This document is an excerpt from the EUR-Lex website
Document 02007D0007-20220613
Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC)
Consolidated text: 2007 m. liepos 24 d. Europos centrinio banko sprendimas dėl TARGET2-ECB sąlygų (ECB/2007/7) (2007/601/EB)
2007 m. liepos 24 d. Europos centrinio banko sprendimas dėl TARGET2-ECB sąlygų (ECB/2007/7) (2007/601/EB)
No longer in force
02007D0007 — LT — 13.06.2022 — 014.001
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EUROPOS CENTRINIO BANKO SPRENDIMAS 2007 m. liepos 24 d. dėl TARGET2-ECB sąlygų (ECB/2007/7) (OL L 237 2007.9.8, p. 71) |
Iš dalies keičiamas:
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Nr. |
puslapis |
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6.11.2010 |
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L 303 |
44 |
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L 13 |
8 |
17.1.2013 |
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L 192 |
68 |
1.7.2014 |
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EUROPOS CENTRINIO BANKO SPRENDIMAS (ES) 2015/929 2015 m. gegužės 26 d. |
L 155 |
1 |
19.6.2015 |
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EUROPOS CENTRINIO BANKO SPRENDIMAS (ES) 2016/821 2016 m. balandžio 26 d. |
L 136 |
12 |
25.5.2016 |
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EUROPOS CENTRINIO BANKO SPRENDIMAS (ES) 2017/2081 2017 m. spalio 10 d. |
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EUROPOS CENTRINIO BANKO SPRENDIMAS (ES) 2018/1625 2018 m. spalio 8 d. |
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1 |
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EUROPOS CENTRINIO BANKO SPRENDIMAS (ES) 2019/1848 2019 m. spalio 29 d. |
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EUROPOS CENTRINIO BANKO SPRENDIMAS (ES) 2021/1758 2021 m. rugsėjo 21 d. |
L 354 |
29 |
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Pataisytas:
EUROPOS CENTRINIO BANKO SPRENDIMAS
2007 m. liepos 24 d.
dėl TARGET2-ECB sąlygų
(ECB/2007/7)
(2007/601/EB)
1 straipsnis
Taikymo sritis
TARGET2-ECB gali tik:
apdoroti paties ECB mokėjimus;
apdoroti ECB klientų mokėjimus; ir
teikti atsiskaitymų paslaugas išorines sistemas valdantiems subjektams, įskaitant ne EEE įsteigtus subjektus, jei juos prižiūri kompetentinga institucija, jie atitinka eurais teikiančių paslaugų infrastruktūrų vietai taikomus priežiūros reikalavimus, kaip kartkartėmis iš dalies keičiama ir skelbiama ECB interneto svetainėje ( 1 ), ir Valdančioji taryba patvirtino jų prieigą prie TARGET2-ECB.
2 straipsnis
Dienos paskola
3 straipsnis
TARGET2-ECB sąlygos
MM sąskaitos atidarymo ir tvarkymo TARGET2-ECB taisyklės nustatytos šio sprendimo I priede. T2S specialiosios lėšų sąskaitos atidarymo ir tvarkymo TARGET2-ECB taisyklės nustatytos šio sprendimo II priede. TIPS specialiosios lėšų sąskaitos atidarymo ir tvarkymo TARGET2-ECB taisyklės nustatytos šio sprendimo III priede.
3a straipsnis
Atlygiai už garantines lėšas
4 straipsnis
Įsigaliojimas
ANNEX I
TERMS AND CONDITIONS FOR THE OPENING AND OPERATION OF A PM ACCOUNT IN TARGET2-ECB
TITLE I
GENERAL PROVISIONS
Article 1
Definitions
For the purposes of these Terms and Conditions (hereinafter the ‘Conditions’), the following definitions apply:
▼M2 —————
▼M12 —————
where the participant no longer meets the access criteria laid down in Article 4 or the requirements laid down in Article 6(1)(a);
the opening of insolvency proceedings in relation to the participant;
the submission of an application relating to the proceedings referred to in point (b);
the issue by the participant of a written declaration of its inability to pay all or any part of its debts or to meet its obligations arising in relation to intraday credit;
the entry of the participant into a voluntary general agreement or arrangement with its creditors;
where the participant is, or is deemed by its CB to be, insolvent or unable to pay its debts;
where the participant's credit balance on its PM account, T2S DCA or TIPS DCA, or all or a substantial part of the participant's assets are subject to a freezing order, attachment, seizure or any other procedure that is intended to protect the public interest or the rights of the participant's creditors;
where participation of the participant in another TARGET2 component system and/or in an ancillary system has been suspended or terminated;
where any material representation or pre-contractual statement made by the participant or which is implied to have been made by the participant under the applicable law is incorrect or untrue;
the assignment of all or a substantial part of the participant's assets,
submit payment orders or receive payments via TARGET2; and
settle such payments with such CB,
▼M13 —————
Article 1a
Scope
The present Conditions govern the relationship between the ECB and its PM account holder as far the opening and the operation of the PM account is concerned.
Article 2
Appendices
The following Appendices form an integral part of these Conditions:
|
Appendix I |
: |
Technical specifications for the processing of payment orders |
|
Appendix II |
: |
TARGET2 compensation scheme |
|
Appendix III |
: |
Terms of reference for capacity and country opinions |
|
Appendix IV |
: |
Business continuity and contingency procedures |
|
Appendix V |
: |
Operating schedule |
|
Appendix VI |
: |
Fee schedule and invoicing |
|
Appendix VII |
: |
Requirements regarding information security management and business continuity management |
Article 3
General description of TARGET2
The following transactions are processed in TARGET2-ECB:
transactions directly resulting from or made in connection with Eurosystem monetary policy operations;
settlement of the euro leg of foreign exchange operations involving the Eurosystem;
settlement of euro transfers resulting from transactions in cross-border large-value netting systems;
settlement of euro transfers resulting from transactions in euro retail payment systems of systemic importance;
settlement of the cash leg of securities transactions;
T2S DCA to T2S DCA liquidity transfer orders, T2S DCA to PM liquidity transfer orders and PM to T2S DCA liquidity transfer orders;
instant payment orders;
positive recall answers;
TIPS DCA to PM liquidity transfer orders and PM to TIPS DCA liquidity transfer orders;
TIPS DCA to TIPS AS technical account liquidity transfer orders and TIPS AS technical account to TIPS DCA liquidity transfer orders; and
any other transactions in euro addressed to TARGET2 participants.
TITLE II
PARTICIPATION
Article 4
Access criteria
Entities managing ancillary systems (including entities established outside the EEA) and acting in that capacity, whose access to TARGET2-ECB has been approved by the Governing Council, shall be the only entities that are eligible for participation in TARGET2-ECB.
Article 5
Direct participants
PM account holders in TARGET2-ECB are direct participants and shall comply with the requirements set out in Article 8(1) and (2). They shall have at least one PM account with the ECB. PM account holders that have adhered to the SCT Inst scheme by signing the SEPA Instant Credit Transfer Adherence Agreement shall be and shall remain reachable in the TIPS Platform at all times, either as a TIPS DCA holder or as a reachable party via a TIPS DCA holder.
Article 6
Application procedure
To join TARGET2-ECB, applicant participants shall fulfil the following technical and legal requirements:
install, manage, operate and monitor and ensure the security of the necessary IT infrastructure to connect to ►M11 the SSP ◄ and submit payment orders to it. In doing so, applicant participants may involve third parties, but retain sole liability. In particular, applicant participants shall enter into an agreement with the ►M11 TARGET2 network service provider ◄ to obtain the necessary connection and admissions, in accordance with the technical specifications in Appendix I;
have passed the tests required by the ECB;
provide a capacity opinion in the form specified in Appendix III, unless the information and representations to be provided in such capacity opinion have already been obtained by the ECB in another context; and
for entities established outside the EEA, provide a country opinion in the form specified in Appendix III, unless the information and representations to be provided in such country opinion have already been obtained by the ECB in another context.
Applicants shall apply in writing to the ECB, as a minimum enclosing the following documents/information:
completed static data collection forms as provided by the ECB,
the capacity opinion, if required by the ECB, and
the country opinion, if required by the ECB.
The ECB shall reject the application to participate if:
access criteria referred to in Article 4 are not met;
one or more of the participation criteria referred to in paragraph 1 are not met; and/or
in the ECB’s assessment, such participation would endanger the overall stability, soundness and safety of TARGET2-ECB or of any other TARGET2 component system, would jeopardise the ECB’s performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence.
Article 7
TARGET2 directory
The TARGET2 directory is the database of BICs used for the routing of payment orders addressed to:
TARGET2 participants and their branches with multi-addressee access;
indirect participants of TARGET2, including those with multi-addressee access; and
addressable BIC holders of TARGET2.
It shall be updated weekly.
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
The following are classified as payment orders for the purposes of TARGET2:
credit transfer orders;
direct debit instructions carried out under a direct debit authorisation;
liquidity transfer orders;
PM to T2S DCA liquidity transfer orders; and
PM to TIPS DCA liquidity transfer orders.
Article 12
Acceptance and rejection of payment orders
Payment orders submitted by participants are deemed accepted by the ECB if:
the payment message complies with the rules established by the ►M11 TARGET2 network service provider ◄ ;
the payment message complies with the formatting rules and conditions of TARGET2-ECB and passes the double-entry check described in Appendix I; and
in cases where a payer or a payee has been suspended, the suspended participant's CB's explicit consent has been obtained.
Article 13
Priority rules
Instructing participants shall designate every payment order as one of the following:
normal payment order (priority class 2);
urgent payment order (priority class 1); or
highly urgent payment order (priority class 0).
If a payment order does not indicate the priority, it shall be treated as a normal payment order.
Highly urgent payment orders may only be designated by:
CBs; and
participants, in cases of payments to and from CLS Bank International, with the exception of payments related to the CLS CCP service and, at the discretion of the Governing Council, the CLSNow service, and liquidity transfers in relation to ancillary system settlement using the ASI.
All payment instructions submitted by an ancillary system through the ASI to debit or credit the participants' PM accounts and all PM to T2S DCA liquidity transfer orders and PM to TIPS DCA liquidity transfer orders submitted shall be deemed to be highly urgent payment orders.
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
Funding may be provided by:
the available liquidity on the PM account; or
incoming payments from other TARGET2 participants, subject to the applicable optimisation procedures.
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 and Control Procedures
The ECB may impose the following measures of redress on participants whose level of compliance was assessed as minor or major non-compliance, in increasing order of severity:
enhanced monitoring: the participant shall provide the ECB with a monthly report, signed by a senior executive, on their progress in addressing the non-compliance. The participant shall additionally incur a monthly penalty charge for each affected account equal to its monthly fee as set out in paragraph 1 of Appendix VI excluding the transaction fees. This measure of redress may be imposed in the event the participant receives a second consecutive assessment of minor non-compliance or an assessment of major non-compliance;
suspension: participation in TARGET2-ECB may be suspended in the circumstances described in Article 28(2)(b) and (c) of this Annex. By way of derogation from Article 28 of this Annex, the participant shall be given three months’ notice of such suspension. The participant shall incur a monthly penalty charge for each suspended account of double its monthly fee as set out in paragraph 1 of Appendix VI, excluding the transaction fees. This measure of redress may be imposed in the event the participant receives a second consecutive assessment of major non-compliance;
termination: participation in TARGET2-ECB may be terminated in the circumstances described in Article 28(2)(b) and (c) of this Annex. By way of derogation from Article 28 of this Annex, the participant shall be given three months’ notice of such termination. The participant shall incur an additional penalty charge of EUR 1000 for each terminated account. This measure of redress may be imposed if the participant has not addressed the major non-compliance to the satisfaction of the ECB following three months of suspension.
TITLE VI
THE INFORMATION AND CONTROL MODULE
Article 23
Use of the ICM
The ICM:
allows participants to access information relating to their accounts and to manage liquidity;
may be used to initiate liquidity transfer orders, TIPS DCA to PM liquidity transfer orders, PM to TIPS DCA liquidity transfer orders, PM to T2S DCA liquidity transfer orders and, when the ICM is used in combination with the T2S value added services, T2S DCA to PM liquidity transfer orders; and
allows participants to initiate backup liquidity redistribution and backup contingency payments or payment orders to the Contingency Solution in the event of a failure of the participant’s payment infrastructure.
TITLE VII
COMPENSATION, LIABILITY REGIME AND EVIDENCE
Article 24
Compensation scheme
If a payment order cannot be settled on the same business day on which it was accepted due to a technical malfunction of TARGET2, the ECB shall offer to compensate the direct participants concerned in accordance with the special procedure laid down in Appendix II.
Article 25
Liability regime
The ECB shall not be liable:
to the extent that the loss is caused by the participant; or
if the loss arises out of external events beyond the ECB's reasonable control (force majeure).
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
A participant's participation in TARGET2-ECB shall be immediately terminated without prior notice or suspended if one of the following events of default occurs:
the opening of insolvency proceedings; and/or
the participant no longer meets the access criteria laid down in Article 4.
For the purposes of this paragraph, the taking of crisis prevention measures or crisis management measures within the meaning of Directive 2014/59/EU of the European Parliament and of the Council ( 9 ) against a PM account holder shall not automatically qualify as the opening of insolvency proceedings.
The ECB may terminate without prior notice or suspend the participant's participation in TARGET2-ECB if:
one or more events of default (other than those referred to in paragraph 1) occur;
the participant is in material breach of these Conditions;
the participant fails to carry out any material obligation to the ECB;
the participant is excluded from, or otherwise ceases to be a member of, a TARGET2 CUG; ►M4 ————— ◄
any other participant-related event occurs which, in the ECB’s assessment, would threaten the overall stability, soundness and safety of TARGET2-ECB or of any other TARGET2 component system, which would jeopardise the ECB’s performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence;
the ECB suspends, limits or terminates the participant's access to intraday credit pursuant to paragraph 12 of Annex III to Guideline ECB/2012/27.
In the event that the ECB suspends or terminates a PM account holder's participation in TARGET2-ECB under paragraph 1 or 2, the ECB shall immediately inform, by means of an ICM broadcast message or a T2S broadcast message, that PM account holder, other CBs and PM account holders and ►M11 T2S DCA holders ◄ in all of the TARGET2 component systems of such suspension or termination. Such message shall be deemed to have been issued by the home CB of the PM account holder and ►M11 T2S DCA holder ◄ that receives the message. ◄
▼M9 —————
Once such an ICM broadcast message has been received by the participants, the latter shall be deemed informed of the termination/suspension of a participant's participation in TARGET2-ECB or another TARGET2 component system. The participants shall bear any losses arising from the submission of a payment order to participants whose participation has been suspended or terminated if such payment order was entered into TARGET2-ECB after receipt of the ICM broadcast message.
Article 29
Closure of PM accounts
On termination of participation, pursuant to either Article 27 or 28, the ECB shall close the PM accounts of the participant concerned, after having:
settled or returned any queued payment orders; and
made use of its rights of pledge and set-off under Article 30.
TITLE IX
FINAL PROVISIONS
Article 30
The ECB's rights of pledge and set-off
On the occurrence of:
an event of default referred to in Article 28(1); or
any other event of default or event referred to in Article 28(2) that has led to the termination or suspension of the participant's participation in TARGET2-ECB
notwithstanding the commencement of any insolvency proceedings in respect of a participant and notwithstanding any assignment, judicial or other attachment or other disposition of or in respect of the participant's rights, all obligations of the participant shall be automatically and immediately accelerated, without prior notice and without the need for any prior approval of any authority, so as to be immediately due. In addition, the mutual obligations of the participant and the ECB shall automatically be set off against each other, and the party owing the higher amount shall pay to the other the difference.
Article 31
Security rights in relation to funds on sub-accounts
Article 32
Confidentiality
By derogation from paragraph 1, the participant agrees that the ECB may disclose payment, technical or organisational information regarding the participant, participants from the same group or the participant's customers obtained in the course of the operation of TARGET2-ECB to:
other CBs or third parties that are involved in the operation of TARGET2-ECB, to the extent that this is necessary for the efficient functioning of TARGET2 or the monitoring of the participant's or its group's exposure;
other CBs in order to carry out the analyses necessary for market operations, monetary policy functions, financial stability or financial integration; or
supervisory, resolution and oversight authorities of Member States and the Union, including CBs, to the extent that this is necessary for the performance of their public tasks, and provided in all such cases that the disclosure is not in conflict with the applicable law.
The ECB shall not be liable for the financial and commercial consequences of such disclosure.
Article 33
Data protection, prevention of money laundering, administrative or restrictive measures and related issues
►M6 Participants, when acting as the payment service provider of a payer or payee, shall comply with all requirements resulting from administrative or restrictive measures imposed pursuant to Articles 75 or 215 of the Treaty on the Functioning of the European Union to which they are subject, including with respect to notification and/or the obtaining of consent from a competent authority in relation to the processing of transactions. In addition: ◄
when the ECB is the payment service provider of a participant that is a payer:
the participant shall make the required notification or obtain consent on behalf of the central bank that is primarily required to make notification or obtain consent, and shall provide the ECB with evidence of having made a notification or having received consent; and
the participant shall not enter any payment order for the transfer of funds to an account held by an entity different than the participant, into TARGET2 until it has obtained confirmation from the ECB that the required notification has been made or the consent has been obtained by or on behalf of the payment service provider of the payee;
when the ECB is a payment service provider of a participant that is a payee, the participant shall make the required notification or obtain consent on behalf of the central bank that is primarily required to make notification or obtain consent, and shall provide the ECB with evidence of having made a notification or having received consent.
For the purposes of this paragraph, the terms ‘payment service provider’, ‘payer’ and ‘payee’ shall have the meanings given to them in the applicable administrative or restrictive measures.
Article 34
Notices
Article 35
Contractual relationship with ►M11 TARGET2 network service provider ◄
Article 36
Amendment procedure
The ECB may at any time unilaterally amend these Conditions, ►M11 including the Appendices ◄ . Amendments to these Conditions, ►M11 including the Appendices ◄ , shall be announced by means of communication in writing to the participants. Amendments shall be deemed to have been accepted unless the participant expressly objects within 14 days of being informed of such amendments. In the event that a participant objects to the amendment, the ECB is entitled immediately to terminate that participant's participation in TARGET2-ECB and close any of its PM accounts.
Article 37
Third party rights
Article 38
Governing law, jurisdiction and place of performance
Article 39
Severability
If any provision in these Conditions is or becomes invalid, this shall not prejudice the applicability of all the other provisions of these Conditions.
Article 39a
Transitional provisions
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 following rules shall apply to the processing of payment orders:
1. Technical requirements for participation in TARGET2-ECB regarding infrastructure, network and formats
TARGET2 uses SWIFT services for the exchange of messages. Each participant therefore needs a connection to SWIFT’s Secure IP Network. Each participant’s PM account shall be identified by an eight- or 11-digit SWIFT BIC. Furthermore, each participant shall pass a series of tests to prove its technical and operational competence before it may participate in TARGET2-ECB.
For the submission of payment orders and the exchange of payment messages in the PM the SWIFTNet FIN Y-copy service shall be used. A dedicated SWIFT Closed User Group (CUG) shall be set up for this purpose. Payment orders within such TARGET2 CUG shall be directly addressed to the receiving TARGET2 participant by entering its BIC in the header of the SWIFTNet FIN message.
For the information and control services the following SWIFTNet services may be used:
SWIFTNet InterAct;
SWIFTNet FileAct; and/or
SWIFTNet Browse.
The security of the message exchange between participants shall rely exclusively on SWIFT’s Public Key Infrastructure (PKI) service. Information on the PKI service is available in the documentation provided by SWIFT.
The ‘bilateral relationship management’ service provided by SWIFT’s Relationship Management Application (RMA) shall only be used with the central destination BIC of the SSP and not for payment messages between TARGET2 participants.
2. Payment message types
The following SWIFTNet FIN/SWIFT system message types are processed:
|
Message Type |
Type of use |
Description |
|
MT 103 |
Mandatory |
Customer payment |
|
MT 103+ |
Mandatory |
Customer payment (Straight Through Processing) |
|
MT 202 |
Mandatory |
Bank-to-bank payment |
|
MT 202COV |
Mandatory |
Cover payment |
|
MT 204 |
Optional |
Direct debit payment |
|
MT 011 |
Optional |
Delivery notification |
|
MT 012 |
Optional |
Sender notification |
|
MT 019 |
Mandatory |
Abort notification |
|
MT 900 |
Optional |
Confirmation of Debit/Credit line change |
|
MT 910 |
Optional |
Confirmation of Credit/Credit line change |
|
MT 940/950 |
Optional |
(Customer) Statement Message |
When they register with TARGET2-ECB, direct participants shall declare which optional message types they will use, with the exception of MT 011 and MT 012 messages in relation to which direct participants shall decide from time to time whether or not to receive them with reference to specific messages.
Participants shall comply with the SWIFT message structure and field specifications, as defined in the SWIFT documentation and under the restrictions set out for TARGET2, as described in Chapter 9.1.2.2 of the User Detailed Functional Specifications (UDFS), Book 1.
Field contents shall be validated at the level of TARGET2-ECB in accordance with the UDFS requirements. Participants may agree among each other on specific rules regarding the field contents. However, in TARGET2-ECB there shall be no specific checks as to whether participants comply with any such rules.
MT 202COV messages shall be used for making cover payments, i.e. payments made by correspondent banks to settle (cover) credit transfer messages which are submitted to a customer’s bank by other, more direct means. Customer details contained in MT 202COV shall not be displayed in the ICM.
3. Double-entry check
All payment orders shall pass a double-entry check, the aim of which is to reject payment orders that have been submitted more than once by mistake.
