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Document 32015O0015
Guideline (EU) 2015/930 of the European Central Bank of 2 April 2015 amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2015/15)
Guideline (EU) 2015/930 of the European Central Bank of 2 April 2015 amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2015/15)
Guideline (EU) 2015/930 of the European Central Bank of 2 April 2015 amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2015/15)
OJ L 155, 19.6.2015, p. 38–91
(BG, ES, CS, DA, DE, ET, EL, EN, FR, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
No longer in force, Date of end of validity: 19/03/2023; Implicitly repealed by 32022O0912
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19.6.2015 |
EN |
Official Journal of the European Union |
L 155/38 |
GUIDELINE (EU) 2015/930 OF THE EUROPEAN CENTRAL BANK
of 2 April 2015
amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2015/15)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 127(2) thereof,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 3.1 and Articles 17, 18 and 22 thereof,
Whereas:
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(1) |
The Governing Council of the European Central Bank (ECB) adopted Guideline ECB/2007/2 (1) governing TARGET2 which is characterised by a single technical platform called the Single Shared Platform (SSP). After a series of amendments this Guideline has been recast as Guideline ECB/2012/27 (2). |
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(2) |
On 17 July 2008, the Governing Council decided to launch a project aimed at setting up a service for securities settlement in central bank money, to be provided to central securities depositories (CSDs) under the name of TARGET2-Securities (T2S). As part of the Eurosystem's tasks in accordance with Articles 17, 18 and 22 of the Statute of the ESCB, T2S aims to facilitate post-trading integration by offering core, neutral and borderless pan-European cash and securities settlement in central bank money so that CSDs can provide their customers with harmonised and commoditised delivery-versus-payment settlement services in an integrated technical environment with cross-border capabilities. |
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(3) |
On 21 April 2010 the Governing Council adopted Guideline ECB/2010/2 (3), laying down the basic foundations for a Eurosystem service for securities settlement in central bank money, TARGET2-Securities (T2S), setting up the T2S programme in its development phase and further specifying the governance procedures of the Eurosystem applicable in this context. Guideline ECB/2010/2 was repealed by Guideline ECB/2012/13 (4). |
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(4) |
On 4 March 2015, the General Court of the European Union rendered its judgment in United Kingdom v European Central Bank, T-496/11, ECLI:EU:T:2015:496, annulling the Eurosystem Oversight Policy Framework, published by the ECB on 5 July 2011, in so far as it sets a requirement to be located within a Member State party to the Eurosystem for central counterparties involved in the clearing of securities. The ECB must therefore take the necessary measures to comply with this judgment. |
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(5) |
As the euro area national central banks (NCBs) will provide auto-collateralisation services and settlement in central bank money in T2S, Guideline ECB/2012/27 should be amended as follows, |
HAS ADOPTED THIS GUIDELINE:
Article 1
Amendment of Guideline ECB/2012/27
Guideline ECB/2012/27 is amended as follows:
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1. |
in Article 1, paragraph 1 is replaced by the following: ‘1. TARGET2 provides RTGS for payments in euro, with settlement in central bank money across payment module (PM) accounts and Dedicated Cash Accounts (DCA). TARGET2 is established and functions on the basis of the SSP through which all payment orders are submitted and processed and through which payments are ultimately received in the same technical manner. As far as the technical operation of the Dedicated Cash Accounts on T2S is concerned, TARGET2 is technically established and functions on the basis of the T2S Platform.’; |
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2. |
Article 2 is amended as follows:
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3. |
in Article 7, the following paragraph 7 is added: ‘7. The Eurosystem, as provider of T2S services, and the Eurosystem CBs as operators of their respective national TARGET2 component systems shall conclude an agreement governing the services to be provided by the former to the latter in respect of the operation of the Dedicated Cash Accounts. Such agreement shall also be entered into, where appropriate, by the connected NCBs.’; |
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4. |
Article 8 is amended as follows:
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5. |
in Article 9, paragraph 2 is deleted; |
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6. |
Article 12 is amended as follows:
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7. |
in Article 13, paragraph 1 is replaced by the following: ‘1. The Eurosystem CBs shall provide fund transfer services in central bank money to ancillary systems in the PM accessed through the network service provider. Such services shall be governed by bilateral arrangements between the Eurosystem CBs and the respective ancillary systems.’; |
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8. |
Article 15 is amended as follows:
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9. |
Article 18 is replaced by the following: ‘Article 18 Procedures for the rejection on the grounds of prudence of an application for participation in TARGET2 Where, pursuant to Article 8(4)(c) of Annex II or Article 6(4)(c) of Annex IIa, a Eurosystem CB rejects on the grounds of prudence an application to join TARGET2, that Eurosystem CB shall promptly inform the ECB of such rejection.’; |
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10. |
in Article 19, paragraph 1 is replaced by the following: ‘1. Where on the grounds of prudence, a euro area NCB suspends, limits or terminates a participant's access to intraday credit pursuant to paragraph 12(d) of Annex III or paragraph 10(d) of Annex IIIa or a Eurosystem CB suspends or terminates a participant's participation in TARGET2 pursuant to Article 34(2)(e) of Annex II or Article 24(2)(e) of Annex IIa, the decision shall, to the extent possible, take effect at the same time in all TARGET2 component systems.’; |
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11. |
in Article 20, the introductory wording is replaced with the following: ‘in connection with the implementation of Article 39(3) of Annex II and Article 28(3) of Annex IIa:’; |
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12. |
in Article 21, paragraphs 1 and 3 are replaced by the following: ‘1. If the events referred to in Article 27 of Annex II or Article 17 of Annex IIa affect the operation of the TARGET2 services other than the PM and the ICM and DCAs, the Eurosystem CB concerned shall monitor and manage such events in order to prevent any spillover to the smooth functioning of TARGET2.’; ‘3. The Eurosystem CBs shall report the participant's failure to the TARGET2 coordinator if such failure might affect the operation of the T2S Platform, the settlement in ancillary systems or create systemic risk. The closure of TARGET2 shall normally not be delayed due to a participant's failure.’; |
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13. |
in Article 22, paragraphs 1 and 5 are replaced by the following: ‘1. Unless otherwise decided by the Governing Council, the compensation procedure set out in Appendix II to Annex II or Appendix II to Annex IIa shall be managed in accordance with this Article.’; ‘5. Within two weeks following expiry of the period referred to in the final sentence of Article 4(d) of Appendix II to Annex II or in the final sentence of Article 4(d) of Appendix II to Annex IIa, the CB shall inform the ECB and all other CBs concerned about which compensation offers have been accepted and which compensation offers have been rejected.’; |
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14. |
Article 27 is replaced by the following: ‘Article 27 Miscellaneous provisions Accounts opened outside the PM and outside the T2S Platform by a euro area NCB for credit institutions and ancillary systems shall be governed by the rules of such euro area NCB, subject to the provisions of this Guideline which relate to Home Accounts and other decisions of the Governing Council. Accounts opened outside the PM and outside the T2S Platform by a euro area NCB for entities other than credit institutions and ancillary systems shall be governed by the rules of such euro area NCB.’; |
