followng redempon of hese secures are deermned. Ths does no exemp parcpans from he oblgaon o adjus he conrbuon The reserve resource of he separae pars of he Selemen Guaranee Fund are made up of: a) revenue from he nvesmen of basc resource funds; b) charges, referred o n 9 subpara. 8; c) creds, referred o n 16, subpara. 3; d) neres, referred o n 17, subpara. 1; as well as oher revenue generaed by he nvesmen of asses, as referred o n pons a) o d) above. 11

12 2. Enlemens from secures pad no he Selemen Guaranee Fund shall be pad o parcpans who have pad hese secures o he Fund, on he day he enlemens are receved. However, f pror o he paymen of he enlemen, a parcpan s oblged o make a conrbuon, descrbed n 15 and 18, hese enlemens shall be reassgned as conrbuon o he basc resource of he Fund for a amoun equal o he value of he conrbuon. 3. If a parcpan does no perform he oblgaons descrbed n 11a, he paymen from he ssuer receved for he redempon of secures ha were pad n by he parcpan o he Fund shall be added o he basc resource of he funconally separae par of he Fund, ncreasng he value of cash asses pad n by ha parcpan o he Fund as conrbuon The share of a gven parcpan n he revenue generaed by he nvesmen of asses from he basc and reserve resource shall be proporonal n respec o he parcpan s share n he basc resource and reserve resource, subjec o he provsons of subpara. 1a-3. 1a. The share of a parcpan payng n a separae conrbuon, descrbed n 4 subpara. 4, n he revenue descrbed n subpara. 1, shall be calculaed separaely for conrbuons pad n by ha parcpan n relaon o brokerage acves and for conrbuons pad n by ha parcpan n relaon o oher acves. 2. The charge referred o n 9, subpara. 8 shall be dvded beween parcpans n equal shares, excludng he parcpans who made he paymens. 3. The share of a parcpan n he asses descrbed n 12, pons c and d shall be deermned by applyng he prncple referred o n 15, subpara. 2 respecvely. 14 The share n he reserve resources of he separae pars of he Fund shall be pad ou o parcpans quarerly, unless here has been an oblgaon mposed on a parcpan o make 12

13 conrbuons referred o n 15 or 18 below. In such nsances, parcpans shares n he reserve resource shall be appled o conrbuons o he basc resource. 14a If he value of he asses requred o mee he oblgaons guaraneed by he approprae par of he Fund s hgher han he value of he cash asses, whch accordng o 3 subpara. 3 may be used for hese purposes from he conrbuon of he parcpan requred o mee hese oblgaons, he Naonal Deposory shall assgn o he basc resource of he approprae par of he Fund hose secures pad n by ha parcpan, and f necessary, also shall assgn secures pad n by ha parcpan o he basc resources of oher pars of he Fund, as well as shall assgn o he basc resource of he approprae par of he Fund secures pad n by oher parcpans oblged o pay conrbuons o ha par of he Fund, havng n mnd he need o ensure he fases sale of hese secures a he bes avalable prce. 14b 1. Immedaely upon deermnng he need o allocae secures o he basc resource of a gven par of he Fund, he Naonal Deposory shall nform parcpans oblged o make a conrbuon o ha par of he Fund of hs fac. 2. In order o preven he allocaon of secures o he basc resource of he funconally separae par of he Fund whose asses are o be used, parcpans oblged o make conrbuons o ha par of he Fund shall, no laer han 20 mnues followng he momen he Naonal Deposory has made he nformaon referred o n subpara. 1 avalable, provde he Naonal Deposory wh declaraons relang o he replacemen of secures hey have conrbued o he Fund wh cash of equal value o he secures whle reanng he percenage reducon ( harcu ) rae, referred o n 5 subpara. 5. The declaraon should ndcae he number of secures ha are o be replaced, along wh her ID code. The replacemen shall ake place on condon ha he cash avalable on he bank accoun ndcaed by he parcpan accordng o he prncples descrbed n 48 subpara. 3 or 3a 13

