Regulatory Alerts2021-12-02
Added · Updated
Official Position on the Required Level of Segregation of Client Accounts of Clearing System Members Managed by a Central Counterparty
The Croatian Agency for Supervision of Financial Services (HANFA) issues an official position clarifying the mandatory segregation levels for client accounts and collateral under EMIR Article 39, specifically addressing the risks associated with omnibus versus individual accounts. The document mandates that investment firms and credit institutions providing indirect clearing services must offer clients a choice between specific omnibus segregation categories, while other supervised entities must conduct internal risk assessments to determine appropriate segregation levels. HANFA recommends higher protection levels, such as individual segregation or segregated omnibus accounts, for entities with significant portfolios or systemic importance, particularly regarding OTC derivatives trading.