Regulatory Alerts2022-02-17
Added · Updated
Instruction No. 3/2022
The Bank of Portugal amends the Regulation of the Interbank Compensation System (SICOI) to migrate the SICOI technical account from TARGET2-PT to the TARGET Instant Payment Settlement (TIPS) system by February 25, 2022. Direct participants in the SICOI instant transfer subsystem must designate a dedicated TIPS cash account for liquidity provisioning and pre-funding, replacing previous TARGET2 arrangements. The instruction updates risk mitigation mechanisms, fee structures to reflect TIPS integration costs, and the financial guarantee framework governing these operations.
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