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)
THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular the first and fourth indents of 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 11.6 and Articles 17, 22 and 23 thereof,
Whereas:
(1)
On 4 October 2019, the Governing Council amended1 Guideline ECB/2012/272, in order to: (a) introduce a new SSP functionality, enabling the processing of very critical and critical payments in a contingency, to which Eurosystem central banks must adhere; (b) clarify the conditions under which investment firms may participate in TARGET2, including the requirement for a legal opinion regarding investment firms established outside the European Economic Area (EEA) and applying for direct participation in a TARGET2 component system; (c) clarify that participants in TARGET2 component systems must adhere to the TARGET2 self-certification requirement and to the endpoint security requirements of TARGET2 network service providers, and inform the relevant Eurosystem central bank of any crisis prevention or management measures to which they are subject; and (d) clarify and update certain other aspects of Guideline ECB/2012/27.
(2)
Amendments made to Guideline ECB/2012/27 which affect the terms and conditions of TARGET2-ECB should be reflected in Decision ECB/2007/73.
(3)
Therefore, Decision ECB/2007/7 should be amended accordingly,
HAS ADOPTED THIS DECISION: