Regulatory Alerts2021-02-05
Added · Updated
Directions for the Central Bank of the Republic of China (Taiwan) to Govern Electronic Interbank Funds Transfer and Settlement
Amended on February 5, 2021, these Directions govern electronic interbank funds transfer and settlement operations using the CBC Interbank Funds Transfer System. The text defines key terms including interbank funds, clearance, settlement methods such as real-time gross and deferred net settlement, and participant entities like financial institutions and clearing institutions. It establishes application procedures for online institutions and clearing institutions, requiring specific staffing, security controls, and operational rules. The regulations mandate that real-time transfers execute immediately if available balances are sufficient, while forward transfers can be scheduled up to one year in advance, and impose obligations on participants regarding account maintenance, system stability, and compliance with consumer protection laws.
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