Article 1
Scope
Article 2
Intraday credit
Article 3
Terms and conditions of TARGET2-ECB
Article 3a
Remuneration of Guarantee Funds
Article 4
Entry into force
ANNEX I
TERMS AND CONDITIONS FOR THE OPENING AND OPERATION OF A PM ACCOUNT IN TARGET2-ECB
TITLE I
GENERAL PROVISIONS
Article 1
Definitions
Article 1a
Scope
Article 2
Appendices
Article 3
General description of TARGET2
TITLE II
PARTICIPATION
Article 4
Access criteria
Article 5
Direct participants
Article 6
Application procedure
Article 7
TARGET2 directory
TITLE III
OBLIGATIONS OF THE PARTIES
Article 8
Obligations of the ECB and the participants
Article 9
Cooperation and information exchange
TITLE IV
MANAGEMENT OF PM ACCOUNTS AND PROCESSING OF PAYMENT ORDERS
Article 10
Opening and management of PM accounts
Article 11
Types of payment orders
Article 12
Acceptance and rejection of payment orders
Article 13
Priority rules
Article 14
Liquidity limits
Article 15
Liquidity reservation facilities
Article 15a
Standing instructions for liquidity reservation and dedication of liquidity
Article 16
Predetermined settlement times
Article 17
Payment orders submitted in advance
Article 18
Settlement of payment orders in the entry disposition
Article 19
Settlement and return of queued payment orders
Article 20
Entry of payment orders into the system and their irrevocability
TITLE V
SECURITY REQUIREMENTS AND CONTINGENCY ISSUES
Article 21
Business continuity and contingency procedures
Article 22
Security requirements
TITLE VI
THE INFORMATION AND CONTROL MODULE
Article 23
Use of the ICM
TITLE VII
COMPENSATION, LIABILITY REGIME AND EVIDENCE
Article 24
Compensation scheme
Article 25
Liability regime
Article 26
Evidence
TITLE VIII
TERMINATION OF PARTICIPATION AND CLOSURE OF ACCOUNTS
Article 27
Duration and ordinary termination of participation
Article 28
Suspension and extraordinary termination of participation
Article 29
Closure of PM accounts
TITLE IX
FINAL PROVISIONS
Article 30
The ECB's rights of pledge and set-off
Article 31
Security rights in relation to funds on sub-accounts
Article 32
Confidentiality
Article 33
Data protection, prevention of money laundering, administrative or restrictive measures and related issues
Article 34
Notices
Article 35
Contractual relationship with TARGET2 network service provider
Article 36
Amendment procedure
Article 37
Third party rights
Article 38
Governing law, jurisdiction and place of performance
Article 39
Severability
Article 40
Entry into force and binding nature
Appendix I
TECHNICAL SPECIFICATIONS FOR THE PROCESSING OF PAYMENT ORDERS
In addition to the terms and conditions of TARGET2-ECB, the...
1.
Technical requirements for participation in TARGET2-ECB regarding infrastructure, network and...
2.
Payment message types
3.
Double-entry check
4.
Error codes
5.
Predetermined settlement times
6.
Settlement of payment orders in the entry disposition
7.
Settlement of payment orders in the queue
8.
Use of the ICM
9.
The UDFS and the ICM User Handbook
Appendix II
TARGET2 COMPENSATION SCHEME
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 participants in TARGET2...
I.
DOCUMENTS EXAMINED
II.
ASSUMPTIONS
III.
OPINIONS REGARDING THE PARTICIPANT
A.
The Participant is a corporation duly established and registered or...
B.
The Participant has all the requisite corporate powers to execute...
C.
The adoption or execution and the performance by the Participant...
D.
No additional authorisations, approvals, consents, filings, registrations, notarisations or other...
E.
The Participant has taken all necessary corporate action and other...
Terms of reference for country opinions for non-EEA participants in...
1.
DOCUMENTS EXAMINED
2.
ASSUMPTIONS
3.
OPINION
3.1.
Country-specific legal aspects [to the extent applicable]
3.2.
General insolvency and crisis management issues
3.3.
Enforceability of System Documents
3.3.a
Processing of payment orders
3.3.b
Authority of the ECB to perform its functions
3.3.c
Remedies in the event of default
3.3.d
Suspension and termination
3.3.e
Assignment of rights and obligations
3.3.f
Choice of governing law and jurisdiction
3.4.
Voidable preferences
3.5.
Attachment
3.6.
