By this means it is made of public knowledge that the Monetary Board has issued its First Litigation, Arbitration de when and where December 18, 2014, the text of which is transcribed below:
"VISTA Communication No.19849 of when and where December 16, 2014, addressed to the Governor of central bank y President of the Monetary Board for the Managing director of happiness Institution, through which it refers to the knowledge and approval final of the Monetary Board the modification of the Regulation of Systems of Payment;
VISTA la Matrix Comparison of observations on the draft amendment to the Regulation on Information Systems Payment;
VISA el Treaty on Payment Systems and Settlement de Values from Central America and Republic Dominican, signed in when and where June 29, 2006, ratified by the Litigation, Arbitration No.455-08 issued by the Congress dome National en when and where October 7, 2008, and promulgated by the The ability to Executive en when and where October 27, 2008;
VISTA la Constitution of Republic Dominican, proclaimed in when and where January 26, 2010;
VISTA la Act No. 2859 of Checks, of when and where April 30, 1951 and its amendments;
VISTA la Act No.19-00 regulating the Market of Values in the Republic Dominican, from when and where May 8, 2000, and its Implementing Regulations approved by the Decree No.664-12 of when and where December 7, 2012;
VISTA la Act No.87-01 which creates the System Dominican of Social security, when and where May 9, 2001, and its amendments;
VISTA la Act No.3-02 on Register Commercial law, when and where January 18, 2002;
VISTA la Act No.72-02 on Money Laundering from Trafficking Illicit of Drugs and Controlled Substances and Other Serious Violations of when and where June 7, 2002;
VISTA la Act No.126-02 on Stores Electronic, Documents and Digital Signatures, of when and where September 4, 2002, and its Implementing Regulations approved by Decree No.335-03 of when and where April 8, 2003;
VISTA la Act No.183-02 Monetary and Financial, of when and where November 21, 2002 and its amendments;
… /
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VISTA la Act No.92-04 which creates the Exceptional Program of Prevention of the Risk for Financial Intermediation Entities, when and where January 27, 2004;
VISTA la Act No.479-08 General Law on Commercial Companies and Individual Companies of Liability Limited, of when and where December 11, 2008, and its amendments;
VISA the Treasury Regulations of the Social security, approved by Decree No.775-03 of when and where August 12, 2013;
VISA the Regulation of Systems of Payment, approved by the Sixth Litigation, Arbitration dictated by the Monetary Board, in when and where April 19, 2007 and its amendments;
VISA the Credit Card Regulation Credit, approved by the First Litigation, Arbitration issued by the Monetary Board in when and where February 7, 2013;
VISTA The Eighth Litigation, Arbitration issued by the Monetary Board in when and where September 27, 2012, which authorized financial intermediation entities to issue prepaid cards;
VISTA The Eleventh Litigation, Arbitration issued by the Monetary Board in when and where June 26, 2014, which authorized the publication for purposes of consultation of the interested sectors, of the draft amendment to the Regulation of Systems of Payment;
HAVING SEEN the Principles Applicable to Financial Market Infrastructures, adopted by the Committee on Payments and Market Infrastructures (CPMI) of the European Parliament, Banco of International Settlements (BIS) and the Technical Committee of the Organisation International of Commissions of Values (IOSCO);
HAVING SEEN the other documents that make up this document office hour;
CONSIDERING that Article 223 of the Constitution of Republic Dominican Republic establishes that 'the regulation of work monetary and financial of the Nation corresponds to the Monetary Board as organ top of central bank';
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CONSIDERING that literal a) of the Article 27 of the aforementioned Act Monetary and Financial Law provides that '...the regulation of the organizational members in and the operation of the work of payments and compensation by part The Monetary Board's fundamental objectives will be to ensure the immediacy and successful completion of the paid, being able to establish different subsystems, taking as reference the international standards in the matter…';
CONSIDERING that System of Payments and Settlement de Values of Republic Dominican Republic, plays an important role role in economic activity, since it affects the financial market as a whole, facilitating purchase transactions goods and services and provides economic agents with the transactional mechanisms for their operations;
CONSIDERING that it is necessary that the System of Payments of the Republic Dominican Republic, have a regulation valid updated and modern, which guarantees the irrevocability and firmness of payments, as well as fair and transparent access. equitable for participants and users of the services of the systems of paid y settlement de values of the country;
CONSIDERING that Republic Dominican Republic is a signatory of the Treaty on Payment Systems and Settlement de Values from Central America and Republic Dominican Republic, which establishes a regulatory framework común on systems of paid for the signatory countries;
CONSIDERING that in the month April of year and we will announce 2012, the Committee on Payments and Market Infrastructure (CPMI) of the Banco of Payments International (BIS) and the Technical Committee of the Organisation International of Commissions of Values (IOSCO) issued the Principles Applicable to Financial Market Infrastructures, which establish standards that harmonize and strengthen regulations on financial market systems. paid, centralized deposits of values, System of settlement de values, central counterparty entities and trade repositories, requiring that such principles be incorporated into the regulation valid at the country;
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CONSIDERING that in this sense, the Department of Payment Systems of the central bank, together with the Legal Consultancy of said Institution, they carried out the review and updating of the Regulation of Systems of Payment;
CONSIDERING and the principle of review previously cited, the Monetary Board through its Eleventh Litigation, Arbitration de when and where June 26, 2014, authorized the publication for purposes of consultation of the interested sectors, of the proposal to modify the aforementioned Regulation of Systems of Payment;
CONSIDERING what how result of the aforementioned publication’s most emblematic landmarks, the central bank received the observations made to the proposed modification of the Regulation of Systems of PaymentBy part of Association of Commercial Banks of the Republic Dominican Republic (ABA); the Superintendency of Values (SIV); the Association Dominican Republic of Administrators of Funds of Pensions (ADAFP); the Association of Stock Exchanges (APB); the Deposit Centralized of Values, SA (CEVALDOM); the Association National Savings and Loans; the Consortium of Dominican Cards, SA (CARDNET); the society GCS Systems; the Company Galactica, SRL, and the lawyer Emmanuel Cedeño Brea;
CONSIDERING that the observations submitted were duly analyzed and considered by the Department of Payment Systems of the central bank and the Legal Consulting of said Institution, result of which some aspects were incorporated in the proposed modification to the Regulation of Systems of Payment, among which the following are mentioned:
a) Replace the term 'Securities Values' by 'Values Negotiable';
b) Modify the definition in 'Compensation';
c) Exclude natural persons from the definition of 'Intermediaries of Values';
d) Modify the definition from 'Participant';
e) Provide that the central bank may require insights additional on the shareholders and ultimate beneficial controllers of the system administrators paid or settlement de values;
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f) Include the requirement to have mechanisms for administration de risk legal for system administrators paid or settlement de values;
g) Exclude request of specific technologies for systems of paid mobile phones;
h) Notify al central bank all transaction de cultural, of control or of your property relevant shareholding of system administrators paid or settlement de values;
i) Include the acceptance of external audits carried out by auditors registered with the Superintendency of Values, for him /// of its regulated;
j) Indicate that it corresponds to the body sector supervisor to verify the fulfillment by part of the participants in the provisions of prevention money laundering;
k) Provide that for cases of acting as mediator involving operations of values de offer public, such action will be carried out in compliance with the market regulations of values valid and the coordination of competencies with the Superintendency of Values; and,
l) Establish that the exclusion of participants that are not financial intermediation entities must be coordinated with the body competent regulator.
