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

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  1. Introductory Text

  2. Article 1.Scope

  3. Article 2.Intraday credit

  4. Article 3. Terms and conditions of TARGET2-ECB

  5. Article 3a. Remuneration of Guarantee Funds

  6. Article 4.Entry into force

    1. ANNEX I

      TERMS AND CONDITIONS FOR THE OPENING AND OPERATION OF A PM ACCOUNT IN TARGET2-ECB

      1. TITLE I GENERAL PROVISIONS

        1. Article 1.Definitions

        2. Article 1a. Scope

        3. Article 2.Appendices

        4. Article 3. General description of TARGET2

      2. TITLE II PARTICIPATION

        1. Article 4. Access criteria

        2. Article 5.Direct participants

        3. Article 6.Application procedure

        4. Article 7.TARGET2 directory

      3. TITLE III OBLIGATIONS OF THE PARTIES

        1. Article 8.Obligations of the ECB and the participants

        2. Article 9.Cooperation and information exchange

      4. TITLE IV MANAGEMENT OF PM ACCOUNTS AND PROCESSING OF PAYMENT ORDERS

        1. Article 10.Opening and management of PM accounts

        2. Article 11. Types of payment orders

        3. Article 12.Acceptance and rejection of payment orders

        4. Article 13. Priority rules

        5. Article 14.Liquidity limits

        6. Article 15.Liquidity reservation facilities

        7. Article 15a. Standing instructions for liquidity reservation and dedication of liquidity

        8. Article 16.Predetermined settlement times

        9. Article 17.Payment orders submitted in advance

        10. Article 18.Settlement of payment orders in the entry disposition

        11. Article 19. Settlement and return of queued payment orders

        12. Article 20.Entry of payment orders into the system and their irrevocability

      5. TITLE V SECURITY REQUIREMENTS AND CONTINGENCY ISSUES

        1. Article 21. Business continuity and contingency procedures

        2. Article 22.Security requirements

      6. TITLE VI THE INFORMATION AND CONTROL MODULE

        1. Article 23.Use of the ICM

      7. TITLE VII COMPENSATION, LIABILITY REGIME AND EVIDENCE

        1. Article 24.Compensation scheme

        2. Article 25.Liability regime

        3. Article 26.Evidence

      8. TITLE VIII TERMINATION OF PARTICIPATION AND CLOSURE OF ACCOUNTS

        1. Article 27.Duration and ordinary termination of participation

        2. Article 28.Suspension and extraordinary termination of participation

        3. Article 29.Closure of PM accounts

      9. TITLE IX FINAL PROVISIONS

        1. Article 30.The ECB's rights of pledge and set-off

        2. Article 31.Security rights in relation to funds on sub-accounts

        3. Article 32.Confidentiality

        4. Article 33. Data protection, prevention of money laundering, administrative or restrictive measures and related issues

        5. Article 34.Notices

        6. Article 35.Contractual relationship with TARGET2 network service provider

        7. Article 36.Amendment procedure

        8. Article 37.Third party rights

        9. Article 38.Governing law, jurisdiction and place of performance

        10. Article 39.Severability

        11. Article 40.Entry into force and binding nature

      10. Appendix I

        TECHNICAL SPECIFICATIONS FOR THE PROCESSING OF PAYMENT ORDERS

        1. In addition to the terms and conditions of TARGET2-ECB, the...

        2. 1. Technical requirements for participation in TARGET2-ECB regarding infrastructure, network and...