Collateral [if applicable]
3.6.a
Assignment of rights or deposit of assets for collateral purposes,...
3.6.b
Priority of assignees’, pledgees’ or repo purchasers’ interest over that...
3.6.c
Enforcing title to security
3.6.d
Form and registration requirements
3.7.
Branches [to the extent applicable]
3.7.a
Opinion applies to action through branches
3.7.b
Conformity with law
3.7.c
Required authorisations
Appendix IV
BUSINESS CONTINUITY AND CONTINGENCY PROCEDURE
1.
General provisions
2.
Measures of business continuity and contingency processing
3.
Incident communication
4.
Relocation the operation of the SSP to an alternative site...
5.
Change of operating hours
6.
Contingency processing
7.
Failures linked to participants or ancillary systems
8.
Other provisions
Appendix V
OPERATING SCHEDULE
1.
TARGET2 is open on all days, except Saturdays, Sundays, New...
2.
The reference time for the system is the local time...
3.
The current business day is opened during the evening of...
4.
The ICM is available for liquidity transfers from 19.30 until...
5.
The operating hours may be changed in the event that...
6.
Up-to-date information on the SSP's operational status shall be available...
Appendix VI
FEE SCHEDULE AND INVOICING
Fees for direct participants
1.
The monthly fee for the processing of payment orders in...
2.
There shall be an additional monthly fee for direct participants...
3.
The monthly fee for direct participants subscribing to the TARGET2...
Fees for Main PM account holders
4.
In addition to the fees set out in paragraphs 1...
5.
The Main PM account holders shall be charged the following...
Fees for Linked PM account holders
5a.
The holder of the Linked PM account shall be charged...
5b.
Up to the first ten million instant payment orders and...
Invoicing
6.
In the case of direct participants, the following invoicing rules...
Fee schedule and invoicing for ancillary systems
7.
An ancillary system using the ASI or the Participant Interface,...
8.
Any fee payable in relation to a payment instruction submitted...
9.
Each ancillary system shall receive an invoice from its ASCB...
10.
For the purposes of paragraphs 7 to 9, each ancillary...
ANNEX II
TERMS AND CONDITIONS FOR THE OPENING AND OPERATION OF A T2S DEDICATED CASH ACCOUNT (T2S DCA) IN TARGET2
TITLE I
GENERAL PROVISIONS
Article 1
Definitions
Article 2
Scope
Article 3
Appendices
Article 4
General description of TARGET2
TITLE II
PARTICIPATION
Article 5
Access criteria
Article 6
Application procedure
Article 7
T2S DCA holders
Article 8
Links between securities accounts and
T2S DCAs
TITLE III
OBLIGATIONS OF THE PARTIES
Article 9
Obligations of the ECB and the
T2S DCA holders
Article 10
Cooperation and information exchange
Article 11
Designation, suspension or termination of the Main PM account
TITLE IV
OPENING AND MANAGEMENT OF THE T2S DCA AND PROCESSING OF...
Article 12
Opening and management of the
T2S DCA
Article 13
Operations that may be carried out through the
T2S DCA
Article 14
Acceptance and rejection of payment orders
Article 15
Reservation and blocking of liquidity
Article 16
Moment of entry, moment of irrevocability
TITLE V
SECURITY REQUIREMENTS, CONTINGENCY ISSUES AND USER INTERFACES
Article 17
Business continuity and contingency procedures
Article 18
Security requirements
Article 19
User interfaces
TITLE VI
COMPENSATION, LIABILITY REGIME AND EVIDENCE
Article 20
Compensation scheme
Article 21
Liability regime
Article 22
Evidence
TITLE VII
TERMINATION AND CLOSURE OF T2S DCAS
Article 23
Duration and ordinary termination of
T2S DCAs
Article 24
Suspension and extraordinary termination of participation
Article 25
Closure of
T2S DCAs
TITLE VIII
FINAL PROVISIONS
Article 26
The ECB's rights of pledge and set-off
Article 27
Confidentiality
Article 28
Data protection, prevention of money laundering, administrative or restrictive measures and related issues
Article 29
Notices
Article 30
Contractual relationship with T2S network service provider
Article 31
Amendment procedure
Article 32
Third party rights
Article 33
Governing law, jurisdiction and place of performance
Article 34
Severability
Article 35
Entry into force and binding nature
Appendix I
PARAMETERS OF THE T2S DEDICATED CASH ACCOUNTS — TECHNICAL SPECIFICATIONS...