CONSIDERING that in addition to the above, the Department of Payment Systems of the central bank and the Legal Consulting of said Institution, considered it pertinent to make some adjustments to the aforementioned draft amendment to the Regulation of Systems of Payment, which are consistent with the observations expressed by the interested sectors, among which are the following:
a) Include definitions of 'Entity 'Central Counterparty' and 'Financial Market Infrastructure';
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b) Modify the definitions of 'Entity of Financial Intermediation' and 'Credit Card';
c) Include definitions of 'Direct Participant' and 'Participant' Indirect';
d) Reduce the direct participants required from 3 to 2 so that together with the administrator of the work, form a work of payments or of settlement de values;
e) Name the financial market infrastructures that will be considered of systemic importance;
f) Specify the mechanisms to which direct participants have access. /// of insufficiency of fondos;
g) Include as infringement administrative failure to comply with the rules on accreditation of fondos, and;
h) Include the validity of the digital image of the check for remission purposes in the states of account of bank customers.
CONSIDERING that the present draft amendment to the Regulation on Systems of Payment, is structured in 6 Titles, which in turn are made up of Chapters, which address crafts detailed the regulatory aspects concerning the System of Payments and Settlement de Values of Republic Dominican (SIPARD);
CONSIDERING that Title I relative to the General Provisions, contemplates in the Chapter And the object, scope and area of application thereof, and in the Chapter II the definitions of the terms and concepts that make up the conceptual framework of the Regulation;
CONSIDERING that Title II concerning the Systems of Payment, Administrators and Participants, establishes in the Chapter I the Requirements for the Mutual recognition of the Systems and the Procedure to follow. In the Chapter II identifies the legal, technological and operational requirements for comply for
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Content of System Administrators Payment or Settlement de values, as well as the Chapter III indicates the Obligations of the Participants and Administrators relating to the record, tracking and archiving of transactions, as well as prevention money laundering, cultural, of share control, proceedings to incorporate new participants and hiring support entities;
CONSIDERING that in the Title III relative to central bank includes in the Chapter I the Powers of said Institution Regarding the mass surveillance, coordination with other entities and acting as mediator. En el Chapter II the aspects relating to the Account Current in the central bank of the direct participants of the work of payments and settlement de values. En el Chapter III deals with the provisions on the System de Settlement Brute in Time Real. En el Chapter IV the Camera de Compensation Electronic Checks central bank, And in the Chapter And Payments for Services of settlement of payments or other associated services provided by the central bank;
CONSIDERING that Title IV treats on the Conditions Applicable to the Systems of Payment y Settlement de Values, contemplates in the Chapter And the Regime de Constitution of Guarantees for part of the participants and the proceedings to follow in /// of insufficiency of fondos at their account at the central bank. En el Chapter II the Irrevocability and Firmness of payments made in the systems of paid y settlement de values. En el Chapter III Precautionary Measures and Regime Sanctioning for administrators and participants, and in the Chapter IV the Effects of the Procedures of Dissolution o Settlement on transfer orders and guarantees;
CONSIDERING that Title V refers to the Instruments of Payment, both physical and electronic, includes in the Chapter I the Aspects relating to Check, its validity, structure, digitization, truncation, compensation y settlement, And in the Chapter II Electronic Transfers of Funds, its Classification Compensation, Settlement and Limit;
CONSIDERING that finally the Title VI relative to Other Provisions, includes in its Chapter I the Repealing and Transitional Provisions;
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CONSIDERING That in light of all the above, and having been agreed upon with the different interested sectors, the Management of central bank submits the decision and approval final by part of the Monetary Board the present draft amendment to the Regulation of Systems of Payment;
Therefore, the Monetary Board
RESOLVES:
1. Approve the version final of the proposed amendment to the Regulation on Systems of Payment, approved by the Sixth Litigation, Arbitration issued by the Monetary Board in when and where April 19, 2007, which reads as follows: crafts next:
REGULATION OF SYSTEMS OF PAYMENT TITULO I
GENERAL DISPOSITION
CHAPTER I
OBJECT, SCOPE AND EXTENT OF APPLICATION
Article 1. Object. This Regulation has the purpose object establish the regime legal and the procedures applicable to the System of Payments and Settlement de Values of Republic Dominican Republic (SIPARD) and the systems of paid y settlement de values that compose it, seeking the immediacy and the good end of the paid.
Article 2. Scope. This Regulation includes the rules and procedures to be observed by participants in the financial systems. paid y settlement de values, their administrators, as well as the support entities that offer services in said systems, to reduce the risks inherent to their participación, with relationship the firmness of the settlements, the validity legal of the agreements of compensation, the legal security of the guarantees provided and cases of non-compliance, dissolution o settlement from a SIPARD participant, in coordination with the body corresponding sector regulator.
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Article 3. Scope. This Regulation shall apply to the systems of paid y settlement de values, its administrators and participants, with regard to the operations of the aforementioned systems, as well as the support entities that offer services to them.
CHAPTER II DEFINITIONS
Article 4. Definitions. For effects Under these Regulations, the terms and concepts detailed below shall have the following meaning:
a) Administrator a System of Payments or of Settlement de Values: Is the central bank of Republic Dominican or other entity duly authorized by the Monetary Board that operates a work de paid; or one entity authorized to offer services of record, transfer, compensation y settlement de values regarding the transfer of the values negotiable;
b) ATM: It is the electromechanical device that allows authorized users, by making use from bank cards, as well as mobile devices, withdraw money in cash or access other services, such as account balance inquiries, money transfers, fondos, acceptance of deposits and purchase of tiempo air (including any other the service (to be offered in the future);
c) Camera de Compensation Electronic Check Cashing (CCE): It is a work automated, in which truncated images and data of checks are exchanged between its participants, through telecommunication networks or electronic means, for the purpose of clearing and settling them. This work is managed by the central bank of Republic Dominican or other entity authorized by the Monetary Board;
d) Check: It is the order written and turned by the drawer against a entity of financial intermediation called freed so that he pays it to his presentation, de los fondos available to maintain the drawer in a account in the entity released;
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e) Compensation: Is the proceedings of transmission, conciliation, and in some cases confirmation, of orders of paid or transfer instructions values negotiable prior to the settlement, possibly including instruction netting and the establishment de positions finals for the settlement;
f) Credit Direct: It is an electronic transfer of fondos initiated by the holder of a account or bank card in favor of a beneficiary;
g) Account Current in central bank: Accounts of Deposit in sight at the central bank of Republic Dominican Republic in favor of financial intermediation entities and other entities authorized by the Monetary Board, in order to carry out certain operations, including those corresponding to the systems of paid y settlement de values and, application of sanctions, among others. They also contain the fondos of lace legal of financial intermediation entities;
h) Debit Direct: It is a debit previously authorized by the holder of a account or bank card, so that with cargo to the same, a transfer is made or paid recurrent de fondos in favor of a third (beneficiary) or another account of its your property;
i) Digitalization: It is the capture from the image of a Valid identity document and its storage in digital format, according to the selected standard;
j) Dinero Electronic: It is the value monetary represented by a credit payable to its issuer, expressed in units of currencyWith its record corresponding and stored in electronic or magnetic media, which allows operations to be carried out paid;
k) Document Digital: It is the insights encoded in crafts digital on a logical or physical support, in which electronic, optical or similar methods are used, which constitute representation of acts, acts or legally relevant data;
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l) Company of Acquisition or Acquirer: Entity which through electronic devices serves as a link between a entity bank card issuer and the establishment where a operación de paid with said cards;
m) Support Entities: In addition to the entities provided for in the Article 41 of the Act Monetary and Financial, are the acquiring companies, check printing companies, scanner providers, software and any other companies that provide services and equipment to participants and administrators of a work de paid;