14 of he Naonal Deposory Rules s suffcen o mee all cash oblgaons arsng from parcpaon and ha are o be me from ha accoun, as well as o replace he secures ndcaed n he parcpan s declaraon Dsbursemen of he Fund asses shall be made from he basc resource. If secures form par of he asses of he Fund ha are subjec o he dsbursemen, he Naonal Deposory shall sell hese secures n he regulaed marke, or ousde he regulaed marke. 2. Subjec o he provsons of subpara. 3, parcpans shall be oblged mmedaely o replensh he par of he Fund hey have used. Conrbuons for he purpose of replenshmen shall be made relave o he sze of he amouns of conrbuons made by parcpans o he basc resource of he Fund. The value of he parcpan's share n he reserve resource shall be couned as par of he conrbuon, whle applyng he prncples se ou n 13 subpara. 1a. 3. In nsances of a loan beng graned, referred o n 17, subpara. 1, he oblgaon o replensh ha par of he Fund used for he purpose of he loan shall arse where a parcpan fals o repay he loan on me In nsances when he asses n he approprae par of he Selemen Guaranee Fund are dsbursed, parcpans oher han he parcpan who, no meeng s oblgaons, faled o have he asses o sele such a ransacon avalable, or o perform oher oblgaons relaed o ransacon selemen, shall make replenshmen conrbuons. 2. Replenshmen conrbuons shall be made up o he amoun of he surplus over and above he conrbuon made by a defaulng parcpan o he approprae par of he Fund, less he cred amoun due o ha parcpan relaed o ransacons execued pror o he day he defaul had been dsclosed. 14

15 3. The asses pad no he Fund, accordng o he provsons of 60, subpara. 2 and 3 of he Naonal Deposory Rules, shall be allocaed o he reserve resource of he approprae par of he Selemen Guaranee Fund In nsances where he parcpan fals o have he approprae cash necessary o mee he oblgaons arsng from he selemen of ransacons secured by a gven par of he Selemen Guaranee Fund, owng o he fac ha anoher parcpan has faled o perform s oblgaons o delver secures, he sale of whch was o be he source of such cash by he frs parcpan, such a parcpan may be graned a loan from he asses of ha par of he Selemen Guaranee Fund, wh boh he loan and he neres o be repad by 11:30 a.m. on he followng day. 2. The neres rae on he loan, referred o n subpara. 1, shall be equal o he neres a he lombard rae on he day he loan has been graned, as deermned by he Moneary Polcy Councl and announced by he Presden of he Naonal Bank of Poland Parcpans shall be oblged o make addonal conrbuons relave o he value of her conrbuons made hus far o he basc resource, arsng from he mos recen updae o he approprae par of he Fund o he exen necessary o mee her paymen oblgaons ha are guaraneed by he separae pars of he Fund, unless he Managemen Board of he Naonal Deposory deermnes, by way of resoluon, ha he addonal conrbuon o be pad by all parcpans shall no be of he same amoun. 1a. here he Naonal Deposory has concluded he agreemen, descrbed n 61b, subpara. 2 of he Rules of he Naonal Deposory for Secures and durng he perod n whch ha agreemen creaes an oblgaon o pay n favour of he Naonal Deposory he amoun of he addonal conrbuon ha he parcpan may be oblged o make shall no exceed each me 110% of ha parcpan s oal amoun of conrbuons o he basc resource of 15

16 he approprae par of he fund, arsng from he las updae performed for ha par of he fund (maxmum amoun of addonal conrbuon). In nsances where such an agreemen has no been concluded, or has been ermnaed, he oblgaon of parcpans o make addonal paymens shall no be lmed. 2. The addonal conrbuons shall only be pad n he form of cash whn he deadlne defned by he Naonal Deposory, se a he earles on he day followng he call for he need for addonal paymen. If permed by he provsons of he KDP Rules, addonal conrbuons may be pad n nsalmens whose amoun shall be defned by he Naonal Deposory In nsances when parcpan saus s ermnaed or lmed, he Naonal Deposory shall refund ha parcpan secures pad n by ha parcpan o he Fund, whch have no been used or refunded earler, as well as cash remanng from conrbuons made by ha parcpan o he basc resource and he parcpan s share n he reserve resource, ncreased by 50% of he value of he expeced share of ha parcpan n deferred ncome generaed by curren capal nvesmens, calculaed up o he day of he refundng of he asses o he parcpan, on performance of oblgaons by ha parcpan dervng from he scope of s parcpaon, subjec o he provsons of In nsances when parcpaon saus n he Naonal Deposory s ermnaed, he provsons of subpara. 1 shall apply o he oal value of conrbuons and shares, respecvely, o he basc and reserve resources of such a parcpan n he Selemen Guaranee Fund, ncludng o all secures pad n by ha parcpan. 3. In nsances where parcpan saus s lmed n relaon o he allocaon of a funconally separae par of he Fund, he prncple defned n subpara. 1 shall apply o he value of conrbuons and shares of he approprae par of he Fund; however, he Naonal Deposory shall no refund secures, whle he refund of cash, subjec o he provsons of subpara. 3a, shall apply up o he amoun of cash asses remanng n he oal conrbuon 16

