Transactions limits in the Union Registry
Monday, 11. September, 2023
Pursuant to entry into force of Commission Delegated Regulation (EU) 2023/1642 amending Delegated Regulation (EU) 2019/1122 as regards the modernisation of the functioning of the Union Registry, a functionality for setting up transactions limits was launched in the Union Registry on 10 September 2023.
In practice, this means that transactions above set limit will not be carried out in the system at all or will be carried out subject to certain conditions.
The limits apply only to outgoing transfers to accounts of the same holder as well as accounts of other participants in the Union Registry. Surrender of allowances or their deletion still remain without restrictions. The allowance means general allowance - EUA, aviation allowance - EUAA, Swiss general allowance - CHU and Swiss aviation allowance - CHUA. The limits do not apply to other unit types.
The limits can be set at central administrator, national administrator and account levels. The rule is that the lowest of set limits is applied to the transaction, and the system does not allow the account holder to set account limits higher than those set by central or national administrator.
The Central Administrator of the Union Registry set a limit of 2,000,000 allowances per transaction to account outside the trusted account list. This limit is applied within the entire system, i.e. for all member states. To carry out a transaction above this limit, it is always necessary for the holder of the transferring account to have the acquiring account added to the trusted account list.
The national administrator of the Slovak part of the Union Registry did not set any limits for the transactions carried out in the Slovak part of the Union Registry.
The limits at the account holder level are voluntary and, unlike the central administrator’s limit, apply to transfers to accounts both on and not on the trusted account list. The limits increase the security level of an account by the fact that if the transferred amount exceeds the specified limit, the transaction will not be carried out in the system. The holder can set them at any time for each account individually, and their change is subject to the so-called 4-eyes principle, i.e. an increase or decrease of the limit must be approved by another authorised representative of the account. The change is only applied to one specific account at a time and will take effect immediately. The account holder has the option to set following limits:
- single transaction limit
- accumulated daily transactions limit
- accumulated weekly transactions limit, work week (Monday to Friday)
- accumulated weekly transactions limit (last 7 days)
- accumulated monthly transactions limit (calendar month)
If the account holder does not wish to apply account limits, no action is required, default account limits are not set.