n) Entity Central Counterpart: It is a entity which is interposed between the counterparties of the contracts negotiated in one or more financial markets, becoming the buyer for each seller and in the seller for each buyer, thus guaranteeing the execution of open contracts;
o) Entity Financial Intermediation: It is the person legal entity authorized by the Monetary Board to protection of Act Monetary and Financial, to be carried out by crafts usual catchment de fondos of the public with the object to transfer them to third parties, whatever the type or the name of the instrument de catchment o assignment used, as well as other operations and services provided for in the aforementioned Act;
p) Entity de Certification: It is the institution o person authorized legal as seen here to Act de Stores Electronic, Documents and Digital Signatures, its Implementation Regulations and Complementary Standards issued by the Institute Dominican Telecommunications (INDOTEL), which is authorized to issue Certificates in relationship with the Digital Signatures of people, offer or facilitate the services of record and time stamping of the transmission and reception of Data Messages, as well as comply other functions relating to communications based on Digital Signatures;
q) Chronological Stamp: It is the indication of the when and where and hour certain, assigned to a Valid identity document o record electronic for one Entity de Certification and digitally signed by the latter;
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r) Company Digital: It is the value numeric that is attached to a data message and that, using a proceedings known mathematician, linked to the initiator's key and the text of the message, allows to determine that this value has been obtained exclusively with the initiator's key and the message text, and that the initial message has not been modified after transmission. /// of digitized documents, its presence guarantees that the image is copy faithful of the original;
s) Warranty: That's all asset liquid and payable, including the money, established to ensure the derechos y obligations derived from the operation of a work de paid or a work de settlement de values, and the operations of political monetary;
t) Financial Market Infrastructure: It is a work multilateral between participants, including the operator of the work, which is used to effects de make up for, liquidate or register payments, values, derivatives or other financial operations. These infrastructures may be systems of paid, centralized deposits of values, System of settlement de values, central counterparties and trade repositories;
u) Instrument de Payment: It is the physical or electronic medium that allows your holder o user transfer fondos replacing the use of cash;
v) Intermediaries of Values: They are legal entities, national or foreign, that exercise crafts usual brokerage activities values de offer public, whether in the market stock market or extra-stock market, authorized to operate by the Superintendency of Values and registered in the Register from the Market of Values and Products;
w) Settlement: Is the act that cancels obligations Regarding transfers of fondos or values negotiable between two or more parties;
x) Data Message: It is the insights generated, sent, received, stored or communicated by electronic, optical or similar means;
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y) Orders of Payment: These are the instructions given by a participant that have the purpose of placing a quantity of money a provision from an end recipient, or assume o cancel a legal obligation de paid, as defined in the rules of a work de paid;
z) Interbank Operations: These are transfers of fondos between participants of a work of payments, in which one acts as the payer and the other as the receiver of the resources by account own or third party;
aa) Mobile Payments: These are payment operations that can be carried out through mobile devices, such as money transfers. fondos, consumption at points of sale, purchase of tiempo air, bill payments and ATM withdrawals (including any other the service (to be offered in the future);
bb) Participants: These are entities that have a account current in the central bank and are interconnected to one or more systems of paid or settlement de values, as well as legal entities providing services that, through another participant, form part a work of payments and settlement de values;
cc) Direct Participants: These are the entities that maintain open accounts in the central bank, such as financial intermediation entities, public entities or with Warranty public, the intermediaries of values, the administrators of fondos pensions, entities with central counterparty functions in the market of values and any other entity authorized by the Monetary Board, who is a member of a work of payments or of settlement de values;
dd) Indirect Participants: These are the legal entities participating in a work of payments or of settlement de values, dedicated to provide education services, electricity, telecommunications, water supply, garbage collection, mail or delivery of packages, insurance and remittances, as well as payment of fees, taxes or other public services. You may also be a participant indirect any other person legal entity authorized by the Monetary Board and the acquiring companies;
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ee) Intraday Repos or Reports: These are the purchase operations of values negotiable, with the was reaffirmed of its repurchase by part of entity counterpart within it to date of operación, in order to provide liquidity to the work of payments and settlement de values;
f) System de Payment: It is a set of instruments, procedures and systems for transferring fondos that ensure the circulation of money. It has a administrator and participants;
dd) System de Payment High Price: A work of transfer of fondos which normally manages high-value payments amount and tall priority;
hh) System de Payment below Price: A work of transfer of fondos which normally manages a high volume of payments value relatively low through checks, direct debits and credits, as well as bank card transactions and mobile payments;
ii) System de Payment of Systemic Importance: It is a work de paid that /// not estar sufficiently protected against risks, could cause or transmit effects negative among its participants or in the whole work financial;
jj) System of Payments and Settlement de Values of Republic Dominican (SIPARD): It is a the service public de ownership exclusive of the central bank, composed of the different systems of paid y settlement de values recognized, and to which all financial intermediation entities are attached, as well as other duly authorized entities;
kk) System de Settlement Brute in Time Real: A work electronic payment of the central bank, through which participants can make electronic transfers of fondos with each other and with the central bank, as well as liquidate payment instructions or orders, in crafts continues, in tiempo part and gross terms, i.e., transaction a transaction, in their current accounts in the central bank;
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ll) System de Settlement Net Deferred: It is a work de paid that carries out the settlement de obligations or transfers between participants, on a net basis at a later time;
mm) System de Settlement de Values: A work which allows the transfer and settlement de values negotiable by means of annotations in account according to a set of predetermined rules, which may be transfers of values free of paid or against paid;
nn) Cardholder Sensitive Personal Data: It is the person physical or legal that, prior contract signed with the entity radio station credit card, is authorized to draw in its favor on a store de credit, through the use of a credit card, taking responsibility for pay or settle all charges, interests and commissions made by himself and by the additional cardholders authorized by him;
oo) Bank Card: These are the cards debit, credit and prepaid, issued by financial intermediation entities (including any other type of card that is issued in the future), associated or not with a Account Banking;
pp) Credit Card: A instrument de paid issued by authorized financial intermediation entities, pursuant to a contract subscribed between the entity card issuer credit and the cardholder holder, for him grant a credit short-term revolving Plazo which allows the cardholder to cover the amounts of their transactions, carried out through the means available in the work de paid;
qq) Card of Debit: A instrument de paid issued by authorized financial intermediation entities, which allows the cardholder to directly charge a account savings or current accounts the amounts of the transactions carried out by it, through the means available in the work de paid;
rr) Prepaid Card: It is a instrument de paid issued by authorized financial intermediation entities, in which a
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a certain amount, previously paid to the entity issued by the cardholder, these cards may be physical or virtual;
ss) Point of Sale Terminals (POS): An electronic device that allows bank card holders, as well as users of mobile devices enabled for such purposes, to make payments in affiliated establishments;
tt) Electronic Transfers of Funds: These are operations carried out by electronic means that give rise to charges or credits of money in accounts, such as transfer of fondos of a account to another, orders of paid to pay third party accounts, money orders money and others;
uu) Transfer of Values: These are the instructions given by a participant that have the purpose of transmitting the your property or any other right on one or more values negotiable or derivative financial products, by recording in a record or from another way which certifies the transmission; and,
x) Truncation: It is a proceedings by which the physical movement of instruments of paid en role in , that is, paid checks or transfers of credit, within a entity of financial intermediation or between entities, is reduced or eliminated, being replaced in part or entirely by electronic records of the relevant data, for subsequent transmission and indictment.
