Regulatory Alerts2007-10-04
Ordinance No. 31 of the BNB of 4 October 2007 on Government Securities Settlement
The Bulgarian National Bank issues Ordinance No. 31 to regulate the settlement of transactions involving book-entry government securities through the ESROT system and TARGET2-Securities platform. The regulation establishes the BNB as the settlement agent, defines the types of settlement accounts, and mandates the use of specific settlement mechanisms such as Delivery versus Payment (DVP) and Free of Payment (FOP). It further details procedures for primary and secondary market settlements, handles unsuccessful settlement penalties, and outlines error correction protocols and participant exclusion rules.
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