17 of he parcpan o he Fund accordng o he balance on he day of he las conrbuon made by he parcpan, and n such a scope where he need dd no arse for her use. In such cases, he parcpan may send a reques o whdraw he secures whose marke value corresponds o he unrefunded value n cash of he conrbuon o he basc resource of he approprae par of he Fund, sendng for hs purpose a selemen nsrucon relang o he change of saus of hese secures o secures whdrawn from he Fund. 3a In nsances where a parcpan saus s lmed for a parcpan makng separae conrbuons, descrbed n he frs senence of 4 subpara. 4, n relaon o conrbuons pad n by ha parcpan for acves of a ceran ype, whle a he same me mananng parcpaon n he scope of conrbuons pad n for dfferen acves, he prncple descrbed n subpara. 1 shall only apply o he values of hose frs conrbuons and correspondng shares n he reserve resource. In such nsances, he refund of cash asses shall ake place up o he amoun of cash asses allocaed o he conrbuon of he parcpan ha s o be refunded, accordng o he balance on he day of he las conrbuon made by he parcpan, and n such a scope where he need dd no arse for her use. 4. The provsons of subpara. 1 above shall no apply n nsances where: a) ermnaon of parcpaon saus akes place as a resul of he acquson of a parcpan by anoher eny, whch assumes all he rghs and oblgaons of he parcpan beng aken over. In such nsances, conrbuons o he basc resource and shares n he reserve resource of he parcpan beng aken over shall be allocaed o he acqurng parcpan. b) lmaon of parcpan saus s caused by he acquson of a parcpan by anoher eny, assumng he parcpan's rghs and oblgaons whn a specfed scope, whle he procedure descrbed under par a, second senence, has been appled o conrbuons o he basc resource and reserve resource of he parcpan beng aken over. 17

18 20 1. Subjec o he provsons of subparas. 1 and 2, refunds of he asses referred o n 19, subpara. 1 from he basc resource shall be made whn a perod of 7 days followng he performance of he oblgaons, referred o n 19, subpara. 1, whle he refund of he asses from he reserve resource, referred o n 19, subpara. 1, shall be made a he nex quarerly selemen, referred o n The refund of enlemens from secures shall ake place on he day hese enlemens have been receved. 3. A reques for he whdrawal of secures, referred o n he second senence of 19, subpara. 3, shall be fulflled mmedaely, no earler however han he deadlne defned n subpara. 1. The provsons of 11 subparas. 2 and 3 shall apply accordngly. 21 Selemen of he expeced share n deferred ncome, generaed by curren capal nvesmens, referred o n 19, subpara. 1 shall be made from he shares of he remanng parcpans whn he approprae reserve resource, n relaon o her respecve shares n ha par of he Fund, whle n nsances descrbed n 19 subpara. 3a, selemen shall also be made from he share of he parcpan wh whom selemen s performed, correspondng o ha parcpan s conrbuon ha s no subjec o he refund. 22 The refund of he asses made o he parcpan, referred o n 19, may be reduced by he amoun of asses necessary for selemen of ransacons execued n connecon wh oher ransacons secured by he Fund, beng ransacons for whch hs eny performed he role of clearng member