PART II
SYSTEMS OF PAYMENT, ADMINISTRATORS AND PARTICIPANTS
CHAPTER I RECOGNITION OF THE SYSTEMS
Article 5. Requirements. They may be recognized as systems of paid or settlement de values, effects of this Regulation, those who meet the following requirements:
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a) That they have as object la execution of transfer orders of fondos or settlement de values negotiable and, in the /// of systems settlement net deferred, the compensation of transfer orders of fondos or settlement de values negotiable;
b) That they have at least two (2) direct participants and the administrator of the work;
c) That they have operating standards in accordance with the provisions of the Article 8 of this Regulation and the standards on the matter;
d) That contemplate the settlement of the transfer orders of fondos in current accounts opened in the central bank;
e) That they are administered by the central bank or for a entity that meets the requirements established in this Regulation and in the corresponding Instructions;
f) That they comply with the Principles Applicable to Financial Market Infrastructures, adopted by the Committee on Payments and Market Infrastructures (CPMI) of the Banco of International Settlements (BIS), and the Technical Committee of the Organisation International of Commissions of Values (IOSCO); and,
g) That they comply with the technological requirements determined in this Regulation and in the corresponding Instructions.
Article 6. Procedure de Mutual recognition. To the effects of this Regulation, the recognition a work de paid y settlement de values, must be declared and approved by Litigation, Arbitration of the Monetary Board, upon recommendation of the Management of the central bank, indicating the reasons that, taking into account the convenience of promoting development and stability of the work financial and payments, motivate your recognition and subjection to the provisions of this Regulation.
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CHAPTER II
AUTHORIZATION OF SYSTEM ADMINISTRATORS PAYMENT OR LIQUIDATION OF VALUES
Article 7. Content to be Administrator a System de Payment or Settlement de Values. When a entity want to offer services of administration y operación a work de paid or settlement de values, you must submit an application to the central bank subscribed by its representative legal, attaching the documentation that endorses the fulfillment of the requirements established in this Chapter, to know:
a) Constitutive documents of the society anonymous and its modifications, duly registered as seen here to Act de Register Commercial lawAs well as record of the organ competent to designate the representative legal to carry out the appropriate actions;
b) Have a capital paid a minimum of fifty million Dominican pesos (RD$50.0 million), which will be adjusted annually by the Monetary Board, as seen here at the levels of inflation that determines the central bank.
c) Declaration sworn statement submitted by the shareholders and members of its council de administration, which states that they are not subject to any legal impediments or disqualifications to operate in the financial market;
d) Certification of the Attorney General's Office Republic no criminal record of the shareholders, members of the council de administration, top executives and representative legal or the authorities corresponding to the country of origin or of residence, as appropriate, in /// in the case of foreign companies. In the /// of the shareholders, the above applies only to cases in which the participación shareholding exceeds thirty percent (30%) of the capital subscribed and paid for the entity;
e) Certification of the Superintendency of Banks that the shareholders and members of the council de administration, top executives and representative legal, are not found in the record of disabled people organized by that Organism Supervisor, or of the authorities corresponding to the country de
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origin, in /// In the case of foreign companies, where it is stated that the entity The applicant has no direct or indirect links with entities that have left the work by violation to the regulations valid to establish its regulation or money laundering;
f) Report audit issued by a company of external auditors duly registered with the Superintendency of Banks, stating the fulfillment by part of the aforementioned company of the functional, technical and operational requirements contained in this Regulation and in the corresponding Instructions;
g) Copy of the audited financial statements of the last three (3) years, where applicable;
h) In the case of legal entities established outside the territorio Dominican, the following is additionally required:
i. Constitutive documents and certificates of incorporation or its equivalent issued by the authority competent of the country of origin of the company;
ii. Enrollment in the Register Commercial law in the Camera de Stores y Production: corresponding in the Republic Dominican;
iii. Registration in the Register National of Taxpayers of the Address General Directorate of Internal Revenue (DGII);
iv. Identification personal and company, legalized by Notary, from the representative legal appointed by the company matrix;
v. Decree by which the entity to fix customer's home in the Republic Dominican;
saw. Copy certified by record of the organ competent of the company, where the opening of entity in the Republic Dominican;
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vii. Copy certified by record de council u organ competent of the property matrix, in which it is expressly declared that the operación of entity will be subject in a manner exclusive to the laws of the Republic Dominican already jurisdiction of the national courts, in all matters whose cause y action take place within this territorio, without the subsidiary or its employees being able, with regard to their business, to invoke derechos de foreigner. In everything ///, will only have the derechos that the laws of the Republic Dominican grant to Dominicans; and,
viii. Where appropriate, these documents must be previously apostilled, or, where applicable, default authenticated before el consulate Dominican of the country of origin of the society and duly translated into the language Spanish for interpreter judicial if applicable, and subsequently legalized before the Attorney General's Office of the Republic.
i) Rules of operation of the company.
Paragraph I: The central bank may require any other insights additional information on the natural persons who are shareholders and ultimate beneficial controllers of the requesting legal persons.
Paragraph II: The central bank will verify before the Address National Drug Control or other national or international organizations, that the shareholders, members of the council de administration, senior managers and representative legal of entity applicant, do not have a history of money laundering and other violations that cast doubt on their suitability to manage fondos Of third parties.
Paragraph III: After the recognition by part of the Monetary Board of a administrator of systems paid or settlement de values, this will have a Plazo maximum of up to 90 (ninety) business days to start operations in the System of Payments and Settlement de Values of Republic Dominican Republic (SIPARD). In /// If this does not happen, your license will be automatically revoked. recognition, having to submit a new application.
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Article 8. Minimum Content of the Operating Rules. The operating rules of each work, prepared by their administrator and subject to the approval of the central bank, must establish at least the following:
to definition, description and scope of the services provided;
b) The determination of the participants of the work, Its derechos, obligations and responsibilities;
c) The definition the technical requirements that participants must meet;
d) The processes and criteria of admission and exclusion temporary o withdrawal of the participants, which must be public, objective and equitable;
e) In the /// of systems settlement net deferred, the description of the proceedings de compensation at all its stages, determining the precise moment at which each stage begins and ends, the moment at which the orders will be considered irrevocable, and when they will be considered firm, as well as the number of cycles and the start and end times of each of them;
f) The determination of the procedures for settlement of balances;
g) The determination of the content, periodicity and procedures for sending insights, and messaging between participants and the work;
h) The determination of the mechanisms used for the administration of liquidity risks, of credit, legal and operational;
i) The determination of the applicable mechanisms for the administration of the guarantees constituted in the work;
j) The determination of the mechanisms adopted for cases of non-compliance with the operating rules, as well as the mechanisms and instruments of resolution of incidents and conflicts between participants;
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k) The determination of non- acceptance of none order transfer of a participant against whom a case has been initiated proceedings de dissolution o settlementonce saying request has been known by the work; and,
l) The description of the proceedings for the determination, modification and dissemination of rates, commissions or any other cargo that may be collected within the framework of the operation of the work.
Article 9. Minimum Content of the Technological Requirements. Authorized systems must have a work computer scientist of indictment which allows at least the following:
a) Connect to the electronic communication systems defined by the central bank;
b) Maintain a high degree of operational flexibility, counting on technology reliable, clearly defined processes and competent personnel, who can operate the work en crafts safe;
c) Comply with the technological requirements contained in the corresponding Instructions;
d) In the /// of systems settlement net deferred, have an automatic mechanism of compensation that complies with the guidelines of compensation established in this Regulation and in the instructions issued to the effect, Among which are:
i. Calculate and register the positions net multilateral transactions of each of its participants; and,
ii. Inform to each participant its net multilateral position, the details of the instruments of paid that have been compensated and any other insights that is considered necessary, in accordance with the operating rules.
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Paragraph I: Administrators must to guarantee an adequate archive of the electronic records where these operations are recorded, as established by the Article 11 of the Act de Stores Electronic, Documents and Digital Signatures.
