1) The Board of Directors shall issue regulations, instructions, rules, directives, and codes of conduct as it deems appropriate for the implementation of the provisions of Part Four of this decretal law, and to achieve the objectives of the Central Bank and discharge its functions, including:

• a. Regulations, conditions and rules relating to licenses, granted by the Central Bank in accordance with the provisions of article nos. (124) and (125) of this decretal law, to operators of Financial Infrastructure Systems or the Settlement Institutions for such systems and their Participant Persons.
• b. Regulations, rules and standards relating to the designation and oversight of Financial Infrastructure Systems, as per the provisions of article nos. (126) and (127) of this decretal law, monitoring operations of such systems and enforcing compliance requirements on Participant Persons thereof.

2) The Central Bank may exempt operators of Financial Infrastructure Systems it licenses, the Settlement Institutions of such systems or Participant Persons, in a general or specific manner, from the provisions of any of the regulations, instructions, rules, directives, and controls issued by it.