CERINTE LEGISLATIVE SPECIFICE

PIETEI DE CAPITAL DIN

LUXEMBURG

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DISCLAIMER

Toate datele si informatiile continute in acest document sunt obtinute din surse externe, disponibile la momentul publicarii lui, iar Depozitarul Central nu-si asuma raspunderea pentru acuratetea, actualitatea, completitudinea sau adecvarea oricaror informatii continute si la respectarea legilor aplicabile. Acest document trebuie inteles ca un ajutor si nu creaza Depozitarului Central obligatii legale, contractuale sau de orice natura fata de partea care utilizeaza informatiile cuprinse in acest document. Continutul acestui document este doar in scop informativ si nu trebuie considerat a fi o recomandare de investitie sau o consiliere juridica, fiscala sau de orice alta natura. Utilizarea informatiilor continute in acest document se face pe riscul partii care il utilizeaza fara sa angajeze vreo responsabilitate sau garantie a Depozitarului Central sau personalului acestuia. Acest document si continutul acestuia nu pot fi copiate, reproduse, publicate, transmise, transferate sau distribuite si comercializate in orice mod. Termenii si descrierile din prezentul document pot fi subiect al modificarilor ulterioare conform schimbarilor intervenite sau aparitiei unor noi reglementari, iar Depozitarul Central nu-si asuma nicio raspundere pentru actualizarea informatiilor cuprinse in prezentul document.

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Cerinte legislative specifice pietei de capital din Luxemburg

1. Legislatie primara a pietei de capital Luxembourg Law of 10 November 2009 - The Payment Services Act http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_101109_psd_eng_upd_211212.pdf Law of 13 July 2007 on markets in financial instruments transposing http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_130707_MIFID_upd211212_eng.pdf Law of 10 July 2005 on prospectuses for securities http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_100705_prospectus_upd_211212_eng.pdf Law of 11 January 2008 on transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_110108_transparency_upd_211212.pdf Law of 9 May 2006 on market abuse http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_090506_marketabuse_upd211212.pdf Law of 29 June 1997 approving the Convention on Insider Trading http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/Law_insider_290697.pdf Law of 12 July 2013 on short selling of financial instruments http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_120713_short_selling__financial_instruments.pdf Law of 19 May 2006 implementing Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_OPA_190506eng.pdf Regulile si regulamentele pietei de capital din Luxemburg sunt conforme cu cerintele Directivelor Europene: Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU

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Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC Commission Delegated Regulation (EU) No 382/2014 of 7 March 2014 supplementing Directive 2003/71/EC of the European Parliament and of the Council with regard to regulatory technical standards for publication of supplements to the prospectus Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority) Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010 amending Directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market Regulation (EC) No 211/2007 of the Commission of 27 February 2007 amending Regulation (EC) No 809/2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards financial information in prospectuses where the issuer has a complex financial history or has made a significant financial commitment Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC Directive 2004/109/EC the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (market abuse directive) Directive 2004/72/EC de la Commission du 29 avril 2004 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the definition of

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inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers' transactions and the notification of suspicious transactions Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids

2. REGULI SI REGULAMENTE ALE ORGANISMELOR DE REGLEMENTARE SI ALE OPERATORILOR DE SISTEM

Clearstream Banking Luxembourg Rules Euroclear Luxembourg Rules Eurex Clearing AG Rules LCH Clearnet Rules Luxembourg Stock Exchange Rules

1. Legile pietei de capital Luxembourg Law of 10 November 2009 - The Payment Services Act http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_101109_psd_eng_upd_211212.pdf Titlul V al legii cuprinde prevederi referitoare la sistemele de decontare si executarea platilor aferente decontarii tranzactiilor. Conform legii, Banque Centrale du Luxembourg actioneaza ca sistem de plata utilizat pentru decontarea tranzactiilor. De asemenea, un contract formal intre 2 participanti la care se adauga o contraparte centrala, o casa de compensatie sau un participant indirect poate fi considerat sistem de plata sau sistem de decontare, daca cel putin unul dintre participanti au sediul central in Luxemburg si actioneaza conform legislatiei locale. Un ordin de plata nu mai poate fi revocat sau modificat dupa introducerea acestuia in sistem, iar compensarea tranzactiilor nu mai poate fi anulata.