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15. |
the words ‘participant(s)’, ‘direct participants(s)’ and ‘TARGET2 participants’ are replaced by the words ‘PM account holders’ in:
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16. |
throughout the Guideline, the words ‘Harmonised Conditions for participation in TARGET2’ are replaced by ‘Harmonised Conditions for the Opening and Operation of a PM account in TARGET2’;. |
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17. |
throughout the Guideline, the words ‘network service provider’ are replaced by references to ‘TARGET2 network service provider’;. |
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18. |
in Annex II, the title is replaced by the following: ‘HARMONISED CONDITIONS FOR THE OPENING AND OPERATION OF A PM ACCOUNT IN TARGET2’; |
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19. |
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20. |
in Annex II, the following definitions are inserted in Article 1:
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21. |
in Annex II, the following Article 1a is inserted: ‘Article 1a Scope The present Conditions govern the relationship between the relevant euro area NCB and its PM account holder as far the opening and the operation of the PM account is concerned.’; |
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22. |
in Annex II, paragraphs 1 and 2 of Article 3 are replaced by the following: ‘1. TARGET2 provides real-time gross settlement for payments in euro, with settlement in central bank money across PM accounts and DCAs. 2. The following payment orders are processed in TARGET2-[insert CB/country reference]:
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23. |
in Annex II, the following paragraphs 3 and 4 are added to Article 7: ‘3. A PM account holder accepting its PM account to be designated as the Main PM account defined in Annex IIa shall be bound by any invoices related to the opening and operation of each Dedicated Cash Account linked to that PM account, as set out in Appendix VI to this Annex, including any penalties levied in accordance with paragraph 9(d) of Annex IIIa, regardless of the content of, or any non-compliance with, the contractual or other arrangements between that PM account holder and the DCA holder. 4. A Main PM account holder shall be bound by any invoices, as set out in Appendix VI to this Annex, for the linkage to each DCA to which the PM account is linked’; |
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24. |
in Annex II, Article 13 is replaced by the following: ‘The following are classified as payment orders for the purposes of TARGET2:
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25. |
in Annex II, the second subparagraph of Article 15(2) is replaced by the following: ‘All payment instructions submitted by an ancillary system through the ASI to debit or credit the participants' PM accounts and all PM to DCA liquidity transfer orders submitted shall be deemed to be highly urgent payment orders.’; |
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26. |
in Annex II, paragraph 2 of Article 38 is replaced by the following: ‘2. By derogation from paragraph 1, the participant agrees that the [insert name of CB] may disclose payment, technical or organisational information regarding the participant, participants from the same group or the participant's customers obtained in the course of the operation of TARGET2-[insert CB/country reference] to other CBs or third parties that are involved in the operation of TARGET2-[insert CB/country reference], to the extent that this is necessary for the efficient functioning of TARGET2 or the monitoring of the participant's or its group's exposure, or to supervisory and oversight authorities of Member States and the Union to the extent that this is necessary for the performance of their public tasks, and provided in all such cases that the disclosure is not in conflict with the applicable law. The [insert name of CB] shall not be liable for the financial and commercial consequences of such disclosure.’; |
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27. |
in Annex II, paragraph 2 of Article 46 is replaced by the following: ‘2. [Insert if appropriate under relevant national law: By requesting a PM account in TARGET2-[insert CB/country reference], applicant participants automatically agree to these Conditions between themselves and in relation to the [insert name of CB].]’; |
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28. |
in Appendix I to Annex II, the following point (d) is added to paragraph 8(8):
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29. |
in Appendix IV to Annex II, paragraph 6(d) is replaced by the following:
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30. |
in Annex II, Appendix VI is replaced by the following: ‘Appendix VI FEE SCHEDULE AND INVOICING Fees for direct participants
Fees for liquidity pooling
Fees for Main PM account holders
Invoicing
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31. |
the following Annex IIa is inserted: ‘ANNEX IIA HARMONISED CONDITIONS FOR THE OPENING AND OPERATION OF A DEDICATED CASH ACCOUNT IN TARGET2 TITLE I GENERAL PROVISIONS Article 1 Definitions For the purposes of these Harmonised Conditions (hereinafter the 'Conditions') the following definitions apply:
Article 2 Scope The present Conditions govern the relationship between the relevant euro area NCB and its DCA holder as far the opening and the operation of the DCA is concerned. Article 3 Appendices 1. The following Appendices form an integral part of these Conditions:
2. In the event of any conflict or inconsistency between the content of any appendix and the content of any other provision in these Conditions, the latter shall prevail. Article 4 General description of T2S and TARGET2 1. TARGET2 provides real-time gross settlement for payments in euro, with settlement in central bank money across PM accounts and DCAs. By virtue of Guideline ECB/2012/27, TARGET2 also provides real-time gross settlement services in respect of T2S transactions for DCA holders having ensured a link with a securities account at a participating CSD. Such services are provided on the T2S Platform, enabling the exchange of standardised messages in respect of the transfers from and to the DCAs opened on the books of the relevant euro area NCB in TARGET2. 2. The following transactions are processed in TARGET2-[insert CB/country reference]:
3. TARGET2 provides real-time gross settlement for payments in euro, with settlement in central bank money across PM accounts and DCAs. TARGET2 is established and functions on the basis of the SSP through which all payment orders are submitted and processed and through which payments are ultimately received in the same technical manner. As far as the technical operation of the Dedicated Cash Accounts on T2S is concerned, TARGET2 is technically established and functions on the basis of the T2S Platform. The [insert name of CB] is the provider of services under these Conditions. Acts and omissions of the SSP-providing NCBs and the 4CBs shall be considered acts and omissions of [insert name of CB], for which it shall assume liability in accordance with Article 21 below. Participation pursuant to these Conditions shall not create a contractual relationship between participants and SSP-providing NCBs or the 4CBs when any of the latter act in that capacity. Instructions, messages or information which a participant receives from, or sends to, the SSP or T2S Platform in relation to the services provided under these Conditions are deemed to be received from, or sent to, [insert name of CB]. 4. TARGET2 is legally structured as a multiplicity of payment systems composed of all the TARGET2 component systems, which are designated as 'systems' under the national laws implementing Directive 98/26/EC. TARGET2-[insert CB/country reference] is designated as a 'system' under [insert the relevant legal provision implementing Directive 98/26/EC]. 5. Participation in TARGET2 takes effect via participation in a TARGET2 component system. These Conditions describe the mutual rights and obligations of DCA holders in TARGET2-[insert CB/country reference] and the [insert name of CB]. The rules on the processing of payment orders under these Conditions (Title IV of this Annex and Appendix I) refer to all payment orders submitted or payments received by any TARGET2 participant. TITLE II PARTICIPATION Article 5 Access criteria 1. The following types of entities are eligible to become a DCA holder upon request in TARGET2-[insert CB/country reference]:
provided that the entities referred to in points (a) and (b) are not subject to restrictive measures adopted by the Council of the European Union or Member States pursuant to Article 65(1)(b), Article 75 or Article 215 of the Treaty, the implementation of which, in the view of [CB/country reference] after informing the ECB, is incompatible with the smooth functioning of TARGET2. 2. The [insert name of the CB] may, at its discretion, also admit the following entities as DCA holders:
3. Electronic money institutions, within the meaning of [insert national law provisions implementing Article 2(1) of Directive 2009/110/EC of the European Parliament and of the Council (**)], are not entitled to participate in TARGET2-[insert CB/country reference]. Article 6 Application procedure 1. In order for [insert name of CB] to open a DCA for an entity, such entity must comply with the access criteria of the provisions of [insert name of CB] implementing Article 5 and shall:
2. Entities wishing to open a DCA shall apply in writing to the [insert name of CB], as a minimum enclosing the following documents/information:
3. The [insert name of CB] may also request any additional information it deems necessary to decide on the application to participate. 4. The [insert name of CB] shall reject the application to open a DCA if:
5. The [insert name of CB] shall communicate its decision on the application to open a DCA to the applicant within one month of the [insert name of CB]'s receipt thereof. Where the [insert name of CB] requests additional information pursuant to paragraph 3, the decision shall be communicated within one month of the [insert name of CB]'s receipt of this information from the applicant. Any rejection decision shall contain reasons for the rejection. Article 7 DCA holders DCA holders in TARGET2-[insert CB/country reference] shall comply with the requirements set out in Article 6. They shall have at least one DCA with the [insert name of CB]. Article 8 Links between securities accounts and DCAs 1. A DCA holder may request the [insert name of CB] to link its DCA to one or more securities account(s) held on its own behalf or on behalf of its clients which hold securities accounts in one or more participating CSD. 2. DCA holders linking their DCA to securities account(s) on behalf of clients as set out in paragraph 1 are responsible for establishing and maintaining the list of linked securities accounts and, where relevant, the set-up of the client-collateralisation feature. 3. As a result of the request under paragraph 1, the DCA holder is deemed to have given a mandate to the CSD where such linked securities accounts are maintained to debit the DCA with the amounts resulting from securities transactions taking place on these securities accounts. 4. Paragraph 3 shall apply regardless of any agreements the DCA holder has with the CSD and/or the securities account holders. TITLE III OBLIGATIONS OF THE PARTIES Article 9 Obligations of the [insert name of CB] and the DCA holders 1. The [insert name of CB] shall open upon request of the DCA holder and operate [one or more] DCA(s) denominated in euro. Save where otherwise provided in these Conditions or required by law, the [insert name of CB] shall use all reasonable means within its power to perform its obligations under these Conditions, without guaranteeing a result. 2. The fees for DCA services are laid down in Appendix VI. The holder of the Main PM account to which the DCA is linked is liable for paying these fees. 3. DCA holders shall ensure that they are connected to TARGET2-[insert CB/country reference] on business days, in accordance with the operating schedule in Appendix V. 4. The DCA holder represents and warrants to the [insert name of CB] that the performance of its obligations under these Conditions does not breach any law, regulation or by-law applicable to it or any agreement by which it is bound. 5. DCA holders shall ensure that the liquidity in the DCA during the day is properly managed. This obligation shall include but is not limited to obtaining regular information on their liquidity position. The [insert name of CB] shall provide a daily statement of accounts to any DCA holder that has opted for such service on the T2S Platform provided that the DCA holder is connected to the T2S Platform via a T2S network service provider. Article 10 Cooperation and information exchange 1. In performing their obligations and exercising their rights under these Conditions, the [insert name of CB] and DCA holders shall cooperate closely to ensure the stability, soundness and safety of TARGET2-[insert CB/country reference]. They shall provide each other with any information or documents relevant for the performance of their respective obligations and the exercise of their respective rights under these Conditions, without prejudice to any banking secrecy obligations. 2. The [insert name of CB] shall establish and maintain a system support desk to assist DCA holders in relation to difficulties arising in connection with system operations. 3. Up-to-date information on the operational status of the TARGET2 platform and the T2S Platform shall be available on the TARGET2 Information System (T2IS) and the TARGET2-Securities Information System respectively. The T2IS and the TARGET2 Securities Information System may be used to obtain information on any event affecting the normal operation of the respective platforms. 4. The [insert name of CB] may either communicate messages to DCA holders by means of broadcast messages or by any other means of communication. DCA holders may collect information via the ICM, to the extent they also hold a PM account, or otherwise via the T2S GUI. 5. DCA holders are responsible for the timely update of existing static data collection forms and the submission of new static data collection forms to the [insert name of CB]. DCA holders are responsible for verifying the accuracy of information relating to them that is entered into TARGET2-[insert CB/country reference] by the [insert name of CB]. 6. The [insert name of CB] shall be deemed to be authorised to communicate to the SSP-providing NCBs or the 4CBs any information relating to DCA holders which the former may need in their role as service administrators, in accordance with the contract entered into with the TARGET2 network service provider and/or the T2S network service provider. 7. DCA holders shall inform the [insert name of CB] about any change in their legal capacity and relevant legislative changes affecting issues covered by the country opinion relating to them. 8. DCA holders shall inform the [insert name of CB] of:
9. DCA holders shall immediately inform the [insert name of CB] if an event of default occurs in relation to themselves. Article 11 Designation, suspension or termination of the Main PM account 1. The DCA holder shall designate a Main PM account to which the DCA is linked. The Main PM account may be held in a TARGET2 component system other than [insert name of CB] and may belong to a different legal entity from the DCA holder. 2. A participant using internet based access cannot be designated as a Main PM account holder. 3. If the holder of the Main PM account and the holder of the DCA are different legal entities and in the event that the participation of that designated Main PM account holder is suspended or terminated, the [insert name of CB] and the DCA holder shall take all reasonable and practicable steps to mitigate any ensuing damage or loss. The DCA holder shall take all necessary steps to designate a new Main PM account without undue delay which will then be liable for any outstanding invoices. On the day of the suspension or termination of the Main PM account holder and until a new Main PM account holder has been designated, any funds remaining on the DCA at the end of the day shall be moved to an account of [insert name of CB]. These funds will be subject to the remuneration conditions of [insert reference to the arrangements implementing Article 12(5) of the Harmonised Conditions for the Opening and Operation of a PM account in TARGET2] as updated from time to time. 4. [insert name of CB] shall not be liable for any losses incurred by the DCA holder as a consequence of the suspension or termination of the Main PM account holder's participation. TITLE IV OPENING AND MANAGEMENT OF THE DCA AND PROCESSING OF OPERATIONS Article 12 Opening and management of the DCA 1. The [insert name of CB] shall open and operate at least one DCA for each DCA holder. A DCA shall be identified by means of a unique 34-character account number which will be structured as follows.
