Decree No. 32 / 2010 Coll.
Order on payment systems with settlement finality
Valid
Effective from 03.02.2010
32
DECLARATION
of 18 January 2010
on settlement finality payment systems
The Czech National Bank provides pursuant to Section 142 of Act No. 284 / 2009 Coll., on Payment, (hereinafter referred to as "the Act") for the implementation of Sections 62 (2) and 69 (5) of the Act:
Subject matter
This decree sets out the content of settlement principles in payment systems with irrevocable settlement (hereinafter referred to as "the system ') and the model of the application form for authorisation to operate a payment system with irrevocable settlement and the content of its annexes.
Definition of terms
For the purposes of this decree:
(a) proof of integrity, a document similar to an extract from the Register of Penalties not earlier than 3 months old, issued by a foreign State of which a natural person is a citizen and by a foreign State in which a natural person has remained continuously for more than 6 months during the last 3 years;
(b) a full statement of the business authorisation, or another document, from a business register or other register under another legislation (1), or from similar records abroad, containing the information in force at the time of the application, including information on the application for registration in the relevant register which was not made at the date of the application;
(c) financial statements
1. the annual reports and accounts for the last 3 financial years or for the period during which the applicant carries on business, if that period is less than 3 financial years; where the applicant is part of a consolidation unit, also consolidated annual reports and financial statements for the same period; (2) the financial statements are to be verified by the auditor, this means the financial statements so audited;
2. documents similar to those referred to in point 1 in the case of a foreign legal person or a foreign natural person,
3. proof of income for the last 3 years and proof of assets and liabilities in the case of a natural person;
(d) an information system of a functional unit ensuring the acquisition, processing, transmission, sharing and storage of information in whatever form, including the relevant technical equipment;
(e) the business plan actually planned and realistic for the first three years of activity, within the scope of the financial statements data under another legislation3), together with a commentary on its individual items, which always contains the basic bases on which the business plan is based;
(f) details of the person
1. in the case of a legal person, the commercial firm, or the name, registered office and identification number, if any,
2. in the case of a natural person, the name, surname, birth number, date of birth, if no birth number has been assigned, address of residence in the form of a street, descriptive number, municipality, part of the municipality, postal code and state; a commercial firm, place of business and identification number have also been assigned to an entrepreneur incorporated in the commercial register,
(g) data on professional experience
1. information on the type of professional experience;
2. an indication of the person with whom he or she has been practised;
3. an indication of the employment classification and a description of the activity carried out;
4. the definition of the duration of the activity referred to in point 3;
5. consent to the performance of a work assignment required by other legislation, where necessary;
(h) information on education
1. the name and type or type of educational institution, the study programme, the field of study, the duration of the study programme, the method and date of completion of the study, any academic degrees obtained; and
2. an overview of courses, traineeships and study visits of importance for the operation of the system and an indication of the year of their completion, focus, duration and, where appropriate, academic degrees.
Content of system settlement principles
(Paragraph 62 (2) of the Law)
(1) In all cases the application of the principles set out in § 62 (2) of the Act must be in the system
(a) the principles of risk management in the operation of the system;
(b) ensure the settlement of orders received by the system without delay and at the latest at the end of the day on which the order was received;
(c) ensure that low-risk assets are used to settle orders received by the system;
(d) the technical and organisational assumptions have been met,
1. the level of security measures against misuse of data and disclosure similar to those in the information system handling classified information of the "Reserved" 4),
2. high operational reliability, high availability and resistance to external influences;
3. measures to ensure timely completion of the settlement of orders received by the system even in the event of an emergency situation.
(2) If the system is operated on the settlement principle of differences (balances) calculated from the reciprocal claims and liabilities of the participants in the system, or in combination with the principle of settlement of individual items while checking their coverage, the settlement of orders received by the system at the latest at the end of the accounting day on which the order was received shall be ensured in addition to the fulfilment of the conditions laid down in paragraph 1, even if the participant in the system with the highest obligation to other participants in the system does not have sufficient funds to settle the obligation.
Application for authorisation to operate the system
(Paragraph 69 (5) of the Law)
(1) The application for authorisation to operate the system shall be made on a form, a model of which is given in Annex 1 to this Order. The application shall include the annexes referred to in paragraphs 2 to 6.
(2) The Annexes containing the basic information on the applicant are:
(a) founding documents and their amendments and Statutes 5);
(b) proof of a business authorisation;
(c) proof of origin of the initial capital and, where appropriate, other financial resources.