Paragraph II: In the /// of system administrators paid mobile phones, these must do use of the most up-to-date versions of technologies that comply with current best practices and standards in the field.
CHAPTER III
OBLIGATIONS OF THE PARTICIPANTS AND ADMINISTRATORS
Article 10. Obligations de Information. Participants will inform the central bank and the authority corresponding supervisor, as well as those who have interest legitimateDe of participación in the systems paid national or foreign and on the rules governing such systems.
Paragraph: The central bank must keep the SIPARD section of its website up to date, list of entities participating in the systems of paid recognized.
Article 11. Register and Transaction Traceability. Participants and administrators must store records of all their transactions, including those rejected and adjustments made through the work, for which they must have the necessary technological support that allows them to record and full monitoring of these operations, as provided for in the Act of Money Laundering from Trafficking Illicit of Drugs and Controlled Substances and Other Serious Violations, and in the Act Monetary and Financial. These records must remain stored for 10 (ten) years after the execution of operación, according to standardized backup guidelines.
Paragraph I: The electronic records thus captured shall be considered means of proof valid as long as they meet the requirements established in Articles 4, 9, 10 and 11 of the Act de Stores Electronic, Documents and Digital Signatures.
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Paragraph II: In addition to the requirements established in the Articles indicated in the previous Paragraph, for the /// of presentation of the digital image of the check in the Camera de Compensation Electronic Checks, it must be comply with the provisions of Articles 31, 32, 33 and 34 of the Act about Stores Electronic, Documents and Digital Signatures.
Article 12. Register, Tracking and Archiving Electronic Transactions. In fulfillment as provided in the Article above, participants and system administrators must comply the following requirements:
a) To guarantee users full access to the data included in their Digital Documents and Data Messages, understanding full access to allow viewing, selective searching, copy or download at store and printing;
b) Ensure access and delivery of said Digital Documents and Data Messages to the central bank or body corresponding supervisor and others authorities competent, as seen here to current laws, without undue delay in response to any request from them; and,
c) In the /// of Digital Documents, preserve all the insights that allows to determine the when and where y hour in which the Digital Documents were delivered for preservation, the person moral or the physical person who created them, who gave them to them and the recipient of them.
Paragraph I: In those cases in which the Digital Documents or Data Messages are associated with a Company Digital or contain Chronological Stamping or Certification Digital Date y Time, legal obligation conservation will reach, in addition to the Document Digital or Data Message, to the data of the Company Digital associates and the Chronological Stamp, so crafts that it is possible to validate the when and where y hour in which the was sent Document Digital or Data Message.
Paragraph II: The Monetary Board may establish the requirement to retain Digital Documents and Data Messages with complete verification data. company, which will mean, in addition to the legal obligation of conservation, that of
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maintain references of all certificates present in the path certification used to verify the Certificate Digital that guarantees the Company Digital, as well as references to the Lists of Revoked Certificates or responses from the Dance en Line of the State of the Certificate which served for its testing.
Article 13. Prevention Money Laundering. System administrators paid or settlement de values and participants must observe the provisions of the Act on Money Laundering from Trafficking Illicit of Drugs and Controlled Substances and Other Serious Violations, in the use and handling of the instruments of paid by part Of third parties.
Paragraph I: It will be up to the body sector supervisor to verify the fulfillment by part of the participants in the provisions of prevention money laundering.
Paragraph II: In the /// of system administrators paid or settlement de values, such verification will correspond to the central bank.
Article 14. Obligations of the Administrators. The administrators of the systems of paid or settlement de values will be required to:
a) Ensure the availability and operation of the work during its operating hours;
b) Sign and maintain in force service contracts with its participants;
c) Refer to central bank, for their non-objection, the contracts to be signed between the participants and administrators and the operating rules, as well as any proposed modification. When it is a matter of a administrator a work de settlement de values, the Superintendency of Values will refer to the central bank such contracts and regulations, once you have granted your no objection, within the scope of the principle coordination of competencies;
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d) Establish control mechanisms for to guarantee the confidentiality of information on transactions carried out by participants;
e) Process transfer orders received through the work, In crafts and conditions established in its operating rules and instructions;
f) Apply computer security procedures that allow minimizing risks in the indictment of orders through the work de paid;
g) Keep the operating rules and other operational provisions of the system up to date. work de paid;
h) Establish, implement and maintain internal control procedures;
i) Respond to its participants and to the central bank due to operational or safety failures of the work or any of its contingency plans, and therefore faults of its employees;
j) Refer to central bank the information requested from you, in the crafts, terms and deadlines established;
k) Inform al central bank Any extraordinary situation that may arise in terms of its operation and others acts relevant to the instructions issued by the effect;
l) Notify al central bank When any of the following occurs acts following:
i. Transfer in the ownership of their actions whose value nominal exceeds ten percent (10%) of the capital paid from the entity;
ii. New share subscriptions that occur after the authorization;
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iii. Transfers and new share subscriptions that occurred during a period period of twenty-four (24) months that in their aggregate add up to more than ten percent (10%) of the capital paid from the entity;
iv. Changes in the beneficiaries or final controllers of the legal entities that are shareholders of the entity;
v. Modifications in the integration of its council de administration, the appointments of managers or senior officials;
vi. Statutory modifications, changes in customer's home or any done considered relevant;
Paragraph: The non-objection of the central bank for the transfer of the ownership of the shares whose value nominal exceeds thirty percent (30%) of the capital paid from the entity.
m) Have the resources human resources necessary for the proper functioning of its operations, according to the nature of the services provided;
n) Have protection and security mechanisms solution of claims from its participants, arising from operations carried out by its users;
o) Notify al central bank inclusion in its work of the direct participants;
p) Submit for approval by the central bank inclusion in its work of indirect participants, for the purposes of evaluating the suitability of their main executives and shareholders, as well as find out that object of society corresponds to that of the indirect participants who have been recognized by the central bank. Such request must estar accompanied by the insights next:
i. Register National of Taxpayers (RNC);
ii. List of the main executives, shareholders and representative legal;
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iii. Home address legal of society;
iv. Business activity carried out; and,
v. Communication from the direct participant authorizing the acceptance of credits or charges in representation of the participant indirect.
q) Send annually to the central bank un report audit carried out by a company of external auditors duly registered with the Superintendency of Banks or the Superintendency of Values for /// of its regulated, in which the fulfillment of the functional, technical and operational requirements contained in this Regulation and in the corresponding Instructions; and,
r) Any others obligations established by the Monetary Board or the central bank.
Article 15. Agreements between Participants. The direct participant in a work de paid or settlement de values will sign an agreement with each participant indirect that access through it, in which the responsibilities of both parties are established in relation to the administrator of the work de paid or settlement de values, agent liquidator and the other direct participants, when they enter trading orders paid by account own or third party.
Article 16. Hiring Support Entities. The system administrators of paid or settlement de values and participants, when contracting the services of support entities, must ensure that they comply, at a minimum, with the following guidelines:
a) Identify and manage operational and financial risks relevant to its critical services and ensure that its processes management risk management is effective;
b) Implement and maintain appropriate policies and procedures, and allocate resources enough to to guarantee the confidentiality and integrity of the
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insights, as well as the availability of its critical services for power comply the terms and conditions of your relationship with the administrator;
c) Implement appropriate policies and procedures and allocate resources enough to to guarantee that your critical services are available, reliable, and able to recover. Therefore, your disaster recovery and disaster management plans management of continuity of development should encourage the timely resumption of their critical services in /// de fault, crafts that the service borrowed comply with the terms and conditions contemplated in the agreement formalized with the administrator;
d) Have solid methods to plan the entire life cycle. Life of the use of technologies as well as the selection of technological standards; and,
e) Provide sufficient insights al administrator or the participant to enable them to clearly understand their roles and responsibilities to the hour to manage risks related to the use that they become the provider of critical services.
