of July 22, 2016 No. 183
About finality of calculations in payment systems and settlement systems for financial instruments
The parliament adopts this organic law.
(1) This law regulates finality of calculations in payment systems and settlement systems for financial instruments, consequences of the procedure of insolvency concerning the rights and obligations of the participant of system following from or in connection with participation in system and also protection of the rights of holders of providing in case of insolvency of the participating supplier of providing.
(2) the Purpose of this law is decrease in the systemic risk connected with participation in payment systems and settlement systems on financial instruments and also decrease in the system failures caused by initiation of the procedure of insolvency concerning the participant of these systems.
This law is applied to any system determined according to Item 17) of part (1) Articles 3, to any participant of such system, and also to the providing established in connection with participation in system or in connection with transactions of National Bank of Moldova within implementation of the functions as Central Bank.
(1) for the purposes of this law the following concepts and expressions are used:
1) the calculating agent – the subject for the purpose of implementation of calculations opening to organizations and/or the central partner participating in system, settlement accounts according to which calculations for payment orders and/or transfer orders within system and, if necessary, the granting loan to such organizations and/or the central partner are perfromed;
2) Clearing House – the subject responsible for calculation of net line items of organizations, the possible central partner and/or the possible calculating agent;
3) the settlement account – the account opened in Central Bank, at the calculating agent or the central partner, used for introduction of money or financial instruments and implementation of payment under transactions of participants of system;
4) the central partner – the subject performing interaction between the organizations participating in system who acts as the exclusive partner for such organizations in relation to their payment orders / to transfer orders;
5) the education guaranteed by the state – subject of public or private law which obligations according to the law are provided with the state;
6) providing – any asset, including the money, financial instruments or monetary claims (requirements, following from agreements, based on which banks, including Central Banks, grant the loans) which are subject of agreements of pledge, repurchase agreements or similar agreements which can be realized for the purpose of providing the rights and obligations which can arise in connection with participation in system or which is established for benefit of National Bank of Moldova;
7) organization – any of the following subjects participating in system and who are responsible for execution of the financial liabilities arising from payment orders / transfer orders within this system:
a) bank, according to the definition given in the Law on activities of banks No. 202/2017;
b) investment society, according to the definition given in the Law on the capital market No. 171 of July 11, 2012;
c) any company with the location abroad performing the activities permited banks and investment societies;
d) bodies of the public power and the educations guaranteed by the state;
e) payment society or society issuer of electronic money as it is determined in the Law on payment services and electronic money No. 114/2012;
8) financial instruments – the tools specified in part (1) article 4 of the Law on the capital market No. 171 of July 11, 2012;
9) netting (calculation of net line items) – transformation to one net requirement or one net obligation of the requirements and obligations arising from payment orders and/or transfer orders which one or several participants write out for benefit of one or several participants or receive from one or several participants in such a way that as a result only one net requirement can be imposed and only one net obligation is owed;
The payment order – the instruction this by the participant to make 10) available to the receiver of amount of money by means of implementation of entries in registers of bank, Central Bank, the central partner or the calculating agent or other instruction of which execution acceptance or execution of the payment obligation is result as it is determined by rules of functioning of system;
11) the transfer order – the instruction this by the participant to translate the property right or any other right to one or several financial instruments by means of implementation of entry in the register or otherwise;
12) the operator of system – the subject or subjects legally responsible for functioning of system. The operator of system can act as the calculating agent, the central partner or Clearing House;
13) the participant – organization, the central partner, the calculating agent, Clearing House or the operator of system. According to rules of system the same participant can act as the central partner, the calculating agent or Clearing House or perform in parts or in full all these functions;
14) the indirect participant – organization, the central partner, the calculating agent, Clearing House or the operator of system having contractual relations with the participant of system in which payment orders and/or transfer orders based on which the indirect participant has the right to direct payment orders and/or transfer orders within system provided that the indirect participant is known to the operator of system are performed;
15) the procedure of insolvency – any stipulated by the legislation procedure intended for liquidation or reorganization of the participant if such measure includes suspension of payments or transfers or imposing of restrictions for their implementation;
16) systemic risk - risk that non-execution of obligations of one participant or administrator of system as the participant within system will entail inability of other participants and/or the administrator of system to fulfill the obligations in case of maturity in time, having created consequences which can threaten stability or trust to financial system;
17) system – the formal agreement which at the same time corresponds to the following conditions:
a) it is concluded between three or more participants, apart from the operator of this system, the possible calculating agent, the central partner, Clearing House or the indirect participant, has general rules and the standardized procedures for implementation of clearing by means of the central partner or other subject and/or for execution of payment orders and/or transfer orders between participants;
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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