Participant requirements BiR Settlement Service

Institutions that want to participate in BiR Settlement Service must apply for participation. The institution must both at entry and continuously fulfil all participation requirements. Bankgirot conducts annual monitoring of each participant's compliance with the participation requirements.

1.

PARTICIPANT REQUIREMENTS BiR Settlement Service

1.1

Introductory requirements

1.1.1

Be an institution which, according to chapter 21 § 1 in the securities markets act (2007:528) and § 8 in the systems for settlement of obligations on finance markets act (1999:1309), has a right to participate in clearing and settlement systems respectively.

1.1.2

Bankgirot provides BiR Information system to the Participants in the BiR Settlement Service so that they will be able to read off settlement information for themselves and, where appropriate, for their Indirect Settlement participants. For Participants, connection to BiR Information system (or equivalent) by signing an agreement to this effect, is a prerequisite to being able to use BiR Settlement Service.
   

1.2

Financial requirements

1.2.1

Meet the capital requirements stated in the legislation and the regulations applying to the relevant institution at any given time.
   

1.3

Technical requirements

1.3.1

Be able to connect technically to BiR Settlement Service.

1.3.2

Have sufficiently secure technical systems in compliance with Bankgirot's criteria below:

a) Is there an appropriate organisation in place to manage IT security?
b) Are there sufficient contingency procedures (redundancy) as regards: Employees, Data communication, System, Power supply?
c) Is there documentation of performing annual risk analysis?
d) Is there documentation of performing risk analysis for single point of failures?
e) Are there reports of annual intrusion analyses?
f) Is there protection against viruses and malware (malicious code)?
g) Is there access control?
h) Is there physical protection at the data operating site such as:
Perimeter protection, Fire protection and Water damage protection?

1.4

Risk management requirements 

1.4.1

Maintain risk management routines necessary for the system which meet Bankgirot’s criteria below:

a) Are there persons in the organisation appointed as responsible for risk management?
b) Are there established policies and other relevant documentation concerning risks that have been created to ensure risk management?
c) Is there an established risk management plan within the organisation?
d) Are there procedures for the distribution of information concerning risk management within the organisation?
e) Is there an established methodology for managing operational
problems?
f) Are there escalation procedures for risk and problem situations,
including names recipients of non-conformance reports?
g) Is there an organised internal control function, i.e. internal auditing, risk control and compliance function?

1.5

Mandatory requirements

1.5.1

Have an organisation with defined roles and personnel who can satisfy the technical requirements, personnel trained in regulations for BiR Settlement Service and personnel who can meet the risk management requirements.
   

1.6

Product requirements

1.6.1

Be able to settle in currencies agreed with Bankgirot.

DISCLAIMER: The English version is a translation of the original Swedish version, for information purposes only. In case of a discrepancy, the Swedish original will take precedence.