1.
Technical requirements for participation in TARGET2-ECB regarding infrastructure, network and...
(1)
T2S uses the services of a T2S network service provider...
(2)
Each T2S DCA holder shall pass a series of tests...
(3)
For the submission of liquidity transfer orders in the T2S...
(4)
For the exchange of information with the T2S Platform either...
(5)
T2S DCA holders shall comply with the ISO20022 message structure...
(6)
Field contents shall be validated at the level of the...
2.
Message types
3.
Double-entry check
(1)
All liquidity transfer orders shall pass a double-entry check, the...
(2)
The following parameters shall be checked:
(3)
If all the fields described in point (2) in a...
4.
Error codes
5.
Settlement triggers
(1)
For immediate liquidity transfer orders, no specific XML tag is...
(2)
Predefined liquidity transfer orders and standing liquidity transfer orders may...
(3)
The validity period for standing liquidity transfer orders shall be...
6.
Settlement of liquidity transfer orders
7.
Use of the U2A and A2A mode
(1)
The U2A and A2A modes may be used for obtaining...
(2)
Static data shall be available to view in U2A mode....
(3)
Information shall be provided in ‘pull’ mode, which means that...
(4)
Access rights to the U2A and A2A mode shall be...
(5)
The ‘ Non-Repudiation of Origin ’ (NRO) signature allows the...
(6)
If a T2S DCA holder has technical problems and is...
8.
Relevant documentation
Appendix II
TARGET2 COMPENSATION SCHEME IN RELATION TO THE OPENING AND THE...
1.
General principles
(a)
If there is a technical malfunction of TARGET2, T2S DCA...
(b)
Unless otherwise decided by the ECB's Governing Council, the TARGET2...
(c)
Compensation under the TARGET2 compensation scheme shall be the only...
(d)
The making of a compensation offer shall not constitute an...
2.
Conditions for compensation offers
(a)
A payer may submit a claim for an administration fee...
(b)
A payee may submit a claim for an administration fee...
3.
Calculation of compensation
(a)
With respect to a compensation offer for a payer:
(b)
With respect to a compensation offer for a payee:
4.
Procedural rules
(a)
A claim for compensation shall be submitted on the claim...
(b)
Within four weeks of a technical malfunction of TARGET2, T2S...
(c)
The ECB shall review the claims and forward them to...
(d)
The ECB shall communicate the result of the assessment referred...
(e)
The ECB shall make compensation payments on receipt of a...
Appendix III
TERMS OF REFERENCE FOR CAPACITY AND COUNTRY OPINIONS
TERMS OF REFERENCE FOR CAPACITY OPINIONS FOR T2S DCA HOLDERS...
I.
DOCUMENTS EXAMINED
II.
ASSUMPTIONS
III.
OPINIONS REGARDING THE T2S DCA HOLDER
A.
The T2S DCA holder is a corporation duly established and...
B.
The T2S DCA holder has all the requisite corporate powers...
C.
The adoption or execution and the performance by the T2S...
D.
No additional authorisations, approvals, consents, filings, registrations, notarisations or other...
E.
The T2S DCA holder has taken all necessary corporate action...
TERMS OF REFERENCE FOR COUNTRY OPINIONS FOR NON-EEA T2S DCA...
1.
DOCUMENTS EXAMINED
2.
ASSUMPTIONS
3.
OPINION
3.1
Country-specific legal aspects [to the extent applicable]
3.2
General insolvency and crisis management issues
3.3
Enforceability of System Documents
3.3.a.
Processing of liquidity transfer orders
3.3.b.
Authority of the ECB to perform its functions
3.3.c.
Remedies in the event of default
3.3.d.
Suspension and termination
3.3.e.
Assignment of rights and obligations
3.3.f.
Choice of governing law and jurisdiction
3.4
Voidable preferences
3.5
Attachment
3.6
Collateral [if applicable]
3.6.a.
Assignment of rights or deposit of assets for collateral purposes,...
3.6.b.
Priority of assignees', pledgees' or repo purchasers' interest over that...
3.6.c.
Enforcing title to security
3.6.d.
Form and registration requirements
3.7
Branches [to the extent applicable]
3.7.a.
Opinion applies to action through branches
3.7.b.
Conformity with law
3.7.c.
Required authorisations
Appendix IV
BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES
1.
General provisions
(a)
This Appendix sets out the arrangements between the ECB and...
(b)
All references to specific times in this Appendix are to...
2.
