Regulatory Alerts2005-12-28
Added · Updated
Directions for the Central Bank of China to Govern Electronic Interbank Fund Transfers and Settlements
The document establishes definitions and operational rules for electronic interbank fund transfers and settlements, including real-time gross settlement and deferred net settlement methods. It mandates that financial institutions and clearing institutions obtain prior approval from the Central Bank of China to participate in the system, detailing specific application procedures, staffing requirements, and security controls. The text outlines queuing mechanisms for insufficient funds, prioritizing payments based on transaction nature, and sets conditions for clearing institutions to handle settlements and manage risks. It further specifies the obligations of participant entities regarding account maintenance, system safety, and compliance with operating rules.
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