The following fields of the SWIFT message types shall be checked:
|
Details |
Part of the SWIFT message |
Field |
|
Sender |
Basic Header |
LT Address |
|
Message Type |
Application Header |
Message Type |
|
Receiver |
Application Header |
Destination Address |
|
Transaction Reference Number (TRN) |
Text Block |
:20 |
|
Related Reference |
Text Block |
:21 |
|
Value Date |
Text Block |
:32 |
|
Amount |
Text Block |
:32 |
If all the fields described in subparagraph 2 in relation to a newly submitted payment order are identical to those in relation to a payment order that has already been accepted, the newly submitted payment order shall be returned.
4. Error codes
If a payment order is rejected, the instructing participant shall receive an abort notification (MT 019) indicating the reason for the rejection by using error codes. The error codes are defined in Chapter 9.4.2 of the UDFS.
5. Predetermined settlement times
For payment orders using the Earliest Debit Time Indicator, the codeword ‘/FROTIME/’shall be used.
For payment orders using the Latest Debit Time Indicator, two options shall be available.
Codeword ‘/REJTIME/’: if the payment order cannot be settled by the indicated debit time, the payment order shall be returned.
Codeword ‘/TILTIME/’: if the payment order cannot be settled by the indicated debit time, the payment order shall not be returned but shall be kept in the relevant queue.
Under both options, if a payment order with a Latest Debit Time Indicator is not settled 15 minutes prior to the time indicated therein, a notification shall automatically be sent via the ICM.
If the codeword ‘/CLSTIME/’ is used, the payment shall be treated in the same way as a payment order referred to in subparagraph 2(b).
6. Settlement of payment orders in the entry disposition
Offsetting checks and, if appropriate, extended offsetting checks (both terms as defined in paragraphs 2 and 3) shall be carried out on payment orders entered into the entry disposition to provide quick, liquidity-saving gross settlement of payment orders.
An offsetting check shall determine whether the payee’s payment orders that are at the front of the highly urgent or, if inapplicable, the urgent queue are available to be offset against the payer’s payment order (hereinafter ‘offsetting payment orders’). If an offsetting payment order does not provide sufficient funds for the respective payer’s payment order in the entry disposition, it shall be determined whether there is sufficient available liquidity on the payer’s PM account.
If the offsetting check fails, the ECB may apply an extended offsetting check. An extended offsetting check determines whether offsetting payment orders are available in any of the payee’s queues regardless of when they joined the queue. However, if in the queue of the payee there are higher priority payment orders addressed to other TARGET2 participants, the FIFO principle may only be breached if settling such an offsetting payment order would result in a liquidity increase for the payee.
7. Settlement of payment orders in the queue
The treatment of payment orders placed in queues depends on the priority class to which it was designated by the instructing participant.
Payment orders in the highly urgent and urgent queues shall be settled by using the offsetting checks described in paragraph 6, starting with the payment order at the front of the queue in cases where there is an increase in liquidity or there is an intervention at queue level (change of queue position, settlement time or priority, or revocation of the payment order).
Payments orders in the normal queue shall be settled on a continuous basis including all highly urgent and urgent payment orders that have not yet been settled. Different optimisation mechanisms (algorithms) are used. If an algorithm is successful, the included payment orders will be settled; if an algorithm fails, the included payment orders will remain in the queue. Three algorithms (1 to 3) shall be applied to offset payment flows. By means of Algorithm 4, settlement procedure 5 (as defined in Chapter 2.8.1 of the UDFS) shall be available for the settlement of payment instructions of ancillary systems. To optimise the settlement of highly urgent ancillary system transactions on participants’ sub-accounts, a special algorithm (Algorithm 5) shall be used.
Under Algorithm 1 (‘all-or-nothing’) the ECB shall, both for each relationship in respect of which a bilateral limit has been set and also for the total sum of relationships for which a multilateral limit has been set:
calculate the overall liquidity position of each TARGET2 participant’s PM account by establishing whether the aggregate of all outgoing and incoming payment orders pending in the queue is negative or positive and, if it is negative, check whether it exceeds that participant’s available liquidity (the overall liquidity position shall constitute the ‘total liquidity position’); and
check whether limits and reservations set by each TARGET2 participant in relation to each relevant PM account are respected.
If the outcome of these calculations and checks is positive for each relevant PM account, the ECB and other CBs involved shall settle all payments simultaneously on the PM accounts of the TARGET2 participants concerned.
Under Algorithm 2 (‘partial’) the ECB shall:
calculate and check the liquidity positions, limits and reservations of each relevant PM account as under Algorithm 1; and
if the total liquidity position of one or more relevant PM accounts is negative, extract single payment orders until the total liquidity position of each relevant PM account is positive.
Thereafter, the ECB and the other CBs involved shall, provided there are sufficient funds, settle all remaining payments (except the extracted payment orders) simultaneously on the PM accounts of the TARGET2 participants concerned.
When extracting payment orders, the ECB shall start from the TARGET2 participant’s PM account with the highest negative total liquidity position and from the payment order at the end of the queue with the lowest priority. The selection process shall only run for a short time, to be determined by the ECB at its discretion.
Under Algorithm 3 (‘multiple’) the ECB shall:
compare pairs of TARGET2 participants’ PM accounts to determine whether queued payment orders can be settled within the available liquidity of the two TARGET2 participants’ PM accounts concerned and within the limits set by them (by starting from the pair of PM accounts with the smallest difference between the payment orders addressed to each other), and the CB(s) involved shall book those payments simultaneously on the two TARGET2 participants’ PM accounts; and
if, in relation to a pair of PM accounts as described under point (i), liquidity is insufficient to fund the bilateral position, extract single payment orders until there is sufficient liquidity. In this case the CB(s) involved shall settle the remaining payments, except the extracted ones, simultaneously on the two TARGET2 participants’ PM accounts.
After performing the checks specified under subparagraphs (i) to (ii), the ECB shall check the multilateral settlement positions (between a participant’s PM account and other TARGET2 participants’ PM accounts in relation to which a multilateral limit has been set). For this purpose, the procedure described under subparagraphs (i) to (ii) shall apply mutatis mutandis.
Under Algorithm 4 (‘partial plus ancillary system settlement’) the ECB shall follow the same procedure as for Algorithm 2, but without extracting payment orders in relation to the settlement of an ancillary system (which settles on a simultaneous multilateral basis).
Under Algorithm 5 (‘ancillary system settlement via sub-accounts’) the ECB shall follow the same procedure as for Algorithm 1, subject to the modification that the ECB shall start Algorithm 5 via the Ancillary System Interface and shall only check whether sufficient funds are available on participants’ sub-accounts. Moreover, no limits and reservations shall be taken into account. Algorithm 5 shall also run during night-time settlement.
Payment orders entered into the entry disposition after the start of any of algorithms 1 to 4 may nevertheless be settled immediately in the entry disposition if the positions and limits of the TARGET2 participants’ PM accounts concerned are compatible with both the settlement of these payment orders and the settlement of payment orders in the current optimisation procedure. However, two algorithms shall not run simultaneously.
During daytime processing the algorithms shall run sequentially. As long as there is no pending simultaneous multilateral settlement of an ancillary system, the sequence shall be as follows:
algorithm 1,
if algorithm 1 fails, then algorithm 2,
if algorithm 2 fails, then algorithm 3, or if algorithm 2 succeeds, repeat algorithm 1.
When simultaneous multilateral settlement (‘procedure 5’) in relation to an ancillary system is pending, Algorithm 4 shall run.
The algorithms shall run flexibly by setting a pre-defined time lag between the application of different algorithms to ensure a minimum interval between the running of two algorithms. The time sequence shall be automatically controlled. Manual intervention shall be possible.
While included in a running algorithm, a payment order shall not be reordered (change of the position in a queue) or revoked. Requests for reordering or revocation of a payment order shall be queued until the algorithm is complete. If the payment order concerned is settled while the algorithm is running, any request to reorder or revoke shall be rejected. If the payment order is not settled, the participant’s requests shall be taken into account immediately.
8. Use of the ICM
The ICM may be used for obtaining information and managing liquidity. SWIFT’s Secure IP Network (SIPN) shall be the underlying technical communications network for exchanging information and running control measures.
With the exception of warehoused payment orders and static data information, only data in relation to the current business day shall be available via the ICM. The screens shall be offered in English only.
Information shall be provided in ‘pull’ mode, which means that each participant has to ask to be provided with information.
The following modes shall be available for using the ICM:
Application-to-application mode (A2A)
In A2A, information and messages are transferred between the PM and the participant’s internal application. The participant therefore has to ensure that an appropriate application is available for the exchange of XML messages (requests and responses) with the ICM via a standardised interface. Further details are contained in the ICM User Handbook and in Book 4 of the UDFS.
User-to-application mode (U2A)
U2A permits direct communication between a participant and the ICM. The information is displayed in a browser running on a PC system (SWIFT Alliance WebStation or another interface, as may be required by SWIFT). For U2A access the IT infrastructure has to be able to support cookies. Further details are described in the ICM User Handbook.
Each participant shall have at least one SWIFT Alliance WebStation, or another interface, as may be required by SWIFT, to have access to the ICM via U2A.
Access rights to the ICM shall be granted by using SWIFT’s ‘Role Based Access Control’. The SWIFT ‘Non Repudiation of Emission’ (NRE) service, which may be used by participants, allows the recipient of an XML message to prove that such message has not been altered.
►M12 If a participant has technical problems and is unable to submit any payment order, it may generate preformatted backup liquidity redistribution and backup contingency payments by using the ICM. The ECB shall open such functionality upon request of the participant. ◄
Participants may also use the ICM to transfer liquidity:
from their PM account to their account outside the PM;
between the PM account and the participant’s sub-accounts; and
from the PM account to the technical account managed by the ancillary system using settlement procedure 6 real-time;
by means of a PM to T2S DCA liquidity transfer order or, when the ICM is used in combination with the T2S value added services, a T2S DCA to PM liquidity transfer order; and
by means of a PM to TIPS DCA liquidity transfer order or a TIPS DCA to PM liquidity transfer order.
9. The UDFS and the ICM User Handbook
Further details and examples explaining the above rules are contained in the UDFS and the ICM User Handbook, as amended from time to time and published on the ECB’s website in English.
Appendix II
TARGET2 COMPENSATION SCHEME
1. General principles
If there is a technical malfunction of TARGET2, direct participants may submit claims for compensation in accordance with the TARGET2 compensation scheme laid down in this Appendix.
Unless otherwise decided by the ECB's Governing Council, the TARGET2 compensation scheme shall not apply if the technical malfunction of TARGET2 arises out of external events beyond the reasonable control of the CBs concerned or as a result of acts or omissions by third parties.
Compensation under the TARGET2 compensation scheme shall be the only compensation procedure offered in the event of a technical malfunction of TARGET2. Participants may, however, use other legal means to claim for losses. If a participant accepts a compensation offer under the TARGET2 compensation scheme, this shall constitute the participant's irrevocable agreement that it thereby waives all claims in relation to the payment orders concerning which it accepts compensation (including any claims for consequential loss) it may have against any CB, and that the receipt by it of the corresponding compensation payment constitutes full and final settlement of all such claims. The participant shall indemnify the CBs concerned, up to a maximum of the amount received under the TARGET2 compensation scheme, in respect of any further claims which are raised by any other participant or any other third party in relation to the payment order or payment concerned.
The making of a compensation offer shall not constitute an admission of liability by the ECB or any other CB in respect of a technical malfunction of TARGET2.
2. Conditions for compensation offers
A payer may submit a claim for an administration fee and interest compensation if, due to a technical malfunction of TARGET2, a payment order was not settled on the business day on which it was accepted;
A payee may submit a claim for an administration fee if due to a technical malfunction of TARGET2 it did not receive a payment that it was expecting to receive on a particular business day. The payee may also submit a claim for interest compensation if one or more of the following conditions are met:
in the case of participants that have access to the marginal lending facility: due to a technical malfunction of TARGET2, a payee had recourse to the marginal lending facility; and/or
in the case of all participants: it was technically impossible to have recourse to the money market or such refinancing was impossible on other, objectively reasonable grounds.
3. Calculation of compensation
With respect to a compensation offer for a payer:
the administration fee shall be EUR 50 for the first non-settled payment order, EUR 25 for each of the next four such payment orders and EUR 12,50 for each further such payment order. The administration fee shall be calculated separately in relation to each payee;
interest compensation shall be determined by applying a reference rate to be fixed from day to day. This reference rate shall be the lower of the euro overnight index average (EONIA) rate and the marginal lending rate. The reference rate shall be applied to the amount of the payment order not settled as a result of the technical malfunction of TARGET2 for each day in the period from the date of the actual or, in relation to payment orders referred to in paragraph 2(b)(ii), intended submission of the payment order until the date on which the payment order was or could have been successfully settled. Any interest or charges resulting from the placing of any non-settled payment orders on deposit with the Eurosystem shall be deducted from, or charged to, the amount of any compensation, as the case may be; and
no interest compensation shall be payable if and in so far as funds resulting from non-settled payment orders were placed in the market or used to fulfil minimum reserve requirements.
With respect to a compensation offer for a payee:
the administration fee shall be EUR 50 for the first non-settled payment order, EUR 25 for each of the next four such payment orders and EUR 12,50 for each further such payment order. The administration fee shall be calculated separately in relation to each payer;
the method set out in subparagraph (a)(ii) for calculating interest compensation shall apply except that interest compensation shall be payable at a rate equal to the difference between the marginal lending rate and the reference rate, and shall be calculated on the amount of any recourse to the marginal lending facility occurring as a result of the technical malfunction of TARGET2.
4. Procedural rules
A claim for compensation shall be submitted on the claim form available on the website of the ECB in English (see www.ecb.int). Payers shall submit a separate claim form in respect of each payee and payees shall submit a separate claim form in respect of each payer. Sufficient additional information and documents shall be provided to support the information indicated in the claim form. Only one claim may be submitted in relation to a specific payment or payment order.
Within four weeks of a technical malfunction of TARGET2, participants shall submit their claim form(s) to the ECB. Any additional information and evidence requested by the ECB shall be supplied within two weeks of such request being made.
Unless otherwise decided by the ECB's Governing Council and communicated to the participants, all received claims shall be assessed no later than 14 weeks after the technical malfunction of TARGET2 occurs.
The ECB shall communicate the result of the assessment referred to in subparagraph (c) to the relevant participants. If the assessment entails a compensation offer, the participants concerned shall, within four weeks of the communication of such offer, either accept or reject it, in respect of each payment or payment order comprised within each claim, by signing a standard letter of acceptance (in the form available on the website of the ECB (see www.ecb.int). If such letter has not been received by the ECB within four weeks, the participants concerned shall be deemed to have rejected the compensation offer.
The ECB shall make compensation payments on receipt of a participant's letter of acceptance of compensation. No interest shall be payable on any compensation payment.
Appendix III
TERMS OF REFERENCE FOR CAPACITY AND COUNTRY OPINIONS
Terms of reference for capacity opinions for participants in TARGET2
The European Central Bank
Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany
Participation in TARGET2-ECB
[location], [date]
Dear Sir or Madam,
We have been asked to provide this Opinion as [in-house or external] legal advisers to [specify name of Participant or branch of Participant] in respect of issues arising under the laws of [jurisdiction in which the Participant is established; hereinafter the ‘jurisdiction’] in connection with the participation of [specify name of Participant] (hereinafter the ‘Participant’) in TARGET2-ECB (hereinafter the ‘System’).
This Opinion is confined to the laws of [jurisdiction] as they exist as on the date of this Opinion. We have made no investigation of the laws of any other jurisdiction as a basis for this Opinion, and do not express or imply any opinion in this regard. Each of the statements and opinions presented below applies with equal accuracy and validity under the laws of [jurisdiction], whether or not the Participant acts through its head office or one or more branches established inside or outside of [jurisdiction] in submitting payment orders and receiving payments.
I. DOCUMENTS EXAMINED
For the purposes of this Opinion, we have examined:
a certified copy of the [specify relevant constitutional document(s)] of the Participant such as is/are in effect on the date hereof;
[if applicable] an extract from the [specify relevant company register] and [if applicable] [register of credit institutions or analogous register];
[to the extent applicable] a copy of the Participant's licence or other proof of authorisation to provide banking, investment, funds transfer or other financial services in [jurisdiction];
[if applicable] a copy of a resolution adopted by the board of directors or the relevant governing body of the Participant on [insert date], [insert year], evidencing the Participant's agreement to adhere to the System Documents, as defined below; and
[specify all powers of attorney and other documents constituting or evidencing the requisite power of the person or persons signing the relevant System Documents (as defined below) on behalf of the Participant];
and all other documents relating to the Participant's constitution, powers, and authorisations necessary or appropriate for the provision of this Opinion (hereinafter the ‘Participant Documents’).
For the purposes of this Opinion, we have also examined:
the terms and conditions of TARGET2-ECB dated [insert date] (hereinafter the ‘Rules’); and
[…].
The Rules and the […] shall be referred to hereinafter as the ‘System Documents’ (and collectively with the Participant Documents as the ‘Documents’).
II. ASSUMPTIONS
For the purposes of this Opinion we have assumed in relation to the Documents that:
the System Documents with which we have been provided are originals or true copies;
the terms of the System Documents and the rights and obligations created by them are valid and legally binding under the laws of the Federal Republic of Germany by which they are expressed to be governed, and the choice of the laws of the Federal Republic of Germany to govern the System Documents is recognised by the laws of the Federal Republic of Germany;
the Participant Documents are within the capacity and power of and have been validly authorised, adopted or executed and, where necessary, delivered by the relevant parties; and
the Participant Documents are binding on the parties to which they are addressed, and there has been no breach of any of their terms.
III. OPINIONS REGARDING THE PARTICIPANT
A. The Participant is a corporation duly established and registered or otherwise duly incorporated or organised under the laws of [jurisdiction].
B. The Participant has all the requisite corporate powers to execute and perform the rights and obligations under the System Documents to which it is party.
C. The adoption or execution and the performance by the Participant of the rights and obligations under the System Documents to which the Participant is party will not in any way breach any provision of the laws or regulations of [jurisdiction] applicable to the Participant or the Participant Documents.
D. No additional authorisations, approvals, consents, filings, registrations, notarisations or other certifications of or with any court or governmental, judicial or public authority that is competent in [jurisdiction] are required by the Participant in connection with the adoption, validity or enforceability of any of the System Documents or the execution or performance of the rights and obligations thereunder.
E. The Participant has taken all necessary corporate action and other steps necessary under the laws of [jurisdiction] to ensure that its obligations under the System Documents are legal, valid and binding
This Opinion is stated as of its date and is addressed solely to the ECB and the [Participant]. No other persons may rely on this Opinion, and the contents of this Opinion may not be disclosed to persons other than its intended recipients and their legal counsel without our prior written consent, with the exception of the national central banks of the European System of Central Banks [and [the national central bank/relevant regulatory authorities] of [jurisdiction]].
Yours faithfully,
[signature]
Terms of reference for country opinions for non-EEA participants in TARGET2
The European Central Bank
Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany
TARGET2-ECB
[location], [date]
Dear Sir or Madam,
We have been asked as [external] legal advisers to [specify name of Participant or branch of Participant] (the Participant) in respect of issues arising under the laws of [jurisdiction in which the Participant is established; hereinafter the ‘jurisdiction’] to provide this Opinion under the laws of [jurisdiction] in connection with the participation of the Participant in a system which is a component of TARGET2 (hereinafter the ‘System’). References herein to the laws of [jurisdiction] include all applicable regulations of [jurisdiction]. We express an opinion herein under the law of [jurisdiction], with particular regard to the Participant established outside the Federal Republic of Germany in relation to rights and obligations arising from participation in the System, as presented in the System Documents defined below.
This Opinion is confined to the laws of [jurisdiction] as they exist on the date of this Opinion. We have made no investigation of the laws of any other jurisdiction as a basis for this Opinion, and do not express or imply any opinion in this regard. We have assumed that there is nothing in the laws of another jurisdiction which affects this Opinion.
1. DOCUMENTS EXAMINED
For the purposes of this Opinion, we have examined the documents listed below and such other documents as we have deemed necessary or appropriate:
the terms and conditions of TARGET2-ECB dated [insert date] (hereinafter the ‘Rules’); and
any other document governing the System and/or the relationship between the Participant and other participants in the System, and between the participants in the System and the ECB.
The Rules and the […] shall be referred to hereinafter as the ‘System Documents’.
2. ASSUMPTIONS
For the purposes of this Opinion we have assumed in relation to the System Documents that:
the System Documents are within the capacity and power of and have been validly authorised, adopted or executed and, where necessary, delivered by the relevant parties;
the terms of the System Documents and the rights and obligations created by them are valid and legally binding under the laws of the Federal Republic of Germany, by which they are expressed to be governed, and the choice of the laws of the Federal Republic of Germany to govern the System Documents is recognised by the laws of the Federal Republic of Germany;
the participants in the System through which any payment orders are sent or payments are received, or through which any rights or obligations under the System Documents are executed or performed, are licensed to provide funds transfer services, in all relevant jurisdictions; and
the documents submitted to us in copy or as specimens conform to the originals.
3. OPINION
Based on and subject to the foregoing, and subject in each case to the points set out below, we are of the opinion that:
3.1. Country-specific legal aspects [to the extent applicable]
The following characteristics of the legislation of [jurisdiction] are consistent with and in no way set aside the obligations of the Participant arising out of the System Documents: [list of country-specific legal aspects].
3.2. General insolvency and crisis management issues
Types of insolvency and crisis management proceedings
Insolvency treaties
3.3. Enforceability of System Documents
Subject to the points set out below, all provisions of the System Documents will be binding and enforceable in accordance with their terms under the laws of [jurisdiction], in particular in the event of the opening of any Insolvency Proceedings or Proceedings with respect to the Participant.
In particular, we are of the opinion that:
3.3.a Processing of payment orders
The provisions on processing of payment orders [list of sections] of the Rules are valid and enforceable. In particular, all payment orders processed pursuant to such sections will be valid, binding and will be enforceable under the laws of [jurisdiction]. The provision of the Rules which specifies the precise point in time at which payment orders submitted by the Participant to the System become enforceable and irrevocable (Article 20 of the Rules) is valid, binding and enforceable under the laws of [jurisdiction].
