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 TITLE VIII U.K. FINAL PROVISIONS U.K.

Article 26 U.K. The ECB's rights of pledge and set-off

1. The ECB shall have a pledge over the [F2 T2S DCA holder's] existing and future credit balances on its [F2 T2S DCAs] , thereby collateralising any current and future claims arising out of the legal relationship between the parties.

2. On the occurrence of:

(a) an event of default referred to in Article 24(1); or

(b) any other event of default or event referred to in Article 24(2) that has led to the termination or suspension of the [F2 T2S DCA holder's participation, notwithstanding the commencement of any insolvency proceedings in respect of a [F2 T2S DCA holder] and notwithstanding any assignment, judicial or other attachment or other disposition of or in respect of the T2S DCA holder's] rights;

all obligations of the [F2 T2S 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 T2S DCA holder] and the ECB shall automatically be set off against each other, and the party owing the higher amount shall pay to the other the difference.

[F2 3. The ECB shall promptly give the T2S DCA holder notice of any set-off pursuant to paragraph 2 after such set-off has taken place.]

4. The ECB may without prior notice debit any [F2 T2S DCA holder's] [F2 T2S DCA] by any amount which the [F2 T2S DCA holder owes the ECB resulting from the legal relationship between the T2S DCA holder] and the ECB.

Textual Amendments

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).

Article 27 U.K. Confidentiality

1. The ECB shall keep confidential all sensitive or secret information, including when such information relates to payment, technical or organisational information belonging to the [F2 T2S DCA holder or the [F2 T2S DCA holder's] customers, unless the T2S DCA holder] or its customer has given its written consent to disclose.

[F3 1a. By derogation from paragraph 1, the T2S DCA holder agrees that information on any action taken under Article 24 shall not be considered as confidential.]

[F2 2. By derogation from paragraph 1, the DCA holder agrees that the ECB may disclose payment, 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-ECB to:

(a) other CBs or third parties that are involved in the operation of TARGET2-ECB, 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;

(b) other CBs in order to carry out the analyses necessary for market operations, monetary policy functions, financial stability or financial integration; or

[F4 (c) supervisory, resolution and oversight authorities of Member States and the Union, including CBs, 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 ECB shall not be liable for the financial and commercial consequences of such disclosure.]

[F5 3. By derogation from paragraph 1 and provided that this does not make it possible, whether directly or indirectly, to identify the [F2 T2S DCA holder or the [F2 T2S DCA holder's customers, the ECB may use, disclose or publish payment information regarding the T2S DCA holder] or the T2S 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 which the information is disclosed.]

4. Information relating to the operation of TARGET2-ECB to which [F2 T2S DCA holders have had access, may only be used for the purposes laid down in these Conditions. T2S DCA holders shall keep such information confidential, unless the ECB has explicitly given its written consent to disclose. T2S 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 ECB shall be authorised, in order to settle payment orders, to process and transfer the necessary data to the T2S network service provider.

Textual Amendments

F3 Inserted 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).

F4 Substituted by Decision (EU) 2019/1848 of the European Central Bank of 29 October 2019 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2019/32).

F5 Substituted by Decision (EU) 2017/2081 of the European Central Bank of 10 October 2017 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2017/30).

Article 28 U.K. Data protection, prevention of money laundering, administrative or restrictive measures and related issues

1. [F2 T2S 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 [F2 payments] debited or credited on their [F2 T2S DCAs] . Prior to entering into the contractual relationship with its T2S network service provider, T2S DCA holders] shall acquaint themselves with its data retrieval policy.

2. [F2 T2S DCA holders] shall be deemed to have authorised the ECB 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 [F2 T2S DCA holders'] participation in TARGET2-ECB.

3. [F2 T2S 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:

(a) when the ECB is the payment service provider of a [F2 T2S DCA holder] that is a payer:

(i)

the [F2 T2S DCA holder] shall make the required notification or obtain consent on behalf of the central bank that is primarily required to make notification or obtain consent, and shall provide the ECB with evidence of having made a notification or having received consent;

(ii)

[F2 the T2S DCA holder shall not enter any T2S DCA to PM liquidity transfer order or T2S DCA to T2S DCA liquidity transfer order, with the exception of such liquidity transfer orders between different accounts of the same T2S DCA holder, into TARGET2 until it has obtained confirmation from the ECB that the required notification has been made or the consent has been obtained by or on behalf of the payment service provider of the payee;]

(b) when the ECB is a payment service provider of a [F2 T2S DCA holder that is a payee, the T2S DCA holder] shall make the required notification or obtain consent on behalf of the central bank that is primarily required to make notification or obtain consent, and shall provide the ECB with evidence of having made a notification or having received consent.

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 U.K. 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. [F2 Notices to the ECB shall be submitted to the European Central Bank, Director-General of the ECB's Directorate-General Payment Systems and Market Infrastructure, Sonnemannstrasse 22, 60314 Frankfurt am Main, Germany or to the BIC address of the ECB: ECBFDEFF.] Notices to the [F2 T2S DCA holder shall be sent to it at the address, fax number or its BIC address as the T2S DCA holder] may from time to time notify to the ECB.

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 English.

4. [F2 T2S DCA holders shall be bound by all forms and documents of the ECB that the T2S 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 ECB reasonably believes to have received from the T2S DCA holders] , their employees or agents.

Article 30 U.K. Contractual relationship with T2S network service provider

1. Each [F2 T2S DCA holder may enter into a separate agreement with a T2S network service provider regarding the services to be provided in relation to the [F2 T2S DCA holder's] use of the [F2 T2S DCA] . The legal relationship between a T2S 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 ECB in respect of TARGET2.

3. The ECB 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 [F2 T2S DCA holders] to gain access to the T2S network service provider's network.

Article 31 U.K. Amendment procedure

The ECB may at any time unilaterally amend these Conditions, including their Appendices. Amendments to these Conditions, including their Appendices, shall be announced by means of communication in writing to the participants. Amendments shall be deemed to have been accepted unless the [F2 T2S DCA holder expressly objects within 14 days of being informed of such amendments. In the event that a T2S DCA holder] objects to the amendment, the ECB is entitled immediately to terminate and close that [F2 T2S DCA holder's] [F2 T2S DCA] in TARGET2-ECB.

Article 32 U.K. 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 [F2 T2S DCA holders] to any third party without the ECB's written consent.

2. These Conditions do not create any rights in favour of or obligations in relation to any entity other than the ECB and [F2 T2S DCA holders] in TARGET2-ECB.

Article 33 U.K. Governing law, jurisdiction and place of performance

1. The bilateral relationship between the ECB and [F2 T2S DCA holders] in TARGET2-ECB shall be governed by German 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 courts of Frankfurt am Main.

3. The place of performance concerning the legal relationship between the ECB and the [F2 T2S DCA holders] shall be Frankfurt am Main, Germany.

Article 34 U.K. 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 U.K. Entry into force and binding nature

1. These Conditions become effective from 22 June 2015 .

2. By requesting a [F2 T2S DCA] in TARGET2-ECB, applying entities automatically agree to these Conditions between themselves and in relation to the ECB.]

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).