Título III
TIME CENTRAL BANK FROM THE DOMINICAN REPUBLIC
CHAPTER I POWERS OF THE CENTRAL BANK
Article 17. Monitoring. The central bank, within the scope of its competition, will monitor the systems of paid y settlement de values, its administrators and participants, as well as the support entities that offer services in these systems. This mass surveillance will be specified as a minimum in:
a) Check the fulfillment of the established norms, principles and standards, of way that the operation be promoted Safety and efficient systems of paid y settlement de values, regardless of whether these are operated by the company itself central bank or by other authorized administrators;
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b) Monitoring the development of systems paid y settlement de values in order to identify and evaluate the nature and magnitude of its risks, its control systems and the mechanisms adopted for the /// of non-compliance; and,
c) Ensure the transparency of the rules governing the instruments of paid and its operation.
Paragraph I: For the appropriate fulfillment of its function of mass surveillance’s most emblematic landmarks, the central bank you will be able to:
a) Identify and propose to the Monetary Board, for recognition, systems paid of systemic importance, taking into account account the criteria set out in the Principles Applicable to Financial Market Infrastructures, adopted by the Committee on Payments and Market Infrastructures (CPMI) of the Banco of International Settlements (BIS), and the Technical Committee of the Organisation International of Commissions of Values (IOSCO);
b) Conduct periodic evaluations on the fulfillment of the aforementioned Principles Applicable to Financial Market Infrastructures;
c) Establish the mechanisms for the identification of possible failures or non-compliance by administrators and their participants, as well as by support entities that offer services in said systems;
d) Require administrators and their participants, as well as support entities that offer services in said systems, to: insights necessary to verify the efficiency and safety of the systems. This insights must be provided in the terms and timeframes that the central bank determine;
e) Design and approve, prior knowledge of the administrator of the work, adjustment programs obliged fulfillment aimed at eliminating irregularities in the systems, when it detects deficiencies that may to affect its correct operation, put into risk the safety of the
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orders processed through the work or involve serious breaches of regulations valid; and,
f) Suspend and even leave without effect the decisions taken by the administrator a work de paid or settlement de values recognized, and adopt appropriate measures when such decisions infringe the regulations valid or affect way relevant the development of the processes of settlement of the orders entered into it.
Paragraph II: Financial market infrastructures called centralized deposits of values, System of settlement de values, central counterparties and trade repositories, are considered to be systemically important.
Article 18. Separation of the Functions of Monitoring of the Functions of Administration. When the central bank act as administrator a work de paid or settlement de values, must ensure the separation of these functions of the derivatives of their must de mass surveillance.
Article 19. Coordination with other Entities. The central bank must maintain adequate coordination and exchange of insights with the authorities supervisors of the participants and with the Central Banks of other States, in order to achieve an efficient mass surveillance of systems paid y settlement de values. To such effect, may sign agreements of understanding and other instruments of cooperation.
Article 20. Acting as Mediator. The central bank will act like mediator, in cases of differences or disputes between participants and system administrators paid or settlement de values, a relationship to the functioning of these systems. In all ///, observing the principles of due diligence proceedings, speed, efficiency and reasonableness.
Paragraph: In cases where such differences or controversies involve operations of values de offer public, acting as mediator It will be carried out in compliance with the provisions of the regulations governing the market
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de values and the proper coordination of powers between the central bank and the Superintendency of Values.
CHAPTER II
ACCOUNT CURRENT IN THE CENTRAL BANK
Article 21. Account Current in the central bank. Direct participants will have a account current in the central bank for settlement of its payment operations, the management of which will be sujeto to the provisions contained in this Regulation and the corresponding Instructions.
Paragraph I: System administrators paid or settlement de values will not have current accounts in the central bank, using for its operations the account current of a entity financial intermediation, by prior agreement between the parties, except in cases where the Monetary Board authorizes the opening of the aforementioned account.
Paragraph II: Direct participants of the work de paid y settlement de values that are not financial intermediation entities, must sign a contract de accession with the central bank which establishes the conditions of management of your account.
Article 22. Non-seizability of the Account at the central bank. The following are not subject to seizure: fondos maintained by the participants in their account current in the central bank, enabled for the settlement of the transfer orders of fondos, processed through a work de paid o settlement de values recognized.
CHAPTER III
SYSTEM OF GROSS LIQUIDATION IN WEATHER REAL (LBTR)
Article 23. Administration of the System. The central bank will administer a System LBTR, which will allow participating entities to settle their obligations of payments between themselves and with the central bank, in the accounts they maintain in said Institution.
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Paragraph: The operation of the System LBTR will be governed by this Regulation and the corresponding Instructions.
Article 24. Participants. Participants may be System LBTR, the following institutions and entities:
to the central bank;
b) Financial intermediation entities;
c) Banco Agricultural of the Republic Dominican;
d) Banco National for the Promotion of Housing and Production: (BNV);
e) Intermediaries of values;
f) Centralized deposits of values;
g) Entities with central counterparty functions in the market of values;
h) Administrators of fondos of pensions;
i) Public entities or with Warranty public; and,
j) Any other entity authorized by the Monetary Board.
Article 25. Operations. Through the System LBTR may be used for transfer operations fondos among participants in currency national y currency foreign, as well as the net results of the compensation of instruments of paid processed by system administrators paid or settlement de values, duly authorized.
Paragraph I: Transfer operations between participants may be by account own or by account from third parties. The latter will correspond to transfer instructions processed by natural or legal persons through said participants.
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Paragraph II: Financial intermediation entities and intermediaries values, they must to guarantee to its clients access to the transfer services of System LBTR and the reception of the fondos by part of the beneficiaries, within the time limits established in the corresponding Instructions. Saying the service must be supplied in footing of conditions to all customers, being able to establish rates for this the service. However, no further action may be taken. cargo al beneficiary end of transfer, by part of the origin and destination entities.
Article 26. Time of Accreditation of Funds in Third Party Accounts. The transfer instructions of fondos issued by the participants of the System LBTR by account own or third parties with final destination in accounts in other participants of the System, must be paid into the aforementioned accounts no later than fifteen (15) minutes after the amount has been debited. account of the bank client in his entity.
Paragraph I: Transfers of fondos issued by the central bank with final destination in third party accounts through the System LBTR, must be paid into the aforementioned accounts no later than fifteen (15) minutes after the account is affected. account of the participant in the System.
Paragraph II: The Plazo indicated excepts transfers that are considered suspicious and that for reasons of prevention money laundering require their research by the areas of fulfillment of the participants. These transfers must be paid or returned the same to date of its reception.
CHAPTER IV
ELECTRONIC CHEQUE CLEARING HOUSE
Article 27. Administration of the System. The central bank will manage the Camera de Compensation Electronic Checks, which will allow participating entities to present their obligations of checks between themselves, for purposes of compensation And later settlement in the accounts they maintain in the central bank.
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Paragraph: The functioning of the Camera de Compensation Electronic Checking will be regulated by the Monetary Board and the corresponding Instructions.
Article 28. Participants. Participants may be: Camera de Compensation Electronic Checks, the financial intermediation entities described in the Article 34 of the Act Monetary and Financial, as well as the Banco Agricultural of the Republic Dominican and the Banco National for the Promotion of Housing and Production: (BNV).