3.3.b Authority of the ECB to perform its functions
The opening of Insolvency Proceedings or Proceedings in respect of the Participant will not affect the authority and powers of the ECB arising out of the System Documents. [Specify [to the extent applicable] that: the same opinion is also applicable in respect of any other entity which provides the Participants with services directly and necessarily required for participating in the System (e.g. ►M11 TARGET2 network service provider ◄ )].
3.3.c Remedies in the event of default
[Where applicable to the Participant, the provisions contained in Article 30 of the Rules regarding accelerated performance of claims which have not yet matured, the set-off of claims for using the deposits of the Participant, the enforcement of a pledge, suspension and termination of participation, claims for default interest, and termination of agreements and transactions (Articles 27-31 of the Rules) are valid and enforceable under the laws of [jurisdiction].]
3.3.d Suspension and termination
Where applicable to the Participant, the provisions contained in Articles 27 and 28 of the Rules (in respect of suspension and termination of the Participant's participation in the System on the opening of Insolvency Proceedings or Proceedings or other events of default, as defined in the System Documents, or if the Participant represents any kind of systemic risk or has serious operational problems) are valid and enforceable under the laws of [jurisdiction].
3.3.e Assignment of rights and obligations
The rights and obligations of the Participant cannot be assigned, altered or otherwise transferred by the Participant to third parties without the prior written consent of the ECB.
3.3.f Choice of governing law and jurisdiction
The provisions contained in Articles 34 and 38 of the Rules, and in particular in respect of the governing law, the resolution of a dispute, competent courts, and service of process are valid and enforceable under the laws of [jurisdiction].
3.4. Voidable preferences
We are of the opinion that no obligation arising out of the System Documents, the performance thereof, or compliance therewith prior to the opening of any Insolvency Proceedings or Proceedings in respect of the Participant may be set aside in any such proceedings as a preference, voidable transaction or otherwise under the laws of [jurisdiction].
In particular, and without limitation to the foregoing, we express this opinion in respect of any payment orders submitted by any participant in the System. In particular, we are of the opinion that the provisions of Article 20 of the Rules establishing the enforceability and irrevocability of payment orders will be valid and enforceable and that a payment order submitted by any participant and processed pursuant to Title IV of the Rules may not be set aside in any Insolvency Proceedings or Proceedings as a preference, voidable transaction or otherwise under the laws of [jurisdiction].
3.5. Attachment
If a creditor of the Participant seeks an attachment order (including any freezing order, order for seizure or any other public or private law procedure that is intended to protect the public interest or the rights of the Participant's creditors) — hereinafter referred to as an ‘Attachment’ — under the laws of [jurisdiction] from a court or governmental, judicial or public authority that is competent in [jurisdiction], we are of the opinion that [insert the analysis and discussion].
3.6. Collateral [if applicable]
3.6.a Assignment of rights or deposit of assets for collateral purposes, pledge and/or repo
Assignments for collateral purposes will be valid and enforceable under the laws of [jurisdiction]. Specifically, the creation and enforcement of a pledge or repo under the Rules will be valid and enforceable under the laws of [jurisdiction].
3.6.b Priority of assignees’, pledgees’ or repo purchasers’ interest over that of other claimants
In the event of Insolvency Proceedings or Proceedings in respect of the Participant, the rights or assets assigned for collateral purposes, or pledged by the Participant in favour of the ECB or other participants in the System, will rank in priority of payment above the claims of all other creditors of the Participant and will not be subject to priority or preferential creditors.
3.6.c Enforcing title to security
Even in the event of Insolvency Proceedings or Proceedings in respect of the Participant, other participants in the System and the ECB as pledgees will still be free to enforce and collect the Participant's rights or assets through the action of the ECB pursuant to the Rules.
3.6.d Form and registration requirements
There are no form requirements for the assignment for collateral purposes of, or the creation and enforcement of a pledge or repo over the Participant's rights or assets and it is not necessary for the assignment for collateral purposes, pledge or repo, as applicable, or any particulars of such assignment, pledge or repo, as applicable, to be registered or filed with any court or governmental, judicial or public authority that is competent in [jurisdiction].
3.7. Branches [to the extent applicable]
3.7.a Opinion applies to action through branches
Each of the statements and opinions presented above with regard to the Participant applies with equal accuracy and validity under the laws of [jurisdiction] in situations where the Participant acts through its one or more of its branches established outside [jurisdiction].
3.7.b Conformity with law
Neither the execution and performance of the rights and obligations under the System Documents nor the submission, transmission or receipt of payment orders by a branch of the Participant will in any respect breach the laws of [jurisdiction].
3.7.c Required authorisations
Neither the execution and performance of the rights and obligations under the System Documents nor the submission, transmission or receipt of payment orders by a branch of a Participant will require any additional authorisations, approvals, consents, filings, registrations, notarisations or other certifications of or with any court or governmental, judicial or public authority that is competent in [jurisdiction].
This Opinion is stated as of its date and is addressed solely to the ECB and the [Participant]. No other persons may rely on this Opinion, and the contents of this Opinion may not be disclosed to persons other than its intended recipients and their legal counsel without our prior written consent, with the exception of the national central banks of the European System of Central Banks [and [the national central bank/relevant regulatory authorities] of [jurisdiction]].
Yours faithfully,
[signature]
Appendix IV
BUSINESS CONTINUITY AND CONTINGENCY PROCEDURE
1. General provisions
This Appendix sets out the arrangements between the ECB and participants, or ancillary systems, if one or more components of the SSP or the telecommunications network fail or are affected by an abnormal external event, or if the failure affects any participant or ancillary system.
All references to specific times in this Appendix are to the local time at the seat of the ECB, i.e. Central European Time (CET) ( 10 ).
2. Measures of business continuity and contingency processing
In the event that an abnormal external event occurs and/or there is a failure of the SSP or the telecommunications network which affects the normal operation of TARGET2, the ECB shall be entitled to adopt business continuity and contingency processing measures.
The following main business continuity and contingency processing measures shall be available in TARGET2:
relocating the operation of the SSP to an alternative site;
changing the SSP's operating hours; and
initiating contingency processing of very critical and critical payments, as defined in paragraph 6(c) and (d) respectively.
In relation to business continuity and contingency processing measures, the ECB shall have full discretion regarding whether and which measures are adopted to settle payment orders.
3. Incident communication
Information about the failure of the SSP and/or an abnormal external event shall be communicated to participants through the domestic communication channels, the ICM and T2IS. In particular, communications to participants shall include the following information:
a description of the event;
the anticipated delay in processing (if known);
information on the measures already taken; and
the advice to participants.
In addition, the ECB may notify participants of any other existing or anticipated event which has the potential to affect the normal operation of TARGET2.
4. Relocation the operation of the SSP to an alternative site
In the event that any of the events referred to in paragraph 2(a) occurs, the operation of the SSP may be relocated to an alternative site, either within the same region or in another region.
In the event that the operation of the SSP or the T2S Platform, as referred to in Annex II, is relocated from one region (Region 1) to another region (Region 2), the participants shall endeavour to reconcile their positions up to the point of the failure or the occurrence of the abnormal external events and provide to the ECB all relevant information in this respect.
Where a ►M11 PM to T2S DCA liquidity transfer order ◄ is debited on the participant's PM account on the SSP in Region 1, but, after reconciliation, is not shown as debited on the SSP in Region 2, the CB responsible for the participant shall debit the participant's PM account in Region 2 to return the participant's PM account balance to the level it had prior to the relocation.
5. Change of operating hours
The daytime processing of TARGET2 may be extended or the opening time of a new business day may be delayed. During any extended operating time of TARGET2, payment orders shall be processed in accordance with the terms and conditions of TARGET2-ECB, subject to the modifications contained in this Appendix.
Daytime processing may be extended and the closing time thereby delayed if an SSP failure has occurred during the day but has been resolved before 18.00. Such a closing time delay shall in normal circumstances not exceed two hours and shall be announced as early as possible to participants. If such a delay is announced before 16.50, the minimum period of one hour between the cut-off time for customer and interbank payment orders shall remain in place. Once such a delay is announced it may not be withdrawn.
The closing time shall be delayed in cases where an SSP failure has occurred before 18:00 and has not been resolved by 18.00. The ECB shall immediately communicate the delay of closing time to participants.
Upon recovery of the SSP, the following steps shall take place:
The ECB shall seek to settle all queued payments within one hour; this time is reduced to 30 minutes in the event that the SSP failure occurs at 17.30 or later (in cases where the SSP failure was ongoing at 18.00).
Participants' final balances shall be established within one hour; this time shall be reduced to 30 minutes in the event that the SSP failure occurs at 17.30 or later, in cases where the SSP failure was ongoing at 18.00.
At the cut-off time for interbank payments, the end-of-day processing, including recourse to the Eurosystem standing facilities shall take place.
Ancillary systems that require liquidity in the early morning need to have established means to cope with cases where the daytime processing cannot be started in time due to an SSP failure on the previous day.
6. Contingency processing
If the ECB deems it necessary to do so, it shall initiate the contingency processing of payment orders using the Contingency Solution of the SSP. In such cases, only a minimum service level shall be provided to participants. The ECB shall inform its participants of the start of contingency processing by any available means of communication.
In contingency processing, payment orders shall be submitted by the participants and authorised by the ECB. In addition, the participants may submit files containing payment instructions, which may be uploaded into the Contingency Solution by the ECB.
The following payments shall be considered as ‘very critical’ and the ECB shall use best efforts to process them in contingency situations:
CLS Bank International-related payments, with the exception of payments related to the CLS CCP service and, at the discretion of the Governing Council, the CLSNow service;
end-of-day settlement of EURO1; and
central counterparty margin calls.
Payments required to avoid systemic risk shall be considered as ‘critical’ and the ECB may decide to initiate contingency processing in relation to them.
Participants shall submit payment orders for contingency processing directly into the Contingency Solution and information to payees shall be provided through encrypted and authenticated correo electrónico, as well as via authenticated fax. Participants shall submit files which contain payment instructions to the ECB for uploading into the Contingency Solution and which authorise the ECB to do so. The ECB may, exceptionally, also manually input payments on behalf of participants. Information concerning account balances and debit and credit entries may be obtained via the ECB.
Payment orders that have already been submitted to TARGET2-ECB, but are queued, may also undergo contingency processing. In such cases the ECB shall endeavour to avoid the double processing of payment orders, but the participants shall bear the risk of such double processing if it occurred.
for contingency processing of payment orders, participants shall provide eligible assets as collateral. During contingency processing, incoming contingency payments may be used to fund outgoing contingency payments. For the purposes of contingency processing, participants’ available liquidity may not be taken into account by the ECB.
7. Failures linked to participants or ancillary systems
In the event that a participant has a problem that prevents it from settling payments in TARGET2 it shall be its responsibility to resolve the problem. In particular, a participant may use in-house solutions or the ICM functionality, i.e. backup liquidity redistribution and backup contingency payments (e.g. CLS, EURO1).
If a participant decides to use the ICM functionality for making backup liquidity redistribution, the ECB shall, if the participant so requests, open this functionality via the ICM. If the participant so requests, the ECB shall transmit an ICM broadcast message to inform other participants about the participant’s use of backup liquidity redistribution. The participant shall be responsible for sending such backup liquidity redistribution exclusively to other participants with which it has bilaterally agreed on the use of such payments and for any further steps in relation to such payments.
If the measures referred to in subparagraph (a) are exhausted or if they are inefficient, the participant may request support from the ECB.
In the event that a failure affects an ancillary system, that ancillary system shall be responsible for resolving the failure. If the ancillary system so requests, the ECB may act on its behalf. The ECB shall have discretion to decide what support it gives to the ancillary system, including during the night-time operations of the ancillary system. The following contingency measures may be taken:
the ancillary system initiates clean payments (i.e. payments that are not linked to the underlying transaction) via the Participant Interface;
the ECB creates and/or processes XML instructions/files on behalf of the ancillary system; and/or
the ECB makes clean payments on behalf of the ancillary system.
The detailed contingency measures with respect to ancillary systems shall be contained in the bilateral arrangements between the ECB and the relevant ancillary system.
8. Other provisions
In the event that certain data are unavailable because one of the events referred to in paragraph 3(a) has occurred, the ECB is entitled to start or continue processing payment orders and/or operate TARGET2-ECB on the basis of the last available data, as determined by the ECB. If so requested by the ECB, participants and ancillary systems shall resubmit their FileAct/Interact messages or take any other action deemed appropriate by the ECB.
In the event of a failure of the ECB, some or all of its technical functions in relation to TARGET2-ECB may be performed by other Eurosystem CBs or ►M11 the operational team of the SSP ◄ .
The ECB may require that the participants participate in regular or ad hoc testing of business continuity and contingency processing measures, training or any other preventative arrangements, as deemed necessary by the ECB. Any costs incurred by the participants as a result of such testing or other arrangements shall be borne solely by the participants.
Appendix V
OPERATING SCHEDULE
1. TARGET2 is open on all days, except Saturdays, Sundays, New Year’s Day, Good Friday and Easter Monday (according to the calendar applicable at the seat of the ECB), 1 May, Christmas Day and 26 December.
2. The reference time for the system is the local time at the seat of the ECB, i.e. CET.
3. The current business day is opened during the evening of the previous business day and operates to the following schedule:
|
Time |
Description |
|
6.45-7.00 |
Business window to prepare daytime operations (1) |
|
7.00-18.00 |
Daytime processing |
|
17.00 |
Cut-off time for customer payments, i.e. payments where the originator and/or the beneficiary of a payment is not a direct or indirect participant as identified in the system by the use of an MT 103 or MT 103+ message |
|
18.00 |
Cut-off time for interbank payments, i.e. payments other than customer payments Cut-off time for liquidity transfers between TARGET2 and TIPS |
|
Shortly after 18.00 |
Completion of last algorithms in TARGET2 |
|
Upon completion of last algorithms |
TARGET2 sends message to TIPS to initiate change of business day in TIPS |
|
Shortly after completion of last algorithms |
End-of-day files (General Ledger) received from TIPS |
|
18.00-18.45 (2) |
End-of-day processing |
|
18.15 (2) |
General cut-off time for the use of standing facilities |
|
(Shortly after) 18.30 (3) |
Data for the update of accounting systems are available to CBs |
|
18.45-19.30 (3) |
Start-of-day processing (new business day) |
|
Provision of liquidity on the PM account |
|
|
19.30 (3) |
‘Start-of-procedure’ message and settlement of the standing orders to transfer liquidity from the PM accounts to the subaccounts/technical account (ancillary system-related settlement) Start of liquidity transfers between TARGET2 and TIPS |
|
19.30 (3) -22.00 |
Execution of additional liquidity transfers via the ICM for settlement procedure 6 real time; execution of additional liquidity transfers via the ICM before the ancillary system sends the 'start of cycle' messages for settlement procedure 6 interfaced; settlement period of night-time ancillary system operations (only for ancillary system settlement procedure 6 real-time and settlement procedure 6 interfaced) |
|
22.00-1.00 |
Technical maintenance window |
|
1.00-7.00 |
Settlement procedure of night-time ancillary system operations (only for ancillary system settlement procedure 6 real-time and settlement procedure 6 interfaced) Liquidity transfers between TARGET2 and TIPS |
|
(1)
‘Daytime operations’ means daytime processing and end-of-day processing.
(2)
Ends 15 minutes later on the last day of the Eurosystem reserve maintenance period.
(3)
Starts 15 minutes later on the last day of the Eurosystem reserve maintenance period. |
|
4. The ICM is available for liquidity transfers from 19.30 ( 11 ) until 18.00 the next day, except during the technical maintenance period from 22.00 until 1.00.
5. The operating hours may be changed in the event that business continuity measures are adopted in accordance with paragraph 5 of Appendix IV.
6. Up-to-date information on the SSP's operational status shall be available on the TARGET2 Information System (T2IS) on a dedicated webpage on the ECB's website. The information on the SSP's operational status on T2IS and the ECB's website shall only be updated during normal business hours.
Appendix VI
FEE SCHEDULE AND INVOICING
Fees for direct participants
1. The monthly fee for the processing of payment orders in TARGET2-ECB for direct participants, depending on which option the direct participant has chosen, shall be either:
EUR 150 per PM account plus a flat fee per transaction (debit entry) of EUR 0,80; or
EUR 1 875 per PM account plus a fee per transaction (debit entry) determined as follows, based on the volume of transactions (number of processed items) per month:
|
Band |
From |
To |
Price (EUR) |
|
1 |
1 |
10 000 |
0,60 |
|
2 |
10 001 |
25 000 |
0,50 |
|
3 |
25 001 |
50 000 |
0,40 |
|
4 |
50 001 |
100 000 |
0,20 |
|
5 |
Above 100 000 |
— |
0,125 |
Liquidity transfers between a participant's PM account and its sub-accounts shall not be subject to a charge.
PM to T2S DCA liquidity transfer orders or PM to TIPS DCA liquidity transfer orders sent from a participant's PM account and T2S DCA to PM liquidity transfer orders or TIPS DCA to PM liquidity transfer orders received on a participant's PM account shall be charged according to the pricing option (a) or (b) above chosen for that PM account.
2. There shall be an additional monthly fee for direct participants who do not wish the BIC of their account to be published in the TARGET2 directory of EUR 30 per account.
3. The monthly fee for direct participants subscribing to the TARGET2 value-added services for T2S shall be EUR 50 for those participants that have opted for option (a) in paragraph 1, and EUR 625 for those participants that have opted for option (b) in paragraph 1.
Fees for Main PM account holders
4. In addition to the fees set out in paragraphs 1 to 3 of this Appendix, a monthly fee of EUR 250 for each linked ►M11 T2S DCA ◄ shall be charged to Main PM account holders.
5. The Main PM account holders shall be charged the following fees for T2S services connected with the linked ►M11 T2S DCA(s) ◄ . These items shall be billed separately.
|
Tariff items |
Price (eurocent) |
Explanation |
|
Settlement services |
||
|
T2S DCA to T2S DCA liquidity transfer orders |
14,1 |
per transfer |
|
Intra-balance movement (i.e. blocking, unblocking, reservation of liquidity etc.) |
9,4 |
per transaction |
|
Information services |
||
|
A2A reports |
0,4 |
Per business item in any A2A report generated |
|
A2A queries |
0,7 |
Per queried business item in any A2A query generated |
|
U2A queries |
10 |
Per executed search function |
|
U2A queries downloaded |
0,7 |
Per queried business item in any U2A query generated and downloaded |
|
Messages bundled into a file |
0,4 |
Per message in a file |
|
Transmissions |
1,2 |
Per transmission |
Fees for Linked PM account holders
5a. The holder of the Linked PM account shall be charged the following fees for the TIPS service connected with the TIPS DCAs linked to that PM account.
|
Tariff items |
Price euro cent |
Explanation |
|
Settlement services |
|
|
|
Instant payment order |
0,20 |
To be charged also for unsettled transactions |
|
Recall request |
0,00 |
|
|
Negative recall answer |
0,00 |
|
|
Positive recall answer |
0,20 |
To be charged to the holder of the Linked PM account associated with the TIPS DCA to be credited (also for unsettled transactions) |
5b. Up to the first ten million instant payment orders and positive recall answers, cumulatively, received by the TIPS Platform by the end of 2019, shall be free of charge. The ECB shall charge Linked PM account holders for any further instant payment orders and positive recall answers received by the TIPS Platform by the end of 2019, in the following year.
Invoicing
6. In the case of direct participants, the following invoicing rules apply. The direct participant shall receive the relevant invoices for the previous month specifying the fees to be paid, no later than on the ninth business day of the following month. ►M11 Payments shall be made no later than the 14th business day of that month to the account specified by the ECB or shall be debited from an account specified by the PM account holder. ◄
Fee schedule and invoicing for ancillary systems
7. An ancillary system using the ASI or the Participant Interface, irrespective of the number of any accounts it may hold with the ASCB and/or the SCB, shall be subject to a fee schedule consisting of the following elements:
A fixed monthly fee of EUR 1 000 to be charged to each ancillary system (Fixed Fee I).
A second monthly fixed fee of between EUR 417 and EUR 8 334 , in proportion to the underlying gross value of the ancillary system's euro cash settlement transactions (Fixed Fee II).
|
Band |
From (EUR million/day) |
To (EUR million/day) |
Annual fee (EUR) |
Monthly fee (EUR) |
|
1 |
0 |
below 1 000 |
5 000 |
417 |
|
2 |
1 000 |
below 2 500 |
10 000 |
833 |
|
3 |
2 500 |
below 5 000 |
20 000 |
1 667 |
|
4 |
5 000 |
below 10 000 |
30 000 |
2 500 |
|
5 |
10 000 |
below 50 000 |
40 000 |
3 333 |
|
6 |
50 000 |
below 500 000 |
50 000 |
4 167 |
|
7 |
500 000 and above |
— |
100 000 |
8 334 |
The gross value of the ancillary system's euro cash settlement transactions shall be calculated by the ASCB once a year on the basis of such gross value during the previous year and the calculated gross value shall be applied for calculating the fee from 1 January of each calendar year. The gross value shall exclude ►M11 transactions settled on T2S DCAs and TIPS DCAs ◄ .
A transaction fee calculated on the same basis as the schedule established for PM account holders, in line with paragraph 1. The ancillary system may choose one of the two options: either to pay a flat EUR 0,80 fee per payment instruction (Option A) or to pay a fee calculated on a degressive basis (Option B), subject to the following modifications:
for Option B, the limits of the bands relating to volume of payment instructions are divided by two; and
a monthly fixed fee of EUR 150 (under Option A) or EUR 1 875 (under Option B) shall be charged in addition to Fixed Fee I and Fixed Fee II.