2. No debit balance shall be allowed on DCAs. 3. The DCA shall not hold any funds overnight. At the beginning and end of a business day, there shall be a zero balance on the DCAs. DCA holders shall be deemed to have instructed the [insert name of CB] to transfer any remaining balance at the end of a business day as defined in Appendix V to the Main PM account referred to in Article 11(1). 4. The DCA shall only be used within the period between the T2S start-of-day and T2S end-of-day as defined in the T2S User Detailed Functional Specifications (UDFS). 5. DCAs shall be interest free. Article 13 Operations that may be carried out through the DCA Subject to the DCA holder designating the necessary securities account(s), the DCA holder may carry out the following operations through the DCA either on its own behalf or on behalf of its customers:
Article 14 Acceptance and rejection of payment orders 1. Payment orders submitted by DCA holders are deemed accepted by the [insert name of CB] if:
2. The [insert name of CB] shall immediately reject any payment order that does not fulfil the conditions laid down in paragraph 1. The [insert name of CB] shall inform the DCA holder of any rejection of a payment order, as specified in Appendix I. 3. The T2S Platform determines the timestamp for the processing of payment orders on the basis of the time when it receives and accepts the payment order. Article 15 Reservation and blocking of liquidity 1. Participants may reserve or block liquidity on their DCA. This does not constitute a settlement guarantee vis-à-vis any third party. 2. By requesting to reserve or block an amount of liquidity, a participant instructs the [insert name of CB] to decrease the available liquidity by this amount. 3. A reservation request is an instruction by which, if the available liquidity is equal to or higher than the amount to be reserved, the reservation is processed. If the available liquidity is lower, it is reserved and the shortfall may be met by incoming liquidity until the full amount of the reservation is available. 4. A blocking request is an instruction by which, if the available liquidity is equal to or higher than the amount to be blocked, the blocking request is processed. If the available liquidity is lower, no amount is blocked and the blocking request is resubmitted, until the full amount of the blocking request can be met by available liquidity. 5. The participant may at any time during the business day on which a request to reserve or block liquidity has been processed, instruct the [insert name of CB] to cancel the reservation or blocking. Partial cancelation shall not be permitted. 6. All requests for reservation or blocking of liquidity under this article shall expire at the end of the business day. Article 16 Moment of entry, moment of irrevocability 1. For the purposes of the first sentence of Article 3(1) and Article 5 of Directive 98/26/EC and [insert national law provision implementing these Articles of Directive 98/26/EC], DCA to DCA liquidity transfer orders or DCA to PM liquidity transfer orders are deemed entered into TARGET2-[Insert CB/country reference] and are irrevocable at the moment that the relevant DCA holder's DCA is debited. PM to DCA liquidity transfer orders are governed by the Harmonised Conditions for the Opening and Operation of a PM account in TARGET2 applicable to the TARGET2 component system from which they originate. 2. For the purposes of the first sentence of Article 3(1) and Article 5 of Directive 98/26/EC and [insert national law provision implementing these Articles of Directive 98/26/EC] and for all transactions settling on DCAs and which are subject to matching of two separate transfer orders, such transfer orders are deemed entered into TARGET2-[Insert CB/country reference] and are irrevocable at the moment that the relevant DCA holder's DCA is debited. 3. The rules provided for in paragraph 2 shall be replaced by the rules below two weeks after the Governing Council of the ECB has determined that an agreement has been signed between the Eurosystem CBs and the Connected NCBs, on the one hand, and all CSDs participating in T2S at the date of such agreement, on the other hand, on the provision of information and liability:
TITLE V SECURITY REQUIREMENTS, CONTINGENCY ISSUES AND USER INTERFACES Article 17 Business continuity and contingency procedures In the event of an abnormal external event or any other event which affects transactions on the DCAs, the business continuity and contingency procedures described in Appendix IV shall apply. Article 18 Security requirements 1. DCA holders shall implement adequate security controls to protect their systems from unauthorised access and use. DCA holders shall be exclusively responsible for adequate protection to ensure the confidentiality, integrity and availability of their systems. 2. DCA holders shall inform the [insert name of CB] of any security-related incidents in their technical infrastructure and, where appropriate, security-related incidents that occur in the technical infrastructure of the third party providers. The [insert name of CB] may request further information about the incident and request that the DCA holders take appropriate measures to prevent a recurrence of such an event. 3. The [insert name of CB] may impose additional security requirements on all DCA holders and/or on DCA holders that are considered critical by the [insert name of CB]. Article 19 User interfaces 1. The DCA holder, or the Main PM account holder acting on its behalf, shall use either one or both of the following means to access that DCA:
2. A direct connection to the T2S Platform allows DCA holders:
3. The TARGET2 ICM in combination with TARGET2 value-added services for T2S allows the holder of the Main PM account:
Further technical details relating to the TARGET2 ICM are contained in [insert national provisions implementing Appendix I to Annex II to the Guideline]. TITLE VI COMPENSATION, LIABILITY REGIME AND EVIDENCE Article 20 Compensation scheme In the event that funds remain overnight on a DCA due to a technical malfunction of either the SSP or the T2S Platform, the [insert name of CB] shall offer to compensate the participants concerned in accordance with the special procedure laid down in Appendix II. Article 21 Liability regime 1. In performing their obligations pursuant to these Conditions, the [insert name of CB] and the DCA holders shall be bound by a general duty of reasonable care in relation to each other. 2. The [insert name of CB] shall be liable to its DCA holders in cases of fraud (including but not limited to wilful misconduct) or gross negligence, for any loss arising out of the operation of TARGET2-[insert CB/country reference]. In cases of ordinary negligence, the [insert name of CB]'s liability shall be limited to the DCA holder's direct loss, i.e. the amount of the transaction in question and/or the loss of interest thereon, excluding any consequential loss. 3. The [insert name of CB] is not liable for any loss that results from any malfunction or failure in the technical infrastructure (including but not limited to the [insert name of CB]'s computer infrastructure, programmes, data, applications or networks), if such malfunction or failure arises in spite of the [insert name of CB] having adopted those measures that are reasonably necessary to protect such infrastructure against malfunction or failure, and to resolve the consequences of such malfunction or failure (the latter including but not limited to initiating and completing the business continuity and contingency procedures referred to in Appendix IV). 4. The [insert name of CB] shall not be liable:
