Decree No. 548 / 2002 Coll.
Order setting out the conditions for settlement principles in payment systems and the details of the licence application to operate the payment system
Valid
Order
Effective from 01.01.2003
Text versions:
01.01.2003
31.12.2002
548
DECLARATION
of 10 December 2002
laying down the conditions for the principles of clearing payment systems and the formalities for applying for a licence to operate a payment system
The Czech National Bank provides, pursuant to § 23 (2) and § 30 (5) of Act No. 124 / 2002 Coll., on transfers of funds, electronic means of payment and payment systems (Law on Payment):
Subject matter
This decree lays down the conditions for the settlement principles to be met by the payment system operated under the Payment Act (hereinafter referred to as the "system ') and the formalities for the application for a licence to operate the payment system.
Conditions for system settlement principles
(1) If the system is operated on any of the principles set out in Section 23 (2) of the Payment Act, it 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 accounting day on which the order was received;
(c) ensure that the assets used to settle orders received by the system are least risky;
(d) the technical and organisational assumptions have been met,
1. level of security measures against misuse of data and leakage similar to those in the information system which handle classified information of the "Reserved" level under a specific legislation, 1)
2. high operational reliability, high availability and resistance to external influences;
3. measures to ensure the 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 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, in addition to meeting the conditions set out in paragraph 1, the settlement of orders received by the system shall be ensured at the latest at the end of the accounting day on which the order was accepted, even if the participant of the system with the highest obligation vis-à-vis other participants in the system does not have sufficient funds to settle the obligation.
Forms of licence applications for the operation of payment systems
(1) The licence application for the operation of the payment system consists of:
(a) basic data and justification of the application;
(b) the concept and principles of the system's operation;
(c) paper documents,
(d) paper documents relating to persons proposed for the efficient management of the system operator directly subordinate to the members of the statutory body of the system operator (hereinafter referred to as "the person proposed to lead"),
(e) a statement that the applicant will immediately inform the Czech National Bank in writing of any changes to the information provided in the application that will occur after the application has been submitted and at any later date.
(2) The basic data referred to in paragraph 1 (a) are:
(a) the business name and registered office of the system operator and the participants;
(b) the amount of the core capital of the system operator.
(3) The concepts and principles of the system's operation referred to in paragraph 1 (b) shall include:
(a) a strategic development plan and a system action plan, which must be supported by economic calculations;
(b) the manner in which liquidity is secured for the settlement of orders received by the system;
(c) risk analysis, management principles and measures against financial risks;
(d) method of minimising systemic risks (e.g. collateral under Section 27 (5) of the Payment Act, Guarantee Fund);
(e) a description of the technical security of the system's operation and the estimated number of employees to ensure the planned activities of the system; technical security means, in particular, the corresponding computer system, information system, accounting and other records;
(f) a description of the organisational assumptions for the performance of the system, including the identification of the contact persons to receive notifications from the Czech National Bank pursuant to Article 29 (4) and (5) of the Payment Act;
(g) a description of the management and control mechanisms.
(4) The paper documents referred to in paragraph 1 (c) are:
(a) the statutes of the system operator;
(b) an extract from the commercial register of the system operator, which may not be more than one month old and must correspond to the actual situation at the date of submission of the licence application for the operation of the payment system;
(c) proof of origin of the contribution to the core capital of the system operator;
(d) the audited financial statements (2) of the system operator for the last three years or for the period during which he operates, if that period is less than three years;
(e) an extract from the Register of Penalties of a natural person who is a member of the statutory body of the system operator, not more than one month old; a person who is a national of the Czech Republic, if he has remained continuously abroad for more than six months during the last three years, shall also submit a similar extract from the criminal record of that State not earlier than three months; a foreign natural person shall submit a similar document not earlier than three months old, issued by the State of which he is a citizen, as well as by the States in which he has remained continuously over the last three years for more than six months;
(f) a chronological breakdown of all employed employment, business activities and other self-employed activities and membership of the authorities of other companies, including an already completed natural person who is a member of the statutory body of the system operator;
(g) a statement by the system operator that all data and documents submitted by him are up to date, complete and true.
