Regulatory Alerts2017-12-22
Instruction No. 001-DSP/2017 Amending Certain Provisions of Instruction No. 001-DSP/09 dated September 22, 2009 on the Operation of the Automated Clearing and Settlement System
The Central Bank of Madagascar issued Instruction No. 001-DSP/2017 to amend Article 17 and Part 3 of its September 2009 clearing and settlement framework, raising the maximum teleclearing transaction limit to 100 million Ariary effective April 2018 and clarifying operational responsibilities between the Bank and payment system participants. The revised Part 3 designates the Central Bank as the primary domain administrator, password distributor, and system operator while assigning participants responsibility for their own servers, workstations, backups, and compliance with provider security standards. All hardware must meet prior approval requirements for new installations or relocations, and participants assume operational liabilities under supplier contracts governing the teleclearing and RTCS systems.
CENTRAL BANK OF MADAGASCAR INSTRUCTION NO. 001-DSP/2017 amending certain provisions of Instruction NO. 001-DSP/09 dated September 22, 2009 on the operation of the Automated Clearing and Settlement System
THE GOVERNOR OF THE CENTRAL BANK OF MADAGASCAR, having regard to Law NO. 2016-004 of July 29, 2016, supplemented by Law NO. 2016-057 of February 2, 2017 establishing the statutes of the Central Bank of Madagascar, having regard to Decree NO. 2014-1684 of October 29, 2014 appointing the Governor of the Central Bank of Madagascar, having regard to Instruction NO. 001-DSP/09 of September 22, 2009 on the operation of the automated clearing and settlement system.
DECIDES
Article 1 The terms of the first paragraph of Article 17 and PART 3 of Instruction NO. 001-DSP/09 dated September 22, 2009 on the operation of the automated clearing and settlement system are amended as follows:
« Article 17 first paragraph (new): The maximum amount of a transaction processed in the teleclearing system is set at one hundred million Ariary (100,000,000 Ariary effective April 1, 2018).
« PART 3: PROVISIONS RELATING TO THE OPERATION OF HARDWARE AND SOFTWARE TRANSFERRED TO PARTICIPANTS (new) The Central Bank of Madagascar is the primary responsible entity for the operation of the systems: a- regarding workstations managed within the domain: The Central Bank of Madagascar is the domain administrator; b- regarding servers for member workstations, controller workstations, and terminal workstations: The Central Bank of Madagascar is the overall administrator; c- The Central Bank of Madagascar exclusively distributes passwords and administrative privileges for these systems; d- participants are defined as users holding only the operational privileges of the applications; e- The Central Bank of Madagascar defines the system operating conditions to be followed by participants.
The Central Bank of Madagascar is the primary client in case of failures during application operations.
Except for the attributions of the Central Bank of Madagascar defined above, participants are responsible for their servers and workstations, which must meet the requirements defined by the providers of both the teleclearing and RTCS systems.
Participants are responsible for their backups and proper operation. Hardware installations located within the payment system perimeter must comply with security standards. New installations and hardware relocations must be subject to prior approval by the Central Bank of Madagascar.
Any new participant in the payment system must provide its own hardware, which must meet the requirements of the Central Bank of Madagascar and system providers.
Each participant assumes its responsibilities within the framework of operating contracts signed with suppliers for the execution of this present PART 3 »
Article 2 The other provisions of Instruction NO. 001-DSP/09 dated September 22, 2009 on the operation of the automated clearing and settlement system remain fully valid.
Article 3 All provisions contrary to this Instruction are hereby repealed and remain repealed.
Article 4 This Instruction enters into force on the date of its notification to system participants.
Antananarivo, December 22, 2017 THE GOVERNOR ALAIN H. RASOLOFONDRAIBE
P.O. Box 550 Antananarivo (101) - Madagascar, Tel. (261) 2A 22 211 51 / 20 22 234 65 Fax (261) 2A 22 345 32 Website: www.bfm.mg - Central Bank of Madagascar