BUSINESS TERMS AND CONDITIONS - Magyar Nemzeti Bank

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TagbankrendszerTagbankCBTTagbankCBTS.W.I.F.T.KELERrendszerKELERCBTMNB CBTInFoRexKözpontiCBTCASMNB wsLegend:Tagbank rendszerTagbank CBTKELER rendszerKELER CBTKözponti CBTParticipating bank networkParticipating bank CBTKELER systemKELER CBTCentral CBT6. SYSTEM PARTICIPANTS1. MNB operates VIBER and performs the tasks of the participant specified under Article 3(1)c)of the SFD, and, as a central bank, regulates and supervises the payment system. As regardsVIBER, MNB functions as the clearing house and settlement agent in one.2. The market infrastructure shall, in order to financially settle orders for payments andsecurities transactions, use VIBER.a. KELER operates the central securities clearing system and depositary, enabling DVPbasedsecurities clearing and the blocking of securities serving as collateral for theintraday credit line.24/47
. GIRO Zrt. operates the ICS, the multiple intraday clearing and night clearing of whichare settled in VIBER.3. The following may be VIBER participants:1. resident credit institutions and other payment service providers established in anyMember State of the European Economic Area;2. investment firms;3. market infrastructures;4. MNB.7. CONDITIONS FOR JOINING AND VIBER PARTICIPATION, ADMISSION7.1. Technical conditions for direct VIBER participation:a) a HUF bank account must be kept at MNB or a technical account for clearing;b) SWIFT membership with own BIC (Bank Identifier Code); 6c) membership in the HUF Closed User Group formed by SWIFT for VIBER purposes; 7d) successful testing to certify that the applicant has the technical means for sending andreceiving VIBER messages. Upon successful completion of the test, MNB shall make out aTechnical Certificate within 5 business days to the participant.e) shall apply in writing for participation in VIBER and registration in the Routing table as a VIBERparticipant with the exception of market infrastructures.7.2. Other conditions for direct VIBER participation:a) The Agreement, with the exception of market infrastructure, on the finality of settlement shallbe signed and accepted by each direct and indirect VIBER participant.b) Non-resident direct VIBER participants shall submit a written declaration made by the head oftheir legal department, in conformity with the terms of reference provided by MNB as SystemOperator, stating that the requirements set out under Article 10ea) – ec) of the SFD aresatisfied in full. Concerning the manner and content of confirming full compliance with therequirements set out under Article 10 ed) of the aforementioned Act, MNB shall, in accordancewith the legislative intent, make the relevant decision on a case-by-case basis.When an indirect VIBER participant becomes a direct one, the regulations governing newmembership shall apply.7.3. Conditions for indirect VIBER membership:- written notice from the correspondent under Section 9.2 of the indirect VIBER member;- the signing of the Agreement in 7.2. a by the indirect VIBER member;6Existing BIC is used for VIBER purposes.7 Application for membership in HUF Closed User Group must be submitted to SWIFT, and if SWIFT supports it, the MNB approvesHUF CUG membership.25/47
Page 1 and 2: Amended and consolidatedBUSINESS TE
Page 3 and 4: 3.6.2. Payment orders to the debit
Page 5 and 6: 1. DEFINITIONSFor the purposes of t
Page 8 and 9: Market infrastructure:PVP:SWIFT:Any
Page 10 and 11: 2.3. Customer identification proced
Page 13 and 14: Disposal rights over bank accounts
Page 15 and 16: MNB shall refuse to execute and sha
Page 17 and 18: MNB shall be liable for the accurac
Page 19 and 20: made available the Customer is noti
Page 21 and 22: The procedures of submitting and ex
Page 23: B) VIBER BUSINESS CONDITIONS4. SYST
Page 27 and 28: MNB shall register the termination
Page 29 and 30: model of which is contained in Anne
Page 31 and 32: submit payment orders in the amount
Page 33 and 34: 13. LIQUIDITY MANAGEMENT ISSUES IN
Page 35 and 36: the time when due. It does not nece
Page 37 and 38: The two orders may be submitted in
Page 39 and 40: participants in a debit position, c
Page 41 and 42: an MT298-SMT701 message regarding r
Page 43 and 44: 9 Other DVP transactions MNB, KELER
Page 45 and 46: VIBER if such circumstances occur.
Page 47: Annex 3:Rules for the administratio

BUSINESS TERMS AND CONDITIONS - Magyar Nemzeti Bank

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