Instruction (Historical) no. 10/2022

Instruction no. 10/2022
Official Gazette no. 6/2022 Supplement • 2022/06/21
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Topics
Payment Systems :: Clearing
Mod. 99999940/T – 01/14
Text of the Instruction
Subject: Amendment of Instruction no. 8/2018
The purpose of this Instruction is to revise the regulation of the Interbank Clearing System (SICOI), contained in Instruction no. 8/2018, of March 22 (Official Gazette no. 3/2018, Supplement), in order to accommodate the implementation, by EBA Clearing, of the new continuous gross settlement mechanism (Continuous Gross Settlement – CGS) in STEP2. The implementation of this new continuous gross settlement mechanism introduces changes to the times that each closing of the clearing sessions and the financial settlement of the deferred clearing and settlement subsystems that are part of SICOI must comply with, which are defined in Annex III of Instruction no. 8/2018, and to the penalties related to non-compliance with the new times, established in Annex IX of the same Instruction. Thus, in the exercise of the competence attributed to it by article 14 of its Organic Law and by article 92 of the General Regime of Credit Institutions and Financial Companies (RGICSF), which grants it powers to regulate, supervise and promote the proper functioning of payment systems, namely within the scope of its participation in the European System of Central Banks (ESCB), the Banco de Portugal amends the articles of Instruction no. 8/2018 – Regulation of the Interbank Clearing System (SICOI) and determines the following:

1. Annex III, number 2 shall now read as follows:
   «2. Schedules
   The schedules that each closing of the clearing sessions and the financial settlement of the deferred clearing and settlement subsystems that are part of SICOI must comply with are described in the following table:

SUBSYSTEM | CLOSING OF CLEARING SESSIONS | INFORMATION ON OPERATIONS TO BE SETTLED IN TARGET2 | FINANCIAL SETTLEMENT IN TARGET2 | SETTLEMENT PERIOD ---|---|---|---|--- NON-SEPA CREDIT TRANSFERS | 1st Close 21:00 | 06:00 | 09:30 a) | 60 minutes NON-SEPA CREDIT TRANSFERS | 2nd Close 13:45 | 14:00 | 15:00 b) | 30 minutes SEPA I | 1st Close 23:30 | 06:00 | 09:00 a) | 60 minutes SEPA I | 2nd Close 06:45 | 07:30 | 09:30 b) | 60 minutes SEPA I | 3rd Close 11:15 | 12:00 | 12:30 b) | 30 minutes SEPA I | 4th Close 13:45 | 14:30 | 15:00 b) | 30 minutes SEPA I | 5th Close 16:00 | 16:15 | 16:30 b) | 15 minutes SEPA II C) | 1st Close 07:15 | 08:30 | 09:00 a) | 60 minutes SEPA II C) | 2nd Close 09:45 | 11:00 | 11:30 b) | 60 minutes SEPA II C) | 3rd Close 11:15 | 13:00 | 13:30 b) | 30 minutes SEPA II C) | 4th Close 12:45 | 14:30 | 15:00 b) | 45 minutes SEPA II C) | 5th Close 14:45 | 16:10 | 16:30 b) | 15 minutes CARD-BASED PAYMENT OPERATIONS | 20:00 | 06:00 | 09:00 a) | 60 minutes COMMERCIAL EFFECTS | 21:30 | 06:00 | 09:00 a) | 60 minutes DIRECT DEBITS SEPA I CORE | 12:00 | 13:30 | 14:00 b) | 30 minutes DIRECT DEBITS B2B | 12:00 | 13:30 | 14:00 b) | 30 minutes DIRECT DEBITS SEPA II C) CORE | 12h00 | 15:30 | 16:00 b) | 30 minutes DIRECT DEBITS B2B | 12h00 | 15:30 | 16:00 b) | 30 minutes CHECKS | 03:30 | 06:00 | 09:30 b) | 60 minutes

a) Business day following the clearing close, taking into account the exceptions in point 1. b) Same day as the clearing close, taking into account the exceptions in point 1. c) SEPA II closes refer to account settlements between SICOI participants, related to operations processed in international clearing systems.»
2. In Annex IX – Pricing and penalties, the following points are amended:
2.1. Point 2.2. shall now read as follows:
«2.2. In the clearing subsystems for credit transfers (2nd close of the Non-SEPA component and 3rd close of the SEPA component) and SEPA direct debits (CORE and B2B components), successive settlement periods of 30 minutes are carried out, after which the following cumulative penalties will be applied to participants responsible for delays in the settlement of clearing balances due to insufficient funds in the account:
I. Failure in the first settlement period: a penalty of 1,050 Euros will be applied;
II. Failure in the second settlement period: an additional penalty of 2,625 Euros will be applied;
III. Failure in the third settlement period: an additional penalty of 5,250 Euros will be applied;
IV. From the third settlement failure period onwards: the additional penalty will be 10,500 Euros.»
2.2. A new point 2.3 is introduced, renumbering the subsequent points:
«2.3. In the clearing subsystems for credit transfers, 4th close of the SEPA component, successive settlement periods of 45 minutes are carried out, after which the following cumulative penalties will be applied to participants responsible for delays in the settlement of clearing balances due to insufficient funds in the account:
I. Failure in the first settlement period: a penalty of 1,050 Euros will be applied;
II. Failure in the second settlement period: an additional penalty of 2,625 Euros will be applied;
III. Failure in the third settlement period: an additional penalty of 5,250 Euros will be applied;
IV. From the third settlement failure period onwards: the additional penalty will be 10,500 Euros.»
3. The provisions contained in this Instruction shall be applicable from July 12, 2022.