In addition to the fees set out in points (a) to (c), an ancillary system using the ASI or the Participant Interface shall also be subject to the following fees:
If the ancillary system makes use of the TARGET2 value-added services for T2S, the monthly fee for the use of the value added services shall be EUR 50 for those systems that have chosen option A and EUR 625 for those systems that have chosen option B. This fee shall be charged for each account held by the ancillary system that uses the services;
The ancillary system as Main PM account holder shall be charged the following fees for T2S services connected with the linked ►M11 T2S DCA(s) ◄ . These items shall be billed separately:
|
Tariff items |
Price (eurocent) |
Explanation |
|
Settlement services |
||
|
►M11 T2S DCA to T2S DCA liquidity transfer orders ◄ |
9 |
per transfer |
|
Intra-balance movement (i.e. blocking, unblocking, reservation of liquidity etc.) |
6 |
per transaction |
|
Information services |
||
|
A2A reports |
0,4 |
Per business item in any A2A report generated |
|
A2A queries |
0,7 |
Per queried business item in any A2A query generated |
|
U2A queries |
10 |
Per executed search function |
|
U2A queries downloaded |
0,7 |
Per queried business item in any U2A query generated and downloaded |
|
Messages bundled into a file |
0,4 |
Per message in a file |
|
Transmissions |
1,2 |
Per transmission |
The ancillary system as Linked PM account holder shall be charged the following fees for TIPS service connected with the linked TIPS DCA(s):
|
Tariff items |
Price (euro cent) |
Explanation |
|
Settlement services |
|
|
|
Instant payment order |
0,20 |
To be charged also for unsettled transactions |
|
Recall request |
0,00 |
|
|
Negative recall answer |
0,00 |
|
|
Positive recall answer |
0,20 |
To be charged to the holder of the Linked PM account associated with the TIPS DCA to be credited (also for unsettled transactions) |
Up to the first ten million instant payment orders and positive recall answers, cumulatively, received by the TIPS Platform by the end of 2019, shall be free of charge. The ECB shall charge the ancillary system as Linked PM account holder for any further instant payment orders and positive recall answers received by the TIPS Platform by the end of 2019, in the following year.
8. Any fee payable in relation to a payment instruction submitted or payment received by an ancillary system, via either the Participant Interface or the ASI, shall be exclusively charged to this ancillary system. The Governing Council may establish more detailed rules for the determination of billable transactions settled via the ASI.
9. Each ancillary system shall receive an invoice from its ASCB for the previous month based on the fees referred to in subparagraph 1, no later than the ninth business day of the following month. Payments shall be made no later than the 14th business day of this month to the account specified by the ASCB or shall be debited from an account specified by the ancillary system.
10. For the purposes of paragraphs 7 to 9, each ancillary system that has been designated under Directive 98/26/EC shall be treated separately, even if two or more of them are operated by the same legal entity. The same rule shall apply to the ancillary systems that have not been designated under Directive 98/26/EC, in which case the ancillary systems shall be identified by reference to the following criteria: (a) a formal arrangement, based on a contractual or legislative instrument, e.g. an agreement among the participants and the system operator; (b) with multiple membership; (c) with common rules and standardised arrangements; and (d) for the clearing, netting and/or settlement of payments and/or securities between the participants.
Appendix VII
Requirements regarding information security management and business continuity management
Information security management
These requirements are applicable to each participant, unless the participant demonstrates that a specific requirement is not applicable to it. In establishing the scope of application of the requirements within its infrastructure, the participant should identify the elements that are part of the Payment Transaction Chain (PTC). Specifically, the PTC starts at a Point of Entry (PoE), i.e. a system involved in the creation of transactions (e.g. workstations, front-office and back-office applications, middleware), and ends at the system responsible to send the message to SWIFT (e.g. SWIFT VPN Box) or Internet (with the latter applicable to Internet-based Access).
Requirement 1.1: Information security policy
The management shall set a clear policy direction in line with business objectives and demonstrate support for and commitment to information security through the issuance, approval and maintenance of an information security policy aiming at managing information security and cyber resilience across the organisation in terms of identification, assessment and treatment of information security and cyber resilience risks. The policy should contain at least the following sections: objectives, scope (including domains such as organisation, human resources, asset management etc.), principles and allocation of responsibilities.
Requirement 1.2: Internal organisation
An information security framework shall be established to implement the information security policy within the organisation. The management shall coordinate and review the establishment of the information security framework to ensure the implementation of the information security policy (as per Requirement 1.1) across the organisation, including the allocation of sufficient resources and assignment of security responsibilities for this purpose.
Requirement 1.3: External parties
The security of the organisation’s information and information processing facilities should not be reduced by the introduction of, and/or the dependence on, an external party/parties or products/services provided by them. Any access to the organisation’s information processing facilities by external parties shall be controlled. When external parties or products/services of external parties are required to access the organisation’s information processing facilities, a risk assessment shall be carried out to determine the security implications and control requirements. Controls shall be agreed and defined in an agreement with each relevant external party.
Requirement 1.4: Asset management
All information assets, the business processes and the underlying information systems, such as operating systems, infrastructures, business applications, off-the-shelf products, services and user-developed applications, in the scope of the Payment Transaction Chain shall be accounted for and have a nominated owner. The responsibility for the maintenance and the operation of appropriate controls in the business processes and the related IT components to safeguard the information assets shall be assigned. Note: the owner can delegate the implementation of specific controls as appropriate, but remains accountable for the proper protection of the assets.
Requirement 1.5: Information assets classification
Information assets shall be classified in terms of their criticality to the smooth delivery of the service by the participant. The classification shall indicate the need, priorities and degree of protection required when handling the information asset in the relevant business processes and shall also take into consideration the underlying IT components. An information asset classification scheme approved by the management shall be used to define an appropriate set of protection controls throughout the information asset lifecycle (including removal and destruction of information assets) and to communicate the need for specific handling measures.
Requirement 1.6: Human resources security
Security responsibilities shall be addressed prior to employment in adequate job descriptions and in terms and conditions of employment. All candidates for employment, contractors and third party users shall be adequately screened, especially for sensitive jobs. Employees, contractors and third party users of information processing facilities shall sign an agreement on their security roles and responsibilities. An adequate level of awareness shall be ensured among all employees, contractors and third party users, and education and training in security procedures and the correct use of information processing facilities shall be provided to them to minimise possible security risks. A formal disciplinary process for handling security breaches shall be established for employees. Responsibilities shall be in place to ensure that an employee’s, contractor’s or third party user’s exit from or transfer within the organisation is managed, and that the return of all equipment and the removal of all access rights are completed.
Requirement 1.7: Physical and environmental security
Critical or sensitive information processing facilities shall be housed in secure areas, protected by defined security perimeters, with appropriate security barriers and entry controls. They shall be physically protected from unauthorised access, damage and interference. Access shall be granted only to individuals who fall within the scope of Requirement 1.6. Procedures and standards shall be established to protect physical media containing information assets when in transit.
Equipment shall be protected from physical and environmental threats. Protection of equipment (including equipment used off-site) and against the removal of property is necessary to reduce the risk of unauthorised access to information and to guard against loss or damage of equipment or information. Special measures may be required to protect against physical threats and to safeguard supporting facilities such as the electrical supply and cabling infrastructure.
Requirement 1.8: Operations management
Responsibilities and procedures shall be established for the management and operation of information processing facilities covering all the underlying systems in the Payment Transaction Chain end-to-end.
As regards operating procedures, including technical administration of IT systems, segregation of duties shall be implemented, where appropriate, to reduce the risk of negligent or deliberate system misuse. Where segregation of duties cannot be implemented due to documented objective reasons, compensatory controls shall be implemented following a formal risk analysis. Controls shall be established to prevent and detect the introduction of malicious code for systems in the Payment Transaction Chain. Controls shall be also established (including user awareness) to prevent, detect and remove malicious code. Mobile code shall be used only from trusted sources (e.g. signed Microsoft COM components and Java Applets). The configuration of the browser (e.g. the use of extensions and plugins) shall be strictly controlled.
Data backup and recovery policies shall be implemented by the management; those recovery policies shall include a plan of the restoration process which is tested at regular intervals at least annually.
Systems that are critical for the security of payments shall be monitored and events relevant to information security shall be recorded. Operator logs shall be used to ensure that information system problems are identified. Operator logs shall be regularly reviewed on a sample basis, based on the criticality of the operations. System monitoring shall be used to check the effectiveness of controls which are identified as critical for the security of payments and to verify conformity to an access policy model.
Exchanges of information between organisations shall be based on a formal exchange policy, carried out in line with exchange agreements among the involved parties and shall be compliant with any relevant legislation. Third party software components employed in the exchange of information with TARGET2 (like software received from a Service Bureau in scenario 2 of the scope section of the TARGET2 self-certification arrangement document) must be used under a formal agreement with the third party.
Requirement 1.9: Access control
Access to information assets shall be justified on the basis of business requirements (need-to-know ( 12 )) and according to the established framework of corporate policies (including the information security policy). Clear access control rules shall be defined based on the principle of least privilege ( 13 ) to reflect closely the needs of the corresponding business and IT processes. Where relevant (e.g. for backup management) logical access control should be consistent with physical access control unless there are adequate compensatory controls in place (e.g. encryption, personal data anonymisation).
Formal and documented procedures shall be in place to control the allocation of access rights to information systems and services that fall within the scope of the Payment Transaction Chain. The procedures shall cover all stages in the lifecycle of user access, from the initial registration of new users to the final deregistration of users that no longer require access.
Special attention shall be given, where appropriate, to the allocation of access rights of such criticality that the abuse of those access rights could lead to a severe adverse impact on the operations of the participant (e.g. access rights allowing system administration, override of system controls, direct access to business data).
Appropriate controls shall be put in place to identify, authenticate and authorise users at specific points in the organisation’s network, e.g. for local and remote access to systems in the Payment Transaction Chain. Personal accounts shall not be shared in order to ensure accountability.
For passwords, rules shall be established and enforced by specific controls to ensure that passwords cannot be easily guessed, e.g. complexity rules and limited-time validity. A safe password recovery and/or reset protocol shall be established.
A policy shall be developed and implemented on the use of cryptographic controls to protect the confidentiality, authenticity and integrity of information. A key management policy shall be established to support the use of cryptographic controls.
There shall be policy for viewing confidential information on screen or in print (e.g. a clear screen, a clear desk policy) to reduce the risk of unauthorised access.
When working remotely, the risks of working in an unprotected environment shall be considered and appropriate technical and organisational controls shall be applied.
Requirement 1.10: Information systems acquisition, development and maintenance
Security requirements shall be identified and agreed prior to the development and/or implementation of information systems.
Appropriate controls shall be built into applications, including user-developed applications, to ensure correct processing. These controls shall include the validation of input data, internal processing and output data. Additional controls may be required for systems that process, or have an impact on, sensitive, valuable or critical information. Such controls shall be determined on the basis of security requirements and risk assessment according to the established policies (e.g. information security policy, cryptographic control policy).
The operational requirements of new systems shall be established, documented and tested prior to their acceptance and use. As regards network security, appropriate controls, including segmentation and secure management, should be implemented based on the criticality of data flows and the level of risk of the network zones in the organisation. There shall be specific controls to protect sensitive information passing over public networks.
Access to system files and program source code shall be controlled and IT projects and support activities conducted in a secure manner. Care shall be taken to avoid exposure of sensitive data in test environments. Project and support environments shall be strictly controlled. Deployment of changes in production shall be strictly controlled. A risk assessment of the major changes to be deployed in production shall be conducted.
Regular security testing activities of systems in production shall also be conducted according to a predefined plan based on the outcome of a risk assessment, and security testing shall include, at least, vulnerability assessments. All of the shortcomings highlighted during the security testing activities shall be assessed and action plans to close any identified gap shall be prepared and followed up in a timely fashion.
Requirement 1.11: Information security in supplier ( 14 ) relationships
To ensure protection of the participant’s internal information systems that are accessible by suppliers, information security requirements for mitigating the risks associated with supplier’s access shall be documented and formally agreed upon with the supplier.
Requirement 1.12: Management of information security incidents and improvements
To ensure a consistent and effective approach to the management of information security incidents, including communication on security events and weaknesses, roles, responsibilities and procedures, at business and technical level, shall be established and tested to ensure a quick, effective and orderly and safely recover from information security incidents including scenarios related to a cyber-related cause (e.g. a fraud pursued by an external attacker or by an insider). Personnel involved in these procedures shall be adequately trained.
Requirement 1.13: Technical compliance review
A participant’s internal information systems (e.g. back office systems, internal networks and external network connectivity) shall be regularly assessed for compliance with the organisation’s established framework of policies (e.g. information security policy, cryptographic control policy).
Requirement 1.14: Virtualisation
Guest virtual machines shall comply with all the security controls that are set for physical hardware and systems (e.g. hardening, logging). Controls relating to hypervisors must include: hardening of the hypervisor and the hosting operating system, regular patching, strict separation of different environments (e.g. production and development). Centralised management, logging and monitoring as well as managing of access rights, in particular for high privileged accounts, shall be implemented based on a risk assessment. Guest virtual machines managed by the same hypervisor shall have a similar risk profile.
Requirement 1.15: Cloud computing
The usage of public and/or hybrid cloud solutions in the Payment Transaction Chain must be based on a formal risk assessment, taking into account the technical controls and the contractual clauses related to the cloud solution.
If hybrid cloud solutions are used, it is understood that the criticality level of the overall system is the highest one of the connected systems. All on-premises components of the hybrid solutions must be segregated from the other on-premises systems.
Business continuity management (applicable only to critical participants)
The following requirements (2.1 to 2.6) relate to business continuity management. Each TARGET2 participant classified by the Eurosystem as being critical for the smooth functioning of the TARGET2 system shall have a business continuity strategy in place comprising the following elements.
|
Requirement 2.1 |
: |
Business continuity plans shall be developed and procedures for maintaining them are in place. |
|
Requirement 2.2 |
: |
An alternate operational site shall be available. |
|
Requirement 2.3 |
: |
The risk profile of the alternate site shall be different from that of the primary site, in order to avoid that both sites are affected by the same event at the same time. For example, the alternate site shall be on a different power grid and central telecommunication circuit from those of the primary business location. |
|
Requirement 2.4 |
: |
In the event of a major operational disruption rendering the primary site inaccessible and/or critical staff unavailable, the critical participant shall be able to resume normal operations from the alternate site, where it shall be possible to properly close the business day and open the following business day(s). |
|
Requirement 2.5 |
: |
Procedures shall be in place to ensure that the processing of transactions is resumed from the alternate site within a reasonable timeframe after the initial disruption of service and commensurate to the criticality of the business that was disrupted. |
|
Requirement 2.6 |
: |
The ability to cope with operational disruptions shall be tested at least once a year and critical staff shall be appropriately trained. The maximum period between tests shall not exceed one year. |
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
For the purposes of these Harmonised Conditions (hereinafter the ‘Conditions’) the following definitions apply:
where the participant no longer meets the access criteria laid down in Article 5 or the requirements laid down in Article 6(1)(a)(i);
the opening of insolvency proceedings in relation to the participant;
the submission of an application relating to the proceedings referred to in point (b);
the issue by the participant of a written declaration of its inability to pay all or any part of its debts or to meet its obligations arising in relation to intraday credit;
the entry of the participant into a voluntary general agreement or arrangement with its creditors;
where the participant is, or is deemed by its CB to be, insolvent or unable to pay its debts;
where the participant's credit balance on its PM account, T2S DCA or TIPS DCA or all or a substantial part of the participant's assets are subject to a freezing order, attachment, seizure or any other procedure that is intended to protect the public interest or the rights of the participant's creditors;
where participation of the participant in another TARGET2 component system and/or in an ancillary system has been suspended or terminated;
where any material representation or pre-contractual statement made by the participant or which is implied to have been made by the participant under the applicable law is incorrect or untrue;
the assignment of all or a substantial part of the participant's assets,
▼M13 —————
submit payment orders or receive payments via TARGET2, and
settle such payments with such Eurosystem CB,
Article 2
Scope
The present Conditions govern the relationship between the ECB and its ►M11 T2S DCA holder ◄ as far the opening and the operation of the ►M11 T2S DCA ◄ is concerned.
Article 3
Appendices
The following Appendices form an integral part of these Conditions:
|
Appendix I |
: |
Parameters of the ►M11 T2S Dedicated Cash Accounts ◄ — Technical specifications; |
|
Appendix II |
: |
TARGET2 compensation scheme in relation to the opening and the operation of the ►M11 T2S DCA ◄ ; |
|
Appendix III |
: |
Terms of reference for capacity and country opinions; |
|
Appendix IV |
: |
Business continuity and contingency procedures; |
|
Appendix V |
: |
Operating schedule; |
|
Appendix VI |
: |
Fee schedule. |
Article 4
General description of TARGET2
The following transactions are processed in TARGET2-ECB:
transactions directly resulting from or made in connection with Eurosystem monetary policy operations;
settlement of the euro leg of foreign exchange operations involving the Eurosystem;
settlement of euro transfers resulting from transactions in cross-border large-value netting systems;
settlement of euro transfers resulting from transactions in euro retail payment systems of systemic importance;
settlement of the cash leg of securities transactions;
T2S DCA to T2S DCA liquidity transfer orders, T2S DCA to PM liquidity transfer orders and PM to T2S DCA liquidity transfer orders;
instant payment orders;
positive recall answers;
TIPS DCA to PM liquidity transfer orders and PM to TIPS DCA liquidity transfer orders;
TIPS DCA to TIPS AS technical account liquidity transfer orders and TIPS AS technical account to TIPS DCA liquidity transfer orders; and
any other transactions in euro addressed to TARGET2 participants.
TITLE II
PARTICIPATION
Article 5
Access criteria
Entities managing ancillary systems (including entities established outside the EEA) and acting in that capacity, whose access to TARGET2-ECB has been approved by the Governing Council, shall be the only entities that are eligible to become ►M11 T2S DCA holders ◄ upon request in TARGET2-ECB.
Article 6
Application procedure
In order for the ECB to open a ►M11 T2S DCA ◄ for an entity, such entity must comply with the access criteria of Article 5 and shall:
fulfil the following technical requirements:
install, manage, operate and monitor and ensure the security of the necessary IT infrastructure to provide a technical connection to the SSP and/or the T2S Platform and submit payment orders to it. In doing so, applicant participants may involve third parties, but retain sole liability. In particular, when connecting directly to the T2S Platform, applicant ►M11 T2S DCA holders ◄ shall enter into an agreement with a ►M13 NSP ◄ to obtain the necessary connection and admissions, in accordance with the technical specifications in Appendix I; and
have passed the certification testing and obtained the authorisation required by the ECB; and
fulfil the following legal requirements:
provide a capacity opinion in the form specified in Appendix III, unless the information and representations to be provided in such capacity opinion have already been obtained by the ECB in another context; and
for entities established outside the EEA, provide a country opinion in the form specified in Appendix III, unless the information and representations to be provided in such country opinion have already been obtained by the ECB in another context.
Entities wishing to open a ►M11 T2S DCA ◄ shall apply in writing to the ECB, as a minimum enclosing the following documents/information:
completed static data collection forms as provided by the ECB;
the capacity opinion, if required by the ECB; and
the country opinion, if required by the ECB.
The ECB shall reject the application to open a ►M11 T2S DCA ◄ if:
the access criteria referred to in Article 5 are not met;
one or more of the participation criteria referred to in paragraph 1 are not met; and/or
in the ECB's assessment, opening a ►M11 T2S DCA ◄ would endanger the overall stability, soundness and safety of TARGET2-ECB or of any other TARGET2 component system, or would jeopardise the ECB's performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence.
Article 7
T2S DCA holders
►M11 T2S DCA holders ◄ in TARGET2-ECB shall comply with the requirements set out in Article 6. They shall have at least one ►M11 T2S DCA ◄ with the ECB.
Article 8
Links between securities accounts and ►M11 T2S DCAs ◄
TITLE III
OBLIGATIONS OF THE PARTIES
Article 9
Obligations of the ECB and the ►M11 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 ►M11 T2S DCA ◄ AND PROCESSING OF OPERATIONS
Article 12
Opening and management of the ►M11 T2S DCA ◄
The ECB shall open and operate at least one ►M11 T2S DCA ◄ for each ►M11 T2S DCA holder ◄ . A ►M11 T2S DCA ◄ shall be identified ►M11 by means of a unique account number of up to 34 characters ◄ which will be structured as follows.
|
|
Name |
Format |
Content |
|
Part A |
Account type |
1 char. exactly |
‘C’ for cash account |
|
Country code of the central bank |
2 char. exactly |
ISO country code 3166-1 |
|
|
Currency code |
3 char. exactly |
EUR |
|
|
Part B |
Account holder |
11 char. exactly |
BIC Code |
|
Part C |
Sub-classification of the account |
Up to 17 char. |
Free text (alphanumeric) to be provided by the ►M11 T2S DCA holder ◄ |
Article 13
Operations that may be carried out through the ►M11 T2S DCA ◄
Subject to the ►M11 T2S DCA holder ◄ designating the necessary securities account(s), the ►M11 T2S DCA holder ◄ may carry out the following operations through the ►M11 T2S DCA ◄ either on its own behalf or on behalf of its customers:
►M11 T2S DCA to PM liquidity transfer orders ◄ ;
►M11 T2S DCA to T2S DCA liquidity transfer orders ◄ ;
the settlement of cash instructions stemming from the T2S Platform; and
Article 14
Acceptance and rejection of payment orders
Payment orders submitted by ►M11 T2S DCA holders ◄ are deemed accepted by the ECB if:
the payment message complies with the rules established by the ►M13 NSP ◄ ;
the payment message complies with the formatting rules and conditions of TARGET2-ECB and passes the double-entry check described in Appendix I; and
in cases where a payer or a payee has been suspended, the suspended participant's CB's explicit consent has been obtained.