Law of 13 July 2007 on markets in financial instruments transposing http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_130707_MIFID_upd211212_eng.pdf Legea transpune Directiva Europeana 2004/39 cu privire la instrumentele financiare admise pe pietele reglementate si Articolul 52 al Directivei 2006/73/EC cu privire la cerintele de autorizare si operare a firmelor de investitii.

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Legea stabileste reguli clare si transparente pentru admiterea la tranzactionare a instrumentelor financiare, acestea fiind transferabile si liber negociabile. Mai mult, daca un instrument financiar a fost admis la tranzactionare pe o piata reglementata a unui Stat Membru din afara Luxemburgului, acesta poate fi admis la tranzactionare si pe piata de capital din Luxemburg, chiar daca nu exista un acord al emitentului in acest sens, conform prevederilor Legii 10/2005 privind prospectele de emisiune de instrumente financiare. Pietele reglementate trebuie sa pastreze reguli transparente si nediscriminatorii pentru accesul participantilor pe aceste piete. Conditiile pe care trebuie sa le indeplineasca acestia sunt:

- Buna reputatie si experienta profesionala - Cadru organizational adecvat - Suficienta competenta si abilitate in domeniul tranzactionarii - Suficiente resurse pentru a efectua tranzactii pe pietele reglementate.

Law of 10 July 2005 on prospectuses for securities http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_100705_prospectus_upd_211212_eng.pdf Legea transpune Directiva Europeana 2003/71/EC cu privire la pblicarea prospectelor de emisiune a instrumentelor financiare care sunt oferite public sau sunt admise la tranzactionare pe o piata reglementata. Conform legii, obligatia de publicare a prospectului de oferta nu se aplica pentru:

- Oferte adresate doar investitorilor calificati; - Oferte adresate unui numar mai mic de 150 persoane fizice sau juridice, altii decat

investitori calificati; - Oferte adresate investitorilor care achizitioneaza actiuni pentru o suma totala care

este definita conform art. 3(2)(c) din Directiva 2003/71/EC; - Oferte adresate investitorilor care achizitioneaza actiuni pentru o suma totala mai

mica decat suma definita conform art. 3(2)(c) din Directiva 2003/71/EC; Aceste limite se calculeaza pe o perioada de 12 luni.

Law of 11 January 2008 on transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_110108_transparency_upd_211212.pdf Legea transpune Directiva Europeana 2004/109/EC cu privire la armonizarea cerintelor de transparenta in legatura cu informatiile transmise de emitenti atunci cand instrumentele financiare sunt admise la tranzactionare pe o piata reglementata. Conform legii, emitentul pentru care Luxemburg este considerat Stat membru trebuie sa publice trimestrial situatiile financiare si sa se asigure ca acestea raman publice pentru o perioada de 5 ani. Capitolul III din lege cuprinde prevederi referitoare la raportarea detinerilor mai mari de 5%, 10%, 15%, 20%, 25%, 33 1/3%, 50% si 66 2/3% din drepturile de vot ale unui emitent. De asemenea, scaderea sub aceste praguri trebuie raportata.

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Atunci cand un emitent ale carui actiuni sunt admise la tranzactionare pe o piata reglementata achizitioneaza sau vinde actiuni a caror valoare depaseste 5% sau 10% din drepturile de vot ale companiei sau scade sub aceste praguri trebuie sa raporteze tranzactiile in termen de 4 zile lucratoare de la data operatiunii respective.

Law of 9 May 2006 on market abuse http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_090506_marketabuse_upd211212.pdf Legea transpune Directiva Europeana 2003/6/EC cu privire la tranzactionarea pe baza informatiilor confidentiale si evitarea manipularii pietei. Legea se aplica pentru orice instrument financiar care a fost admis pe cel putin o piata reglementata, chiar daca nu au fost incheiate tranzactii pe acea piata.

Law of 29 June 1997 approving the Convention on Insider Trading http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/Law_insider_290697.pdf Legea aproba Conventia privind tranzactionarea pe baza informatiilor privilegiate semnata la Strasbourg in 1989 conform careia partile implicate trebuie sa aplice orice masuri necesare schimbului de informatii si acordare de asistenta reciproca pentru orice operatiune nereglementata incheiata pe bursele de valori.

