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Document 32023D2532
Decision (EU) 2023/2532 of the European Central Bank of 9 November 2023 amending Decision (EU) 2022/911 concerning the terms and conditions of TARGET-ECB (ECB/2022/22) (ECB/2023/27)
Decision (EU) 2023/2532 of the European Central Bank of 9 November 2023 amending Decision (EU) 2022/911 concerning the terms and conditions of TARGET-ECB (ECB/2022/22) (ECB/2023/27)
Decision (EU) 2023/2532 of the European Central Bank of 9 November 2023 amending Decision (EU) 2022/911 concerning the terms and conditions of TARGET-ECB (ECB/2022/22) (ECB/2023/27)
ECB/2023/27
OJ L, 2023/2532, 16.11.2023, ELI: http://data.europa.eu/eli/dec/2023/2532/oj (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
In force
Relation | Act | Comment | Subdivision concerned | From | To |
---|---|---|---|---|---|
Modifies | 32022D0911 | Addition | annex I part I article 30 paragraph 1a | 20/11/2023 | |
Modifies | 32022D0911 | Replacement | annex I appendix VI section 6 | 20/11/2023 | |
Modifies | 32022D0911 | Replacement | annex I appendix VI section 7 | 20/11/2023 | |
Modifies | 32022D0911 | Replacement | annex I part I article 18 paragraph 4 | 20/11/2023 | |
Modifies | 32022D0911 | Replacement | annex I part I article 23 | 20/11/2023 | |
Modifies | 32022D0911 | Replacement | annex I part II article 2 paragraph 3 | 20/11/2023 | |
Modifies | 32022D0911 | Replacement | annex I part II article 2 paragraph 4 | 20/11/2023 | |
Modifies | 32022D0911 | Replacement | annex I part VII article 1 paragraph 5 | 20/11/2023 | |
Modifies | 32022D0911 | Replacement | annex I part VII article 7 paragraph 1 | 20/11/2023 | |
Modifies | 32022D0911 | Replacement | annex II | 20/11/2023 | |
Modifies | 32022D0911 | Replacement | annex III point 28 | 20/11/2023 | |
Modifies | 32022D0911 | Replacement | annex III point 54 | 20/11/2023 | |
Modifies | 32022D0911 | Replacement | article 3 paragraph 2 | 20/11/2023 |
Official Journal |
EN Series L |
2023/2532 |
16.11.2023 |
DECISION (EU) 2023/2532 OF THE EUROPEAN CENTRAL BANK
of 9 November 2023
amending Decision (EU) 2022/911 concerning the terms and conditions of TARGET-ECB (ECB/2022/22) (ECB/2023/27)
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 3.1 and Articles 17, 22 and 23 thereof,
Whereas:
(1) |
On 24 February 2022, the Governing Council adopted Guideline (EU) 2022/912 of the European Central Bank (ECB/2022/8) (1), which provides for the start of operations of a new-generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET). |
(2) |
On 7 September 2023, the Governing Council adopted Guideline (EU) 2023/2415 of the European Central Bank (ECB/2023/22) (2), which amends Guideline (EU) 2022/912 (ECB/2022/8). The purpose of the amendments was to: (a) clarify certain aspects regarding the use of the trademarks relating to TARGET services; (b) further specify the requirement for the Eurosystem central banks (Eurosystem CBs) to ensure that no accounts other than TARGET accounts are opened for participants eligible to participate in TARGET for the purpose of providing services falling within the scope of that Guideline; (c) introduce measures to mitigate for the event of failure of a Eurosystem CB’s connection to TARGET; (d) establish the mandatory use of the Contingency Solution from 21 March 2025 for all real-time gross settlement dedicated cash account holders and ancillary systems participating in TARGET; (e) introduce clarifications relating to the reachable parties designated by the ancillary systems that use TARGET Instant Payment Settlement (TIPS); (f) introduce the revised TIPS pricing policy; and (g) introduce certain editorial revisions. |
(3) |
Amendments made to Guideline (EU) 2022/912 (ECB/2022/8) which affect the terms and conditions of TARGET-ECB should be reflected in Decision (EU) 2022/911 of the European Central Bank (ECB/2022/22) (3). |
(4) |
In order to ensure alignment with the provisions of Guideline (EU) 2023/2415 (ECB/2023/22), this Decision should enter into force on 20 November 2023. |
(5) |
Therefore, Decision (EU) 2022/911 (ECB/2022/22) should be amended accordingly, |
HAS ADOPTED THIS DECISION:
Article 1