19 Conrbuons made by parcpans o he basc resource of he separae par of he Fund durng he perod of he suspenson of parcpaon n KDP shall no be subjec o updaes and shall be used and replenshed, n accordance wh general prncples, o he level of conrbuon upon he day of suspenson. 24 In nsances of reacvaon of parcpan saus by a parcpan followng a perod of suspenson, he requred conrbuon made by such a parcpan o he basc resource of he separae par of he Fund shall be he amoun deermned followng an updae performed accordng o general prncples. 25 Should a parcpan be acqured by anoher eny, n a gven scope, he amoun of conrbuon requred from he acqurng eny o he basc resource shall be deermned a he level of he mos recen updaed conrbuon of he parcpan beng aken over, pad n durng he perod of he akeover, subjec o he provsons of Conrbuons o he basc resource of he acqurng eny, who s a parcpan n he Fund, shall be deermned n accordance wh general prncples, however, usng daa relang o boh he acqurng eny and he eny beng aken over, as he bass of calculaon, subjec o he provsons of subpara hen calculang he conrbuons, descrbed n subpara. 1, daa relang o he parcpan beng aken over shall only apply n he scope of he akeover. 27 Exenson of parcpan saus n he Naonal Deposory by he rgh o represen a new eny shall no requre he paymen of he conrbuon referred o n 4, subpara

20 28 The Managemen Board of he Naonal Deposory shall presen parcpans wh quarerly and annual repors on s acves n relaon o he managemen of he asses of he Fund These Rules shall come no force whn a forngh of he publcaon of he Rules of he Selemen Guaranee Fund by he Managemen Board of he Naonal Deposory, havng been approved by he Polsh Secures and Exchange Commsson. 2. The Managemen Board of he Naonal Deposory shall deermne, by way of resoluon, regulaons n force for he perod necessary o nroduce provsons o he Rules of he Selemen Guaranee Fund, governng he prncples for deermnng and procedures o be appled whle makng, conrbuons o he Selemen Guaranee Fund by he parcpans of he deposory-selemen sysem and he mehod of selng conrbuons made o he reserve resource, as well as he use of Fund asses for he purpose of repaymen of cred obaned by parcpans of he deposory-selemen sysem from he selemen bank n order o sele ransacons, pror o enry of he Selemen Guaranee Fund Rules no force. 20

21 Appendx 1 Algorhm for updang conrbuons pad n by clearng members o he basc resource of he Guaranee Fund for he Selemen of Sock Exchange Transacons (GFSSET) and he Guaranee Fund for he Selemen of CeTO Marke Transacons (GFSCeTOT) Idenfers s N - clearng member ndex; - secures code (ISIN number); - unseled ransacon ndex (ncludng suspended ransacons); - Number of members whose conrbuons are subjec o updae; Daa: K s, S s,, number of secures desgnaed wh ISIN number s, purchased as par of a purchase ransacon, for whch he clearng member s parcpan accordng o he balance on he day of he updae;, number of secures wh ISIN number s, sold as par of a sell ransacon, for whch he clearng member s parcpan accordng o he balance on he day of he updae; PR s selemen prce of he secury desgnaed wh ISIN number s, on he day of he updae; (The selemen prce s calculaed as follows: - for bonds: he fnal closng prce mulpled by he nomnal value of he bond augmened by he value of neres accrued on he day of he updae, - for all oher secures he fnal closng prce. 21

22 here a corporae acon s underway, he selemen prce s adjused accordngly.) PT, s, prce of ransacon nvolvng secures desgnaed wh ISIN number s, execued by clearng member. ExR s average Naonal Bank of Poland currency prce on he day of he updae, correspondng o he currency of he lsng of secures s; for PLN ExR = 1 M laes updaed value of conrbuon of clearng member, Varables:, s balance of value of purchase and sale ransacons, nvolvng secures desgnaed wh ISIN number s, for whch he clearng member s parcpan, R mark-o-marke correcon prce for clearng member, ROZ s selemen prce calculaed for ne balanced ransacons nvolvng secures desgnaed wh ISIN number s, for whch he clearng member s parcpan, REF s reference prce of he ransacon calculaed for ne balanced ransacons nvolvng secures desgnaed wh ISIN number s, for whch he clearng member s parcpan, o nal value of calculaed conrbuon of clearng member on he day of he updae, value of calculaed conrbuon of clearng member on he day of he updae, acual value of conrbuon of clearng member on he day of he updae. Parameers: R s rsk parameer, expressed as a percenage, of he prce volaly of a secury desgnaed wh ISIN code s, calculaed by he Naonal Deposory every day on whch conrbuons are updaed, and sen o clearng members for nofcaon purposes followng he close of a sesson, or close of radng n he regulaed marke; mn mnmal level of conrbuon o he Fund 22

