Regulatory Alerts2019-06-17
Added
Instruction No. 10/2019
The Banco de Portugal amends the regulation of the Interbank Clearing System (SICOI) to allow the execution of financial pledges in favor of the central bank for liquidity provided via the TARGET2-PT guarantee fund mechanism in case of participant default. The instruction updates the rules for immediate transfer subsystems, clarifies indirect participation requirements, and establishes that the 10-business-day advance notice for participation changes does not apply to exclusions or suspensions. It also introduces a new framework agreement for credit opening with financial guarantees and adjusts penalty collection mechanisms.
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