5. Notwithstanding the [insert national law provisions implementing Directive 2007/64/EC of the European Parliament and of the Council (***)], paragraphs 1 to 4 shall apply to the extent that the [insert name of CB]'s liability can be excluded. 6. The [insert name of CB] and the DCA holders shall take all reasonable and practicable steps to mitigate any damage or loss referred to in this Article. 7. In performing some or all of its obligations under these Conditions, the [insert name of CB] may commission third parties in its own name, particularly telecommunications or other network providers or other entities, if this is necessary to meet the [insert name of CB]'s obligations or is standard market practice. The [insert name of CB]'s obligation shall be limited to the due selection and commissioning of any such third parties and the [insert name of CB]'s liability shall be limited accordingly. For the purposes of this paragraph, the SSP-providing NCBs and the 4CBs shall not be considered as third parties. Article 22 Evidence 1. Unless otherwise provided in these Conditions, all payment and payment processing-related messages in relation to the DCAs, such as confirmations of debits or credits, or statement messages, between the [insert name of CB] and the DCA holders shall be made through the T2S network service provider. 2. Electronic or written records of the messages retained by the [insert name of CB] or by the T2S network service provider shall be accepted as a means of evidence of the payments processed through the [insert name of CB]. The saved or printed version of the original message of the T2S network service provider shall be accepted as a means of evidence, regardless of the form of the original message. 3. If a DCA holder's connection to the T2S network service provider fails, the DCA holder shall use an alternative means of transmission of messages agreed with [insert name of CB]. In such cases, the saved or printed version of the message produced by the [insert name of CB] shall have the same evidential value as the original message, regardless of its form. 4. The [insert name of CB] shall keep complete records of payment orders submitted and payments received by DCA holders for a period of [insert period required by relevant national law] from the time at which such payment orders are submitted and payments are received, provided that such complete records shall cover a minimum of five years for any DCA holder in TARGET2 that is subject to continuous vigilance pursuant to restrictive measures adopted by the Council of the European Union or Member States, or more if required by specific regulations. 5. The [insert name of CB]'s own books and records (whether kept on paper, microfilm, microfiche, by electronic or magnetic recording, in any other mechanically reproducible form or otherwise) shall be accepted as a means of evidence of any obligations of the DCA holders and of any facts and events that the parties rely on. TITLE VII TERMINATION AND CLOSURE OF DCAS Article 23 Duration and ordinary termination of DCAs 1. Without prejudice to Article 24, a DCA in TARGET2-[insert CB/country reference] is opened for an indefinite period of time. 2. A DCA holder may terminate its DCA in TARGET2-[insert CB/country reference] at any time giving 14 business days' notice thereof, unless it agrees a shorter notice period with the [insert name of CB]. 3. The [insert name of CB] may terminate a DCA holder's DCA in TARGET2-[insert CB/country reference] at any time giving three months' notice thereof, unless it agrees a different notice period with that DCA holder. 4. On termination of the DCA, the confidentiality duties laid down in Article 27 remain in force for a period of five years starting on the date of termination. 5. On termination of the DCA, it shall be closed in accordance with Article 25. Article 24 Suspension and extraordinary termination of participation 1. A DCA holder's participation in TARGET2-[insert CB/country reference] shall be immediately terminated without prior notice or suspended if one of the following events of default occurs:
2. The [insert name of CB] may terminate without prior notice or suspend the DCA holder's participation in TARGET2-[insert CB/country reference] if:
3. In exercising its discretion under paragraph 2, the [insert name of CB] shall take into account, inter alia, the seriousness of the event of default or events mentioned in points (a) to (c).
5. Upon termination of a DCA holder's participation, TARGET2-[insert CB/country reference] shall not accept any new payment orders to or from that DCA holder. 6. If a DCA holder is suspended from TARGET2-[insert CB/country reference], all its incoming and outgoing payment orders shall only be presented for settlement after they have been explicitly accepted by the suspended DCA holder's CB. Article 25 Closure of DCAs 1. DCA holders may request the [insert name of CB] to close their DCAs at any time provided they give the [insert name of CB] 14 business days' notice thereof. 2. On termination of participation, pursuant to either Article 23 or 24, the [insert name of CB] shall close the DCA of the DCA holder concerned, after having settled or returned any unsettled payment orders and made use of its rights of pledge and set-off under Article 26. TITLE VIII FINAL PROVISIONS Article 26 The [insert name of CB]'s rights of pledge and set-off 1. [Insert if applicable: The [insert name of CB] shall have a pledge over the DCA holder's existing and future credit balances on its DCAs, thereby collateralising any current and future claims arising out of the legal relationship between the parties.]
2. [Insert if applicable: The [insert name of CB] shall have the right referred to in paragraph 1 even if its claims are only contingent or not yet due.] 3. [Insert if applicable: The participant, acting in its capacity as a DCA holder, hereby acknowledges the creation of a pledge in favour of [insert name of CB], with whom that DCA has been opened; this acknowledgement shall constitute the provision of pledged assets to the [insert name of CB] referred to under [insert relevant national adjective] law. Any amounts paid into the DCA whose balance is pledged shall, by the mere fact of being paid in, be irrevocably pledged, without any limitation whatsoever, as collateral security for the full performance of the secured obligations.] 4. On the occurrence of:
all obligations of the DCA holder shall be automatically and immediately accelerated, without prior notice and without the need for any prior approval of any authority, so as to be immediately due. In addition, the mutual obligations of the DCA holder and the [insert name of CB] shall automatically be set off against each other, and the party owing the higher amount shall pay to the other the difference. 5. The [insert name of CB] shall promptly give the DCA holder notice of any set-off pursuant to paragraph 4 after such set-off has taken place. 6. The [insert name of CB] may without prior notice debit any DCA holder's DCA by any amount which the DCA holder owes the [insert name of CB] resulting from the legal relationship between the DCA holder and the [insert name of CB]. Article 27 Confidentiality 1. The [insert name of CB] shall keep confidential all sensitive or secret information, including when such information relates to payment, technical or organisational information belonging to the DCA holder or the DCA holder's customers, unless the DCA holder or its customer has given its written consent to disclose [insert the following phrase if applicable under national law: or such disclosure is permitted or required under [insert adjective relating to country name] law]. 2. By derogation from paragraph 1, the DCA holder agrees that the [insert name of CB] may disclose payment order, technical or organisational information regarding the DCA holder, other DCAs held by DCA holders of the same group, or the DCA holder's customers obtained in the course of the operation of TARGET2-[insert CB/country reference] to other CBs or third parties that are involved in the operation of TARGET2-[insert CB/country reference], to the extent that this is necessary for the efficient functioning of TARGET2, or the monitoring of the DCA holder's or its group's exposure, or to supervisory and oversight authorities of Member States and the Union to the extent that this is necessary for the performance of their public tasks, and provided in all such cases that the disclosure is not in conflict with the applicable law. The [insert name of CB] shall not be liable for the financial and commercial consequences of such disclosure. 3. By derogation from paragraph 1 and provided this does not make it possible, whether directly or indirectly, to identify the DCA holder or the DCA holder's customers, the [insert name of CB] may use, disclose or publish payment information regarding the DCA holder or the DCA holder's customers for statistical, historical, scientific or other purposes in the exercise of its public functions or of functions of other public entities to whom the information is disclosed. 4. Information relating to the operation of TARGET2-[insert CB/country reference] to which DCA holders have had access, may only be used for the purposes laid down in these Conditions. DCA holders shall keep such information confidential, unless the [insert name of CB] has explicitly given its written consent to disclose. DCA holders shall ensure that any third parties to whom they outsource, delegate or subcontract tasks which have or may have an impact on the performance of their obligations under these Conditions are bound by the confidentiality requirements in this Article. 