1. The Board of Directors shall issue regulations specifying types of violations pertaining to Financial Market Infrastructures licensed and Designated Infrastructure by the Central Bank, the penalties prescribed for violations, and any of the following instances shall be considered a violation to the terms and conditions relating thereto: a. Violation of operational requirements of such infrastructures and related settlement rules and procedures. b. Failure of an operator of an infrastructure or its Settlement Institution to comply with a Central Bank request for information or documents. c. Failure to comply with Central Bank’s decisions and instructions, and failure to take a particular action, which the Central Bank considers necessary to render the infrastructure compliant with the criteria it sets. d. Failure, on the part of an operator of an infrastructure or its Settlement Institution to report any action taken under Default Arrangements of such infrastructure, in respect of a Participant Person. e. Failure, on the part of a Participant Person, to notify the infrastructure operator, its Settlement Institutions and the Central Bank of issuance of judgement declaring it bankrupt or placing it under liquidation. f. Operating an infrastructure without obtaining a license in accordance with the provisions of Article nos. (154) and (155) of this decree-law. g. Failure of an operator of an infrastructure or its Settlement Institution to comply with any request from the Central Bank or any other government entity, relating to default, within a specified time period. h. Failure of an operator of an infrastructure to notify the Central Bank of issuance of judgment regarding declaration of bankruptcy or liquidation of any Participant Person. i. Providing the Central Bank with incorrect or misleading information. j. Adding an incorrect entry to any registration book or in any document related to a particular infrastructure, or causing alteration, deletion or obliteration of such entry. k. Any other related action to the clearing and settlement operations or to the retail and wholesale payment operations the Central Bank considers a violation. 2. The Central Bank may take whatever actions it deems appropriate to rectify any violations referred to in item (1) of this article, and determine settlement and enforcement of applicable sanctions and fines thereof in accordance with Article (168) of this decree-law.
Interpretation and application must be checked against the official text and current version.