        3. 2. Payment message types

        4. 3. Double-entry check

        5. 4. Error codes

        6. 5. Predetermined settlement times

        7. 6. Settlement of payment orders in the entry disposition

        8. 7. Settlement of payment orders in the queue

        9. 8. Use of the ICM

        10. 9. The UDFS and the ICM User Handbook

      11. Appendix II

        TARGET2 COMPENSATION SCHEME

        1. 1. General principles

        2. 2. Conditions for compensation offers

        3. 3. Calculation of compensation

        4. 4. Procedural rules

      12. Appendix III

        TERMS OF REFERENCE FOR CAPACITY AND COUNTRY OPINIONS

        1. Terms of reference for capacity opinions for participants in TARGET2...

          1. I. DOCUMENTS EXAMINED

          2. II. ASSUMPTIONS

          3. III. OPINIONS REGARDING THE PARTICIPANT

            1. A. The Participant is a corporation duly established and registered or...

            2. B. The Participant has all the requisite corporate powers to execute...

            3. C. The adoption or execution and the performance by the Participant...

            4. D. No additional authorisations, approvals, consents, filings, registrations, notarisations or other...

            5. E. The Participant has taken all necessary corporate action and other...

        2. Terms of reference for country opinions for non-EEA participants in...

          1. 1. DOCUMENTS EXAMINED

          2. 2. ASSUMPTIONS

          3. 3. OPINION

            1. 3.1. Country-specific legal aspects [to the extent applicable]

            2. 3.2. General insolvency and crisis management issues

            3. 3.3. Enforceability of System Documents

              1. 3.3.a Processing of payment orders

              2. 3.3.b Authority of the ECB to perform its functions

              3. 3.3.c Remedies in the event of default

              4. 3.3.d Suspension and termination

              5. 3.3.e Assignment of rights and obligations

              6. 3.3.f Choice of governing law and jurisdiction

            4. 3.4. Voidable preferences

            5. 3.5. Attachment

            6. 3.6. Collateral [if applicable]

              1. 3.6.a Assignment of rights or deposit of assets for collateral purposes,...

              2. 3.6.b Priority of assignees’, pledgees’ or repo purchasers’ interest over that...

              3. 3.6.c Enforcing title to security

              4. 3.6.d Form and registration requirements

            7. 3.7. Branches [to the extent applicable]

              1. 3.7.a Opinion applies to action through branches

              2. 3.7.b Conformity with law

              3. 3.7.c Required authorisations

      13. Appendix IV

        BUSINESS CONTINUITY AND CONTINGENCY PROCEDURE

        1. 1. General provisions

        2. 2. Measures of business continuity and contingency processing

        3. 3. Incident communication

        4. 4. Relocation the operation of the SSP to an alternative site...

        5. 5. Change of operating hours

        6. 6. Contingency processing

        7. 7. Failures linked to participants or ancillary systems

        8. 8. Other provisions

      14. Appendix V

        OPERATING SCHEDULE

        1. 1. TARGET2 is open on all days, except Saturdays, Sundays, New...

        2. 2. The reference time for the system is the local time...

        3. 3. The current business day is opened during the evening of...

        4. 4. The ICM is available for liquidity transfers from 19.30 until...

        5. 5. The operating hours may be changed in the event that...

        6. 6. Up-to-date information on the SSP's operational status shall be available...

      15. Appendix VI

        1. FEE SCHEDULE AND INVOICING

          1. Fees for direct participants

            1. 1. The monthly fee for the processing of payment orders in...

            2. 2. There shall be an additional monthly fee for direct participants...

            3. 3. The monthly fee for direct participants subscribing to the TARGET2...

          2. Fees for Main PM account holders

            1. 4. In addition to the fees set out in paragraphs 1...

            2. 5. The Main PM account holders shall be charged the following...

          3. Fees for Linked PM account holders

            1. 5a. The holder of the Linked PM account shall be charged...

            2. 5b. Up to the first ten million instant payment orders and...

          4. Invoicing

            1. 6. In the case of direct participants, the following invoicing rules...

          5. Fee schedule and invoicing for ancillary systems

            1. 7. An ancillary system using the ASI or the Participant Interface,...

            2. 8. Any fee payable in relation to a payment instruction submitted...

            3. 9. Each ancillary system shall receive an invoice from its ASCB...

            4. 10. For the purposes of paragraphs 7 to 9, each ancillary...