Measures of business continuity
(a)
In the event that an abnormal external event occurs and/or...
(b)
The following main business continuity and contingency measures shall be...
(c)
The following main business continuity and contingency measures shall be...
(d)
In relation to business continuity processing measures, the ECB shall...
3.
Incident communication
(a)
Information about a failure of the TARGET2 and/or an abnormal...
(b)
In addition, the ECB may notify T2S DCA holders of...
4.
Relocation of the operation of the SSP and/or T2S Platform...
(a)
In the event that any of the events referred to...
(b)
In the event that the operation of the T2S Platform...
5.
Change of operating hours
(a)
The daytime processing of TARGET2 may be extended or the...
(b)
TARGET2 daytime processing may be extended and the closing time...
6.
Failures linked to T2S DCA holders
(a)
In the event that a T2S DCA holder has a...
(b)
In the event that a T2S DCA holder unexpectedly submits...
7.
Other provisions
(a)
In the event of a failure of the ECB, some...
(b)
The ECB may require that the T2S DCA holders participate...
Appendix V
OPERATING SCHEDULE
1.
TARGET2 is open on all days, except Saturdays, Sundays, New...
2.
The reference time for the system is the local time...
3.
The current business day is opened during the evening of...
4.
The T2S Platform is available for U2A and A2A mode...
5.
The operating hours may be changed in the event that...
6.
An overview of the operating hours and significant business events...
Notes to table:
( 1 )
Plus 15 minutes on the last day of the reserve...
( 2 )
Over a weekend or on a holiday, the technical window...
( 3 )
Over a weekend or on a holiday, the technical window...
( 4 )
Real-time settlement preparation and real-time settlement may start before the...
( 5 )
Each partial settlement window lasts for 15 minutes. The partial...
7.
Up-to-date information on the operational status of the SSP and...
Appendix VI
FEE SCHEDULE
Fees for T2S services
ANNEX III
TERMS AND CONDITIONS FOR THE OPENING AND OPERATION OF A TIPS DEDICATED CASH ACCOUNT (TIPS DCA) IN TARGET2-ECB
TITLE I
GENERAL PROVISIONS
Article 1
Definitions
Article 2
Scope
Article 3
Appendices
Article 4
General description of TARGET2
TITLE II
PARTICIPATION
Article 5
Access criteria
Article 6
Application procedure
Article 7
TIPS DCA holders
Article 8
Reachable parties
Article 9
TIPS network service providers
Article 10
Sponsorship of network service providers
Article 11
TIPS directory
TITLE III
OBLIGATIONS OF THE PARTIES
Article 12
Obligations of the ECB and the TIPS DCA holders
Article 13
Designation, suspension or termination of a Linked PM account
Article 14
Cooperation and information exchange
TITLE IV
MANAGEMENT OF TIPS DCAs AND PROCESSING OF PAYMENT ORDERS
Article 15
Opening and management of TIPS DCAs
Article 16
Types of payment orders in TIPS DCA
Article 17
Acceptance and rejection of payment orders
Article 18
Processing of payment orders on TIPS DCAs
Article 19
Recall request
Article 20
Moment of entry, moment of irrevocability
TITLE V
SECURITY REQUIREMENTS, BUSINESS CONTINUITY AND USER INTERFACE
Article 21
Security requirements and business continuity
Article 22
User interfaces
TITLE VI
LIABILITY REGIME AND EVIDENCE
Article 23
Liability regime
Article 24
Evidence
TITLE VII
TERMINATION AND CLOSURE OF TIPS DCAs
Article 25
Duration and ordinary termination of TIPS DCAs
Article 26
Suspension and extraordinary termination of participation
Article 27
Closure of TIPS DCAs
TITLE VIII
FINAL PROVISIONS
Article 28
The ECB's rights of pledge and set-off
Article 29
Confidentiality
Article 30
Data protection, prevention of money laundering, administrative or restrictive measures and related issues
Article 31
Notices
Article 32
Amendment procedure
Article 33
Third party rights
Article 34
Governing law, jurisdiction and place of performance
Article 35
Severability
Article 36
Entry into force and binding nature
Appendix I
PARAMETERS OF THE TIPS DCAs — TECHNICAL SPECIFICATIONS
1.
Technical requirements for participation in TARGET2-ECB regarding infrastructure, network and...
2.
Message types
3.
Double-entry check
4.
Error codes
5.
Settlement of liquidity transfer orders
6.
