Regulatory Alerts2002-07-08
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 and deferred net settlement methods. It mandates that financial institutions and clearing institutions obtain approval, meet specific qualification standards, and adhere to strict security and risk management protocols to participate in the Central Bank Interbank Funds System. The regulations detail the application process, required personnel roles, user ID management, and the queuing mechanism for transactions where available balances are insufficient, including priority classes and revocation procedures.
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