Notice No. 9/GBM/2023, Dated December 29 – Regulation of the Interbank Transfer and Settlement System

SUMMARY
12th SUPPLEMENT
Council of Ministers:
Decree No. 86/2023:
Approves the Regulation on Inspection of Higher Education Institutions and revokes Decree No. 15/2018, dated April 17.
Decree No. 87/2023:
Amends Articles 11 and 22 of the Regulation on Licensing and Operation of Private Employment Agencies, approved by Decree No. 16/2018, dated April 23. Bank of Mozambique:
Notice No. 9/GBM/2023:
Approves the Regulation of the Interbank Transfer and Settlement System.
Notice No. 10/GBM/2023:
Approves the Regulation of the Electronic Clearing System and revokes Notice No. 2/GBM/2021, dated October 19, which approves the Regulation of the Interbank Clearing and Settlement Subsystem. Friday, December 29, 2023 | SERIES I — Number 250

COUNCIL OF MINISTERS
Decree No. 86/2023 dated December 29

Given the need to revise Decree No. 15/2018 of April 17, which approves the Regulation on Inspection of Higher Education Institutions, in order to align it with the current dynamics of the higher education subsystem in Mozambique, under the provisions of paragraph 2 of Article 54 and Article 56, both of Law No. 1/2023, dated March 17, the Council of Ministers decrees:

Article 1. The Regulation on Inspection of Higher Education Institutions, attached hereto, is approved and forms an integral part of this Decree.
Article 2. Decree No. 15/2018, dated April 17, is revoked.
Article 3. The executive responsible for overseeing higher education shall approve the necessary norms to ensure the application of this Regulation.
Article 4. This Decree enters into force on the date of its publication.

Approved by the Council of Ministers, on December 12, 2023.
Published.
The Prime Minister, Adriano Afonso Maleiane.
Electronic edition by Pandora Box, Lda.

3822 — (250) SERIES I — NUMBER 250 i) Fine: A monetary penalty imposed on the institution as a result of sanction for an illegal or condemnable action under the law. j) Inquiry: A process intended for general investigation into the operation of services under the supervision of the executive overseeing the Higher Education Subsystem.

Decree No. 87/2023 dated December 29

Given the need to revise the Regulation on Licensing and Operation of Private Employment Agencies, approved by Decree No. 16/2018, dated April 23, which amends and republishes Decree No. 36/2016, dated August 31, in order to adjust it to the dynamics of the employment market, given the opening of new job opportunities abroad, under the provisions of paragraph 2 of Article 83 and Article 269 of Law No. 23/2007, dated August 1, the Labor Law, the Council of Ministers decrees:

ARTICLE 1
(Amendments)
Articles 11 and 22 of the Regulation on Licensing and Operation of Private Employment Agencies, approved by Decree No. 16/2018, dated April 23, which amends and republishes Decree No. 36/2016, dated August 31, are amended and shall henceforth read as follows:

ARTICLE 11
(Type of License)

1. (…)
   a) (…) b) (…)
2. (…)
3. (…)
4. (…)
5. Holders of special licenses may additionally provide recruitment, selection, and dispatch services for Mozambican workers to Private Employment Agencies and/or foreign employers under bilateral agreements and memoranda of understanding between the Government of Mozambique and those of the respective countries.

ARTICLE 22
(Special recruitment duties for abroad)

1. (…).
   a) (…); b) (…); c) (…); d) (…); e) (…); f) (…); g) (…); h) (…); i) (…); j) (…); k) (…);
2. (…).
3. (…).
4. For the purposes of recruitment and delegation of Mozambican citizens for employment abroad, under bilateral agreements and memoranda of understanding, Private Employment Agencies must pay a fee equivalent to one minimum wage, practiced in the non-financial sector, for each worker sent abroad.

ARTICLE 2
(Entry into force)
This Decree enters into force on the date of its publication.

Approved by the Council of Ministers, on December 19, 2023.
Published.
The Prime Minister, Adriano Afonso Maleiane.