Use of the U2A and A2A mode
7.
Relevant documentation
Appendix II
TERMS OF REFERENCE FOR CAPACITY AND COUNTRY OPINIONS
TERMS OF REFERENCE FOR CAPACITY OPINIONS FOR TIPS DCA HOLDERS...
I.
Documents examined
II.
Assumptions
III.
Opinions regarding the TIPS DCA holder
TERMS OF REFERENCE FOR COUNTRY OPINIONS FOR NON-EEA TIPS DCA...
1.
Documents examined
2.
Assumptions
3.
Opinion
3.1.
Country-specific legal aspects [to the extent applicable]
3.2.
General insolvency and crisis management issues
3.3.
Enforceability of System Documents
3.3.a.
Processing of payment orders
3.3.b.
Authority of the ECB to perform its functions
3.3.c.
Remedies in the event of default
3.3.d.
Suspension and termination
3.3.e.
Assignment of rights and obligations
3.3.f.
Choice of governing law and jurisdiction
3.4.
Voidable preferences
3.5.
Attachment
3.6.
Collateral [if applicable]
3.6.a.
Assignment of rights or deposit of assets for collateral purposes,...
3.6.b.
Priority of assignees', pledgees' or repo purchasers' interest over that...
3.6.c.
Enforcing title to security
3.6.d.
Form and registration requirements
3.7.
Branches [to the extent applicable]
3.7.a.
Opinion applies to action through branches
3.7.b.
Conformity with law
3.7.c.
Required authorisations
Appendix III
OPERATING SCHEDULE
1.
The TIPS Platform is operated and available in U2A and...
2.
After the completion of the last algorithms in TARGET2, a...
3.
The SSP is operated on all days, except Saturdays, Sundays,...
4.
The reference time for the system is the local time...
5.
The operating hours may be changed in the event that...
6.
An overview of the operating hours and significant business events...
7.
Up-to-date information on the operational status of the SSP and...
Appendix IV
FEE SCHEDULE
Fees for the TIPS service
1.
The following fees for the TIPS service connected with TIPS...
2.
Up to the first ten million instant payment orders and...
3.
PM to TIPS DCA liquidity transfer orders sent from a...
Appendix V
TIPS CONNECTIVITY TECHNICAL REQUIREMENTS
SERVICES OF THE TIPS NETWORK SERVICE PROVIDER
General service description
1.
The TIPS network service provider connects the TIPS DCA holder...
2.
All the services provided by the TIPS network service provider...
3.
In order for a network service provider to enter into...
4.
If the network service provider successfully completes the compliance check,...
5.
If a network service provider does not successfully complete any...
6.
It shall be incumbent upon TIPS DCA holders, in their...
7.
Any TIPS platform-providing NCBs' monitoring of a TIPS network service...
8.
A TIPS network service provider may be disconnected from the...
Decision of the European Central Bank
of 24 July 2007
concerning the terms and conditions of TARGET2-ECB
(ECB/2007/7)
(2007/601/EC)
THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty establishing the European Community, and in particular the fourth indent of Article 105(2) thereof,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 11.6 and Articles 17, 22 and 23 thereof,
Whereas:
(1)
A single monetary policy entails the need for a payment arrangement through which the monetary policy operations between the national central banks (NCBs) and credit institutions can be effected in a timely and secure manner, and which fosters the singleness of the money market within the euro area.
(2)
The original Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) is being replaced by TARGET2, which is characterised by a single technical platform called the Single Shared Platform (SSP). TARGET2 will continue to fulfil the same underlying purposes as TARGET, providing a sound and efficient mechanism, functioning on the basis of the SSP, to settle payments in euro.
(3)
The Governing Council adopted Guideline ECB/2007/2 of 26 April 2007 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) .
(4)
The European Central Bank (ECB) will participate in TARGET2 in order to process the ECB's own payments and the payments of its customers in TARGET2, and to supply through TARGET2 settlement services to clearing and settlement organisations, including entities established outside the European Economic Area (EEA), provided that they are subject to oversight by a competent authority and their access to TARGET2-ECB has been approved by the Governing Council.
(5)
The ECB may only accept central banks and European and international organisations as customers.
(6)
The ECB may only grant intraday credit in accordance with this Decision to customers that are European or international organisations.
(7)
The Governing Council has decided that the rules of the TARGET2 component systems will be harmonised to the greatest extent possible and made public,
HAS DECIDED AS FOLLOWS:
See page 1 of this Official Journal