ICS Contractual Framework
This is the publically available Participants’ documentation as part of the contractual framework for the Image Clearing System.
The ICS Manual performs two principal functions. Firstly, it forms a key part of the legal basis for the operation of the ICS and, secondly, it provides a clear and comprehensive description of the rules, requirements and key procedures for the ICS in a document that is (and will be from the launch of the ICS) publicly available.
ICS Participant Agreement and ICS Participant Terms and Conditions
This consists of a short form Admission Agreement and the ICS Participant Terms and Conditions, which are incorporated by reference, into the ICS Participant Agreement. The key purpose of the ICS Participant Agreement is to govern the relationship between the ICS Operator and each Participant in relation to that participant’s use of and access to the functions, facilities and services provided to it by the ICS.
ICS Participant Terms and Conditions
The Terms and Conditions include the obligations for each participant. The form part of the ICS Participant Agreement.
Further documents, including the Settlement Documents, will be made available to any prospective participant who has signed and return to us a Letter of Intent to participate.
Contractual Framework for Paper Clearings
The System Rules set out the rights, duties and responsibilities of participants, including responsibilities for agency bank relationships. The Rules also set out eligibility criteria, the on-boarding process and information on fees and charges.
The Operational Documents, System Membership Agreement and Settlement Documents are available to any bona fide applicant for membership who agrees to sign an agreement to keep the content of those documents confidential and use them only for the purposes of its application as a participant.