BANK OF MOZAMBIQUE
Notice No. 9/GBM/2023 dated December 29

Given the need to regulate the Interbank Transfer and Settlement System, the Bank of Mozambique, exercising the competence conferred by paragraph c) of paragraph 2 of Article 6 of Law No. 2/2008, dated February 27, the National Payment Systems Law, determines:

1. The Regulation of the Interbank Transfer and Settlement System, attached hereto, is approved and forms an integral part of this Notice.
2. The following are revoked:
   a) Notice No. 9/GBM/2019, dated December 20, which amends paragraph d) of Article 7 of Notice No. 6/GBM/2004, dated March 23; b) Notice No. 4/GBM/2019, dated March 8, which approves the Regulation of the Real-Time Gross Settlement Transfer Subsystem (MTR); c) Notice No. 2/GBM/2005, dated May 25, which Regulates the Electronic Fund Transfer System of the State; and d) Notice No. 6/GBM/2004, dated March 23, which creates the Electronic Fund Transfer System, abbreviated as STF.
3. This Notice enters into force on the date of its publication.

Interpretation and application doubts regarding this Notice must be submitted to the Banking Services and Payment Systems Department of the Bank of Mozambique. Bank of Mozambique, in Maputo, November 20, 2023. — The Governor, Rogério Lucas Zandamela.

Regulation of the Interbank Transfer and Settlement System of Mozambique
CHAPTER I
General Provisions

ARTICLE 1
(Object)
This Regulation establishes the norms governing the operation of the Interbank Transfer and Settlement System.

ARTICLE 2
(Scope of application)
This Regulation applies to all participants of the Interbank Transfer and Settlement System.

ARTICLE 3
(Interbank Transfer and Settlement System)

1. The Interbank Transfer and Settlement System is the real-time fund transfer mechanism, operation by operation, initiated by the sender participant to the recipient participant, through settlement accounts held at the Bank of Mozambique.
2. The Bank of Mozambique operates and manages the Interbank Transfer and Settlement System.

ARTICLE 4
(Definitions)
The meaning of the terms and expressions used in this Regulation are contained in the attached Glossary, which forms an integral part thereof.

CHAPTER II
Participation and Authorization

ARTICLE 5
(Participants)
Participants of the Interbank Transfer and Settlement System are:
a) the Ministry overseeing the finance sector; b) the Bank of Mozambique; c) credit institutions; and d) other entities authorized by the Bank of Mozambique.

ARTICLE 6
(Forms of participation)

1. Participation in the Interbank Transfer and Settlement System may be carried out directly or indirectly.
2. Direct participation is made through the direct link of the participant to the Interbank Transfer and Settlement System, in accordance with the specifications defined in this Regulation, as well as in its respective Manual of Procedures.
3. Indirect participation is made through a direct participant, under the following terms:
   a) the indirect participant uses the services of a direct participant for the settlement of its transactions; and b) the direct participant assumes, vis-à-vis other participants, the rights and obligations of the institutions it represents.
4. The Bank of Mozambique decides on the transition from indirect to direct participation, and vice versa.

ARTICLE 7
(Participation requirements)
For the entities referred to in paragraphs c) and d) of Article 5, participation requirements in the Interbank Transfer and Settlement System are:
a) being an institution authorized to operate in Mozambique, according to applicable legislation; b) holding a settlement account with the Bank of Mozambique; c) being solvent and not presenting liquidity issues; d) possessing technical and technological capacity to perform operations, according to the Manual of Procedures of the Interbank Transfer and Settlement System.

ARTICLE 8
(Authorization for participation)

1. The Bank of Mozambique authorizes, upon request, the participation in the Interbank Transfer and Settlement System of the entities referred to in paragraphs c) and d) of Article 5.
2. Requests for participation must be submitted to the Bank of Mozambique by completing a form, at least thirty business days prior to the expected integration date.
3. The Bank of Mozambique may request supplementary information and documents from applicants and conduct necessary checks for the purposes of the authorization provided in paragraph 1.
4. The Bank of Mozambique notifies other participants, via email or other means, of the admission of new participants and their respective operational start dates.

ARTICLE 9
(Change of form and cessation of participation) Requests for change of form and cessation of participation in the Interbank Transfer and Settlement System must be submitted to the Bank of Mozambique, with a minimum advance of ten business days prior to the expected effective date, applying, with necessary adaptations, the provisions in paragraphs 3 and 4 of the preceding article.