CHAPTER V
PAYMENTS FOR SERVICES OF THE CENTRAL BANK
Article 29. Payments for Services. The central bank may establish rates for the services of settlement for each work de paid y settlement de values or other associated services offered by the central bank, as seen here the corresponding Instructions.
TITLE IV
CONDITIONS APPLICABLE TO SYSTEMS OF PAYMENT AND LIQUIDATION OF VALUES
CHAPTER I
WARRANTIES AND INSUFFICIENCY OF MONEY
Article 30. Constitution Guarantees. To manage liquidity risks, credit and systemic, with the aim of ensuring the best functioning of the systems of paid y settlement de values, the administrators of these systems may require their participants to provide the guarantees they consider necessary.
Paragraph I: System administrators paid or settlement de values They will establish in their operating rules the regime de Constitution, types and management of guarantees, and must establish at least the immobilization of the Warranty offered in favor of a work.
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Paragraph II: The guarantees indicated in this Article They will not be able to be object de embargo, neither estar affected by liens.
Article 31. Insufficiency of Funds. When a direct participant does not have in his account current in the central bank fondos enough to cover the instructions of paid resulting from the compensation of systems settlement deferred net and of the operations processed directly in the System LBTR, the central bank will immediately inform the participant in lack and administrator of the work de paid or settlement de values, and the mechanisms detailed below will be used in the same order in which they appear:
a) For financial intermediation entities:
1. The participant in lack will carry out, crafts immediate, the procedures to make deposits to your account current;
2. The participant may use the intraday repo mechanism available on the System LBTR, provided that it has the corresponding collateral;
3. The central bank will proceed to the cancellation of its short-term remunerated deposits Plazo;
4. The participant will cancel the values negotiable instruments issued by the central bank that he may have in his favor, and will put to provision from the latter the amount resulting from said operación; and,
5. The central bank will proceed to execute the guarantees established, if any.
b) For other participants:
1. The participant in lack will carry out, crafts immediate, the procedures to make deposits to your account current;
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2. The participant will cancel the values negotiable instruments issued by the central bank that he may have in his favor, and will put to provision from the latter the amount resulting from said operación; and,
3. The central bank will proceed to execute the guarantees established, if any.
Paragraph I: Financial intermediation entities, provided that they comply with the established legal and regulatory criteria, may resort to the financing mechanisms that the Act Monetary and Financial establishes, acting on the central bank , the lender last instance.
Paragraph II: In /// that a participant presents insufficiency of fondos that prevents him pay el debit net generated as result of compensation net multilateral, after haber having exhausted the mechanisms provided for in this Article’s most emblematic landmarks, the administrator will make a new one compensation of the work de paid y settlement de values corresponding, excluding the participant in lack. In the case of financial intermediation entities, the sanctions established in the law will be applied to them. Act Monetary and Financial and its corresponding Regulations, as seen here el proceedings expected.
Paragraph III: In no case /// el central bank nor the administrators of a work de paid or settlement de values, will be able to guarantee or cover the lack de fondos or values of a participant, in the settlement of a order or a compensation.
Paragraph IV: The central bank will inform the Superintendency of Banks when a entity financial intermediation resort to the financing mechanisms established in Paragraph I above. In the /// Of the other participants, the central bank will inform the sectoral supervisory bodies, as appropriate.
CHAPTER II IRREVOCABILITY AND FIRMNESS
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Article 32. Irrevocability of Transfer Orders. Transfer orders issued by its participants in a transaction are work de paid or settlement de values, once received and accepted in accordance with the operating rules of the work, will be irrevocable for the ordering party.
Article 33. Finality of Transfer Orders. The orders referred to in the Article precedent, the compensation that, in his ///, take place between them, the obligations resulting from said compensation, and those that have for object settle any other commitments provided for by the work de paid y settlement de values, to ensure the successful completion of accepted transfer orders or the compensation carried out, will be firm, binding and legally required for the participant obliged his fulfillment, and enforceable against third parties once they are liquidated, and cannot be annulled or challenged by any means. cause.
Article 34. Final Accreditation. The central bank will establish, through the corresponding Instructions, the accreditation times in which the participants must to affect the accounts of the final beneficiaries of the different systems of paid y settlement de values.
CHAPTER III
PRECAUTIONARY MEASURES AND SANCTIONING REGIME
Article 35. Precautionary Measures. When one of the participants or administrators is in one or more of the circumstances provided for in the Instructions of this Regulation, in the sections relating to precautionary measures, suspension or exclusion of participants or system administrators paid or settlement de values, according to him ///’s most emblematic landmarks, the central bank will temporarily suspend, as a precautionary measure and to minimize the risk systemic, its participación o administration en saying work.
Paragraph I: The entry of a entity of financial intermediation in a state de default for non-compliance with obligations liquid, due and payable, will lead to their exit final of the System of Payments and Settlement de Values of Republic Dominican, and the consequent revocation of
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authorization to operate, in accordance with the provisions of the Act Monetary and Financial.
Paragraph II: Exclusion final of participants who are not financial intermediary entities or administrators of systems paid or settlement de values, will be carried out in coordination with the body corresponding regulator, and will be submitted to the Monetary Board for consideration, upon recommendation of the central bank.
Article 36. Administrative Violations. The central bank will impose the corresponding sanctions on participants and administrators who:
a) Refuse inspections or demonstrate lack de collaboration in carrying out the tasks of mass surveillance of the central bank, which are carried out in accordance with current regulations;
b) Fail to comply with their duties insights;
c) Fail to comply with rules on schedules, work cycles, compensation and accreditation of fondos to final beneficiaries; and,
d) Fail to comply with the provisions established in this Regulation and the Implementing Instructions.
Paragraph: Failure to comply with the provisions relating to electronic operations, within the scope of the System of Payments and Settlement de Values of Republic Dominican Republic will be sanctioned as seen here to the laws and regulations applicable in this matter.
CHAPTER IV
EFFECTS ON DISSOLUTION OR LIQUIDATION PROCEDURES
Article 37. Effects on Transfer Orders and Offsets. The initiation of a proceedings de dissolution o settlement
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from a participant in a work de paid or settlement de values, will not affect the obligations de paid de saying participant, in the following cases:
a) Obligations arising from transfer orders received and accepted by the work prior to the time at which the aforementioned initiation has been communicated to the work de paid or which, exceptionally, had been issued after the initiation of the proceedings de dissolution o settlement and are offset or settled in the same to date, provided that system administrators are able to test that they have not had knowledge, nor should they have had it, from the initiation of saying proceedings;
b) Obligations that result from the compensation that the same be carried out between said orders to date on which the communication was received; and,
c) Obligations that they have for object liquidate the same to date on which the communication has been received, any other commitments provided for by the work, to ensure the successful completion of accepted transfer orders or the compensation done.
Article 38. Effects on Guarantees. In /// that a process begins proceedings de dissolution o settlement from a participant in a work, the guarantees that it has established in favor of the work in which he participates, will not form part of the set of goods Subject to settlement.
Paragraph I: The right de separation of the guarantees will have the same effects Regarding the guarantees established in favor of the central bank and any other entity Let it be yours counterpart or on ensures in operations of political monetary, or associated with the settlement systems.
Paragraph II: The Constitution o acceptance of the guarantees referred to in the previous paragraph, and the balance of the accounts or records in which they materialize, will not be challengeable in the /// of character measures retroactive linked to the procedures of dissolution o settlement. The guarantees will also not be subject to claim.
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Paragraph III: Cash and values negotiable instruments in which the guarantees are materialized may be applied to the settlement by obligations guaranteed, even at the beginning of a proceedings de dissolution o settlement, being able to administrator of the work and the central bank proceed, in the /// of the values, Its alienation.