Law of 12 July 2013 on short selling of financial instruments http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_120713_short_selling__financial_instruments.pdf Legea transpune Regulamentul European 236/2012 cu privire la raportarea tranzactiilor de vanzare in lipsa (short selling). CSSF a pus la dispozitia investitorilor Short Selling Platform care permite notificarea si

raportarea pozitiilor nete de short selling in relatia cu actiunile admise la tranzactionare pe piata

de capital din Luxemburg, precum si cu pozitiile semnificative de instrumente financiare de

datorie.

Law of 19 May 2006 implementing Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_OPA_190506eng.pdf Legea transpune Directiva Europeana 2004/25/EC cu privire la ofertele publice. Conform legii, pentru companiile inregistrate in Luxemburg, procentul de detinere care confera control in cadrul companiei este stabilit la 33 1/3% din drepturile de vot. Pretul echitabil este cel mai mare pret platit de ofertant sau de o persoana care actioneaza concertat cu acesta in ultimele 12 luni. In cazul in care, dupa ce oferta a fost facuta publica si inainte de inchiderea acestei pentru acceptanta, ofertantul sau alta persoana care actioneaza concertat cu acesta cumpara actiuni la un pret mai mare, pretul de oferta va creste la nivelul acestui pret.

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Timpul permis pentru acceptanta nu poate fi mai mic de 2 saptamani si mai mare de 10 saptamani de la publicarea documentului de oferta. Conform art.16 ale legii, orice persoana fizica sau juridica care detine singur sau concertat peste 90% din drepturile de vot ale unei companii trebuie sa cumpere la un pret corect (stabilit conform art.15) actiunile oricarui alt investitor care doreste sa-si lichideze participatia in respectiva companie.

2. REGULI SI REGULAMENTE ALE ORGANISMELOR DE REGLEMENTARE SI ALE OPERATORILOR DE SISTEM

Clearstream Banking Luxembourg (CBL) Rules

Principalele reglementari emise de Clearstream Luxemburg pentru participanti sunt cuprinse in urmatoarele documente si pot fi accesate pe pagina web:

http://www.clearstream.com/clearstream-en/keydocuments Customer Handbook for customers of Clearstream Banking Luxembourg

http://www.clearstream.com/clearstream-en/keydocuments--1-/icsd--1-/customer-handbook/cbl-customer-handbook/7136 Documentul contine procedurile depozitarului pentru serviciile de custodie, de deschidere a conturilor de instrumente financiare, de decontare a tranzactiilor incheiate pe pietele reglementate si pe piata OTC, de decontare cash a tranzactiilor, imprumut de instrumente financiare si servicii specifice evenimentelor corporative. CBL furnizeaza servicii de custodie atat pentru internal transactions cu contraparte in Clearstream, cat si pentru external transactions cu contraparte in Euroclear, aceasta fiind cunoscuta ca fiind o tranzactie bridge. Depozitarul utilizeaza platforma integrata Creation Online atat pentru procesul de matching, cat

si pentru finalizarea operatiunilor de decontare.

Peste 850,000 instrumente financiare sunt tinute in custodie la CBL. Acestea includ: Eurobonduri Obligatiuni straine; Instrumente de piata monetara, incluzand obligatiuni pe termen mediu si lung, bilete la ordin; Certificate de depozit; Obligatiuni locale; Actiuni GDR Unitati de fond Warrant-uri; ABS si alte instrumente financiare colateralizate. Fee schedule http://www.clearstream.com/blob/74456/12caf31b1ddb76a2e2a5bb06e48a8541/fee-schedule-20150701-en-data.pdf

http://www.clearstream.com/clearstream-en/keydocumentshttp://www.clearstream.com/blob/74456/12caf31b1ddb76a2e2a5bb06e48a8541/fee-schedule-20150701-en-data.pdfhttp://www.clearstream.com/blob/74456/12caf31b1ddb76a2e2a5bb06e48a8541/fee-schedule-20150701-en-data.pdf

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Cuprinde lista de tarife aplicate de Clearstream Luxemburg pentru serviciile oferite. Acestea sunt calculate in EUR, dar pot fi efectuate in orice alta valuta prin Automatic Foreign Exchange service. General Terms and Conditions (http://www.clearstream.com/blob/11088/aa624aadbd37147f75e57591378cf9f6/migrated-8ffbcl196nsgden-terms-and-conditions-cbl-en-pdf-data.pdf) Documentul cuprinde drepturile si obligatiile participantilor la sistemul Clearstream Bank, acestea fiind parte a contractului de decontare incheiat intre parti. Orice propunere de modificare a termenilor si conditiilor este comunicata clientilor in scris. Norma prevede un termen de 6 saptamani in care clientii pot transmite catre CBL obiectiile lor.