Article 15
Reservation and blocking of liquidity
Article 16
Moment of entry, moment of irrevocability
For the purposes of the first sentence of Article 3(1) and Article 5 of Directive 98/26/EC and the third sentence of Section 116, Section 96(2), Section 82 and Section 340(3) of the German Insolvency Code (Insolvenzordnung) and the last sentence of Section 46(2) of the KWG, and for all transactions settling on T2S DCAs, the following rules apply:
for all transactions settling on T2S DCAs and which are subject to matching of two separate transfer orders, such transfer orders are deemed entered into TARGET2-ECB at the moment at which they have been declared compliant with the technical rules of T2S by the T2S Platform and irrevocable at the moment the transaction has been given the status ‘matched’ on the T2S Platform; or
as an exception to point (a), for transactions involving one participating CSD having a separate matching component where transfer orders are sent directly to that participating CSD to be matched in its separate matching component, transfer orders are deemed entered into TARGET2-ECB at the moment at which they have been declared compliant with the technical rules of T2S by that participating CSD and irrevocable from the moment the transaction has been given the status ‘matched’ on the T2S Platform. A list of CSDs for which this point (b) applies is available on the website of the ECB.
▼M11 —————
TITLE V
SECURITY REQUIREMENTS, CONTINGENCY ISSUES AND USER INTERFACES
Article 17
Business continuity and contingency procedures
In the event of an abnormal external event or any other event which affects transactions on the ►M11 T2S DCAs ◄ , the business continuity and contingency procedures described in Appendix IV shall apply.
Article 18
Security requirements
Article 19
User interfaces
The ►M11 T2S DCA holder ◄ , or the Main PM account holder acting on its behalf, shall use either one or both of the following means to access that ►M11 T2S DCA ◄ :
direct connection to the T2S Platform in either U2A or A2A modes; or
the ►M11 ICM ◄ in combination with TARGET2 value-added services for T2S.
Further technical details relating to the ICM are contained in Appendix I to Annex II to Decision ECB/2007/7.
TITLE VI
COMPENSATION, LIABILITY REGIME AND EVIDENCE
Article 20
Compensation scheme
In the event that funds remain overnight on a ►M11 T2S DCA ◄ due to a technical malfunction of either the SSP or the T2S Platform, the ECB shall offer to compensate the participants concerned in accordance with the special procedure laid down in Appendix II.
Article 21
Liability regime
The ECB shall not be liable:
to the extent that the loss is caused by the ►M11 T2S DCA holder ◄ ; or
if the loss arises out of external events beyond the ECB's reasonable control (force majeure).
Article 22
Evidence
TITLE VII
TERMINATION AND CLOSURE OF ►M11 T2S DCAS ◄
Article 23
Duration and ordinary termination of ►M11 T2S DCAs ◄
Article 24
Suspension and extraordinary termination of participation
A ►M11 T2S DCA holder's ◄ participation in TARGET2-ECB shall be immediately terminated without prior notice or suspended if one of the following events of default occurs:
the opening of insolvency proceedings; and/or
the ►M11 T2S DCA holder ◄ no longer meets the access criteria laid down in Article 5.
For the purposes of this paragraph, the taking of crisis prevention measures or crisis management measures within the meaning of Directive 2014/59/EU against a T2S DCA holder shall not automatically qualify as the opening of insolvency proceedings.
The ECB may terminate without prior notice or suspend the ►M11 T2S DCA holder's ◄ participation in TARGET2-ECB if:
one or more events of default (other than those referred to in paragraph 1) occur;
the ►M11 T2S DCA holder ◄ is in material breach of these Conditions;
the ►M11 T2S DCA holder ◄ fails to carry out any material obligation to the ECB;
the ►M11 T2S DCA holder ◄ is excluded from, or otherwise ceases to be a member of, a T2S Closed Group of Users (CGU); and/or
any other event related to the ►M11 T2S DCA holder ◄ occurs which, in the ECB's assessment, would threaten the overall stability, soundness and safety of TARGET2-E CB reference or of any other TARGET2 component system, or which would jeopardise the ECB's performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence.
In the event that the ECB suspends or terminates a ►M11 T2S DCA holder's ◄ participation in TARGET2-ECB under paragraph 1 or 2, the ECB shall immediately inform, by means of an ICM broadcast message or a T2S broadcast message, that ►M11 T2S DCA holder ◄ , other CBs and ►M11 T2S DCA holders ◄ and PM account holders in all of the TARGET2 component systems of such suspension or termination. Such a message shall be deemed to have been issued by the home CB of the ►M11 T2S DCA holder ◄ and PM account holder that receives the message. ◄
▼M9 —————
Once such an ICM broadcast message (in the case of PM account holders) or T2S broadcast message (in the case of ►M11 T2S DCA holders ◄ ) has been received by the participants, such participants shall be deemed informed of the termination/suspension of a ►M11 T2S DCA holder's ◄ participation in TARGET2-ECB or another TARGET2 component system. The participants shall bear any losses arising from the submission of a payment order to participants whose participation has been suspended or terminated if such payment order was entered into TARGET2-ECB after receipt of the ICM broadcast message or of the T2S broadcast message depending on which technical option provided for in Article 19 the ►M11 T2S DCA holder ◄ uses.
Article 25
Closure of ►M11 T2S DCAs ◄
TITLE VIII
FINAL PROVISIONS
Article 26
The ECB's rights of pledge and set-off
On the occurrence of:
an event of default referred to in Article 24(1); or
any other event of default or event referred to in Article 24(2) that has led to the termination or suspension of the ►M11 T2S DCA holder's ◄ participation, notwithstanding the commencement of any insolvency proceedings in respect of a ►M11 T2S DCA holder ◄ and notwithstanding any assignment, judicial or other attachment or other disposition of or in respect of the ►M11 T2S DCA holder's ◄ rights;
all obligations of the ►M11 T2S DCA holder ◄ shall be automatically and immediately accelerated, without prior notice and without the need for any prior approval of any authority, so as to be immediately due. In addition, the mutual obligations of the ►M11 T2S DCA holder ◄ and the ECB shall automatically be set off against each other, and the party owing the higher amount shall pay to the other the difference.
Article 27
Confidentiality
By derogation from paragraph 1, the DCA holder agrees that the ECB may disclose payment, technical or organisational information regarding the DCA holder, other DCAs held by DCA holders of the same group, or the DCA holder's customers obtained in the course of the operation of TARGET2-ECB to:
other CBs or third parties that are involved in the operation of TARGET2-ECB, to the extent that this is necessary for the efficient functioning of TARGET2, or the monitoring of the DCA holder's or its group's exposure;
other CBs in order to carry out the analyses necessary for market operations, monetary policy functions, financial stability or financial integration; or
supervisory, resolution and oversight authorities of Member States and the Union, including CBs, to the extent that this is necessary for the performance of their public tasks, and provided in all such cases that the disclosure is not in conflict with the applicable law.
The ECB shall not be liable for the financial and commercial consequences of such disclosure.
Article 28
Data protection, prevention of money laundering, administrative or restrictive measures and related issues
►M11 T2S DCA holders ◄ , when acting as the payment service provider of a payer or payee, shall comply with all requirements resulting from administrative or restrictive measures imposed pursuant to Articles 75 or 215 of the Treaty to which they are subject, including with respect to notification and/or the obtaining of consent from a competent authority in relation to the processing of transactions. In addition:
when the ECB is the payment service provider of a ►M11 T2S DCA holder ◄ that is a payer:
the ►M11 T2S DCA holder ◄ shall make the required notification or obtain consent on behalf of the central bank that is primarily required to make notification or obtain consent, and shall provide the ECB with evidence of having made a notification or having received consent;
the T2S DCA holder shall not enter any T2S DCA to PM liquidity transfer order or T2S DCA to T2S DCA liquidity transfer order, with the exception of such liquidity transfer orders between different accounts of the same T2S DCA holder, into TARGET2 until it has obtained confirmation from the ECB that the required notification has been made or the consent has been obtained by or on behalf of the payment service provider of the payee;
when the ECB is a payment service provider of a ►M11 T2S DCA holder ◄ that is a payee, the ►M11 T2S DCA holder ◄ shall make the required notification or obtain consent on behalf of the central bank that is primarily required to make notification or obtain consent, and shall provide the ECB with evidence of having made a notification or having received consent.
For the purposes of this paragraph, the terms ‘payment service provider’, ‘payer’ and ‘payee’ shall have the meanings ascribed to them in the applicable administrative or restrictive measures.
Article 29
Notices
Article 30
Contractual relationship with an NSP
T2S DCA holders shall either:
have concluded a contract with an NSP within the framework of the concession contract with that NSP in order to establish a technical connection to TARGET2- ECB; or
connect via another entity which has concluded a contract with an NSP within the framework of the concession contract with that NSP.
Article 31
Amendment procedure
The ECB may at any time unilaterally amend these Conditions, including their Appendices. Amendments to these Conditions, including their Appendices, shall be announced by means of communication in writing to the participants. Amendments shall be deemed to have been accepted unless the ►M11 T2S DCA holder ◄ expressly objects within 14 days of being informed of such amendments. In the event that a ►M11 T2S DCA holder ◄ objects to the amendment, the ECB is entitled immediately to terminate and close that ►M11 T2S DCA holder's ◄ ►M11 T2S DCA ◄ in TARGET2-ECB.
Article 32
Third party rights
Article 33
Governing law, jurisdiction and place of performance
Article 34
Severability
If any provision in these Conditions is or becomes invalid, this shall not prejudice the applicability of all the other provisions of these Conditions.
Article 34a
Transitional provisions
Once the TARGET system is operational and TARGET2 has ceased operation, T2S DCA holders shall become T2S DCA holders in the TARGET system.
Article 35
Entry into force and binding nature
Appendix I
PARAMETERS OF THE T2S DEDICATED CASH ACCOUNTS — TECHNICAL SPECIFICATIONS
In addition to the Conditions, the following rules shall apply to the interaction with the T2S Platform:
1. Technical requirements for participation in TARGET2-ECB regarding infrastructure, network and formats
(1) T2S uses the services of a ►M13 NSP ◄ for the exchange of messages. Each ►M11 T2S DCA holder ◄ using a direct connection shall have a connection to at least one ►M13 NSP's ◄ secure IP network.
(2) Each ►M11 T2S DCA holder ◄ shall pass a series of tests to prove its technical and operational competence before it may participate in TARGET2-ECB.
(3) For the submission of liquidity transfer orders in the ►M11 T2S DCA ◄ the services of the ►M13 NSPs ◄ shall be used. Liquidity transfer orders shall be directly addressed to the T2S DN and must contain the following information:
(4) For the exchange of information with the T2S Platform either A2A or U2A modes may be used. The security of the message exchange between ►M11 T2S DCA ◄ and the T2S Platform shall rely on the Public Key Infrastructure (PKI) service offered by a ►M13 NSP ◄ . Information on the PKI service is available in the documentation provided by such ►M13 NSP ◄ .
(5) ►M11 T2S DCA holders ◄ shall comply with the ISO20022 message structure and field specifications. All messages shall include a Business Application Header (BAH). Message structure, field specifications and BAHs are defined in the ISO documentation, under the restrictions set out for T2S, as described in Chapter 3.3.3 Cash Management (camt) of the T2S UDFS.
(6) Field contents shall be validated at the level of the T2S Platform in accordance with the T2S UDFS requirements.
2. Message types
The following system message types are processed, subject to subscription:
|
Message Type |
Description |
|
(camt.003) |
GetAccount |
|
(camt.004) |
ReturnAccount |
|
(camt.005) |
GetTransaction |
|
(camt.006) |
ReturnTransaction |
|
(camt.009) |
GetLimit |
|
(camt.010) |
ReturnLimit |
|
(camt.011) |
ModifyLimit |
|
(camt.012) |
DeleteLimit |
|
(camt.018) |
GetBusinessDayInformation |
|
(camt.019) |
ReturnBusinessDayInformation |
|
(camt.024) |
ModifyStandingOrder |
|
(camt.025) |
Receipt |
|
(camt.050) |
LiquidityCreditTransfer |
|
(camt.051) |
LiquidityDebitTransfer |
|
(camt.052) |
BankToCustomerAccountReport |
|
(camt.053) |
BankToCustomerStatement |
|
(camt.054) |
BankToCustomerDebitCreditNotification |
|
(camt.064) |
LimitUtilisationJournalQuery |
|
(camt.065) |
LimitUtilisationJournalReport |
|
(camt.066) |
IntraBalanceMovementInstruction |
|
(camt.067) |
IntraBalanceMovementStatusAdvice |
|
(camt.068) |
IntraBalanceMovementConfirmation |
|
(camt.069) |
GetStandingOrder |
|
(camt.070) |
ReturnStandingOrder |
|
(camt.071) |
DeleteStandingOrder |
|
(camt.072) |
IntraBalanceMovementModificationRequest |
|
(camt.073) |
IntraBalanceMovementModificationRequestStatusAdvice |
|
(camt.074) |
IntraBalanceMovementCancellationRequest |
|
(camt.075) |
IntraBalanceMovementCancellationRequestStatusAdvice |
|
(camt.078) |
IntraBalanceMovementQuery |
|
(camt.079) |
IntraBalanceMovementQueryResponse |
|
(camt.080) |
IntraBalanceModificationQuery |
|
(camt.081) |
IntraBalanceModificationReport |
|
(camt.082) |
IntraBalanceCancellationQuery |
|
(camt.083) |
IntraBalanceCancellationReport |
|
(camt.084) |
IntraBalanceMovementPostingReport |
|
(camt.085) |
IntraBalanceMovementPendingReport |
3. Double-entry check
(1) All liquidity transfer orders shall pass a double-entry check, the aim of which is to reject liquidity transfer orders that have been submitted more than once.
(2) The following parameters shall be checked:
(3) If all the fields described in point (2) in a newly submitted liquidity transfer order are identical to those in a liquidity transfer order which has been accepted but not yet settled or a liquidity transfer order that has been settled within the past three business days, the newly submitted liquidity transfer order shall be rejected.
4. Error codes
If a liquidity transfer order is rejected on grounds of non-compliance with the fields in paragraph 3(2), the ►M11 T2S DCA holder ◄ shall receive a status advice message [camt.025], as described in Chapter 4.1 of the T2S UDFS.
5. Settlement triggers
(1) For immediate liquidity transfer orders, no specific XML tag is required;
(2) Predefined liquidity transfer orders and standing liquidity transfer orders may be triggered by a specific time or event on the day of settlement:
(3) The validity period for standing liquidity transfer orders shall be set by the following XML tags: ‘FromDate/VldtyPrd/FrDt/’ and ‘ToDate/VldtyPrd/ToDt/’.
6. Settlement of liquidity transfer orders
Liquidity transfer orders are not recycled, queued or offset.
The different statuses for liquidity transfer orders are described in Chapter 1.6.4 of the T2S UDFS.
7. Use of the U2A and A2A mode
(1) The U2A and A2A modes may be used for obtaining information and managing liquidity. The T2S network service providers' networks shall be the underlying technical communications networks for exchanging information and running control measures. The following modes shall be available for use by ►M11 T2S DCA holders ◄ :
Application-to-application mode (A2A)
In A2A, information and messages are transferred between the T2S Platform and the ►M11 T2S DCA holder's ◄ internal application. The ►M11 T2S DCA holder ◄ therefore has to ensure that an appropriate application is available for the exchange of XML messages (requests and responses).
User-to-application mode (U2A)
U2A permits direct communication between a T2S DCA holder and the T2S GUI. The information is displayed in a browser running on a PC system. For U2A access the IT infrastructure has to be able to support cookies. Further details are described in the T2S User Handbook.
(2) Static data shall be available to view in U2A mode. The screens shall be offered in English only.
(3) Information shall be provided in ‘pull’ mode, which means that each ►M11 T2S DCA holder ◄ has to ask to be provided with information.
(4) Access rights to the U2A and A2A mode shall be granted by using T2S GUI.
(5) The ‘Non Repudiation of Origin’ (NRO) signature allows the recipient of a message to prove that such message has been issued and has not been altered.
(6) If a ►M11 T2S DCA holder ◄ has technical problems and is unable to submit any liquidity transfer order, it may contact its central bank which will on a best efforts basis act on behalf of the ►M11 T2S DCA holder ◄ .
8. Relevant documentation
Further details and examples explaining the above rules are contained in the T2S UDFS and the T2S User Handbook, as amended from time to time and published on the ECB's website in English.
Appendix II
TARGET2 COMPENSATION SCHEME IN RELATION TO THE OPENING AND THE OPERATION OF THE ►M11 T2S DCA ◄
1. General principles
(a) If there is a technical malfunction of TARGET2, ►M11 T2S DCA holders ◄ may submit claims for compensation in accordance with the TARGET2 compensation scheme laid down in this Appendix.
(b) Unless otherwise decided by the ECB's Governing Council, the TARGET2 compensation scheme shall not apply if the technical malfunction of TARGET2 arises out of external events beyond the reasonable control of the CBs concerned or as a result of acts or omissions by third parties.
(c) Compensation under the TARGET2 compensation scheme shall be the only compensation procedure offered in the event of a technical malfunction of the TARGET2. ►M11 T2S DCA holders ◄ may, however, use other legal means to claim for losses. If a ►M11 T2S DCA holder ◄ accepts a compensation offer under the TARGET2 compensation scheme, this shall constitute the ►M11 T2S DCA holder's ◄ irrevocable agreement that it thereby waives all claims in relation to the payment orders concerning which it accepts compensation (including any claims for consequential loss) it may have against any CB, and that the receipt by it of the corresponding compensation payment constitutes full and final settlement of all such claims. The ►M11 T2S DCA holder ◄ shall indemnify the CBs concerned, up to a maximum of the amount received under the TARGET2 compensation scheme, in respect of any further claims which are raised by any other participant or any other third party in relation to the payment order or payment concerned.
(d) The making of a compensation offer shall not constitute an admission of liability by the ECB or any other CB in respect of a technical malfunction of the TARGET2.
2. Conditions for compensation offers
(a) A payer may submit a claim for an administration fee and interest compensation if, due to a technical malfunction of TARGET2, a liquidity transfer order was not settled on the business day on which it was accepted.
(b) A payee may submit a claim for an administration fee if, due to a technical malfunction of TARGET2, it did not receive a payment that it was expecting to receive on a particular business day. The payee may also submit a claim for interest compensation if one or more of the following conditions are met:
in the case of participants that have access to the marginal lending facility: due to a technical malfunction of TARGET2, a payee had recourse to the marginal lending facility; and/or
in the case of all participants: it was technically impossible to have recourse to the money market or such refinancing was impossible on other, objectively reasonable grounds.
3. Calculation of compensation
(a) With respect to a compensation offer for a payer:
the administration fee shall be EUR 50 for the first non-settled payment order, EUR 25 for each of the next four such payment orders and EUR 12,50 for each further such payment order. The administration fee shall be calculated separately in relation to each payee;
interest compensation shall be determined by applying a reference rate to be fixed from day to day. This reference rate shall be the lower of the euro overnight index average (EONIA) rate and the marginal lending rate. The reference rate shall be applied to the amount of the payment order not settled as a result of the technical malfunction of TARGET2 for each day in the period from the date of the actual or, in relation to payment orders referred to in paragraph 2(b)(ii), intended submission of the payment order until the date on which the payment order was or could have been successfully settled. Any interest or charges resulting from the placing of any non-settled payment orders on deposit with the Eurosystem shall be deducted from, or charged to, the amount of any compensation, as the case may be; and
no interest compensation shall be payable if and in so far as funds resulting from non-settled payment orders were placed in the market or used to fulfil minimum reserve requirements.
(b) With respect to a compensation offer for a payee:
the administration fee shall be EUR 50 for the first non-settled payment order, EUR 25 for each of the next four such payment orders and EUR 12,50 for each further such payment order. The administration fee shall be calculated separately in relation to each payer;
the method set out in point (a)(ii) for calculating interest compensation shall apply except that interest compensation shall be payable at a rate equal to the difference between the marginal lending rate and the reference rate, and shall be calculated on the amount of any recourse to the marginal lending facility occurring as a result of the technical malfunction of TARGET2.
4. Procedural rules
(a) A claim for compensation shall be submitted on the claim form available on the website of the ECB in English (see www.ecb.int). Payers shall submit a separate claim form in respect of each payee and payees shall submit a separate claim form in respect of each payer. Sufficient additional information and documents shall be provided to support the information indicated in the claim form. Only one claim may be submitted in relation to a specific payment or payment order.
(b) Within four weeks of a technical malfunction of TARGET2, ►M11 T2S DCA holders ◄ shall submit their claim forms to the ECB. Any additional information and evidence requested by the ECB shall be supplied within two weeks of such request being made.
(c) The ECB shall review the claims and forward them to the ECB. Unless otherwise decided by the ECB's Governing Council and communicated to the ►M11 T2S DCA holders ◄ , all received claims shall be assessed no later than 14 weeks after the technical malfunction of TARGET2 occurs.
(d) The ECB shall communicate the result of the assessment referred to in point (c) to the relevant ►M11 T2S DCA holders ◄ . If the assessment entails a compensation offer, the ►M11 T2S DCA holders ◄ concerned shall, within four weeks of the communication of such offer, either accept or reject it, in respect of each payment or payment order comprised within each claim, by signing a standard letter of acceptance (in the form available on the website of the ECB (see www.ecb.int). If such letter has not been received by the ECB within four weeks, the ►M11 T2S DCA holders ◄ concerned shall be deemed to have rejected the compensation offer.
(e) The ECB shall make compensation payments on receipt of a ►M11 T2S DCA holder's ◄ letter of acceptance of compensation. No interest shall be payable on any compensation payment.
Appendix III
TERMS OF REFERENCE FOR CAPACITY AND COUNTRY OPINIONS
TERMS OF REFERENCE FOR CAPACITY OPINIONS FOR ►M11 T2S DCA HOLDERS ◄ IN TARGET2
The European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
Germany
Participation in the [name of the system]
[location]
[date]
Dear Sir or Madam,
We have been asked to provide this Opinion as [in-house or external] legal advisers to [specify name of ►M11 T2S DCA holder ◄ or branch of ►M11 T2S DCA holder ◄ ] in respect of issues arising under the laws of [jurisdiction in which the ►M11 T2S DCA holder ◄ is established; hereinafter the ‘jurisdiction’] in connection with the participation of [specify name of ►M11 T2S DCA holder ◄ ] (hereinafter the ‘ ►M11 T2S DCA holder ◄ ’) in the TARGET2-ECB (hereinafter the ‘System’).