Paragraph IV: Without damage of the provisions in the preceding paragraphs, the surplus resulting from the settlement by obligations corresponding, with cargo to the aforementioned guarantees, will be incorporated into the heritage of the participant sujeto al proceedings de dissolution o settlement.
Article 39. Fixation and Notification from the Moment of Initiation of a Procedure de Dissolution o Settlement. When the order is made suspension of payments from a participant, as seen here to Act Monetary and Financial and its Regulations Dissolution y Settlement of Financial Intermediation Entities, the central bank will immediately notify the system administrators of paid or settlement de values in which it participates. The administrators of the aforementioned systems must report immediately about this situation to the other participants, and they will not be able to accept transfer orders from that participant from the moment of the notification written.
Paragraph: The central bank will inform the Central Banks and the authorities supervisors of the financial market of other countries with which it maintains exchange agreements insights, on the situation of the participant subjected to dissolution o settlement.
TITLE V INSTRUMENTS OF PAYMENT
CHAPTER I THE CHECK
Article 40. Terms of validity of the Check.Without impairment of what is established in the Article 1 of the Act of Checks and its modifications, for the purposes of this Regulation, a check It will be considered valid when it contains at least the following elements:
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to order de pay a determined sum, which must be expressed in numbers and in letters;
b) Name of the drawer (holder of account at the booth freed);
c) Name of the beneficiary (person physical or person moral);
d) Name of entity of financial intermediation issued;
Paragraph I: It is essential that the check be written in language Spanish.
Paragraph II: The check must be released to cargo a booth multiple that maintains fondos available in the account of the drawer, name of this one.
Paragraph III: Savings and loan associations, savings banks and credit, Banco National for the Promotion of Housing and Production: y Banco Agricultural of the Republic Dominican Republic, they will only be able to issue special checks in the crafts foreseen in the Article 57 bis of the Act No.2859 of Checks of when and where April 30, 1951 and its modifications, to cover needs of bypass typical of the entity or by account of its customers.
Article 41. Structure of the Check. For the purpose of carry carried out the digitization and truncation of the check, this must contain the standard elements and characteristics established in the corresponding Instructions, the following being considered essential:
a) Size of the check of natural and legal persons;
b) Placement and location of the data in the check;
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c) Band spirit for printing magnetic characters;
d) Security of the check; and,
e) Number of account.
Paragraph: The central bank may include, through Instructions, other elements and characteristics necessary for digitization and truncation, in addition to those mentioned above.
Article 42. Digitization and Truncation of the Check. Compliant al Article 27 of the Act Monetary and Financial; Paragraph of the literal d) of the Article 35 of the Act de Stores Electronic, Documents and Digital Signatures; and, the Article 31 of the Act of Checks and its modifications, it will be understood that the presentation a check for purposes of compensation through notification of its essential elements in by electronic or others that in the future are authorized by the Monetary Board, will provide the same effects that presentation of the check physical, being able to be destroyed check physical according to the deadlines and amounts established in the corresponding Instructions, after its digitalization and truncation.
Paragraph. It will have the same validity the digital image of the check, for remission purposes in the states of account Client.
Article 43. Conservation of the Check. Without impairment of its conservation in other media, it will be required maintain the digital image of the checks, according to the forms and deadlines established in the Article 51 of the Act Monetary and Financial, the Article 12 of this Regulation and in the corresponding Instructions.
Article 44. Compensation. The compensation of checks will be made in the crafts established in the Instruction issued to the effect, through the Camera de Compensation Electronic Checking, whose administrator is the central bank or any other entity private authorized in accordance with the Article 27 of the Act Monetary and Financial.
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Article 45. Settlement. The settlement of the net results of each cycle of compensation will be carried out through the systems provided in the central bank and in the crafts as determined in the corresponding Instructions.
Article 46. Means of proof. It will be considered a means of experiment valid, the digital image of the check, provided that it complies with the requirements established in Articles 4, 9, 10 and 11 of the Act de Stores Electronic, Documents and Digital Signatures.
Paragraph: In the /// of the digital image of the check presented in the Camera de Compensation Electronic Checking, so that it can be used as a means of experiment, it must comply with the provisions of Articles 31, 32, 33 and 34 of the Act about Stores Electronic, Documents and Digital Signatures.
CHAPTER II ELECTRONIC TRANSFERS OF MONEY
Article 47. Classification. Electronic transfers of funds will be considered fondos, by way of example, the operations of paid, such as: direct debits, direct credits, interbank transactions and those carried out with bank cards through ATMs and points of sale. sale, as well as transactions made with mobile devices.
Paragraph I: Electronic transfers of money will also be considered. fondos those carried out through other systems of paid that the Monetary Board authorizes.
Paragraph II: With regard to operations carried out through mobile devices, they may be carried out with fondos available in savings deposit accounts or in sight, as well as through charges to bank cards.
Paragraph III: Prepaid cards may not be issued or maintain balances for an amount greater than forty-five thousand Dominican pesos with 00/100 (RD$45,000.00), which will be adjusted annually by the inflation. Saying Adjustment must be made within one hundred and twenty (120) business days after December 31 of each year and we will announce. The Libra maximum may not be exceeded during a
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period of thirty (30) days. They are exempt from this provision Prepaid cards issued to bank customers whose credit history and due diligence Know your client, justify the increase in the limits mentioned above.
Paragraph IV: Financial intermediation entities may only issue one prepaid card per cardholder. principal, additional cards may be issued with cargo to the same, maintaining a single limit for the set of cards.
Article 48. Compensation. The compensation of the operations resulting from electronic transfers of fondos will be carried out in accordance with the provisions of the corresponding Instructions. The net multilateral balance resulting from the compensation in a work de paid will be informed to each participant.
Article 49. Settlement. The settlement of the net results of each cycle of compensation will be carried out through the systems provided in the central bank.
Paragraph: The settlement corresponding to electronic transfers of fondos, in which direct participants settle transactions in representation from other direct participants, must have the prior approval of the central bank.
Article 50. Limit on Electronic Transfer Operations Funds. Transfers exceeding a maximum amount of ten million Dominican pesos with 00/100 (RD$10,000,000.00), must be sent through the System LBTR of the central bank.
Paragraph I: The amount indicated above will be adjusted annually by the inflation. Saying Adjustment must be made within one hundred and twenty (120) business days after December 31 of each year and we will announce.
Paragraph II: Transfers in currency foreign through the aforementioned systems of paid, will have as a limit, the equivalent in the currency corresponding to the maximum amount indicated herein Article.
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Article 51. Exception from charges to beneficiaries. System administrators paid or settlement de values and its participants will not be able to carry out any cargo al beneficiary end of transfer operations fondos.
TITLE VI
REPEALING AND TRANSITIONAL PROVISIONS
CHAPTER I REPEALS
Article 52. Repeals. From the entry into force of validity The provisions issued by the Monetary Board and any other provisions of this Regulation shall be repealed. provision(is) that is/are contrary to it(them).
CHAPTER II TRANSITIONAL PROVISIONS
Article 53. Adequacy of Capital. System Administrators of Payment or Settlement de Values that are operating and whose capital paid be less to the minimum amount required, they will have a Plazo up to twelve
(12) months to adapt saying capital.
Article 54. Term of Accreditation. The Plazo of accreditation of fondos in third party accounts, indicated in the Article 26 of this Regulation, will enter into validity according to the calendar that will be issued for such purposes by means of a Circular from the Management of the central bank.
2. This Litigation, Arbitration must be published in one or more widely circulated newspapers national, pursuant to the provisions of the literal g) of the Article 4 of the Act No.183-02 Monetary and Financial, of when and where November 21, 2002.”
February 3
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