    2. ANNEX II

      TERMS AND CONDITIONS FOR THE OPENING AND OPERATION OF A T2S DEDICATED CASH ACCOUNT (T2S DCA) IN TARGET2

      1. TITLE I GENERAL PROVISIONS

        1. Article 1. Definitions

        2. Article 2. Scope

        3. Article 3. Appendices

        4. Article 4. General description of TARGET2

      2. TITLE II PARTICIPATION

        1. Article 5. Access criteria

        2. Article 6. Application procedure

        3. Article 7. T2S DCA holders

        4. Article 8. Links between securities accounts and T2S DCAs

      3. TITLE III OBLIGATIONS OF THE PARTIES

        1. Article 9. Obligations of the ECB and the T2S DCA holders

        2. Article 10. Cooperation and information exchange

        3. Article 11. Designation, suspension or termination of the Main PM account

      4. TITLE IV OPENING AND MANAGEMENT OF THE T2S DCA AND PROCESSING OF...

        1. Article 12. Opening and management of the T2S DCA

        2. Article 13. Operations that may be carried out through the T2S DCA

        3. Article 14. Acceptance and rejection of payment orders

        4. Article 15. Reservation and blocking of liquidity

        5. Article 16. Moment of entry, moment of irrevocability

      5. TITLE V SECURITY REQUIREMENTS, CONTINGENCY ISSUES AND USER INTERFACES

        1. Article 17. Business continuity and contingency procedures

        2. Article 18. Security requirements

        3. Article 19. User interfaces

      6. TITLE VI COMPENSATION, LIABILITY REGIME AND EVIDENCE

        1. Article 20. Compensation scheme

        2. Article 21. Liability regime

        3. Article 22. Evidence

      7. TITLE VII TERMINATION AND CLOSURE OF T2S DCAS

        1. Article 23. Duration and ordinary termination of T2S DCAs

        2. Article 24. Suspension and extraordinary termination of participation

        3. Article 25. Closure of T2S DCAs

      8. TITLE VIII FINAL PROVISIONS

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

        2. Article 27. Confidentiality

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

        4. Article 29. Notices

        5. Article 30. Contractual relationship with T2S network service provider

        6. Article 31. Amendment procedure

        7. Article 32. Third party rights

        8. Article 33. Governing law, jurisdiction and place of performance

        9. Article 34. Severability

        10. Article 35. Entry into force and binding nature

      9. Appendix I

        1. PARAMETERS OF THE T2S DEDICATED CASH ACCOUNTS — TECHNICAL SPECIFICATIONS...

          1. 1. Technical requirements for participation in TARGET2-ECB regarding infrastructure, network and...

            1. (1) T2S uses the services of a T2S network service provider...

            2. (2) Each T2S DCA holder shall pass a series of tests...

            3. (3) For the submission of liquidity transfer orders in the T2S...

            4. (4) For the exchange of information with the T2S Platform either...

            5. (5) T2S DCA holders shall comply with the ISO20022 message structure...

            6. (6) Field contents shall be validated at the level of the...

          2. 2. Message types

          3. 3. Double-entry check

            1. (1) All liquidity transfer orders shall pass a double-entry check, the...

            2. (2) The following parameters shall be checked:

            3. (3) If all the fields described in point (2) in a...

          4. 4. Error codes

          5. 5. Settlement triggers

            1. (1) For immediate liquidity transfer orders, no specific XML tag is...

            2. (2) Predefined liquidity transfer orders and standing liquidity transfer orders may...

            3. (3) The validity period for standing liquidity transfer orders shall be...

          6. 6. Settlement of liquidity transfer orders

          7. 7. Use of the U2A and A2A mode

            1. (1) The U2A and A2A modes may be used for obtaining...

            2. (2) Static data shall be available to view in U2A mode....

            3. (3) Information shall be provided in ‘pull’ mode, which means that...

            4. (4) Access rights to the U2A and A2A mode shall be...

            5. (5) The ‘ Non-Repudiation of Origin ’ (NRO) signature allows the...

