Regulatory Alerts2023-03-17
Added · Updated
Instruction No. 8/2023
The Bank of Portugal amends Instruction No. 8/2018 to align the Interbank Clearing System (SICOI) with the TARGET-PT framework following the TARGET2-PT transition. The revision replaces references to TARGET2 with TARGET, updates account terminology to include Main Cash Accounts (CNP) and Dedicated Cash Accounts for Real-Time Gross Settlement (CND LBTR), and introduces a new governance model with three decision-making levels. It also establishes specific service levels for instant payments, mandates annual operational testing, and updates the fee structure and manual approval procedures for SICOI participants.
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