(3) The other annexes containing the basic information on the applicant are:
(a) the full text of the instruments of incorporation and the statutes;
(b) financial statements;
(c) a list of applications for annulment of decisions of the applicant's highest authority which, at the date on which the application was lodged, have not been definitively closed, where such applications have been made and where such proposals are likely to have a significant impact on the applicant's continued functioning.
(4) The Annexes containing information relating to the operation of the system are:
(a) a business plan based on real economic calculations;
(b) a strategy for developing the activity of the proposed system, in particular in relation to the proposed business plan and the medium-term financial objectives;
(c) a description of the management and control system containing at least:
1. a proposal for an organisation with a definition of the scope and decision-making powers within which the functions whose performance is incompatible and procedures to avoid a potential conflict of interest shall be defined,
2. strategic and operational management principles;
3. the principles of the internal control system,
4. a description of the limitation of systemic risk;
5. the expected number of employees to ensure the planned activities of the system and the procedures for the organisational security of individual activities, including the identification of contact persons to receive notifications from the Czech National Bank pursuant to § 68 (4) and (5) of the Act,
6. a proposal for technical security of individual activities, including an appropriate accounting system and statistical and security systems, including security principles for the information system;
(c) a written contract pursuant to § 62 (1) (b) of the Act, the rules of the system and the list of its participants, which will show that the requirements of § 63 and § 69 (1) (d) of the Act are met,
(d) a description of the liquidity provision of the settlement of orders received by the system.
(5) Details of the list of participants in the scheme referred to in paragraph 3 (a). (c) it must always contain the name, registered office or place of business and the identification number of each participant in the system.
(6) The Annexes containing information on the management of the system (6) and the persons proposed to lead the system operator are:
(a) a list of the managers, indicating their duties;
(b) the CV of each management person containing information on education and professional experience;
(c) proof of the integrity of each management person;
(d) the concise conception of the performance of the duties to which the lead person is proposed;
(e) the form set out in Annex 2 to this Order, completed and signed by the lead person.
Common provisions
(1) Where the applicant is represented, the original of the mandate or other instrument proving the authorised representative shall be annexed to the application to represent the applicant.
(2) The documents referred to in Articles 4 (2) and 6 (c) shall be presented in the original or an officially certified copy.
(3) Where the nature of the case precludes the submission of an annex to the application required by this decree or the indication on the form and if the information or data from the application is not sufficiently obvious, the applicant shall indicate this in the application together with the reasons for which the annex cannot be presented or the indication and shall provide adequate evidence of that.
(4) Instead of submitting the prescribed annex, the applicant may refer to a well-identified document submitted to the Czech National Bank in the last 3 years which meets the requirements laid down in this decree.
(5) A foreign authentic instrument shall be accompanied by a higher verification of the documents (superlegalisation), unless the international treaty (7) is established by the Czech Republic, otherwise. This does not apply to a foreign authentic instrument issued by a public authority
(a) a Member State; or
(b) a foreign State with which the Czech National Bank has a cooperation agreement; the list of these authorities shall be published by the Czech National Bank in a way that allows remote access.
Efficacy
This decree shall take effect on the day of its publication.
Governor:
Doc. Ing. Tůma, CSc., v. r.
Příloha č. 1
Annex No 1 to Decree No 32 / 2010 Coll.
MODEL
Application for authorisation / amendment of authorisation to operate a payment system with irrevocable settlement
Příloha č. 2
Annex No 2 to Decree No 32 / 2010 Coll.
MODEL
Questionnaire to assess the competence, credibility and experience of the payment system manager with irrevocability
1) For example Act No. 513 / 1991 Coll., Commercial Code, as amended, Act No. 455 / 1991 Coll., on Business Business (Trade Act), as amended, Act No. 85 / 1996 Coll., on Advocacy, as amended.
2) Act No. 563 / 1991 Coll., on Accounting, as amended.
3) Article 18 of Act No. 563 / 1991 Coll.
4) Paragraph 4 (d) of Act No. 412 / 2005 Coll., on the Protection of classified information and on security competence, as amended.
5) Paragraph 38i (1) (a) of the Commercial Code, as amended.
6) Paragraph 2 (2) (h) of the Payment Act.
7) For example, the Communication of the Ministry of Foreign Affairs No. 45 / 1999 Coll., on access to the Convention on the abolition of the requirement of verification of foreign public documents.
Sign in for notes, favorites and notifications
Regulation Information
| Citation | Decree No. 32 / 2010 Coll., on settlement finality payment systems |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 03.02.2010 |
|---|---|
| Effective from | 03.02.2010 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
Comments 0