Regulatory Alerts2010-06-21
Regulation of the Interbank Clearing System — SICOI (Tele-clearing)
The Central Bank of São Tomé and Príncipe issued this Permanent Application Standard to establish and regulate the Interbank Clearing System (SICOI), mandating licensed commercial, investment, and development banks to participate in its electronic and physical clearing processes. The regulation defines participant eligibility, operational responsibilities, session schedules, financial settlement procedures, and the definitive nature of cleared transactions to ensure system stability. It further outlines cost structures, administrative oversight by an Operations Committee, and specific protocols for handling anomalous situations, participant insolvency, and document validation.
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