23 = PLN GFSSET, mn = PLN GFSCeTOT) ( mn Q hreshold parameer (expressed as a percenage), whose degree of devaon of he calculaed conrbuon o he Fund from he conrbuon as a resul of he prevous updae creaes he need for changng he value of he conrbuon o he separae par of he Fund (Q =10%); Calculaon of conrbuons o be pad by clearng members o he basc resource of he Guaranee Fund for he Selemen of Sock Exchange Transacons and he Guaranee Fund for he Selemen of CeTO Marke Transacons 1. Calculaon of he balance of purchase and sale ransacons of secures for separae ISIN numbers, for whch he clearng member s parcpan,, s = K, s, S, s, PRs 2. Calculaon of he mark-o-marke correcon prce for clearng member, R max ROZ REF, ExR ; 0, s s s where: s ROZ, s K, s, S, s, PT, s, REF, s K, s, S, s, PR s 3. Prelmnary calculaon of conrbuon by clearng member on he day of he updae: s, s R s ExR s R 23

24 4. Calculaon of conrbuon o be pad o he Fund by clearng member on he day of he updae: f mn, f mn mn 5. Deermnng he updaed value of conrbuon o of clearng member : a. If M M Q, hen o = M b. If M > M Q, hen o = 24

25 Appendx 2 Algorhm for updang conrbuons pad n by clearng members o he basc resource of he Guaranee Fund for he Selemen of Sock Exchange Fuures Transacons (GFSSEFT) and he Guaranee Fund for he Selemen of CeTO Marke Fuures Transacons (GFSCeTOFT) Daa: DZ value of manenance margn for clearng member on day, K, oal value of dervaves purchase ransacons, execued on day, whose purchase s relaed o he paymen of a prce, whch s he responsbly of clearng member, S, oal value of dervaves sale ransacons, execued on day, whose purchase s relaed o he paymen of a prce, whch s he responsbly of clearng member, M laes updaed value of conrbuon of clearng member, Varables: SO, posve balance of he value of dervaves purchase and sale ransacons, whose purchase s relaed o he paymen of a prce, whch s he responsbly of clearng member on day,, correced value of oblgaons o he Fund of clearng member on day,,w prelmnary value of conrbuon o he Fund of clearng member,,f calculaed value of conrbuon o he Fund of clearng member, o updaed value of conrbuon o he Fund of clearng member, Parameers: mn amoun of he mnmum conrbuon o he Fund ( mn = PLN) 25

26 P hreshold parameer (expressed as a percenage), whose degree of devaon of he calculaed conrbuon o he Fund from he conrbuon as a resul of he prevous updae creaes he need for changng he value of he conrbuon o he separae par of he Fund (P =10%), g parameer correcng he value of manenance margn (g = 15%), where: d clearng member ndex, updae day ndex, calculaon day ndex ( = d-4, d-3, d-2, d-1, d), Calculaon of conrbuons o be pad by clearng members o he basc resource of he Guaranee Fund for he Selemen of Sock Exchange Fuures Transacons and he Guaranee Fund for he Selemen of CeTO Marke Fuures Transacons 1. Calculaon of he value of paymen oblgaons of clearng member for balances of dervaves ransacons, whose purchase s relaed o he paymen of a prce, execued on day : SO, Max K, ; S, ;0 2. Deermnng he correced oal value of paymen oblgaons of clearng member on day :, g DZ, SO, 3. Selecon of he wo hghes values of paymen oblgaons of clearng member n he prelmnary value of he Fund, as calculaed on day d n he gven updang perod: 2 Max, Max = Max{ d,,...,,d 4 }, = Max{{, d,...,,d 4 }/ Max{, d,...,,d 4 }} 26

27 where: / means wh excluson of se, 4. Calculaon of prelmnary conrbuon o be pad by clearng member o he Fund on day d:, w (,v,max 2,v,2Max ) 5. Calculaon of conrbuon o be pad by clearng member o he Fund on day d:, f Max, w;mn 6. Deermnng he updaed value of conrbuon o of clearng member : c. If, f M M P, hen o = M d. If, f M > M P, hen o =,f * * * 27

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