5. The [insert name of CB] shall be authorised, in order to settle payment orders, to process and transfer the necessary data to the T2S network service provider. Article 28 Data protection, prevention of money laundering, administrative or restrictive measures and related issues 1. DCA holders shall be deemed to be aware of, and shall comply with, all obligations on them relating to legislation on data protection, prevention of money laundering and the financing of terrorism, proliferation-sensitive nuclear activities and the development of nuclear weapons delivery systems, in particular in terms of implementing appropriate measures concerning any payment orders debited or credited on their DCAs. Prior to entering into the contractual relationship with its T2S network service provider, DCA holders shall acquaint themselves with its data retrieval policy. 2. DCA holders shall be deemed to have authorised the [insert name of CB] to obtain any information relating to them from any financial or supervisory authority or trade body, whether national or foreign, if such information is necessary for the DCA holders' participation in TARGET2-[insert CB/country reference]. 3. DCA holders, when acting as the payment service provider of a payer or payee, shall comply with all requirements resulting from administrative or restrictive measures imposed pursuant to Articles 75 or 215 of the Treaty to which they are subject, including with respect to notification and/or the obtaining of consent from a competent authority in relation to the processing of transactions. In addition:
For the purposes of this paragraph, the terms “payment service provider”, “payer” and “payee” shall have the meanings ascribed to them in the applicable administrative or restrictive measures. Article 29 Notices 1. Except where otherwise provided for in these Conditions, all notices required or permitted pursuant to these Conditions shall be sent by registered post, facsimile or otherwise in writing or by an authenticated message through the T2S network service provider. Notices to the [insert name of CB] shall be submitted to the head of the [insert payment systems department or relevant CB unit] of [insert name of CB], [include relevant address of CB] or to the [insert BIC address of the CB]. Notices to the DCA holder shall be sent to it at the address, fax number or its BIC address as the DCA holder may from time to time notify to the [insert name of CB]. 2. To prove that a notice has been sent, it shall be sufficient to prove that the notice was delivered to the relevant address or that the envelope containing such notice was properly addressed and posted. 3. All notices shall be given in [insert relevant national language and/or “English”]. 4. DCA holders shall be bound by all forms and documents of the [insert name of CB] that the DCA holders have filled in and/or signed, including but not limited to static data collection forms, as referred to in Article 6(2)(a), and information provided under Article 10(5), which were submitted in compliance with paragraphs 1 and 2 and which the [insert name of CB] reasonably believes to have received from the DCA holders, their employees or agents. Article 30 Contractual relationship with T2S network service provider 1. Each DCA holder may enter into a separate agreement with a T2S network service provider regarding the services to be provided in relation to the DCA holder's use of the DCA. The legal relationship between a DCA holder and the T2S network service provider shall be exclusively governed by the terms and conditions of their separate agreement. 2. The services to be provided by the T2S network service provider shall not form part of the services to be performed by the [insert name of CB] in respect of TARGET2. 3. The [insert name of CB] shall not be liable for any acts, errors or omissions of the T2S network service provider (including its directors, staff and subcontractors), or for any acts, errors or omissions of third parties selected by DCA holders to gain access to the T2S network service provider's network. Article 31 Amendment procedure The [insert name of CB] may at any time unilaterally amend these Conditions, including their Appendices. Amendments to these Conditions, including their Appendices, shall be announced by means of [insert relevant means of announcement]. Amendments shall be deemed to have been accepted unless the DCA holder expressly objects within 14 days of being informed of such amendments. In the event that a DCA holder objects to the amendment, the [insert name of CB] is entitled immediately to terminate and close that DCA holder's DCA in TARGET2-[insert CB/country reference]. Article 32 Third party rights 1. Any rights, interests, obligations, responsibilities and claims arising from or relating to these Conditions shall not be transferred, pledged or assigned by DCA holders to any third party without the [insert name of CB]'s written consent. 2. These Conditions do not create any rights in favour of or obligations in relation to any entity other than the [insert name of CB] and DCA holders in TARGET2-[insert CB/country reference]. Article 33 Governing law, jurisdiction and place of performance 1. The bilateral relationship between the [insert name of CB] and DCA holders in TARGET2-[insert CB/country reference] shall be governed by [insert adjective relating to country name] law. 2. Without prejudice to the competence of the Court of Justice of the European Union, any dispute arising from a matter relating to the relationship referred to in paragraph 1 falls under the exclusive competence of the competent courts of [insert place of the seat of the CB]. 3. The place of performance concerning the legal relationship between the [insert reference to CB] and the DCA holders shall be [insert place of the seat of the CB]. Article 34 Severability If any provision in these Conditions is or becomes invalid, this shall not prejudice the applicability of all the other provisions of these Conditions. Article 35 Entry into force and binding nature 1. These Conditions become effective from [insert relevant date]. 2. [Insert if appropriate under relevant national law: By requesting a DCA in TARGET2-[insert CB/country reference], applying entities automatically agree to these Conditions between themselves and in relation to the [insert name of CB].] Appendix I PARAMETERS OF THE DEDICATED CASH ACCOUNTS — TECHNICAL SPECIFICATIONS In addition to the Conditions, the following rules shall apply to the interaction with the T2S Platform: 1. Technical requirements for participation in TARGET2-[insert CB/country reference] regarding infrastructure, network and formats
2. Message types The following system message types are processed, subject to subscription:
3. Double-entry check
4. Error codes If a liquidity transfer order is rejected on grounds of non-compliance with the fields in paragraph 3(2), the DCA holder shall receive a status advice message [camt.025], as described in Chapter 4.1 of the T2S UDFS. 5. Settlement triggers
6. Settlement of liquidity transfer orders Liquidity transfer orders are not recycled, queued or offset. The different statuses for liquidity transfer orders are described in Chapter 1.6.4 of the T2S UDFS. 7. Use of the U2A and A2A mode
8. Relevant documentation Further details and examples explaining the above rules are contained in the T2S UDFS and the T2S User Handbook, as amended from time to time and published on the ECB's website in English. Appendix II TARGET2 COMPENSATION SCHEME IN RELATION TO THE OPENING AND THE OPERATION OF THE DCA 1. General principles
2. Conditions for compensation offers
3. Calculation of compensation
4. Procedural rules
Appendix III TERMS OF REFERENCE FOR CAPACITY AND COUNTRY OPINIONS TERMS OF REFERENCE FOR CAPACITY OPINIONS FOR DCA HOLDERS IN TARGET2 [Insert name of CB] [address] Participation in the [name of the system] [location] [date] Dear Sir or Madam, We have been asked to provide this Opinion as [in-house or external] legal advisers to [specify name of DCA holder or branch of DCA holder] in respect of issues arising under the laws of [jurisdiction in which the DCA holder is established; hereinafter the “jurisdiction”] in connection with the participation of [specify name of DCA holder] (hereinafter the “DCA holder”) in the [name of the TARGET2 component system] (hereinafter the “System”). This Opinion is confined to the laws of [jurisdiction] as they exist as on the date of this Opinion. We have made no investigation of the laws of any other jurisdiction as a basis for this Opinion, and do not express or imply any opinion in this regard. Each of the statements and opinions presented below applies with equal accuracy and validity under the laws of [jurisdiction], whether or not the DCA holder acts through its head office or one or more branches established inside or outside of [jurisdiction] in submitting liquidity transfer orders and receiving liquidity transfers. I. DOCUMENTS EXAMINED For the purposes of this Opinion, we have examined:
and all other documents relating to the DCA holder's constitution, powers, and authorisations necessary or appropriate for the provision of this Opinion (hereinafter the 'DCA holder's Documents'). For the purposes of this Opinion, we have also examined:
The Rules and the […] shall be referred to hereinafter as the “System Documents” (and collectively with the DCA holder's Documents as the “Documents”). II. ASSUMPTIONS For the purposes of this Opinion we have assumed in relation to the Documents that:
III. OPINIONS REGARDING THE DCA HOLDER
This Opinion is stated as of its date and is addressed solely to [insert name of CB] and the [DCA holder]. No other persons may rely on this Opinion, and the contents of this Opinion may not be disclosed to persons other than its intended recipients and their legal counsel without our prior written consent, with the exception of the European Central Bank and the national central banks of the European System of Central Banks [and [the national central bank/relevant regulatory authorities] of [jurisdiction]]. Yours faithfully, [signature] TERMS OF REFERENCE FOR COUNTRY OPINIONS FOR NON-EEA DCA HOLDERS IN TARGET2 [Insert name of CB] [address] [name of the system] [location], [date] Dear Sir or Madam, We have been asked as [external] legal advisers to [specify name of DCA holder or branch of DCA holder] (the “DCA holder”) in respect of issues arising under the laws of [jurisdiction in which the DCA holder is established; hereinafter the “jurisdiction”] to provide this Opinion under the laws of [jurisdiction] in connection with the participation of the DCA holder in a system which is a component of TARGET2 (hereinafter the “System”). References herein to the laws of [jurisdiction] include all applicable regulations of [jurisdiction]. We express an opinion herein under the law of [jurisdiction], with particular regard to the DCA holder established outside [insert reference to the Member State of the System] in relation to rights and obligations arising from participation in the System, as presented in the System Documents defined below. This Opinion is confined to the laws of [jurisdiction] as they exist on the date of this Opinion. We have made no investigation of the laws of any other jurisdiction as a basis for this Opinion, and do not express or imply any opinion in this regard. We have assumed that there is nothing in the laws of another jurisdiction which affects this Opinion. 1. DOCUMENTS EXAMINED For the purposes of this Opinion, we have examined the documents listed below and such other documents as we have deemed necessary or appropriate:
The Rules and the [.] shall be referred to hereinafter as the “System Documents”. 2. ASSUMPTIONS For the purposes of this Opinion we have assumed in relation to the System Documents that:
3. OPINION Based on and subject to the foregoing, and subject in each case to the points set out below, we are of the opinion that: 3.1. Country-specific legal aspects [to the extent applicable] The following characteristics of the legislation of [jurisdiction] are consistent with and in no way set aside the obligations of the DCA holder arising out of the System Documents: [list of country-specific legal aspects]. 3.2. General insolvency issues 3.2.a. Types of insolvency proceedings The only types of insolvency proceedings (including composition or rehabilitation) which, for the purpose of this Opinion, shall include all proceedings in respect of the DCA holder's assets or any branch it may have in [jurisdiction] to which the DCA holder may become subject in [jurisdiction], are the following: [list proceedings in original language and English translation] (together collectively referred to as “Insolvency Proceedings”). In addition to Insolvency Proceedings, the DCA holder, any of its assets, or any branch it may have in [jurisdiction] may become subject in [jurisdiction] to [list any applicable moratorium, receivership, or any other proceedings as a result of which payment orders to and/or from the DCA holder may be suspended, or limitations can be imposed in relation to such payment orders, or similar proceedings in original language and English translation] (hereinafter collectively referred to as “Proceedings”). 3.2.b. Insolvency treaties [jurisdiction] or certain political subdivisions within [jurisdiction], as specified, is/are party to the following insolvency treaties: [specify, if applicable which have or may have an impact on this Opinion]. 3.3. Enforceability of System Documents Subject to the points set out below, all provisions of the System Documents will be binding and enforceable in accordance with their terms under the laws of [jurisdiction], in particular in the event of the opening of any Insolvency Proceedings or Proceedings with respect to the DCA holder. In particular, we are of the opinion that: 3.3.a. Processing of liquidity transfer orders The provisions on processing of liquidity transfer orders [list of sections] of the Rules are valid and enforceable. In particular, all liquidity transfer orders processed pursuant to such sections will be valid, binding and will be enforceable under the laws of [jurisdiction]. The provision of the Rules which specifies the precise point in time at which liquidity transfer orders become enforceable and irrevocable ([add section of the Rules]) is valid, binding and enforceable under the laws of [jurisdiction]. 3.3.b. Authority of the [insert name of CB] to perform its functions The opening of Insolvency Proceedings or Proceedings in respect of the DCA holder will not affect the authority and powers of the [insert name of CB] arising out of the System Documents. [Specify [to the extent applicable] that: the same opinion is also applicable in respect of any other entity which provides the DCA holders with services directly and necessarily required for participation in the System, e.g. network service providers]. 3.3.c. Remedies in the event of default [Where applicable to the DCA holder, the provisions contained in [list of sections] of the Rules regarding accelerated performance of claims which have not yet matured, the set-off of claims for using the deposits of the DCA holder, the enforcement of a pledge, suspension and termination of participation, claims for default interest, and termination of agreements and transactions ([insert other relevant clauses of the Rules or the System Documents]) are valid and enforceable under the laws of [jurisdiction].] 3.3.d. Suspension and termination Where applicable to the DCA holder, the provisions contained in [list of sections] of the Rules (in respect of suspension and termination of the DCA holder's participation in the System on the opening of Insolvency Proceedings or Proceedings or other events of default, as defined in the System Documents, or if the DCA holder represents any kind of systemic risk or has serious operational problems) are valid and enforceable under the laws of [jurisdiction]. 3.3.e. Assignment of rights and obligations The rights and obligations of the DCA holder cannot be assigned, altered or otherwise transferred by the DCA holder to third parties without the prior written consent of the [insert name of CB]. 3.3.f. Choice of governing law and jurisdiction The provisions contained in [list of sections] of the Rules, and in particular in respect of the governing law, the resolution of a dispute, competent courts, and service of process are valid and enforceable under the laws of [jurisdiction]. 3.4. Voidable preferences We are of the opinion that no obligation arising out of the System Documents, the performance thereof, or compliance therewith prior to the opening of any Insolvency Proceedings or Proceedings in respect of the DCA holder may be set aside in any such proceedings as a preference, voidable transaction or otherwise under the laws of [jurisdiction]. In particular, and without limitation to the foregoing, we express this opinion in respect of any transfer orders submitted by any participant in the System. In particular, we are of the opinion that the provisions of [list of sections] of the Rules establishing the enforceability and irrevocability of transfer orders will be valid and enforceable and that a transfer order submitted by any participant and processed pursuant to [list of sections] of the Rules may not be set aside in any Insolvency Proceedings or Proceedings as a preference, voidable transaction or otherwise under the laws of [jurisdiction]. 