Regulatory Alerts2022-02-17
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Instruction (Historical) No. 3/2022
The Bank of Portugal amends Instruction No. 8/2018 to migrate the SICOI technical account from TARGET2-PT to TIPS, requiring direct participants in the instant payment subsystem to designate a dedicated TIPS cash account for pre-funding and liquidity transfers. The amendment updates risk mitigation mechanisms, fee structures covering TARGET2 and TIPS settlement costs, and replaces the financial guarantee framework with a fiduciary alienation model under Decree-Law No. 105/2004. These changes take effect on February 25, 2022.
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