Bank of Portugal Instruction No. 12/2000: Rules for Opening and Operating Accounts

Instructions of the Bank of Portugal
Instruction No. 12/2000
SUBJECT: Rules for opening and operating accounts

Considering the need to introduce adjustments in the rules on opening and operating current deposit accounts at the Bank of Portugal, arising from the transposition into Portuguese law of Community Directive No. 98/26/EC of 19 May 1998, on the finality of settlement in payment and securities settlement systems, and on the other hand, taking the opportunity to standardize the designation of SLOD as System for Settlement of Other Depositors throughout the regulation;

The Bank of Portugal, in accordance with the powers conferred upon it by Article 14 of its Organic Law, determines that the Introduction and points 11.2 and 11.2.3. c) of Part II of Instruction No. 114/96 (BNBP No. 2, 15.07.96) shall henceforth read as follows:

Introduction
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Considering it desirable to maintain the current access facilities to settlement accounts at the Bank of Portugal by institutions not eligible as participants in the SPGT, a subsystem is created, complementary to the SPGT - System for Settlement of Other Depositors (SLOD) - with specific operating rules, exclusively destined for the purposes already indicated. (...)

11. Interbank settlement systems at the Bank of Portugal
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11.2. System for Settlement of Other Depositors (SLOD)
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11.2.3. Processing and accounting rules
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c). Accounting Rules
Operations executed through the SLOD shall be considered final at the moment when the movement in the respective settlement account has been effected.
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This Instruction enters into force on the date of its publication