Euroclear Luxembourg Rules Principalele reglementari emise de Euroclear Luxemburg pentru participanti sunt cuprinse in urmatoarele documente si pot fi accesate pe pagina web: https://my.euroclear.com/eblegal.html

Cuprinde prevederi cu privire la drepturile si obligatiile partilor (participanti, Euroclear) la incheierea contractelor de participare la sistemul depozitarului, deschiderea conturilor de instrumente financiare si aranjamente financiare, decontarea tranzactiilor, irevocabilitatea instructiunilor si finalaitatea decontarii, oferirea de servicii de custodie, confidentialitate si protectia datelor. Sunt admisi in sistemul Euroclear urmatoarele categorii de clienti: - Institutiile de credit, organizate conform Directivei Europene 2006/48/EC - Firmele de investitii, organizate conform Directivei 2004/39/EC - Depozitarii Centrali, membri ai zonei economice europene - Bancile Nationale, participante in sistemul european al bancilor centrale - Institutii publice, membre ale zonei economice europene - Alte tipuri de clienti Admiterea in sistem se face pe baza indeplinirii urmatoarelor criterii: - cerinte tehnice si operationale - reputatie in piata - programe de prevenire a spalarii banilor - evaluarea riscurilor. Euroclear actioneaza atat ca depozitar central international prin divizia Euroclear Bank din

Belgia, cat si ca depozitar central national prin diviziile sale din Belgia, Olanda, Franta, Marea

Britanie, Irlanda, Suedia si Finlanda.

Pentru decontarea tranzactiilor pentru diferite categorii de participanti au fost dezvoltate 2 sub-sisteme:

- The Systeme de Livraison par Accord Bilatral SLAB - care asigura conditii complementare de acces participantilor pentru procesul de matching al tranzactiilor OTC;

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- Settlement Connect proceseaza tranzactiile efectuate pe piata reglementata si compensate prin LCH.Clearnet SA.

Eurex Clearing AG Rules

Regulile si procedurile Eurex Clearing stabilesc relatiile contractuale intre agentia de compensare a tranzactiilor si membrii compensatori, acoperind drepturile si obligatiile fiecarei parti. Acestea pot fi consultate pe pagina web: https://www.eurexclearing.com/clearing-en/resources/rules-and-regulations/

Principalele reguli de functionare sunt cuprinse in urmatoarele norme:

Clearing Conditions for Eurex Clearing AG https://www.eurexclearing.com/blob/115100/ece8e5d6996d726a655d3d782511f9a6/data/clearing_conditions_en_ab_2015_06_01.pdf Eurex Clearing AG actioneaza in calitate de CCP, in special pentru tranzactiile cu Eurobonduri, dar si pentru compensarea tranzactiilor cu actiuni locale, fiecare tranzactie indicand Eurex ca fiind vanzator pentru o tranzactie de cumparare si cumparator pentru o tranzactie de vanzare. Sunt 2 categorii de participanti in Eurex Clearing AG:

- Membru Compensator Direct

- Membru Compensator General

Membru Non-Compensator trebuie sa incheie contract cu un Membru Compensator Direct sau

un Membru Compensator General, in calitate de agent compensator.

In cazul in care, membrul compensator care are obligatia de a livra instrumentele financiare

catre agentul de decontare nu detine in cont cantitatea suficienta necesara decontarii, Eurex

Clearing AG intiaza procesul de buy-in in a 4-a zi lucratoare dupa data decontarii. Prima

tranzactie buy-in se poate incheia in SD+5, iar in cazul in care aceasta esueaza, procesul poate

fi reluat la SD+10 si SD+27.

In cazul in care ultimul process de buy-in esueaza, Eurex Clearing AG incearca decontarea cash

a tranzactiei intr-o perioada de 8 zile, dupa care se reia procesul de buy-in pana la livrarea

intregii cantitati de instrumente financiare.

