Regulatory Alerts2023-03-17
Added · Updated
Instruction (Archive) No. 8/2023
Banco de Portugal amends Instruction No. 8/2018 to align the Interbank Clearing System (SICOI) with the TARGET-PT regulation, replacing references to TARGET2 with TARGET and updating account terminology such as introducing the Main Cash Account (CNP) and Dedicated Cash Account for Real-Time Gross Settlement (CND LBTR). The revision introduces a new governance model with three levels, establishes a new approval process for subsystem manuals, and updates participation conditions, including a 10-second fund availability target for instant payments and revised reserve requirements. It also revises the SICOI fee schedule and sanctions for non-compliance to reflect the consolidation of TARGET services effective March 20, 2023.
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