This Opinion is confined to the laws of [jurisdiction] as they exist as on the date of this Opinion. We have made no investigation of the laws of any other jurisdiction as a basis for this Opinion, and do not express or imply any opinion in this regard. Each of the statements and opinions presented below applies with equal accuracy and validity under the laws of [jurisdiction], whether or not the ►M11 T2S DCA holder ◄ acts through its head office or one or more branches established inside or outside of [jurisdiction] in submitting liquidity transfer orders and receiving liquidity transfers.
I. DOCUMENTS EXAMINED
For the purposes of this Opinion, we have examined:
a certified copy of the [specify relevant constitutional documents] of the ►M11 T2S DCA holder ◄ such as is/are in effect on the date hereof;
[if applicable] an extract from the [specify relevant company register] and [if applicable] [register of credit institutions or analogous register];
[to the extent applicable] a copy of the ►M11 T2S DCA holder's ◄ licence or other proof of authorisation to provide banking, investment, funds transfer or other financial services in [jurisdiction];
[specify all powers of attorney and other documents constituting or evidencing the requisite power of the person or persons signing the relevant System Documents (as defined below) on behalf of the ►M11 T2S DCA holder ◄ ];
and all other documents relating to the ►M11 T2S DCA holder's ◄ constitution, powers, and authorisations necessary or appropriate for the provision of this Opinion (hereinafter the ‘ ►M11 T2S DCA holder's ◄ Documents’).
For the purposes of this Opinion, we have also examined:
the terms and conditions for the Opening and Operation of a Dedicated Cash Account in TARGET2-ECB (hereinafter the ‘Rules’); and
[…].
The Rules and the […] shall be referred to hereinafter as the ‘System Documents’ (and collectively with the ►M11 T2S DCA holder's ◄ Documents as the ‘Documents’).
II. ASSUMPTIONS
For the purposes of this Opinion we have assumed in relation to the Documents that:
the System Documents with which we have been provided are originals or true copies;
the terms of the System Documents and the rights and obligations created by them are valid and legally binding under the laws of [insert reference to the Member State of the System] by which they are expressed to be governed, and the choice of the laws of [insert reference to the Member State of the System] to govern the System Documents is recognised by the laws of [insert reference to the Member State of the System];
the ►M11 T2S DCA holder's ◄ Documents are within the capacity and power of and have been validly authorised, adopted or executed and, where necessary, delivered by the relevant parties; and
the ►M11 T2S DCA holder's ◄ Documents are binding on the parties to which they are addressed, and there has been no breach of any of their terms.
III. OPINIONS REGARDING THE ►M11 T2S DCA HOLDER ◄
A. The ►M11 T2S DCA holder ◄ is a corporation duly established and registered or otherwise duly incorporated or organised under the laws of [jurisdiction].
B. The ►M11 T2S DCA holder ◄ has all the requisite corporate powers to execute and perform the rights and obligations under the System Documents to which it is party.
C. The adoption or execution and the performance by the ►M11 T2S DCA holder ◄ of the rights and obligations under the System Documents to which the ►M11 T2S DCA holder ◄ is party will not in any way breach any provision of the laws or regulations of [jurisdiction] applicable to the ►M11 T2S DCA holder ◄ or the ►M11 T2S DCA holder ◄ Documents.
D. No additional authorisations, approvals, consents, filings, registrations, notarisations or other certifications of or with any court or governmental, judicial or public authority that is competent in [jurisdiction] are required by the ►M11 T2S DCA holder ◄ in connection with the adoption, validity or enforceability of any of the System Documents or the execution or performance of the rights and obligations thereunder.
E. The ►M11 T2S DCA holder ◄ has taken all necessary corporate action and other steps necessary under the laws of [jurisdiction] to ensure that its obligations under the System Documents are legal, valid and binding.
This Opinion is stated as of its date and is addressed solely to the ECB and the ►M11 T2S DCA holder ◄ . No other persons may rely on this Opinion, and the contents of this Opinion may not be disclosed to persons other than its intended recipients and their legal counsel without our prior written consent, with the exception of the European Central Bank and the national central banks of the European System of Central Banks [and [the national central bank/relevant regulatory authorities] of [jurisdiction]].
Yours faithfully,
[signature]
TERMS OF REFERENCE FOR COUNTRY OPINIONS FOR NON-EEA ►M11 T2S DCA HOLDERS ◄ IN TARGET2
The European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
Germany
TARGET2-ECB
[location],
[date]
Dear Sir or Madam,
We have been asked as [external] legal advisers to [specify name of ►M11 T2S DCA holder ◄ or branch of ►M11 T2S DCA holder ◄ ] (the ‘ ►M11 T2S DCA holder ◄ ’) in respect of issues arising under the laws of [jurisdiction in which the ►M11 T2S DCA holder ◄ is established; hereinafter the ‘jurisdiction’] to provide this Opinion under the laws of [jurisdiction] in connection with the participation of the ►M11 T2S DCA holder ◄ in a system which is a component of TARGET2 (hereinafter the ‘System’). References herein to the laws of [jurisdiction] include all applicable regulations of [jurisdiction]. We express an opinion herein under the law of [jurisdiction], with particular regard to the ►M11 T2S DCA holder ◄ established outside [insert reference to the Member State of the System] in relation to rights and obligations arising from participation in the System, as presented in the System Documents defined below.
This Opinion is confined to the laws of [jurisdiction] as they exist on the date of this Opinion. We have made no investigation of the laws of any other jurisdiction as a basis for this Opinion, and do not express or imply any opinion in this regard. We have assumed that there is nothing in the laws of another jurisdiction which affects this Opinion.
1. DOCUMENTS EXAMINED
For the purposes of this Opinion, we have examined the documents listed below and such other documents as we have deemed necessary or appropriate:
the terms and conditions for the Opening and Operation of a Dedicated Cash Account in TARGET2] for the System dated [insert date] (hereinafter the ‘Rules’); and
any other document governing the System and/or the relationship between the ►M11 T2S DCA holder ◄ and other participants in the System, and between the participants in the System and the ECB.
The Rules and the [.] shall be referred to hereinafter as the ‘System Documents’.
2. ASSUMPTIONS
For the purposes of this Opinion we have assumed in relation to the System Documents that:
the System Documents are within the capacity and power of and have been validly authorised, adopted or executed and, where necessary, delivered by the relevant parties;
the terms of the System Documents and the rights and obligations created by them are valid and legally binding under the laws of [insert reference to the Member State of the System], by which they are expressed to be governed, and the choice of the laws of [insert reference to the Member State of the System] to govern the System Documents is recognised by the laws of [insert reference to the Member State of the System];
the documents submitted to us in copy or as specimens conform to the originals.
3. OPINION
Based on and subject to the foregoing, and subject in each case to the points set out below, we are of the opinion that:
3.1 Country-specific legal aspects [to the extent applicable]
The following characteristics of the legislation of [jurisdiction] are consistent with and in no way set aside the obligations of the ►M11 T2S DCA holder ◄ arising out of the System Documents: [list of country-specific legal aspects].
3.2 General insolvency and crisis management issues
Types of insolvency and crisis management proceedings
Insolvency treaties
3.3 Enforceability of System Documents
Subject to the points set out below, all provisions of the System Documents will be binding and enforceable in accordance with their terms under the laws of [jurisdiction], in particular in the event of the opening of any Insolvency Proceedings or Proceedings with respect to the ►M11 T2S DCA holder ◄ .
In particular, we are of the opinion that:
3.3.a. Processing of liquidity transfer orders
The provisions on processing of liquidity transfer orders [list of sections] of the Rules are valid and enforceable. In particular, all liquidity transfer orders processed pursuant to such sections will be valid, binding and will be enforceable under the laws of [jurisdiction]. The provision of the Rules which specifies the precise point in time at which liquidity transfer orders become enforceable and irrevocable ([add section of the Rules]) is valid, binding and enforceable under the laws of [jurisdiction].
3.3.b. Authority of the ECB to perform its functions
The opening of Insolvency Proceedings or Proceedings in respect of the ►M11 T2S DCA holder ◄ will not affect the authority and powers of the ECB arising out of the System Documents. [Specify [to the extent applicable] that: the same opinion is also applicable in respect of any other entity which provides the ►M11 T2S DCA holders ◄ with services directly and necessarily required for participation in the System, e.g. network service providers].
3.3.c. Remedies in the event of default
[Where applicable to the ►M11 T2S DCA holder ◄ , the provisions contained in the Rules regarding accelerated performance of claims which have not yet matured, the set-off of claims for using the deposits of the ►M11 T2S DCA holder ◄ , the enforcement of a pledge, suspension and termination of participation, claims for default interest, and termination of agreements and transactions are valid and enforceable under the laws of [jurisdiction].]
3.3.d. Suspension and termination
Where applicable to the ►M11 T2S DCA holder ◄ , the provisions contained in the Rules (in respect of suspension and termination of the ►M11 T2S DCA holder's ◄ participation in the System on the opening of Insolvency Proceedings or Proceedings or other events of default, as defined in the System Documents, or if the ►M11 T2S DCA holder ◄ represents any kind of systemic risk or has serious operational problems) are valid and enforceable under the laws of [jurisdiction].
3.3.e. Assignment of rights and obligations
The rights and obligations of the ►M11 T2S DCA holder ◄ cannot be assigned, altered or otherwise transferred by the ►M11 T2S DCA holder ◄ to third parties without the prior written consent of the ECB.
3.3.f. Choice of governing law and jurisdiction
The provisions contained in the Rules, and in particular in respect of the governing law, the resolution of a dispute, competent courts, and service of process are valid and enforceable under the laws of [jurisdiction].
3.4 Voidable preferences
We are of the opinion that no obligation arising out of the System Documents, the performance thereof, or compliance therewith prior to the opening of any Insolvency Proceedings or Proceedings in respect of the ►M11 T2S DCA holder ◄ may be set aside in any such proceedings as a preference, voidable transaction or otherwise under the laws of [jurisdiction].
In particular, and without limitation to the foregoing, we express this opinion in respect of any transfer orders submitted by any participant in the System. In particular, we are of the opinion that the provisions of the Rules establishing the enforceability and irrevocability of transfer orders will be valid and enforceable and that a transfer order submitted by any participant and processed pursuant to the Rules may not be set aside in any Insolvency Proceedings or Proceedings as a preference, voidable transaction or otherwise under the laws of [jurisdiction].
3.5 Attachment
If a creditor of the ►M11 T2S DCA holder ◄ seeks an attachment order (including any freezing order, order for seizure or any other public or private law procedure that is intended to protect the public interest or the rights of the ►M11 T2S DCA holder's ◄ creditors) — hereinafter referred to as an ‘Attachment’ — under the laws of [jurisdiction] from a court or governmental, judicial or public authority that is competent in [jurisdiction], we are of the opinion that [insert the analysis and discussion].
3.6 Collateral [if applicable]
3.6.a. Assignment of rights or deposit of assets for collateral purposes, pledge and/or repo
Assignments for collateral purposes will be valid and enforceable under the laws of [jurisdiction]. Specifically, the creation and enforcement of a pledge or repo under the Rules will be valid and enforceable under the laws of [jurisdiction].
3.6.b. Priority of assignees', pledgees' or repo purchasers' interest over that of other claimants
In the event of Insolvency Proceedings or Proceedings in respect of the ►M11 T2S DCA holder ◄ , the rights or assets assigned for collateral purposes, or pledged by the ►M11 T2S DCA holder ◄ in favour of the ECB or other participants in the System, will rank in priority of payment above the claims of all other creditors of the ►M11 T2S DCA holder ◄ and will not be subject to priority or preferential creditors.
3.6.c. Enforcing title to security
Even in the event of Insolvency Proceedings or Proceedings in respect of the ►M11 T2S DCA holder ◄ , other participants in the System and the ECB as [assignees, pledgees or repo purchasers as applicable] will still be free to enforce and collect the ►M11 T2S DCA holder's ◄ rights or assets through the action of the ECB pursuant to the Rules.
3.6.d. Form and registration requirements
There are no form requirements for the assignment for collateral purposes of, or the creation and enforcement of a pledge or repo over the ►M11 T2S DCA holder's ◄ rights or assets and it is not necessary for the assignment for collateral purposes, pledge or repo, as applicable, or any particulars of such assignment, pledge or repo, as applicable, to be registered or filed with any court or governmental, judicial or public authority that is competent in [jurisdiction].
3.7 Branches [to the extent applicable]
3.7.a. Opinion applies to action through branches
Each of the statements and opinions presented above with regard to the ►M11 T2S DCA holder ◄ applies with equal accuracy and validity under the laws of [jurisdiction] in situations where the ►M11 T2S DCA holder ◄ acts through its one or more of its branches established outside [jurisdiction].
3.7.b. Conformity with law
Neither the execution and performance of the rights and obligations under the System Documents nor the submission, transmission or receipt of payment orders by a branch of the ►M11 T2S DCA holder ◄ will in any respect breach the laws of [jurisdiction].
3.7.c. Required authorisations
Neither the execution and performance of the rights and obligations under the System Documents nor the submission, transmission or receipt of payment orders by a branch of a ►M11 T2S DCA holder ◄ will require any additional authorisations, approvals, consents, filings, registrations, notarisations or other certifications of or with any court or governmental, judicial or public authority that is competent in [jurisdiction].
This Opinion is stated as of its date and is addressed solely to the ECB and the ►M11 T2S DCA holder ◄ . No other persons may rely on this Opinion, and the contents of this Opinion may not be disclosed to persons other than its intended recipients and their legal counsel without our prior written consent, with the exception of the European Central Bank and the national central banks of the European System of Central Banks [and [the national central bank/relevant regulatory authorities] of [jurisdiction]].
Yours faithfully,
[signature]
Appendix IV
BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES
1. General provisions
(a) This Appendix sets out the arrangements between the ECB and ►M11 T2S DCA holders ◄ , if one or more components of TARGET2 or a network service provider fail or are affected by an abnormal external event, or if the failure affects any ►M11 T2S DCA holder ◄ .
(b) All references to specific times in this Appendix are to the local time at the seat of the ECB, i.e. Central European Time (CET) ( 15 ).
2. Measures of business continuity
(a) In the event that an abnormal external event occurs and/or there is a failure of the SSP, the T2S Platform or a network service provider which affects the normal operation of TARGET2, the ECB shall be entitled to adopt business continuity measures.
(b) The following main business continuity and contingency measures shall be available for the SSP:
relocating the operation of the SSP to an alternative site;
changing the SSP's operating hours; and
initiating contingency processing of very critical and critical payment orders, as defined in paragraph 6(c) and (d) of Appendix IV to Annex II.
(c) The following main business continuity and contingency measures shall be available for the T2S Platform:
relocating the operation of the T2S Platform to an alternative site;
rescheduling events in the T2S Settlement day.
(d) In relation to business continuity processing measures, the ECB shall have full discretion regarding what measures are adopted.
3. Incident communication
(a) Information about a failure of the TARGET2 and/or an abnormal external event shall be communicated to ►M11 T2S DCA holders ◄ through the domestic communication channels, the ICM, the T2S GUI and the T2S-information system as defined in the T2S UDFS. In particular, communications to ►M11 T2S DCA holders ◄ shall include the following information:
a description of the event;
the anticipated delay in processing (if known);
information on the measures already taken.
(b) In addition, the ECB may notify ►M11 T2S DCA holders ◄ of any other existing or anticipated event which has the potential to affect the normal operation of TARGET2.
4. Relocation of the operation of the SSP and/or T2S Platform to an alternative site
(a) In the event that any of the events referred to in paragraph 2(a) occurs, the operation of the SSP and/or the T2S Platform may be relocated to an alternative site, either within the same region or in another region.
(b) In the event that the operation of the T2S Platform is relocated to another region, the ►M11 T2S DCA holders ◄ shall (i) refrain from sending new instructions to the T2S Platform and (ii) at the request of the ECB perform a reconciliation and resubmit any instructions identified as missing submitted within a maximum of five minutes prior to the time of failure or the occurrence of the abnormal external event and provide the ECB with all relevant information in this respect.
5. Change of operating hours
(a) The daytime processing of TARGET2 may be extended or the opening time of a new business day may be delayed. During any extended operating time of TARGET2, payment orders shall be processed in accordance with this Appendix.
(b) TARGET2 daytime processing may be extended and the closing time thereby delayed, if a T2S Platform or SSP failure has occurred during the day but has been resolved before 18.00. Such a closing time delay shall in normal circumstances not exceed two hours and shall be announced as early as possible to ►M11 T2S DCA holders ◄ . Once such a delay is announced it may not be withdrawn.
6. Failures linked to ►M11 T2S DCA holders ◄
(a) In the event that a ►M11 T2S DCA holder ◄ has a problem that prevents it from settling payment orders in TARGET2-ECB, it shall be its responsibility to resolve the problem.
(b) In the event that a ►M11 T2S DCA holder ◄ unexpectedly submits an abnormally high number of messages, which threaten the stability of the T2S Platform, and does not, upon request of the ECB, refrain from such behaviour without delay, the ECB may block from the T2S Platform all further messages submitted by such ►M11 T2S DCA holder ◄ .
7. Other provisions
(a) In the event of a failure of the ECB, some or all of its technical functions in relation to TARGET2-ECB may be performed by other Eurosystem CBs.
(b) The ECB may require that the ►M11 T2S DCA holders ◄ participate in regular or ad hoc testing of business continuity and contingency processing measures, training or any other preventative arrangements, as deemed necessary by the ECB. Any costs incurred by the ►M11 T2S DCA holders ◄ as a result of such testing or other arrangements shall be borne solely by the ►M11 T2S DCA holders ◄ .
Appendix V
OPERATING SCHEDULE
1. TARGET2 is open on all days, except Saturdays, Sundays, New Year's Day, Good Friday and Easter Monday (according to the calendar applicable at the seat of the ECB), 1 May, 25 December and 26 December.
2. The reference time for the system is the local time at the seat of the ECB, i.e. CET ( *1 ).
3. The current business day is opened during the evening of the previous business day and operates according to the schedule set out in the T2S Scope Defining Set of Documents.
4. The T2S Platform is available for U2A and A2A mode during the whole settlement day, except during the technical maintenance period from 03:00 until 05:00. During the technical maintenance period messages sent using the A2A mode will be queued. It will not be possible to submit messages via the U2A mode.
5. The operating hours may be changed in the event that business continuity measures are adopted in accordance with paragraph 2 of Appendix IV.
6. An overview of the operating hours and significant business events during the day is shown in the following table:
|
SSP schedule |
T2S schedule (applicable to ►M11 T2S DCAs ◄ ) |
||
|
Time |
Description |
Time |
Description |
|
18:45 — 19:00 (1) |
Start of day processing (sending of GL files shortly after 18:45) |
18:45 — 20:00 |
Start of day: — Change of business date — Deadline for acceptance of CMS data feeds (19:00) — Preparation of the night time settlement |
|
19:00 — 19:30 (1) |
Night-time settlement: provision of liquidity from SF to HAM and PM; from HAM to PM and from PM to ►M11 T2S DCA ◄ . |
20:00 — 03:00 |
Night-time settlement: — First Night-time settlement cycle — Last Night-time settlement cycle (Sequence X includes the partial settlement of unsettled payment instructions eligible for partial settlement and that have failed to settle due to a lack of securities; Sequence Y includes the reimbursement of multiple liquidity providers at the end of cycle) |
|
19:30 (1) — 22:00 |
Night-time settlement (NTS1): — Start-of-procedure message; — Setting aside of liquidity on the basis of standing orders for the night-time processing (ancillary system settlement procedure 6 and T2S) |
|
|
|
22:00 — 01:00 |
Technical maintenance window (2) |
03:00 — 05:00 |
Technical maintenance window (3) |
|
►M11 01:00 — 07:00 ◄ |
Night-time processing (ancillary system settlement procedure 6 and T2S) |
05:00 — 18:00 |
Day trade/Real-time settlement (4): — Real-time settlement preparation (4) — Partial settlement windows at 14:00 and 15:45 (5) (for 15 minutes) — 16:00: DvP cut-off — 16:30: Automatic auto-collateralisation reimbursement, followed by the optional cash sweep — 17:40: Cut-off for Bilaterally agreed treasury management operations (BATM) and central bank operations (CBO) cut-off — 17:45: inbound liquidity transfer cut-off — Automated cash sweep after 17:45 — 18:00: FOP cut-off |
|
06:45 — 07:00 |
Business window to prepare daylight operations |
|
|
|
07:00 — 18:00 |
Day trade phase: — 17:00: Cut-off for customer payments — 17:45: Cut-off for liquidity transfers to ►M11 T2S DCAs ◄ — 18:00: Cut-off for interbank payments and incoming liquidity transfers from ►M11 T2S DCAs ◄ |
|
|
|
18:00 — 18:45 |
— 18:15 (1): Cut-off for the use of standing facilities — Data needed to update the accounting system is available for central banks, shortly after 18:30 — 18:40 (1): Cut-off for use of marginal lending (NCBs only) — End-of-day processing |
18:00 — 18:45 |
— End of T2S settlement processing — Recycling and purging — End of day reporting and statements |
Notes to table:
(1) Plus 15 minutes on the last day of the reserve maintenance period.
(2) Over a weekend or on a holiday, the technical window will last throughout the weekend or the holiday, i.e., from 22:00 on Friday until 1:00 on Monday or, in the case of a holiday, from 22:00 on the last business day until 1:00 on the next business day.
(3) Over a weekend or on a holiday, the technical window will last throughout the weekend or the holiday, i.e., from 03:00 a.m. on Saturday until 05:00 a.m. on Monday or, in the case of a holiday, from 03:00 a.m. on the holiday until 05:00 a.m. on the next business day.