ARTICLE 10
(Suspension, exclusion and readmission of participants)

1. The Bank of Mozambique may determine the suspension or exclusion of participants referred to in paragraphs c) and d) of Article 5.
2. The following constitute grounds for suspension or exclusion:
   a) acts affecting the normal operation of the Interbank Transfer and Settlement System; b) other serious circumstances justifying suspension or exclusion of the participant from the Interbank Transfer and Settlement System.
3. The Bank of Mozambique may also exclude a participant from the Interbank Transfer and Settlement System in the following situations:
   a) non-compliance with norms established in the National Payment Systems Law, this Regulation, or the Manual of Procedures; b) technical and financial incapacity to continue participating in the Interbank Transfer and Settlement System; c) freezing or closure of the settlement account; d) subject to exceptional operating regimes; and e) suspension or revocation of authorization.
4. A suspended or excluded participant has no right to reimbursement of any commission, fee, or other expense incurred in the context of its participation in the system.
5. The Bank of Mozambique communicates the suspension, exclusion, and readmission of the participant to other participants by the first business day following the decision.
6. A participant may request readmission to the Interbank Transfer and Settlement System by providing proof of cessation of the cause that determined its suspension or exclusion.

3822 — (251) SERIES I — NUMBER 250
CHAPTER III
System Operation

ARTICLE 11
(System operating days)

1. The Interbank Transfer and Settlement System operates on business days, except for holidays and national point tolerances.
2. Without prejudice to the preceding paragraph, the Interbank Transfer and Settlement System closes on tolerance days in the location hosting its operation.

ARTICLE 12
(Charges)
Use of the Interbank Transfer and Settlement System is subject to payment of charges defined in the Manual of Procedures.

ARTICLE 13
(Payment instructions)
The following are processed and settled through the Interbank Transfer and Settlement System:
a) all payment instructions issued by participants; b) clearing results of payment systems; c) the financial result of securities purchase or sale transactions with or without repurchase/reverse repurchase agreements; and d) others determined by the Bank of Mozambique.

ARTICLE 14
(Settlement of payment instructions)

1. Payment instructions must be settled by order of entry, adhering to the FIFO (First-In First-Out) criterion, according to which the first validated payment instruction is the first to be settled.
2. The FIFO criterion referred to in the preceding paragraph operates based on priority criteria established according to payment types described in the Manual of Procedures.

ARTICLE 15
(Settlement account)
Operations in the Interbank Transfer and Settlement System are executed by debit and credit to participants' settlement accounts.

ARTICLE 16
(Definitive, irrevocable and unconditional nature) Payment instructions executed in the Interbank Transfer and Settlement System become definitive, irrevocable, and unconditional at the moment of settlement in participants' accounts.

ARTICLE 17
(Finalization of payment)
Funds from the payment instruction in the Interbank Transfer and Settlement System must be made immediately available to the final beneficiary after settlement.

ARTICLE 18
(Return of payment instructions)

1. Payment instructions processed in the Interbank Transfer and Settlement System are subject to return.
2. In case of return, the determining reasons must be communicated to participants.

ARTICLE 19
(Payment instructions in waiting queue)

1. When the settlement account balance is insufficient to effect settlement, payment instructions remain in a waiting queue due to lack of provision by the sender participant.
2. Payment instructions remain in the waiting queue until settlement accounts are funded within the time and conditions established in the Manual of Procedures.
3. Payment instructions not settled by system close due to lack of funding in settlement accounts are automatically cancelled.
4. Payment instructions in the waiting queue may be cancelled by initiative of sender participants.

ARTICLE 20
(Contingency mechanisms)
In case of network disruptions, or if for any other reason a participant is unable to order or receive payment instructions or other messages from the Interbank Transfer and Settlement System, the contingency mechanisms established in the Manual of Procedures must be used.

29 DE DEZEMBRO DE 2023 3822 — (252) SERIES I — NUMBER 250
CHAPTER IV
Final Provisions

ARTICLE 21
(Manual of procedures)
The Bank of Mozambique approves the Manual of Procedures of the Interbank Transfer and Settlement System by Circular.

ARTICLE 22
(Sanctioning regime)
Violation of the provisions of this Regulation constitutes a contravention provided for and punishable under the National Payment Systems Law.