            6. (6) If a T2S DCA holder has technical problems and is...

          8. 8. Relevant documentation

      10. Appendix II

        1. TARGET2 COMPENSATION SCHEME IN RELATION TO THE OPENING AND THE...

          1. 1. General principles

            1. (a) If there is a technical malfunction of TARGET2, T2S DCA...

            2. (b) Unless otherwise decided by the ECB's Governing Council, the TARGET2...

            3. (c) Compensation under the TARGET2 compensation scheme shall be the only...

            4. (d) The making of a compensation offer shall not constitute an...

          2. 2. Conditions for compensation offers

            1. (a) A payer may submit a claim for an administration fee...

            2. (b) A payee may submit a claim for an administration fee...

          3. 3. Calculation of compensation

            1. (a) With respect to a compensation offer for a payer:

            2. (b) With respect to a compensation offer for a payee:

          4. 4. Procedural rules

            1. (a) A claim for compensation shall be submitted on the claim...

            2. (b) Within four weeks of a technical malfunction of TARGET2, T2S...

            3. (c) The ECB shall review the claims and forward them to...

            4. (d) The ECB shall communicate the result of the assessment referred...

            5. (e) The ECB shall make compensation payments on receipt of a...

      11. Appendix III

        1. TERMS OF REFERENCE FOR CAPACITY AND COUNTRY OPINIONS

          1. TERMS OF REFERENCE FOR CAPACITY OPINIONS FOR T2S DCA HOLDERS...

            1. I. DOCUMENTS EXAMINED

            2. II. ASSUMPTIONS

            3. III. OPINIONS REGARDING THE T2S DCA HOLDER

              1. A. The T2S DCA holder is a corporation duly established and...

              2. B. The T2S DCA holder has all the requisite corporate powers...

              3. C. The adoption or execution and the performance by the T2S...

              4. D. No additional authorisations, approvals, consents, filings, registrations, notarisations or other...

              5. E. The T2S DCA holder has taken all necessary corporate action...

          2. TERMS OF REFERENCE FOR COUNTRY OPINIONS FOR NON-EEA T2S DCA...

            1. 1. DOCUMENTS EXAMINED

            2. 2. ASSUMPTIONS

            3. 3. OPINION

              1. 3.1 Country-specific legal aspects [to the extent applicable]

              2. 3.2 General insolvency and crisis management issues

              3. 3.3 Enforceability of System Documents

                1. 3.3.a. Processing of liquidity transfer orders

                2. 3.3.b. Authority of the ECB to perform its functions

                3. 3.3.c. Remedies in the event of default

                4. 3.3.d. Suspension and termination

                5. 3.3.e. Assignment of rights and obligations

                6. 3.3.f. Choice of governing law and jurisdiction

              4. 3.4 Voidable preferences

              5. 3.5 Attachment

              6. 3.6 Collateral [if applicable]

                1. 3.6.a. Assignment of rights or deposit of assets for collateral purposes,...

                2. 3.6.b. Priority of assignees', pledgees' or repo purchasers' interest over that...

                3. 3.6.c. Enforcing title to security

                4. 3.6.d. Form and registration requirements

              7. 3.7 Branches [to the extent applicable]

                1. 3.7.a. Opinion applies to action through branches

                2. 3.7.b. Conformity with law

                3. 3.7.c. Required authorisations

      12. Appendix IV

        1. BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES

          1. 1. General provisions

            1. (a) This Appendix sets out the arrangements between the ECB and...

            2. (b) All references to specific times in this Appendix are to...

          2. 2. Measures of business continuity

            1. (a) In the event that an abnormal external event occurs and/or...

            2. (b) The following main business continuity and contingency measures shall be...

            3. (c) The following main business continuity and contingency measures shall be...

            4. (d) In relation to business continuity processing measures, the ECB shall...

          3. 3. Incident communication

            1. (a) Information about a failure of the TARGET2 and/or an abnormal...