(4) Real-time settlement preparation and real-time settlement may start before the maintenance window if the last night-time settlement cycle ends before 03:00 am.
(5) Each partial settlement window lasts for 15 minutes. The partial settlement applies to unsettled payment instructions eligible for partial settlement and that have failed to settle due to a lack of securities.
7. Up-to-date information on the operational status of the SSP and the T2S Platform shall be available on the TARGET2 Information System (T2IS) and the TARGET2-Securities Information System, respectively, on dedicated webpages on the ECB's website. The information on the operational status of the SSP and the T2S Platform on T2IS, TARGET2-Securities Information System and the ECB's website shall only be updated during normal business hours.
Appendix VI
FEE SCHEDULE
Fees for T2S services
The following fees for T2S services connected with ►M11 T2S DCAs ◄ shall be charged to the Main PM account holders:
|
Tariff items |
Price |
Explanation |
|
Settlement services |
||
|
T2S DCA to T2S DCA liquidity transfer orders |
14,1 euro cent |
per transfer |
|
Intra-balance movement (i.e. blocking, unblocking, reservation of liquidity etc.) |
9,4 euro cent |
per transaction |
|
Information services |
||
|
A2A reports |
0,4 euro cent |
Per business item in any A2A report generated |
|
A2A queries |
0,7 euro cent |
Per queried business item in any A2A query generated |
|
U2A queries |
10 euro cent |
Per executed search function |
|
U2A queries downloaded |
0,7 euro cent |
Per queried business item in any U2A query generated and downloaded |
|
Messages bundled into a file |
0,4 euro cent |
Per message in a file |
|
Transmissions |
1,2 euro cent |
Per transmission |
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
For the purposes of these Terms and Conditions (hereinafter the ‘Conditions’), the following definitions apply:
where the participant no longer meets the access criteria laid down in Article 5 or the requirements laid down in Article 6(1)(a)(i) or Article 6(1)(b)(iii);
the opening of insolvency proceedings in relation to the participant;
the submission of an application relating to the proceedings referred to in point (b);
the issue by the participant of a written declaration of its inability to pay all or any part of its debts or to meet its obligations arising in relation to intraday credit;
the entry of the participant into a voluntary general agreement or arrangement with its creditors;
where the participant is, or is deemed by its CB to be, insolvent or unable to pay its debts;
where the participant's credit balance on its TIPS DCA, PM account, or T2S DCA, or all or a substantial part of the participant's assets are subject to a freezing order, attachment, seizure or any other procedure that is intended to protect the public interest or the rights of the participant's creditors;
where participation of the participant in another TARGET2 component system and/or in an ancillary system has been suspended or terminated;
where any material representation or pre-contractual statement made by the participant or which is implied to have been made by the participant under the applicable law is incorrect or untrue;
the assignment of all or a substantial part of the participant's assets,
▼M13 —————
Article 2
Scope
The present Conditions govern the relationship between the ECB and its TIPS DCA holder as far as the opening and the operation of the TIPS DCA is concerned.
Article 3
Appendices
Article 4
General description of TARGET2
The following transactions are processed in TARGET2-ECB:
transactions directly resulting from or made in connection with Eurosystem monetary policy operations;
settlement of the euro leg of foreign exchange operations involving the Eurosystem;
settlement of euro transfers resulting from transactions in cross-border large-value netting systems;
settlement of euro transfers resulting from transactions in euro retail payment systems of systemic importance;
settlement of the cash leg of securities transactions;
T2S DCA to T2S DCA liquidity transfer orders, T2S DCA to PM liquidity transfer orders and PM to T2S DCA liquidity transfer orders;
instant payment orders;
positive recall answers;
TIPS DCA to PM liquidity transfer orders and PM to TIPS DCA liquidity transfer orders; and
any other transactions in euro addressed to TARGET2 participants; and
TIPS DCA to TIPS AS technical account liquidity transfer orders and TIPS AS technical account to TIPS DCA liquidity transfer orders.
TITLE II
PARTICIPATION
Article 5
Access criteria
Entities managing ancillary systems (including entities established outside the EEA) and acting in that capacity, whose access to TARGET2-ECB has been approved by the Governing Council, shall be the only entities that are eligible to become TIPS DCA holders upon request in TARGET2-ECB.
Article 6
Application procedure
In order for ECB to open a TIPS DCA for an entity, such entity must comply with the access criteria of Article 5 and shall:
fulfil the following technical requirements:
install, manage, operate and monitor and ensure the security of the necessary IT infrastructure to connect to the TIPS Platform and submit payment orders to it. In doing so, applicant TIPS DCA holders may involve third parties, but retain sole liability. In particular, unless an instructing party is used, applicant TIPS DCA holders shall enter into an agreement with one or more NSPs to obtain the necessary connection and admissions, in accordance with the technical specifications in Appendix I; and
have passed the tests required by the ECB; and
fulfil the following legal requirements:
provide a capacity opinion in the form specified in Appendix II, unless the information and representations to be provided in such capacity opinion have already been obtained by the ECB in another context;
for entities established outside the EEA, provide a country opinion in the form specified in Appendix II, unless the information and representations to be provided in such country opinion have already been obtained by the ECB in another context; and
have adhered to the SCT Inst scheme by signing the SEPA Instant Credit Transfer Adherence Agreement.
Entities wishing to open a TIPS DCA shall apply in writing to the ECB, as a minimum enclosing the following documents/information:
completed static data collection forms as provided by the ECB;
the capacity opinion, if required by the ECB;
the country opinion, if required by the ECB; and
evidence of their adherence to the SCT Inst scheme.
The ECB shall reject the application to open a TIPS DCA if:
access criteria referred to in Article 5 are not met;
one or more of the participation criteria referred to in paragraph 1 are not met; and/or
in the ECB's assessment, opening a TIPS DCA would endanger the overall stability, soundness and safety of TARGET2-ECB or of any other TARGET2 component system, or would jeopardise the ECB's performance of its tasks as described in [refer to relevant national law] and the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence.
Article 7
TIPS DCA holders
In order to send messages to the TIPS Platform, TIPS DCA holders may access the TIPS Platform:
directly, and/or
using one or more instructing parties.
For both of these methods of access, the TIPS DCA holder shall use one or more TIPS DNs.
In order to receive messages from the TIPS Platform, TIPS DCA holders shall access the TIPS Platform:
directly; or
using one instructing party.
For both of these methods of access, the TIPS DCA holder shall use one TIPS DN to receive instant payment orders.
Article 8
Reachable parties
Article 9
Contractual relationship with an NSP
Participants shall either:
conclude a contract with an NSP within the framework of the concession contract with that NSP in order to establish a technical connection to TARGET2-ECB; or
connect via another entity which has concluded a contract with an NSP within the framework of the concession contract with that NSP.
▼M13 —————
Article 11
TIPS directory
It shall be updated daily.
Article 11a
MPL repository
TITLE III
OBLIGATIONS OF THE PARTIES
Article 12
Obligations of the ECB and the TIPS DCA holders
▼M13 —————
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
The ECB shall open and operate at least one TIPS DCA for each TIPS DCA holder. A TIPS DCA shall be identified by means of a unique account number of up to 34 characters which will be structured as follows.
|
|
Name |
Format |
Content |
|
Part A |
Account type |
1 char. exactly |
‘I’ for instant payment account |
|
Country code of the central bank |
2 char. exactly |
ISO country code 3166-1 |
|
|
Currency code |
3 char. exactly |
EUR |
|
|
Part B |
Account holder |
11 char. exactly |
BIC |
|
Part C |
Sub-classification of the account |
Up to 17 char. |
Free text (alphanumeric) to be provided by the TIPS DCA holder |
Article 16
Types of payment orders in TIPS DCA
The following are classified as payment orders for the purposes of the TIPS service:
instant payment orders;
positive recall answers;
TIPS DCA to PM liquidity transfer orders;
TIPS DCA to TIPS AS technical account liquidity transfer orders; and
TIPS AS technical account to TIPS DCA liquidity transfer orders.
Article 17
Acceptance and rejection of payment orders
Payment orders within the meaning of Article 16 and submitted by TIPS DCA holders are deemed accepted by the ECB if:
the payment message has been delivered to the TIPS Platform by the respective ►M13 NSP ◄ ; and
the payment message complies with the formatting rules and conditions of TARGET2-ECB and passes the double-entry check described in Appendix I.
Article 18
Processing of payment orders on TIPS DCAs
After an instant payment order has been accepted as set out in Article 17, the TARGET2-ECB shall check if sufficient funds are available on the payer's TIPS DCA.
If sufficient funds are not available, the instant payment order shall be rejected;
If sufficient funds are available, the corresponding amount shall be reserved while awaiting the payee's response. In the event of acceptance by the payee, the instant payment order shall be settled and the reservation shall be simultaneously lifted. In the event of rejection by the payee or the absence of a timely response, within the meaning of the SCT Inst scheme, the instant payment order shall be cancelled and the reservation shall be simultaneously lifted.
Article 19
Recall request
Article 20
Moment of entry, moment of irrevocability
For the purposes of the first sentence of Article 3(1) and Article 5 of Directive 98/26/EC and the third sentence of Section 116, Section 96(2), Section 82 and Section 340(3) of the German Insolvency Code (Insolvenzordnung) and the last sentence of Section 46(2) of the KWG:
instant payment orders are deemed entered into TARGET2-ECB and irrevocable at the moment that the relevant funds on the TIPS DCA of the TIPS DCA holder are reserved;
TIPS DCA to PM liquidity transfer orders, positive recall answers and TIPS DCA to TIPS AS technical account liquidity transfer orders are deemed entered into TARGET2-ECB and irrevocable at the moment that the relevant TIPS DCA is debited. TIPS AS technical account to TIPS DCA liquidity transfer orders are deemed entered into TARGET2-ECB and irrevocable at the moment that the relevant TIPS AS technical account is debited.
TITLE V
SECURITY REQUIREMENTS, BUSINESS CONTINUITY AND USER INTERFACE
Article 21
Security requirements and business continuity
Article 22
User interfaces
The TIPS DCA holder, or the Linked PM account holder acting on its behalf, shall use either one or both of the following means to access that TIPS DCA:
a direct connection to the TIPS Platform in either U2A or A2A modes; or
the ICM liquidity management features for the TIPS service.
A direct connection to the TIPS Platform allows TIPS DCA holders:
to access information relating to their accounts and to manage CMBs;
to initiate TIPS DCA to PM liquidity transfer orders; and
to manage certain static data.
The ICM liquidity management features for the TIPS service allows the holder of the Linked PM account:
to access information relating to the balance of the TIPS DCAs;
to manage liquidity and to initiate liquidity transfer orders to and from the TIPS DCAs.
Further technical details relating to the user interfaces are contained in Appendix I.
As regards the ICM, further technical details are contained in Appendix I to Annex II to Decision ECB/2007/7.
TITLE VI
LIABILITY REGIME AND EVIDENCE
Article 23
Liability regime
The ECB shall not be liable:
to the extent that the loss is caused by the TIPS DCA holder; or
if the loss arises out of external events beyond the ECB's reasonable control (force majeure).
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
A TIPS DCA holder's participation in TARGET2-ECB shall be immediately terminated without prior notice or suspended if one of the following events of default occurs:
the opening of insolvency proceedings; and/or
the TIPS DCA holder no longer meets the access criteria laid down in Article 5.
For the purposes of this paragraph, the taking of crisis prevention measures or crisis management measures within the meaning of Directive 2014/59/EU of the European Parliament and of the Council ( 19 ) against a TIPS DCA holder shall not automatically qualify as the opening of insolvency proceedings.
The ECB may terminate without prior notice or suspend the TIPS DCA holder's participation in TARGET2-ECB if:
one or more events of default (other than those referred to in paragraph 1) occur;
the TIPS DCA holder is in material breach of these Conditions;
the TIPS DCA holder fails to carry out any material obligation to the ECB;
the TIPS DCA holder no longer has a valid agreement with a ►M13 NSP ◄ to obtain the necessary connection to the TIPS Platform;
any other TIPS DCA holder-related event occurs which, in the ECB's assessment, would threaten the overall stability, soundness and safety of TARGET2-ECB or of any other TARGET2 component system, or which would jeopardise the ECB's performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence.
Linked PM account holders shall have the responsibility to inform their Linked TIPS DCA holders of the suspension or termination of any TIPS DCA holder’s participation in TARGET2-ECB.
In the event that the suspension or termination of a TIPS DCA holder’s participation in TARGET2-ECB occurs during the technical maintenance window, the ICM broadcast message shall be sent after the start of daytime processing on the next TARGET2 business day.
If a TIPS DCA holder is suspended from TARGET2-ECB on grounds other than those specified in paragraph (1)(a), the suspended TIPS DCA holder's CB shall either:
reject all of its incoming payment orders;
reject all of its outgoing payment orders; or
reject both its incoming and outgoing payment orders.
Article 27
Closure of TIPS DCAs
On termination of participation, pursuant to either Article 25 or 26, the ECB shall close the TIPS DCAs of the TIPS DCA holders concerned, after having:
settled any instant payment order accepted by the payee for which funds have already been reserved; and
made use of its rights of pledge and set-off under Article 28.
TITLE VIII
FINAL PROVISIONS
Article 28
The ECB's rights of pledge and set-off
On the occurrence of:
an event of default, referred to in Article 26(1); or
any other event of default or event referred to in Article 26(2) that has led to the termination or suspension of the TIPS DCA holder's participation, notwithstanding the commencement of any insolvency proceedings in respect of a TIPS DCA holder and notwithstanding any assignment, judicial or other attachment or other disposition of or in respect of the TIPS DCA holder's rights;
all obligations of the TIPS DCA holder shall be automatically and immediately accelerated, without prior notice and without the need for any prior approval of any authority, so as to be immediately due. In addition, the mutual obligations of the TIPS DCA holder and the ECB shall automatically be set off against each other, and the party owing the higher amount shall pay to the other the difference.
Article 29
Confidentiality
By derogation from paragraph 1, the TIPS DCA holder agrees that the ECB may disclose payment, technical or organisational information regarding the TIPS DCA holder, other TIPS DCAs held by TIPS DCA holders from the same group or the TIPS DCA holder's customers obtained in the course of the operation of TARGET2-ECB to:
other CBs or third parties that are involved in the operation of TARGET2-ECB, to the extent that this is necessary for the efficient functioning of TARGET2 or the monitoring of the TIPS DCA holder's or its group's exposure;
other CBs in order to carry out the analysis necessary for market operations, monetary policy functions, financial stability or financial integration; or
supervisory, resolution and oversight authorities of Member States and the Union, including CBs, to the extent that this is necessary for the performance of their public tasks, and provided in all such cases that the disclosure is not in conflict with the applicable law.
The ECB shall not be liable for the financial and commercial consequences of such disclosure.
Article 30
Data protection, prevention of money laundering, administrative or restrictive measures and related issues
TIPS DCA holders, when acting as the payment service provider of a payer or payee, shall comply with all requirements resulting from administrative or restrictive measures imposed pursuant to Articles 75 or 215 of the Treaty to which they are subject, including with respect to notification and/or the obtaining of consent from a competent authority in relation to the processing of transactions. In addition:
when the ECB is the payment service provider of a TIPS DCA holder that is a payer:
the TIPS DCA holder shall make the required notification or obtain consent on behalf of the central bank that is primarily required to make notification or obtain consent, and shall provide the ECB with evidence of having made a notification or having received consent;
the TIPS DCA holder shall not enter any payment order into TARGET2 with the exception of payment orders concerning the transfer of liquidity between different accounts of the same TIPS DCA holder, until it has obtained confirmation from the ECB that the required notification has been made or the consent has been obtained by or on behalf of the payment service provider of the payee;
when the ECB is a payment service provider of a TIPS DCA holder that is a payee, the TIPS DCA holder shall make the required notification or obtain consent on behalf of the central bank that is primarily required to make notification or obtain consent, and shall provide the ECB with evidence of having made a notification or having received consent.
For the purposes of this paragraph, the terms ‘payment service provider’, ‘payer’ and ‘payee’ shall have the meanings ascribed to them in the applicable administrative or restrictive measures.
Article 31
Notices
Article 32
Amendment procedure
The ECB may at any time unilaterally amend these Conditions, including the Appendices. Amendments to these Conditions, including the Appendices, shall be announced by means of communication in writing to the participants. Amendments shall be deemed to have been accepted unless the TIPS DCA holder expressly objects within 14 days of being informed of such amendments. In the event that a TIPS DCA holder objects to the amendment, the ECB is entitled immediately to terminate and close that TIPS DCA holder's TIPS DCA in TARGET2-ECB.
Article 33
Third party rights
Article 34
Governing law, jurisdiction and place of performance
Article 35
Severability
If any provision in these Conditions is or becomes invalid, this shall not prejudice the applicability of all the other provisions of these Conditions.
Article 35a
Transitional provision
Once the TARGET system is operational and the TARGET2 has ceased operation, TIPS DCA holders shall become TIPS DCA holders in the TARGET system.
Article 36
Entry into force and binding nature
Appendix I
PARAMETERS OF THE TIPS DCAs — TECHNICAL SPECIFICATIONS
In addition to the Conditions, the following rules shall apply to the interaction with the TIPS Platform:
1. Technical requirements for participation in TARGET2-ECB regarding infrastructure, network and formats
A TIPS DCA holder shall use the services of at least one ►M13 NSP ◄ for the exchange of messages.
A TIPS DCA holder shall specify a TIPS DN to receive messages relevant for the TIPS DCA holder, such as in relation to reports, and floor/ceiling notifications. This may be different from the TIPS DN used for the exchange of instant payments orders.
Each TIPS DCA holder shall pass a series of tests to prove its technical and operational competence before it may participate in TARGET2-ECB.
For the submission of TIPS DCA to PM liquidity transfer orders the services of a ►M13 NSP ◄ or the ICM shall be used. Liquidity transfer orders shall include, inter alia, the unique account number of up to 34 characters of the sending TIPS DCA holder and the BIC of the receiving PM account.
For the exchange of information with the TIPS Platform either A2A or U2A modes may be used. The security of the message exchange between the TIPS DCA and the TIPS Platform shall rely on the Public Key Infrastructure (PKI) service offered by the ►M13 NSP ◄ used. Information on the PKI service is available in the documentation provided by such ►M13 NSP ◄ .
For the exchange of information with the Common Reference Data Management component U2A mode shall be used. The Common Reference Data Management component allows users to configure, create and maintain reference data needed in TIPS service.
TIPS DCA holders shall comply with the ISO20022 message structure and field specifications. Message structure and field specifications are described in Chapter 3.3.2 of the TIPS UDFS.
Field contents shall be validated at the level of the TIPS Platform in accordance with the TIPS UDFS requirements.
2. Message types
The following system message types are processed, subject to subscription:
|
Message Type |
Message Name |
|
Pacs.002 |
FIToFIPayment Status Report |
|
Pacs.004 |
PaymentReturn |
|
Pacs.008 |
FIToFICustomerCreditTransfer |
|
Pacs.028 |
FIToFIPaymentStatusRequest |
|
camt.003 |
GetAccount |
|
camt.004 |
ReturnAccount |
|
camt.005 |
GetTransaction |
|
camt.006 |
ReturnTransaction |
|
camt.011 |
ModifyLimit |
|
camt.019 |
ReturnBusinessDayInformation |
|
camt.025 |
Receipt |
|
camt.029 |
ResolutionOfInvestigation |
|
camt.050 |
LiquidityCreditTransfer |
|
camt.052 |
BankToCustomerAccountReport |
|
camt.053 |
BankToCustomerStatement |
|
camt.054 |
BankToCustomerDebitCreditNotification |
|
camt.056 |
FIToFIPaymentCancellationRequest |
|
acmt.010 |
AccountRequestAcknowledgement |
|
acmt.011 |
AccountRequestRejection |
|
acmt.015 |
AccountExcludedMandateMaintenanceRequest |
|
reda.016 |
PartyStatusAdviceV01 |
|
reda.022 |
PartyModificationRequestV01 |
3. Double-entry check
All payment orders shall pass a double-entry check, the aim of which is to reject payment orders that have been submitted more than once.
4. Error codes
If an instant payment order or a positive recall answer is rejected for any reason, the TIPS DCA holder shall receive a payment status report [pacs.002], as described in Chapter 4.2 of the TIPS UDFS. If a liquidity transfer order is rejected for any reason, the TIPS DCA holder shall receive a rejection [camt.025], as described in Chapter 1.6 of the TIPS UDFS.
5. Settlement of liquidity transfer orders
Liquidity transfer orders are not recycled, queued or offset. The different statuses for liquidity transfer orders are described in Chapter 1.4.2 of the TIPS UDFS.
6. Use of the U2A and A2A mode
The U2A and A2A modes may be used for obtaining information and managing liquidity. The ►M13 NSP ◄ networks shall be the underlying technical communications networks for exchanging information and running control measures. The following modes shall be available for use by TIPS DCA holders:
Application-to-application mode (A2A)
In A2A, information and messages are transferred between the TIPS Platform and the TIPS DCA holder's internal application. The TIPS DCA holder therefore has to ensure that an appropriate application is available for the exchange of XML messages (requests and responses).
User-to-application mode (U2A)
U2A permits direct communication between a TIPS DCA holder and the TIPS GUI. The information is displayed in a browser running on a PC system. For U2A access the IT infrastructure has to be able to support cookies. Further details are described in the TIPS User Handbook.
The ‘Non-Repudiation of Origin’ (NRO) signature allows the recipient of a message to prove that such message has been issued and has not been altered.
If a TIPS DCA holder has technical problems and is unable to submit a TIPS DCA to PM liquidity transfer order, it may contact its central bank which will on a best efforts basis act on behalf of the TIPS DCA holder.
7. Relevant documentation
Further details and examples explaining the above rules are contained in the User Handbooks and UDFS as relevant for TIPS, as amended from time to time and published on the ECB's website in English.