Eurex Clearing AG aplica penalitati membrului compensator care are obligatia de a livra

instrumentele financiare atat pentru livrarea instrumentelor financiare dupa data contractuala

de decontare, cat si pentru derularea procedurilor de buy-in.

Eurex Clearing AG aplica penalitati membrului compensator care are obligatia de a livra

instrumentele financiare atat pentru livrarea instrumentelor financiare dupa data contractuala

de decontare, cat si pentru derularea procedurilor de buy-in.

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Membrii Compensatori contribuie la constituirea fondului de garantare a carui marime este

recalculata lunar la nivelul fiecarui participant la fond. Marimea fondului de garantare variaza in

functie de expunerea membrului compensator.

Statutes for the Risk Committee https://www.eurexclearing.com/blob/274198/232031313d1fe4e97eb23d50bcf66541/data/04_1_statutes_risk_committee_en_2013_06_24.pdf Comitetul de Risc supervizeaza conducerea executiva a Eurex Claering si poate oferi consultata conducerii in aplicarea reglementarilor EMIR. Default Management Committee Rules https://www.eurexclearing.com/blob/320124/62ecc563ec2a8d16fa1b7f21e5e3f39e/data/04_2_statutes_default_market_committee_en_2013_08_12.pdf Default Management Auction Rules https://www.eurexclearing.com/blob/803086/e157acb09a4cd6a13ef6fd61617760fd/data/04_3_default_management_auction_rules_en_20140203.pdf Statutes for the IRS Product Committee https://www.eurexclearing.com/blob/596588/2cd316bdfb7eb0dc4df2f8054f9b0743/data/04_6_statutes_irs_product_committee_en_2013_08_12.pdf Auction Terms of Eurex Clearing AG https://www.eurexclearing.com/blob/284362/44929e82752e928980f9897b0c2d2991/data/04_7_auction_terms_en_2014_02_03.pdf Statutes for the Disciplinary Committee https://www.eurexclearing.com/blob/596590/68c78ac8f98c8d197bd6022ef0b48e88/data/04_8_statutes_Disciplinary_committee_en_2013_08_12.pdf Disciplinary Procedures Rules https://www.eurexclearing.com/blob/596592/ee684f7140ce7464216445bc96271cb0/data/04_9_rules_Disciplinary-procedures_en_2013_08_12.pdf

LCH Clearnet Rules

Regulile si procedurile LCH stabilesc relatiile contractuale intre agentia de compensare a tranzactiilor si membri compensatori, acoperind drepturile si obligatiile fiecarei parti. Acestea pot fi consultate pe pagina web:

http://www.lchclearnet.com/rules-regulations/rulebooks

Reglementari General Regulations Default Rules Settlement Finality Regulations Proceduri: Section 1 - Clearing Member, and Dealer Status Section 2A - NOT USED

https://www.eurexclearing.com/blob/274198/232031313d1fe4e97eb23d50bcf66541/data/04_1_statutes_risk_committee_en_2013_06_24.pdfhttps://www.eurexclearing.com/blob/274198/232031313d1fe4e97eb23d50bcf66541/data/04_1_statutes_risk_committee_en_2013_06_24.pdfhttps://www.eurexclearing.com/blob/320124/62ecc563ec2a8d16fa1b7f21e5e3f39e/data/04_2_statutes_default_market_committee_en_2013_08_12.pdfhttps://www.eurexclearing.com/blob/320124/62ecc563ec2a8d16fa1b7f21e5e3f39e/data/04_2_statutes_default_market_committee_en_2013_08_12.pdfhttps://www.eurexclearing.com/blob/803086/e157acb09a4cd6a13ef6fd61617760fd/data/04_3_default_management_auction_rules_en_20140203.pdfhttps://www.eurexclearing.com/blob/803086/e157acb09a4cd6a13ef6fd61617760fd/data/04_3_default_management_auction_rules_en_20140203.pdfhttps://www.eurexclearing.com/blob/596588/2cd316bdfb7eb0dc4df2f8054f9b0743/data/04_6_statutes_irs_product_committee_en_2013_08_12.pdfhttps://www.eurexclearing.com/blob/596588/2cd316bdfb7eb0dc4df2f8054f9b0743/data/04_6_statutes_irs_product_committee_en_2013_08_12.pdfhttps://www.eurexclearing.com/blob/284362/44929e82752e928980f9897b0c2d2991/data/04_7_auction_terms_en_2014_02_03.pdfhttps://www.eurexclearing.com/blob/284362/44929e82752e928980f9897b0c2d2991/data/04_7_auction_terms_en_2014_02_03.pdfhttps://www.eurexclearing.com/blob/596590/68c78ac8f98c8d197bd6022ef0b48e88/data/04_8_statutes_Disciplinary_committee_en_2013_08_12.pdfhttps://www.eurexclearing.com/blob/596590/68c78ac8f98c8d197bd6022ef0b48e88/data/04_8_statutes_Disciplinary_committee_en_2013_08_12.pdfhttps://www.eurexclearing.com/blob/596592/ee684f7140ce7464216445bc96271cb0/data/04_9_rules_Disciplinary-procedures_en_2013_08_12.pdfhttps://www.eurexclearing.com/blob/596592/ee684f7140ce7464216445bc96271cb0/data/04_9_rules_Disciplinary-procedures_en_2013_08_12.pdfhttp://www.lchclearnet.com/rules-regulations/rulebookshttp://www.lchclearnet.com/documents/731485/762691/general+regulationsot-misc_changes_13-04-15.pdf/1f8d907f-fcef-4073-a298-2878c520f2a4http://www.lchclearnet.com/documents/731485/762691/default+rules+-+ot+-+inflation+swaps+30+03+15.pdf/32151ce7-8691-40b3-9978-fd26395573f8http://www.lchclearnet.com/documents/731485/762691/settlement+finality+regulations+removal+of+lme+-+27.11.14.pdf/af2fad67-8f60-4db8-b197-3705fc037cc7http://www.lchclearnet.com/documents/731485/762691/procedures+section+1+-+18.12.14.pdf/f9e8baa4-cec9-4bd6-84ec-6f009c642da4http://www.lchclearnet.com/documents/731485/762691/procedures+section+2a+-+intentionally+left+blank+-+27.11.14.pdf/b9d59352-6755-46fc-b4cc-2d4de40b0dc8

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Section 2B - RepoClear Service Section 2C - SwapClear Service Section 2D - EquityClear Service Section 2E - LCH EnClear Clearing Service Section 2F - LSE Derivatives Markets Service Section 2G - Nodal Service Section 2H - NOT USED Section 2I - ForexClear Service Section 2J - NLX Service Section 2K - NOT USED Section 3 - Financial Transactions Section 4 - Collateral Section 5 - Disciplinary Proceedings Section 6 - Business Continuity Section 7 - Appeal Procedures Section 8 - Complaints

Pentru a fi admisi in sistemul LCH, Membrii Compensatori trebuie sa indeplineasca un set minim

de criterii, printre care: un nivel minim al capitalului net, minum 2 conturi deschise intr-o banca

comerciala, personal cu experinta si cunoasterea produselor financiare, echipamente

informatice.

Pentru diminuarea riscului de necompensare a tranzactiilor, fiecare membru depune o marja

initiala in contul CCP-ului, iar pentru protejarea impotriva insuficientei fondurilor constituite din

marjele initiale, toti membrii contribuie la constituirea Default Fund. Acest fond este

suplimentat de o polita de asigurare.

In cazul in care participantul vanzator nu livreaza instrumentele financiare la data decontarii

acesta are la dispozitie o perioada pe 4 zile in care poate efectua o tranzactie buy-in si livra

instrumentele financiare la o data de decontare ulterioara.

In cazul in care tranzactia buy-in nu s-a putut incheia, Membru comparator poate alege sa accepte o alta tranzactie buy-in cu o data de decontare ulterioara sau compensarea in cash intr-o perioada de 2 zile lucratoare dupa incheierea perioadei de 4 zilei aferenta operatiei de buy-in.