            2. (b) In addition, the ECB may notify T2S DCA holders of...

          4. 4. Relocation of the operation of the SSP and/or T2S Platform...

            1. (a) In the event that any of the events referred to...

            2. (b) In the event that the operation of the T2S Platform...

          5. 5. Change of operating hours

            1. (a) The daytime processing of TARGET2 may be extended or the...

            2. (b) TARGET2 daytime processing may be extended and the closing time...

          6. 6. Failures linked to T2S DCA holders

            1. (a) In the event that a T2S DCA holder has a...

            2. (b) In the event that a T2S DCA holder unexpectedly submits...

          7. 7. Other provisions

            1. (a) In the event of a failure of the ECB, some...

            2. (b) The ECB may require that the T2S DCA holders participate...

      13. Appendix V

        1. OPERATING SCHEDULE

          1. 1. TARGET2 is open on all days, except Saturdays, Sundays, New...

          2. 2. The reference time for the system is the local time...

          3. 3. The current business day is opened during the evening of...

          4. 4. The T2S Platform is available for U2A and A2A mode...

          5. 5. The operating hours may be changed in the event that...

          6. 6. An overview of the operating hours and significant business events...

            1. Notes to table:

              1. ( 1 ) Plus 15 minutes on the last day of the reserve...

              2. ( 2 ) Over a weekend or on a holiday, the technical window...

              3. ( 3 ) Over a weekend or on a holiday, the technical window...

              4. ( 4 ) Real-time settlement preparation and real-time settlement may start before the...

              5. ( 5 ) Each partial settlement window lasts for 15 minutes. The partial...

          7. 7. Up-to-date information on the operational status of the SSP and...

      14. Appendix VI

        1. FEE SCHEDULE

          1. Fees for T2S services

    3. ANNEX III

      TERMS AND CONDITIONS FOR THE OPENING AND OPERATION OF A TIPS DEDICATED CASH ACCOUNT (TIPS DCA) IN TARGET2-ECB

      1. TITLE I GENERAL PROVISIONS

        1. Article 1. Definitions

        2. Article 2. Scope

        3. Article 3. Appendices

        4. Article 4. General description of TARGET2

      2. TITLE II PARTICIPATION

        1. Article 5. Access criteria

        2. Article 6. Application procedure

        3. Article 7. TIPS DCA holders

        4. Article 8. Reachable parties

        5. Article 9. TIPS network service providers

        6. Article 10. Sponsorship of network service providers

        7. Article 11. TIPS directory

      3. TITLE III OBLIGATIONS OF THE PARTIES

        1. Article 12. Obligations of the ECB and the TIPS DCA holders

        2. Article 13. Designation, suspension or termination of a Linked PM account

        3. Article 14. Cooperation and information exchange

      4. TITLE IV MANAGEMENT OF TIPS DCAs AND PROCESSING OF PAYMENT ORDERS

        1. Article 15. Opening and management of TIPS DCAs

        2. Article 16. Types of payment orders in TIPS DCA

        3. Article 17. Acceptance and rejection of payment orders

        4. Article 18. Processing of payment orders on TIPS DCAs

        5. Article 19. Recall request

        6. Article 20. Moment of entry, moment of irrevocability

      5. TITLE V SECURITY REQUIREMENTS, BUSINESS CONTINUITY AND USER INTERFACE

        1. Article 21. Security requirements and business continuity

        2. Article 22. User interfaces

      6. TITLE VI LIABILITY REGIME AND EVIDENCE

        1. Article 23. Liability regime

        2. Article 24. Evidence

      7. TITLE VII TERMINATION AND CLOSURE OF TIPS DCAs

        1. Article 25. Duration and ordinary termination of TIPS DCAs

        2. Article 26. Suspension and extraordinary termination of participation

        3. Article 27. Closure of TIPS DCAs

      8. TITLE VIII FINAL PROVISIONS

        1. Article 28. The ECB's rights of pledge and set-off

        2. Article 29. Confidentiality

        3. Article 30. Data protection, prevention of money laundering, administrative or restrictive measures and related issues

        4. Article 31. Notices

        5. Article 32. Amendment procedure

        6. Article 33. Third party rights

        7. Article 34. Governing law, jurisdiction and place of performance

        8. Article 35. Severability

        9. Article 36. Entry into force and binding nature

      9. Appendix I

        1. PARAMETERS OF THE TIPS DCAs — TECHNICAL SPECIFICATIONS

          1. 1. Technical requirements for participation in TARGET2-ECB regarding infrastructure, network and...