Person proposed to lead
(1) The professional competence, credibility and experience of the person proposed to lead shall be demonstrated by the system operator by paper documents. The Czech National Bank assesses the professional competence of the person proposed to lead by interview with the person. The Czech National Bank may, on the basis of an evaluation of paper documents and its own findings, refrain from interviewing a person proposed to lead, in particular if they are a person with sufficient experience in managing a banking or financial sector function.
(2) The paper documents referred to in paragraph 1 are:
(a) an extract from the record of the criminal record of the person proposed to lead, not more than one month old; a person who is a national of the Czech Republic, if he has remained continuously abroad for more than six months during the last three years, shall also submit a similar extract from the criminal record of that State not earlier than three months; a foreign natural person shall submit a similar document not earlier than three months old, issued by the State of which he is a citizen, as well as by the States in which he has remained continuously over the last three years for more than six months;
(b) a CV indicating all employment, business activities, other self-employed activities, membership of professional associations and membership of bodies of other companies, including those already completed; where the person proposed to lead the management has held a leading role, indicate in all cases the scope of the powers and responsibilities conferred on him and the size of the collective managed by him;
(c) documents or copies thereof which have been officially certified and which can attest to their competence and qualifications;
(d) a brief conception of the performance of the function to which it is proposed;
(e) a questionnaire, the model of which is set out in the annex to this order,
(f) other documents and data submitted by the person proposed to lead by which the applicant can confirm his or her competence, credibility or experience, such as references or work reports from the last job;
(g) a statement by the person proposed to the management that all the particulars of the applicant and the documents submitted by him are up to date, complete and true.
Common provisions
(1) The application for a licence to operate a payment system shall be signed by the statutory authority or members of the statutory authority of the system operator. The signatures must be officially authenticated.3)
(2) The paper documents required by this decree to confirm a particular fact originating from abroad shall be submitted together with the officially certified Czech translation (3), (4) The authenticity of the signatures on the originals of the documents submitted must be verified in accordance with the Act on Private and Procedural International Law (5), unless otherwise provided for in an international treaty approved by Parliament, ratified and declared and bound by the Czech Republic. 6)
(3) The required paper document may be replaced by a written declaration if it is a document originating from abroad and the law of the State concerned does not know such document or a document of substance. This declaration shall be verifiably certified with the required data. In the case of natural persons, this declaration shall be marked "declaration of honour."
Efficacy
This Decree shall take effect on 1 January 2003.
Governor:
Doc. Ing. Tůma, CSc.
Annex to Decree No 548 / 2002 Coll.
1) Decree No. 56 / 1999 Coll., on the security of information systems handling classified information, carrying out their certification and certification requirements.
2) Article 39 of the Commercial Code.
3) § 74 of Act No. 358 / 1992 Coll., on notaries and their activities (notarial order), as amended. § 1 to 4 of Act No. 41 / 1993 Coll., on the verification of the conformity of a copy or a copy with the instrument and the authenticity of the signature by the district and municipal authorities and on the issuing of certificates by the municipal and district authorities, as amended.
4) Act No. 36 / 1967 Coll., on Experts and Interpreters.
5) § 52 of Act No. 97 / 1963 Coll., on Private International Law and Procedural Law, as amended.
6) European Convention on the abolition of the verification of documents drawn up by diplomatic representatives or consular officers, published in the Notice of the Ministry of Foreign Affairs No 287 / 1998 Coll. Convention on the abolition of the requirement of verification of foreign public documents, published by the Ministry of Foreign Affairs No.45 / 1999 Coll.
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Regulation Information
| Citation | Decree No 548 / 2002 Coll., laying down the conditions for the principles of settlement in payment systems and the details of the licence application for the operation of the payment system |
|---|---|
| Regulation Type | Order |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 31.12.2002 |
|---|---|
| Effective from | 01.01.2003 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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