ANNEX
Glossary
For the purposes of this Regulation, it is understood that:
a) Final Beneficiary: Client who receives funds through credit to their account; b) Settlement Account: Account held by each participant at the Bank of Mozambique, used to settle transactions between participants; c) Waiting Queue: Mechanism created to conserve for a certain period, transactions not settled due to insufficient or lack of funds in the deposit account held at the Bank of Mozambique; d) Payment Instruction: Message from a participant requesting fund transfer; e) Direct Participation: Form of participation in which the participant is directly linked to the Interbank Transfer and Settlement System; f) Indirect Participation: Form of participation in which the participant is linked to the Interbank Transfer and Settlement System through a direct participant; g) Participant: Institution authorized to access and use the Interbank Transfer and Settlement System; h) Recipient Participant: Institution receiving a Payment Instruction; and i) Sender Participant: Institution sending or initiating a Payment Instruction.

3. This Notice enters into force on the date of its publication.
   Interpretation and application doubts regarding this Notice must be submitted to the Banking Services and Payment Systems Department of the Bank of Mozambique. Bank of Mozambique in Maputo, November 20, 2023. — The Governor, Rogério Lucas Zandamela.

Notice No. 10/GBM/2023 dated December 29

Given the need to improve and make the Electronic Clearing System aligned with international best practices, the Bank of Mozambique, exercising the competence conferred by paragraph c) of paragraph 2 of Article 6 of Law No. 2/2008, dated February 27, the National Payment Systems Law, determines:

1. The Regulation of the Electronic Clearing System, attached hereto, is approved and forms an integral part of this Notice.
2. Notice No. 2/GBM/2021, dated October 19, which approves the Regulation of the Interbank Clearing and Settlement Subsystem, is revoked.

CHAPTER IV
Final Provisions

ARTICLE 21
(Manual of procedures)
The Bank of Mozambique approves, by Circular, the Manual of Procedures of the Interbank Transfer and Settlement System.

ARTICLE 22
(Sanctioning regime)
Violation of the provisions of this Regulation constitutes a contravention provided for and punishable under the National Payment Systems Law.

ANNEX
Glossary
For the purposes of this Regulation, it is understood that:
a) Final Beneficiary: Client who receives funds through credit to their account; b) Settlement Account: Account held by each participant at the Bank of Mozambique, used to settle transactions between participants; c) Waiting Queue: Mechanism created to conserve for a certain period, transactions not settled due to insufficient or lack of funds in the deposit account held at the Bank of Mozambique; d) Payment Instruction: Message from a participant requesting fund transfer; e) Direct Participation: Form of participation in which the participant is directly linked to the Interbank Transfer and Settlement System; f) Indirect Participation: Form of participation in which the participant is linked to the Interbank Transfer and Settlement System through a direct participant; g) Participant: Institution authorized to access and use the Interbank Transfer and Settlement System; h) Recipient Participant: Institution receiving a Payment Instruction; and i) Sender Participant: Institution sending or initiating a Payment Instruction.

3. This Notice enters into force on the date of its publication.
   Interpretation and application doubts regarding this Notice must be submitted to the Banking Services and Payment Systems Department of the Bank of Mozambique. Bank of Mozambique in Maputo, November 20, 2023. — The Governor, Rogério Lucas Zandamela.

Regulation of the Electronic Clearing System
CHAPTER I
General Provisions

ARTICLE 1
(Object)
This Regulation establishes the norms governing the operation of the Electronic Clearing System.

ARTICLE 2
(Scope of application)
This Regulation applies to all participants of the Electronic Clearing System.

ARTICLE 3
(Electronic Clearing System)

1. The Electronic Clearing System is the mechanism for exchanging payment instruments between participants via files, calculating multilateral net balances, and sending them to the Interbank Transfer and Settlement System for settlement purposes.
2. The Bank of Mozambique operates and manages the Electronic Clearing System.

ARTICLE 4
(Definitions)
The terms used in this Regulation are contained in the attached Glossary, which forms an integral part.

CHAPTER II
Participation

ARTICLE 5
(Participants)
Participants of the Electronic Clearing System are:
a) the Ministry overseeing the finance sector; b) the Bank of Mozambique; c) credit institutions; d) other entities authorized by the Bank of Mozambique.

ARTICLE 6
(Forms of participation)

1. Participation in the Electronic Clearing System may be carried out directly or indirectly.