          2. 2. Message types

          3. 3. Double-entry check

          4. 4. Error codes

          5. 5. Settlement of liquidity transfer orders

          6. 6. Use of the U2A and A2A mode

          7. 7. Relevant documentation

      10. Appendix II

        1. TERMS OF REFERENCE FOR CAPACITY AND COUNTRY OPINIONS

          1. TERMS OF REFERENCE FOR CAPACITY OPINIONS FOR TIPS DCA HOLDERS...

            1. I. Documents examined

            2. II. Assumptions

            3. III. Opinions regarding the TIPS DCA holder

          2. TERMS OF REFERENCE FOR COUNTRY OPINIONS FOR NON-EEA TIPS DCA...

            1. 1. Documents examined

            2. 2. Assumptions

            3. 3. Opinion

              1. 3.1. Country-specific legal aspects [to the extent applicable]

              2. 3.2. General insolvency and crisis management issues

              3. 3.3. Enforceability of System Documents

                1. 3.3.a. Processing of payment orders

                2. 3.3.b. Authority of the ECB to perform its functions

                3. 3.3.c. Remedies in the event of default

                4. 3.3.d. Suspension and termination

                5. 3.3.e. Assignment of rights and obligations

                6. 3.3.f. Choice of governing law and jurisdiction

              4. 3.4. Voidable preferences

              5. 3.5. Attachment

              6. 3.6. Collateral [if applicable]

                1. 3.6.a. Assignment of rights or deposit of assets for collateral purposes,...

                2. 3.6.b. Priority of assignees', pledgees' or repo purchasers' interest over that...

                3. 3.6.c. Enforcing title to security

                4. 3.6.d. Form and registration requirements

              7. 3.7. Branches [to the extent applicable]

                1. 3.7.a. Opinion applies to action through branches

                2. 3.7.b. Conformity with law

                3. 3.7.c. Required authorisations

      11. Appendix III

        1. OPERATING SCHEDULE

          1. 1. The TIPS Platform is operated and available in U2A and...

          2. 2. After the completion of the last algorithms in TARGET2, a...

          3. 3. The SSP is operated on all days, except Saturdays, Sundays,...

          4. 4. The reference time for the system is the local time...

          5. 5. The operating hours may be changed in the event that...

          6. 6. An overview of the operating hours and significant business events...

          7. 7. Up-to-date information on the operational status of the SSP and...

      12. Appendix IV

        1. FEE SCHEDULE

          1. Fees for the TIPS service

            1. 1. The following fees for the TIPS service connected with TIPS...

            2. 2. Up to the first ten million instant payment orders and...

            3. 3. PM to TIPS DCA liquidity transfer orders sent from a...

      13. Appendix V

        1. TIPS CONNECTIVITY TECHNICAL REQUIREMENTS

          1. SERVICES OF THE TIPS NETWORK SERVICE PROVIDER

            1. General service description

              1. 1. The TIPS network service provider connects the TIPS DCA holder...

              2. 2. All the services provided by the TIPS network service provider...

              3. 3. In order for a network service provider to enter into...

              4. 4. If the network service provider successfully completes the compliance check,...

              5. 5. If a network service provider does not successfully complete any...

              6. 6. It shall be incumbent upon TIPS DCA holders, in their...

              7. 7. Any TIPS platform-providing NCBs' monitoring of a TIPS network service...

              8. 8. A TIPS network service provider may be disconnected from the...

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