Act 2018 status not recorded
Decreto-Legislativo n.º 7/2018 — Regime Jurídico do Sistema de Pagamentos de Cabo Verde (Legislative Decree 7/2018 on the legal framework for the payment system)
Plain-English summary
The BCV regulates, supervises and promotes the payment system, aiming for efficiency, security and limited systemic risk (Art. 6). It may act as central counterparty (Art. 7) and designate systems and adopt general rules by notice (Art. 17). It covers participation, settlement, netting and collateral, irrevocability of payment orders and insolvency protection; Art. 31(2) sets fines of 100,000 to 1,000,000 escudos for individuals and 400,000 to 50,000,000 escudos for legal persons. Published in B.O. I Série n.º 78 of 28 November 2018.
Who it applies to
Banking · Payments & Fintech
Topics
Payments & Fintech / Digital Assets Operational Risk & Outsourcing
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