Regulatory Alerts2006-06-16
Added · Updated
Directions for the Central Bank of the Republic of China (Taiwan) to Govern Electronic Interbank Funds Transfer and Settlement
The document establishes regulatory requirements for the CBC Interbank Funds Transfer System, defining terms for interbank funds, clearance, and settlement methods including real-time gross and deferred net settlement. It mandates that financial institutions and clearing institutions obtain Bank approval, adhere to specific operational, security, and risk management standards, and comply with queuing mechanisms for transactions with insufficient available balances. The rules specify priority classes for queued payments, procedures for forward transfers, and the Bank's authority to suspend or terminate settlement services for non-compliant entities.
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