Regulatory Alerts2021-10-15
Added
Instruction No. 13/2021: Amendment to TARGET2-PT Regulation
This instruction amends Instruction No. 54/2012, which governs TARGET2-PT, in response to ECB Guideline BCE/2021/30. The changes primarily introduce modifications to TARGET Instant Payment Settlement (TIPS) accessibility measures and strengthen data protection rules. It also alters accessibility for payment module account holders, indirect participants, and addressable BICs in TIPS, and establishes new security requirements and control procedures allowing Banco de Portugal to impose sanctions for non-compliance. A transitional provision permits Banco de Portugal to provide fund transfer services to ancillary systems settling instant payments via the ancillary system interface until February 25, 2022.
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