Decision (EU) 2018/1625 of the European Central BankShow full title

Article 1 U.K. Amendments

Decision ECB/2007/7 is amended as follows:

1.

in Article 1, paragraph 1, point (c) is replaced by the following:

‘(c) supply settlement services to entities managing ancillary systems, including entities established outside the EEA, provided that they are subject to oversight by a competent authority, they comply with the oversight requirements for the location of infrastructures offering services in euro, as amended from time to time and published on the ECB's website(1), and their access to TARGET2-ECB has been approved by the Governing Council.’;

2.

in Article 2, paragraph 2 is replaced by the following:

‘2. Any granting of intraday credit by the ECB shall be done in accordance with the rules on the provision of intraday credit laid down in Annex III to Guideline ECB/2012/27(2).’;

3.

Article 3 is replaced by the following:

‘Article 3 Terms and conditions of TARGET2-ECB

The terms and conditions for the opening and operation of a PM account in TARGET2-ECB shall be those contained in Annex I to this Decision. The terms and conditions for the opening and operation of a T2S Dedicated Cash Account in TARGET2-ECB shall be those contained in Annex II to this Decision. The terms and conditions for the opening and operation of a TIPS Dedicated Cash Account in TARGET2-ECB shall be those contained in Annex III to this Decision.’;

4.

Annexes I and II to Decision ECB/2007/7 are amended in accordance with Annex I to this Decision;

5.

the text set out in Annex II to this Decision is added as a new Annex III to Decision ECB/2007/7.

(1)

The Eurosystem's current policy for the location of infrastructure is set out in the following statements, which are 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 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, revised version of July 2016.’;

(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).’;