Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC)

[F1 Article 6 U.K. Application procedure

1. In order for the ECB to open a [F2 T2S DCA] for an entity, such entity must comply with the access criteria of Article 5 and shall:

(a) fulfil the following technical requirements:

(i)

install, manage, operate and monitor and ensure the security of the necessary IT infrastructure to provide a technical connection to the SSP and/or the T2S Platform and submit payment orders to it. In doing so, applicant participants may involve third parties, but retain sole liability. In particular, when connecting directly to the T2S Platform, applicant [F2 T2S DCA holders] shall enter into an agreement with a T2S network service provider to obtain the necessary connection and admissions, in accordance with the technical specifications in Appendix I; and

(ii)

have passed the certification testing and obtained the authorisation required by the ECB; and

(b) fulfil the following legal requirements:

(i)

provide a capacity opinion in the form specified in Appendix III, unless the information and representations to be provided in such capacity opinion have already been obtained by the ECB in another context; and

(ii)

[F2 for entities established outside the EEA, provide a country opinion in the form specified in Appendix III, unless the information and representations to be provided in such country opinion have already been obtained by the ECB in another context.]

2. Entities wishing to open a [F2 T2S DCA] shall apply in writing to the ECB, as a minimum enclosing the following documents/information:

(a) completed static data collection forms as provided by the ECB;

(b) the capacity opinion, if required by the ECB; and

(c) the country opinion, if required by the ECB.

[F2 3. The ECB may also request any additional information it deems necessary to decide on the application to open a T2S DCA.]

4. The ECB shall reject the application to open a [F2 T2S DCA] if:

(a) the access criteria referred to in Article 5 are not met;

(b) one or more of the participation criteria referred to in paragraph 1 are not met; and/or

(c) in the ECB's assessment, opening a [F2 T2S DCA] would endanger the overall stability, soundness and safety of TARGET2-ECB or of any other TARGET2 component system, or would jeopardise the ECB's performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence.

[F2 5. The ECB shall communicate its decision on the application to open a T2S DCA to the applicant T2S DCA holder within one month of the ECB's receipt thereof. Where the ECB requests additional information pursuant to paragraph 3, the decision shall be communicated within one month of the ECB's receipt of this information from the applicant T2S DCA holder. Any rejection decision shall contain reasons for the rejection.] ]

Textual Amendments

F1 Inserted by Decision (EU) 2015/929 of the European Central Bank of 26 May 2015 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2015/22).

F2 Substituted by Decision (EU) 2018/1625 of the European Central Bank of 8 October 2018 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2018/24).