3.5. Attachment If a creditor of the DCA holder seeks an attachment order (including any freezing order, order for seizure or any other public or private law procedure that is intended to protect the public interest or the rights of the DCA holder's creditors) — hereinafter referred to as an “Attachment” — under the laws of [jurisdiction] from a court or governmental, judicial or public authority that is competent in [jurisdiction], we are of the opinion that [insert the analysis and discussion]. 3.6. Collateral [if applicable] 3.6.a. Assignment of rights or deposit of assets for collateral purposes, pledge and/or repo Assignments for collateral purposes will be valid and enforceable under the laws of [jurisdiction]. Specifically, the creation and enforcement of a pledge or repo under the [insert reference to the relevant arrangement with the CB] will be valid and enforceable under the laws of [jurisdiction]. 3.6.b. Priority of assignees', pledgees' or repo purchasers' interest over that of other claimants In the event of Insolvency Proceedings or Proceedings in respect of the DCA holder, the rights or assets assigned for collateral purposes, or pledged by the DCA holder in favour of the [insert reference to CB] or other participants in the System, will rank in priority of payment above the claims of all other creditors of the DCA holder and will not be subject to priority or preferential creditors. 3.6.c. Enforcing title to security Even in the event of Insolvency Proceedings or Proceedings in respect of the DCA holder, other participants in the System and the [insert name of CB] as [assignees, pledgees or repo purchasers as applicable] will still be free to enforce and collect the DCA holder's rights or assets through the action of the [insert name of CB] pursuant to the Rules. 3.6.d. Form and registration requirements There are no form requirements for the assignment for collateral purposes of, or the creation and enforcement of a pledge or repo over the DCA holder's rights or assets and it is not necessary for the [assignment for collateral purposes, pledge or repo, as applicable], or any particulars of such [assignment, pledge or repo, as applicable,] to be registered or filed with any court or governmental, judicial or public authority that is competent in [jurisdiction]. 3.7. Branches [to the extent applicable] 3.7.a. Opinion applies to action through branches Each of the statements and opinions presented above with regard to the DCA holder applies with equal accuracy and validity under the laws of [jurisdiction] in situations where the DCA holder acts through its one or more of its branches established outside [jurisdiction]. 3.7.b. Conformity with law Neither the execution and performance of the rights and obligations under the System Documents nor the submission, transmission or receipt of payment orders by a branch of the DCA holder will in any respect breach the laws of [jurisdiction]. 3.7.c. Required authorisations Neither the execution and performance of the rights and obligations under the System Documents nor the submission, transmission or receipt of payment orders by a branch of a DCA holder will require any additional authorisations, approvals, consents, filings, registrations, notarisations or other certifications of or with any court or governmental, judicial or public authority that is competent in [jurisdiction]. This Opinion is stated as of its date and is addressed solely to the [insert name of CB] and the [DCA holder]. No other persons may rely on this Opinion, and the contents of this Opinion may not be disclosed to persons other than its intended recipients and their legal counsel without our prior written consent, with the exception of the European Central Bank and the national central banks of the European System of Central Banks [and [the national central bank/relevant regulatory authorities] of [jurisdiction]]. Yours faithfully, [signature] Appendix IV BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES 1. General provisions
2. Measures of business continuity
3. Incident communication
4. Relocation of the operation of the SSP and/or T2S Platform to an alternative site
5. Change of operating hours
6. Failures linked to DCA holders
7. Other provisions
Appendix V OPERATING SCHEDULE
Appendix VI FEE SCHEDULE Fees for T2S services The following fees for T2S services connected with DCAs shall be charged to the Main PM account holders:
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32. |
in Annex III, the following definitions are replaced:
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33. |
in Annex III, paragraphs 1 to 3 and the footnote in paragraph 3(d) are replaced by the following:
(8) Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60) (OJ L 91, 2.4.2015, p. 3)." (9) The Eurosystem's current policy for the location of infrastructure is set out in the following statements, which are all available on the ECB's website at www.ecb.europa.eu: (a) the Policy statement on euro payment and settlement systems located outside the euro area of 3 November 1998; (b) The Eurosystem's policy line with regard to consolidation in central counterparty clearing of 27 September 2001; (c) The Eurosystem policy principles on the location and operation of infrastructures settling in euro-denominated payment transactions of 19 July 2007; (d) The Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions: specification of “legally and operationally located in the euro area” of 20 November 2008; (e) The Eurosystem oversight policy framework of July 2011, subject to the judgment of 4 March 2015, United Kingdom v European Central Bank, T-496/11, ECLI:EU:T:2015:496’;" |
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34. |
in Annex III, paragraphs 4 and 9 are replaced by the following:
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35. |
the following Annex IIIa is inserted: ‘ANNEX IIIA CONDITIONS FOR AUTO-COLLATERALISATION OPERATIONS Definitions For the purposes of this Annex:
Eligible entities
Eligible collateral
Credit provision and recovery procedure
Suspension, limitation or termination of auto-collateralisation facilities
Transitional provision
(10) http://www.ecb.int/paym/coll/coll/ssslinks/html/index.en.html’;" |
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36. |
in Annex IV, point (b) of paragraph 18(1) is replaced by the following:
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37. |
in Annex V, the title is replaced by the following: ‘SUPPLEMENTAL AND MODIFIED HARMONISED CONDITIONS FOR THE OPENING AND OPERATION OF A PM ACCOUNT IN TARGET2 USING INTERNET-BASED ACCESS’; |
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38. |
in Annex V, Article 2 is replaced by the following: ‘1. For the purposes of this Annex, the following definitions apply:
2. For the purposes of this Annex the definition of “payment order” is amended as follows:
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39. |
in Annex V, paragraphs 2 and 9 of Article 4 are replaced by the following:
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40. |
in Appendix IIA to Annex V, paragraph 3 is replaced by the following:
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Article 2
Taking effect and implementation
1. This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.
2. The national central banks of the Member States whose currency is the euro shall take the necessary measures to comply with this Guideline and apply them from 22 June 2015. They shall notify the ECB of the texts and means relating to those measures by 6 May 2015 at the latest.
Article 3
Addressees
This Guideline is addressed to all Eurosystem central banks.
Done at Frankfurt am Main, 2 April 2015.
For the Governing Council of the ECB
The President of the ECB
Mario DRAGHI
(1) Guideline ECB/2007/2 of 26 April 2007 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (OJ L 237, 8.9.2007, p. 1).
(2) Guideline ECB/2012/27 of 5 December 2012 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (OJ L 30, 30.1.2013, p. 1).
(3) Guideline ECB/2010/2 of 21 April 2010 on TARGET2-Securities (OJ L 118, 12.5.2010, p. 65).
(4) Guideline ECB/2012/13 of 18 July 2012 on TARGET2-Securities (OJ L 215, 11.8.2012, p. 19).