Appendix II
TERMS OF REFERENCE FOR CAPACITY AND COUNTRY OPINIONS
TERMS OF REFERENCE FOR CAPACITY OPINIONS FOR TIPS DCA HOLDERS IN TARGET2
The European Central Bank
Director-General of the ECB's Directorate-General Payment Systems and Market Infrastructure
Sonnemannstrasse 22
60314 Frankfurt am Main
Germany
Participation in the TARGET2-ECB
[location]
[date]
Dear Sir or Madam,
We have been asked to provide this Opinion as [in-house or external] legal advisers to [specify name of TIPS DCA holder or branch of TIPS DCA holder] in respect of issues arising under the laws of [jurisdiction in which the TIPS DCA holder is established; hereinafter the ‘jurisdiction’] in connection with the participation of [specify name of TIPS DCA holder] (hereinafter the ‘TIPS DCA holder’) in the TARGET2-ECB (hereinafter the ‘System’).
This Opinion is confined to the laws of [jurisdiction] as they exist as on the date of this Opinion. We have made no investigation of the laws of any other jurisdiction as a basis for this Opinion, and do not express or imply any opinion in this regard. Each of the statements and opinions presented below applies with equal accuracy and validity under the laws of [jurisdiction], whether or not the TIPS DCA holder acts through its head office or one or more branches established inside or outside of [jurisdiction] in submitting payment orders and receiving payments.
I. Documents examined
For the purposes of this Opinion, we have examined:
a certified copy of the [specify relevant constitutional documents] of the TIPS DCA holder such as is/are in effect on the date hereof;
[if applicable] an extract from the [specify relevant company register] and [if applicable] [register of credit institutions or analogous register];
[to the extent applicable] a copy of the TIPS DCA holder's licence or other proof of authorisation to provide banking, investment, funds transfer or other financial services in [jurisdiction];
[if applicable] a copy of a resolution adopted by the board of directors or the relevant governing body of the TIPS DCA holder on [insert date], [insert year], evidencing the TIPS DCA holder's agreement to adhere to the System Documents, as defined below; and
[specify all powers of attorney and other documents constituting or evidencing the requisite power of the person or persons signing the relevant System Documents (as defined below) on behalf of the TIPS DCA holder];
and all other documents relating to the TIPS DCA holder's constitution, powers, and authorisations necessary or appropriate for the provision of this Opinion (hereinafter the ‘TIPS DCA holder's Documents’).
For the purposes of this Opinion, we have also examined:
the Terms and Conditions for the Opening and Operation of a TIPS Dedicated Cash Account (TIPS DCA) in TARGET2-ECB dated [insert date] (hereinafter the ‘Rules’); and
[…].
The Rules and the […] shall be referred to hereinafter as the ‘System Documents’ (and collectively with the TIPS DCA holder's Documents as the ‘Documents’).
II. Assumptions
For the purposes of this Opinion we have assumed in relation to the Documents that:
the System Documents with which we have been provided are originals or true copies;
the terms of the System Documents and the rights and obligations created by them are valid and legally binding under the laws of the Federal Republic of Germany by which they are expressed to be governed, and the choice of the laws of the Federal Republic of Germany to govern the System Documents is recognised by the laws of the Federal Republic of Germany;
the TIPS DCA holder's Documents are within the capacity and power of and have been validly authorised, adopted or executed and, where necessary, delivered by the relevant parties; and
the TIPS DCA holder's Documents are binding on the parties to which they are addressed, and there has been no breach of any of their terms.
III. Opinions regarding the TIPS DCA holder
The TIPS DCA holder is a corporation duly established and registered or otherwise duly incorporated or organised under the laws of [jurisdiction].
The TIPS DCA holder has all the requisite corporate powers to execute and perform the rights and obligations under the System Documents to which it is party.
The adoption or execution and the performance by the TIPS DCA holder of the rights and obligations under the System Documents to which the TIPS DCA holder is party will not in any way breach any provision of the laws or regulations of [jurisdiction] applicable to the TIPS DCA holder or the TIPS DCA holder Documents.
No additional authorisations, approvals, consents, filings, registrations, notarisations or other certifications of or with any court or governmental, judicial or public authority that is competent in [jurisdiction] are required by the TIPS DCA holder in connection with the adoption, validity or enforceability of any of the System Documents or the execution or performance of the rights and obligations thereunder.
The TIPS DCA holder has taken all necessary corporate action and other steps necessary under the laws of [jurisdiction] to ensure that its obligations under the System Documents are legal, valid and binding.
This Opinion is stated as of its date and is addressed solely to the ECB and the [TIPS DCA holder]. No other persons may rely on this Opinion, and the contents of this Opinion may not be disclosed to persons other than its intended recipients and their legal counsel without our prior written consent, with the exception of the national central banks of the European System of Central Banks [and [the national central bank/relevant regulatory authorities] of [jurisdiction]].
Yours faithfully,
[signature]
TERMS OF REFERENCE FOR COUNTRY OPINIONS FOR NON-EEA TIPS DCA HOLDERS IN TARGET2
The European Central Bank
Director-General of the ECB's Directorate-General Payment Systems and Market Infrastructure
Sonnemannstrasse 22
60314 Frankfurt am Main
Germany
Participation in TARGET2-ECB
[location],
[date]
Dear Sir or Madam,
We have been asked as [external] legal advisers to [specify name of TIPS DCA holder or branch of TIPS DCA holder] (the ‘TIPS DCA holder’) in respect of issues arising under the laws of [jurisdiction in which the TIPS DCA holder is established; hereinafter the ‘jurisdiction’] to provide this Opinion under the laws of [jurisdiction] in connection with the participation of the TIPS DCA holder in a system which is a component of TARGET2 (hereinafter the ‘System’). References herein to the laws of [jurisdiction] include all applicable regulations of [jurisdiction]. We express an opinion herein under the law of [jurisdiction], with particular regard to the TIPS DCA holder established outside the Federal Republic of Germany in relation to rights and obligations arising from participation in the System, as presented in the System Documents defined below.
This Opinion is confined to the laws of [jurisdiction] as they exist on the date of this Opinion. We have made no investigation of the laws of any other jurisdiction as a basis for this Opinion, and do not express or imply any opinion in this regard. We have assumed that there is nothing in the laws of another jurisdiction which affects this Opinion.
1. Documents examined
For the purposes of this Opinion, we have examined the documents listed below and such other documents as we have deemed necessary or appropriate:
the Terms and Conditions for the Opening and Operation of a TIPS Dedicated Cash Account (TIPS DCA) in TARGET2-ECB dated [insert date] (hereinafter the ‘Rules’); and
any other document governing the System and/or the relationship between the TIPS DCA holder and other participants in the System, and between the participants in the System and the ECB.
The Rules and the [.] shall be referred to hereinafter as the ‘System Documents’.
2. Assumptions
For the purposes of this Opinion we have assumed in relation to the System Documents that:
the System Documents are within the capacity and power of and have been validly authorised, adopted or executed and, where necessary, delivered by the relevant parties;
the terms of the System Documents and the rights and obligations created by them are valid and legally binding under the laws of the Federal Republic of Germany, by which they are expressed to be governed, and the choice of the laws of the Federal Republic of Germany to govern the System Documents is recognised by the laws of the Federal Republic of Germany;
the participants in the System through which any payment orders are sent or payments are received, or through which any rights or obligations under the System Documents are executed or performed, are licensed to provide funds transfer services, in all relevant jurisdictions; and
the documents submitted to us in copy or as specimens conform to the originals.
3. Opinion
Based on and subject to the foregoing, and subject in each case to the points set out below, we are of the opinion that:
3.1. Country-specific legal aspects [to the extent applicable]
The following characteristics of the legislation of [jurisdiction] are consistent with and in no way set aside the obligations of the TIPS DCA holder arising out of the System Documents: [list of country-specific legal aspects].
3.2. General insolvency and crisis management issues
Types of insolvency and crisis management proceedings
Insolvency treaties
3.3. Enforceability of System Documents
Subject to the points set out below, all provisions of the System Documents will be binding and enforceable in accordance with their terms under the laws of [jurisdiction], in particular in the event of the opening of any Insolvency Proceedings or Proceedings with respect to the TIPS DCA holder.
In particular, we are of the opinion that:
3.3.a. Processing of payment orders
The provisions on processing of payment orders [list of sections] of the Rules are valid and enforceable. In particular, all payment orders processed pursuant to such sections will be valid, binding and will be enforceable under the laws of [jurisdiction]. The provision of the Rules which specifies the precise point in time at which payment orders become enforceable and irrevocable (Article 20) is valid, binding and enforceable under the laws of [jurisdiction].
3.3.b. Authority of the ECB to perform its functions
The opening of Insolvency Proceedings or Proceedings in respect of the TIPS DCA holder will not affect the authority and powers of the ECB arising out of the System Documents. [Specify [to the extent applicable] that: the same opinion is also applicable in respect of any other entity which provides the TIPS DCA holders with services directly and necessarily required for participation in the System, e.g. ►M13 NSP ◄ ].
3.3.c. Remedies in the event of default
[Where applicable to the TIPS DCA holder, the provisions contained in Article 28 of the Rules regarding accelerated performance of claims which have not yet matured, the set-off of claims for using the deposits of the TIPS DCA holder, the enforcement of a pledge, suspension and termination of participation, claims for default interest, and termination of agreements and transactions (Articles 25 to 28) are valid and enforceable under the laws of [jurisdiction].]
3.3.d. Suspension and termination
Where applicable to the TIPS DCA holder, the provisions contained in Article 26 of the Rules (in respect of suspension and termination of the TIPS DCA holder's participation in the System on the opening of Insolvency Proceedings or Proceedings or other events of default, as defined in the System Documents, or if the TIPS DCA holder represents any kind of systemic risk or has serious operational problems) are valid and enforceable under the laws of [jurisdiction].
3.3.e. Assignment of rights and obligations
The rights and obligations of the TIPS DCA holder cannot be assigned, altered or otherwise transferred by the TIPS DCA holder to third parties without the prior written consent of the ECB.
3.3.f. Choice of governing law and jurisdiction
The provisions contained in Articles 31 and 34 of the Rules, and in particular in respect of the governing law, the resolution of a dispute, competent courts, and service of process are valid and enforceable under the laws of [jurisdiction].
3.4. Voidable preferences
We are of the opinion that no obligation arising out of the System Documents, the performance thereof, or compliance therewith prior to the opening of any Insolvency Proceedings or Proceedings in respect of the TIPS DCA holder may be set aside in any such proceedings as a preference, voidable transaction or otherwise under the laws of [jurisdiction].
In particular, and without limitation to the foregoing, we express this opinion in respect of any transfer orders submitted by any participant in the System. In particular, we are of the opinion that the provisions of Article 20 of the Rules establishing the enforceability and irrevocability of transfer orders will be valid and enforceable and that a transfer order submitted by any participant and processed pursuant to Title IV of the Rules may not be set aside in any Insolvency Proceedings or Proceedings as a preference, voidable transaction or otherwise under the laws of [jurisdiction].
3.5. Attachment
If a creditor of the TIPS DCA holder seeks an attachment order (including any freezing order, order for seizure or any other public or private law procedure that is intended to protect the public interest or the rights of the TIPS DCA holder's creditors) — hereinafter referred to as an ‘Attachment’ — under the laws of [jurisdiction] from a court or governmental, judicial or public authority that is competent in [jurisdiction], we are of the opinion that [insert the analysis and discussion].
3.6. Collateral [if applicable]
3.6.a. Assignment of rights or deposit of assets for collateral purposes, pledge and/or repo
Assignments for collateral purposes will be valid and enforceable under the laws of [jurisdiction]. Specifically, the creation and enforcement of a pledge or repo under the Rules will be valid and enforceable under the laws of [jurisdiction].
3.6.b. Priority of assignees, “pledgees” or “repo purchasers” interest over that of other claimants
In the event of Insolvency Proceedings or Proceedings in respect of the TIPS DCA holder, the rights or assets assigned for collateral purposes, or pledged by the TIPS DCA holder in favour of the ECB or other participants in the System, will rank in priority of payment above the claims of all other creditors of the TIPS DCA holder and will not be subject to priority or preferential creditors.
3.6.c. Enforcing title to security
Even in the event of Insolvency Proceedings or Proceedings in respect of the TIPS DCA holder, other participants in the System and the ECB as pledgees will still be free to enforce and collect the TIPS DCA holder's rights or assets through the action of the ECB pursuant to the Rules.
3.6.d. Form and registration requirements
There are no form requirements for the assignment for collateral purposes of, or the creation and enforcement of a pledge or repo over the TIPS DCA holder's rights or assets and it is not necessary for the [assignment for collateral purposes, pledge or repo, as applicable], or any particulars of such [assignment, pledge or repo, as applicable,] to be registered or filed with any court or governmental, judicial or public authority that is competent in [jurisdiction].
3.7. Branches [to the extent applicable]
3.7.a. Opinion applies to action through branches
Each of the statements and opinions presented above with regard to the TIPS DCA holder applies with equal accuracy and validity under the laws of [jurisdiction] in situations where the TIPS DCA holder acts through its one or more of its branches established outside [jurisdiction].
3.7.b. Conformity with law
Neither the execution and performance of the rights and obligations under the System Documents nor the submission, transmission or receipt of payment orders by a branch of the TIPS DCA holder will in any respect breach the laws of [jurisdiction].
3.7.c. Required authorisations
Neither the execution and performance of the rights and obligations under the System Documents nor the submission, transmission or receipt of payment orders by a branch of a TIPS DCA holder will require any additional authorisations, approvals, consents, filings, registrations, notarisations or other certifications of or with any court or governmental, judicial or public authority that is competent in [jurisdiction].
This Opinion is stated as of its date and is addressed solely to the ECB and the [TIPS DCA holder]. No other persons may rely on this Opinion, and the contents of this Opinion may not be disclosed to persons other than its intended recipients and their legal counsel without our prior written consent, with the exception of the national central banks of the European System of Central Banks [and [the national central bank/relevant regulatory authorities] of [jurisdiction]].
Yours faithfully,
[signature]
Appendix III
OPERATING SCHEDULE
1. The TIPS Platform is operated and available in U2A and A2A mode 24 hours a day, every day of the year.
2. After the completion of the last algorithms in TARGET2, a message is sent to the TIPS platform after which the change of business day is initiated. After the start of the new business day the TIPS Platform sends a record to the SSP of the balances on the TIPS DCAs as they stood at the time of the change of business day.
3. The SSP is operated on all days, except Saturdays, Sundays, New Year's Day, Good Friday and Easter Monday (according to the calendar applicable at the seat of the ECB), 1 May, 25 December and 26 December.
4. The reference time for the system is the local time at the seat of the ECB, i.e. CET ( 20 ).
5. The operating hours may be changed in the event that business continuity measures are adopted.
6. An overview of the operating hours and significant business events during the day is shown in the following table. Settlement of instant payment orders continues without interruption 24/7/365. Liquidity transfers are possible at all times except those indicated in the table:
|
SSP schedule |
TIPS schedule (applicable to TIPS DCAs) |
||
|
Time |
Description |
Time |
Description |
|
6.45-7.00 |
Business window to prepare daytime operations (1) |
|
|
|
7.00-18.00 |
Daytime processing |
|
|
|
17.00 |
Cut-off time for customer payments |
|
|
|
18.00 |
Cut-off time for interbank payments Cut-off time for liquidity transfers (2) |
18.00 |
Cut-off time for liquidity transfers (2) |
|
Shortly after 18.00 |
Completion of last algorithms |
|
|
|
Upon completion of last algorithms |
Send message to TIPS to inform that change of business day can be performed |
Upon receipt of message from SSP |
- Change of business day in TIPS — Snapshot of balances on TIPS DCAs and generation of End-of-day files (General Ledger) |
|
18.00-18.45 (3) |
End-of-day processing |
|
|
|
18.15 (3) |
General cut-off time for the use of standing facilities |
|
|
|
(Shortly after) 18.30 (4) |
Data for the update of accounting systems are available to CBs |
|
|
|
18.45-19.30 (4) |
Start-of-day processing (new business day) |
|
|
|
Provision of liquidity on the PM account |
|
|
|
|
19.30 (3) |
‘Start-of-procedure’ message and settlement of the standing orders to transfer liquidity from the PM accounts to the subaccounts/technical account (ancillary system-related settlement) & Start of liquidity transfers between TARGET2 and TIPS |
19.30 |
Start of liquidity transfers between TARGET2 and TIPS |
|
19.30 (4) -22.00 |
Execution of additional liquidity transfers via the ICM for settlement procedure 6 real-time; execution of additional liquidity transfers via the ICM before the ancillary system sends the ‘start of cycle’ messages for settlement procedure 6 interfaced; settlement period of night-time ancillary system operations (only for ancillary system settlement procedure 6 real-time and settlement procedure 6 interfaced) |
|
|
|
22.00-1.00 |
Technical maintenance window (5) |
22.00-1.00 |
Liquidity transfers not possible as the SSP is closed |
|
1.00-7.00 |
Settlement procedure of night-time ancillary system operations (only for ancillary system settlement procedure 6 real-time and settlement procedure 6 interfaced) Liquidity transfers between TARGET2 and TIPS |
|
|
|
(1)
‘Daytime operations’ means daytime processing and end-of-day processing.
(2)
Liquidity transfers entered into the system before the cut-off time will be processed.
(3)
Ends 15 minutes later on the last day of the Eurosystem reserve maintenance period.
(4)
Starts 15 minutes later on the last day of the Eurosystem reserve maintenance period.
(5)
Over a weekend or on a holiday, the technical maintenance window will last throughout the weekend or the holiday, i.e., from 22.00 on Friday until 1.00 on Monday or, in the case of a holiday, from 22.00 on the last business day until 1.00 on the next business day. |
|||
7. Up-to-date information on the operational status of the SSP and the TIPS Platform shall be available on the TARGET2 Information System (T2IS) and on the TIPS Information System on dedicated webpages on the ECB's website. The information on the operational status of the SSP and the TIPS Platform on T2IS and the ECB's website shall only be updated during normal business hours.
Appendix IV
FEE SCHEDULE
Fees for the TIPS service
1. The following fees for the TIPS service connected with TIPS DCAs shall be charged to the Linked PM account holders:
|
Tariff items |
Price (euro cent) |
Explanation |
|
Settlement services |
|
|
|
Instant payment order |
0,20 |
To be charged also for unsettled transactions |
|
Recall request |
0,00 |
|
|
Negative recall answer |
0,00 |
|
|
Positive recall answer |
0,20 |
To be charged to the holder of the Linked PM account associated with the TIPS DCA to be credited (also for unsettled transactions) |
▼M13 —————
3. PM to TIPS DCA liquidity transfer orders sent from a participant's PM account and TIPS DCA to PM liquidity transfer orders received on a participant's PM account shall be charged to the Linked PM account holder in accordance with Appendix VI to Annex II.
▼M13 —————
( 1 ) Eurosistemos dabartinė politika dėl infrastruktūros vietos įtvirtinta šiuose pareiškimuose, kuriuos galima rasti ECB interneto svetainėje www.ecb.europa.eu: a) 1998 m. lapkričio 3 d.„Politinis pareiškimas dėl ne euro zonoje esančių euro mokėjimo ir atsiskaitymo sistemų“ (Policy statement on euro payment and settlement systems located outside the euro area); b) 2001 m. rugsėjo 27 d.„Eurosistemos politikos kryptis dėl konsolidavimo pagrindinių sutarties šalių vykdomos tarpuskaitos srityje“ (The Eurosystem's policy line with regard to consolidation in central counterparty clearing); c) 2007 m. liepos 19 d.„Eurosistemos politikos principai dėl mokėjimus eurais vykdančių infrastruktūrų vietos ir veikimo“ (The Eurosystem policy principles on the location and operation of infrastructures settling in eurodenominated payment transactions); d) 2008 m. lapkričio 20 d.„Eurosistemos politikos principai dėl mokėjimus eurais vykdančių infrastruktūrų vietos ir veikimo: sąvokos „teisiškai esančios ir veikiančios euro zonoje“ patikslinimas“ (The Eurosystem policy principles on the location and operation of infrastructures settling eurodenominated payment transactions: specification of ‘legally and operationally located in the euro area’); e) 2011 m. liepos mėn. Eurosistemos priežiūros politikos pagrindai (The Eurosystem oversight policy framework), peržiūrėti 2016 m. liepos mėn.
( 2 ) 2012 m. gruodžio 5 d. Europos Centrinio Banko gairės ECB/2012/27 dėl Transeuropinės automatizuotos realaus laiko atskirųjų atsiskaitymų skubių pervedimų sistemos (TARGET2) (OL L 30, 2013 1 30, p. 1).
( 3 ) 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.
( 4 ) 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). ◄
( 5 ) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1)
( 6 ) OJ L 332, 31.12.1993, p. 1.
( 7 ) OJ L 166, 11.6.1998, p. 45.
( 8 ) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).
( 9 ) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).
( 10 ) CET takes into account the change to Central European Summer Time.
( 11 ) Starts 15 minutes later on the last day of the Eurosystem reserve maintenance period.
( 12 ) The need-to-know principle refers to the identification of the set of information that an individual needs access to in order to carry out her/his duties.
( 13 ) The principle of least privilege refers to tailoring a subject’s access profile to an IT system in order to match the corresponding business role.
( 14 ) A supplier in the context of this exercise should be understood as any third party (and its personnel) which is under contract (agreement), with the institution, to provide a service and under the service agreement the third party (and its personnel) is granted access, either remotely or on-site, to information and/or information systems and/or information processing facilities of the institution in scope or associated to the scope covered under the exercise of the TARGET2 self-certification.
( 15 ) CET takes into account the change to Central European Summer Time.
( *1 ) CET takes into account the change to Central European Summer Time.
( 16 ) 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.
( 17 ) 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).
( 18 ) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).
( 19 ) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).
( 20 ) CET takes into account the change to Central European Summer Time.