Decision on the Management and Use of the Clearing and Settlement System of the Lao PDR
关于老挝人民民主共和国清算与结算系统的管理与使用的决定
ຂໍ້ຕົກລົງ ວ່າດ້ວຍ ການຄວບຄຸມ ແລະ ການນຳໃຊ້ລະບົບການຊຳລະ ແລະ ຫັກບັນຊີ ຂອງ ສປປ ລາວ
Summary
This Decision of the Bank of the Lao PDR prescribes principles and mechanisms for the management and use of the Lao Payment and Settlement System (LAPASS), eligibility and rights and obligations of participants, prohibited acts and measures for violations, replacing the old decision on the real-time transfer system of 2016.
Articles
Article 1
Purpose. This Decision stipulates the principles and measures for the management and use of the Lao PDR Clearing and Settlement System, in order to ensure the safe operation of this business, in accordance with the scope of authority and responsibilities, and to ensure the effective management and use of the Lao Clearing and Settlement System.
Article 2
Lao People's Democratic Republic Clearing and Settlement System. The Lao Clearing and Settlement System (LAPASS) is one of the important clearing systems managed by the Bank of the Lao PDR and providing services to members, used for performing netting and debit functions within this system.
Article 3
Interpretation of Terms. The terms used in this Decision shall have the following meanings: 1. Settlement Account refers to a deposit account opened by a member at the Banking Operations Department of the Bank of the Lao PDR, used for debiting among members using this system; 2. National Budget Settlement refers to settlement transactions related to national budget revenues and expenditures processed through the Lao Clearing and Settlement System; 3. General Settlement refers to settlement transactions processed through this system that are not related to national budget revenues and expenditures; 4. Check Clearing refers to settlement transactions processed through this system where a check holder transfers a check into their account at another bank; 5. System Controller refers to the Banking Operations Department of the Bank of the Lao PDR; 6. System Supporter refers to the Information Technology Department of the Bank of the Lao PDR; 7. Regulator refers to the Clearing and Settlement System Management Department of the Bank of the Lao PDR; 8. Retail Transaction Clearing System refers to the Automated Clearing House system, the Securities Value Clearing System, and other systems as stipulated by the Bank of the Lao PDR at various stages.
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