Amendments
Decision (EU) 2022/911 (ECB/2022/22) is amended as follows:
(1) |
in Article 3, paragraph 2 is replaced by the following: ‘2. In accordance with Article 9(2) of Guideline (EU) 2022/912 (ECB/2022/8), from the date that the operation of the Eurosystem Collateral Management System (ECMS) commences, as communicated on the ECB’s website, the ECB shall not open accounts other than TARGET accounts for participants eligible to participate in TARGET for the purpose of providing services falling within the scope of Guideline (EU) 2022/912 (ECB/2022/8), with the exception of accounts that are used to hold seized funds or funds pledged to a third-party creditor or funds referred to in Article 3(1)(d) of Regulation (EU) 2021/378 of the European Central Bank (ECB/2021/1) (*1). (*1) Regulation (EU) 2021/378 of the European Central Bank of 22 January 2021 on the application of minimum reserve requirements (ECB/2021/1) (OJ L 73, 3.3.2021, p. 1).’;" |
(2) |
Annex I to Decision (EU) 2022/911 (ECB/2022/22) is amended in accordance with Annex I to this Decision; |
(3) |
Annex II to Decision (EU) 2022/911 (ECB/2022/22) is amended in accordance with Annex II to this Decision; |
(4) |
Annex III to Decision (EU) 2022/911 (ECB/2022/22) is amended in accordance with Annex III to this Decision. |
Article 2
Entry into force
This Decision shall enter into force on 20 November 2023.
Done at Frankfurt am Main, 9 November 2023.
The President of the ECB
Christine LAGARDE
(1) Guideline (EU) 2022/912 of the European Central Bank of 24 February 2022 on a new-generation Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) and repealing Guideline ECB/2012/27 (ECB/2022/8) (OJ L 163, 17.6.2022, p. 84).
(2) Guideline (EU) 2023/2415 of the European Central Bank of 7 September 2023 amending Guideline (EU) 2022/912 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) (ECB/2022/8) (ECB/2023/22) (OJ L, 2023/2415, 27.10. 2023, ELI: http://data.europa.eu/eli/guideline/2023/2415/oj).
(3) Decision (EU) 2022/911 of the European Central Bank of 19 April 2022 concerning the terms and conditions of TARGET-ECB and repealing Decision ECB/2007/7 (ECB/2022/22) (OJ L 163, 17.6.2022, p. 1).
ANNEX I
Annex I to Decision (EU) 2022/911 (ECB/2022/22) is amended as follows:
(1) |
Part I is amended as follows:
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(2) |
Part II is amended as follows:
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(3) |
Part VII is amended as follows:
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(4) |
in Appendix VI, section 6 (FEES FOR TIPS DCA HOLDERS) is replaced by the following: ‘6. FEES FOR TIPS DCA HOLDERS
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(5) |
in Appendix VI, section 7 (FEES FOR AS USING TIPS AS SETTLEMENT PROCEDURE) is replaced by the following: ‘7. FEES FOR AS USING TIPS AS SETTLEMENT PROCEDURE
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ANNEX II
Annex II to Decision (EU) 2022/911 (ECB/2022/22) is replaced by the following:
‘ANNEX II
TARGET GOVERNANCE ARRANGEMENTS
Level 1 — Governing Council |
Level 2 — Technical and operational management body |
Level 3 — Level 3 NCBs |
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Final competence in relation to all TARGET issues, in particular the rules for the decision making in TARGET, and responsible for safeguarding the public function of TARGET |
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(Not applicable) |
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Deciding on the level of service |
Verifying that the service was delivered in accordance with the agreed Service level |
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Deciding in case of escalation |
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(Not applicable) |
(Not applicable) |
ANNEX III
Annex III to Decision (EU) 2022/911 (ECB/2022/22) is amended as follows:
(1) |
point 28 is replaced by the following:
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(2) |
point 54 is replaced by the following:
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ELI: http://data.europa.eu/eli/dec/2023/2532/oj
ISSN 1977-0677 (electronic edition)