Luxembourg Stock Exchange Rules

Regulile de admitere a membrilor, tipurile de tranzactii ce pot fi efectuate de acestia, regulile de arbitraj, precum si operatiunile de listare si delistare a instrumentelor financiare pe piata bursiera din Luxemburg pot fi accesate pe pagina web: https://www.bourse.lu/listing-requirements

http://www.lchclearnet.com/documents/731485/762691/Procedures+section+2B+-+28.11.14.pdf/54a4c099-e676-4a5d-88ef-2db8402804f4http://www.lchclearnet.com/documents/731485/762691/Procedures+section+2B+-+28.11.14.pdf/54a4c099-e676-4a5d-88ef-2db8402804f4http://www.lchclearnet.com/documents/731485/762691/procedure+2c-ot-misc_changes_13-04-15.pdf/cfdf27b9-a9b6-4bcc-97ea-66925044fcd2http://www.lchclearnet.com/documents/731485/762691/Procedures_Section_2D/bd33bd85-a6cd-4955-ad20-0efde8ba388ehttp://www.lchclearnet.com/documents/731485/762691/procedures_section_2e-tj-14.05.15.pdf/c2993177-f4e9-4194-a4f8-b257ad17ab28http://www.lchclearnet.com/documents/731485/762691/Procedures+section+2F+-+LSE+Derivatives+Markets+Clearing+Service.pdf/dbaeedad-97d5-45b1-b53a-4384ad2d9bebhttp://www.lchclearnet.com/documents/731485/762691/Procedures+section+2G+-+Nodal+Service.pdf/279b518f-243d-4bdb-a0d0-7a2ba9817711http://www.lchclearnet.com/documents/731485/762691/Procedures+section+2G+-+Nodal+Service.pdf/279b518f-243d-4bdb-a0d0-7a2ba9817711http://www.lchclearnet.com/documents/731485/762691/procedures+section+2i+-+forexclear+service+clean_a+05.09.14+.pdf/46ab1a40-3cdc-46dc-b549-9df03d3bbabchttp://www.lchclearnet.com/documents/731485/762691/Procedures+Section+2J+-+NLX+Service.pdf/16b5047a-8858-433f-a3b7-20502c1baaf4http://www.lchclearnet.com/documents/731485/762691/procedures+section+3+-+ot+-+aud+07+04+15.pdf/60d91b0f-cd90-4b7b-a164-89b59d12f260http://www.lchclearnet.com/documents/731485/762691/Section4-BA-Client+Buffer-05.02.15.pdf/fdf1c4bd-105d-4305-a04a-49db6043bba0http://www.lchclearnet.com/documents/731485/762691/Section4-BA-Client+Buffer-05.02.15.pdf/fdf1c4bd-105d-4305-a04a-49db6043bba0http://www.lchclearnet.com/documents/731485/762691/Procedures+section+5+-+Disciplinary+Proceedings.pdf/e4e90fb1-2ce3-4ce1-9357-3207ecbf4a49http://www.lchclearnet.com/documents/731485/762691/Procedures+section+6+-+Business+Continuity.pdf/f21d3a27-8eb1-4e63-83a8-f0a8db90d319http://www.lchclearnet.com/documents/731485/762691/Procedures+section+7+-+Appeal+Procedures.pdf/0305f40b-2b4e-4bc5-9199-45a525b5d8aahttp://www.lchclearnet.com/documents/731485/762691/Procedures+section+8+-+Complaints.pdf/9ef0614a-bf7c-46b2-83aa-5469a507377dhttps://www.bourse.lu/listing-requirements

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DISCLAIMER

Toate datele si informatiile continute in acest document sunt obtinute din surse externe, disponibile la momentul publicarii lui, iar Depozitarul Central nu-si asuma raspunderea pentru acuratetea, actualitatea, completitudinea sau adecvarea oricaror informatii continute si la respectarea legilor aplicabile. Acest document trebuie inteles ca un ajutor si nu creaza Depozitarului Central obligatii legale, contractuale sau de orice natura fata de partea care utilizeaza informatiile cuprinse in acest document. Continutul acestui document este doar in scop informativ si nu trebuie considerat a fi o recomandare de investitie sau o consiliere juridica, fiscala sau de orice alta natura. Utilizarea informatiilor continute in acest document se face pe riscul partii care il utilizeaza fara sa angajeze vreo responsabilitate sau garantie a Depozitarului Central sau personalului acestuia. Acest document si continutul acestuia nu pot fi copiate, reproduse, publicate, transmise, transferate sau distribuite si comercializate in orice mod. Termenii si descrierile din prezentul document pot fi subiect al modificarilor ulterioare conform schimbarilor intervenite sau aparitiei unor noi reglementari, iar Depozitarul Central nu-si asuma nicio raspundere pentru actualizarea informatiilor cuprinse in prezentul document.