Regulatory Alerts2022-06-21
Added
Instruction (Historical) no. 10/2022
Instruction no. 10/2022 revises the regulation of the Interbank Clearing System (SICOI) by amending Instruction no. 8/2018 to accommodate the new Continuous Gross Settlement (CGS) mechanism in STEP2. It updates the closing times for clearing sessions and financial settlement of deferred clearing and settlement subsystems within SICOI, as detailed in Annex III. The instruction also modifies the penalties in Annex IX for participants responsible for delays in settlement due to insufficient funds, setting cumulative penalties ranging from 1,050 Euros for the first failure to an additional 10,500 Euros from the third failure onwards, depending on the subsystem and settlement period. These changes apply from July 12, 2022.
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