Guideline (EU) 2022/912 of the European Central Bank of 24 February 2022 on a new... (32022O0912)
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Guideline (EU) 2022/912 of the European Central Bank of 24 February 2022 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) and repealing Guideline ECB/2012/27 (ECB/2022/8)
- GUIDELINE (EU) 2022/912 OF THE EUROPEAN CENTRAL BANK
- of 24 February 2022
- on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) and repealing Guideline 2013/47/EU (ECB/2012/27)
- (ECB/2022/8)
- SECTION I
- GENERAL PROVISIONS
- Article 1
- Subject matter and scope
- Article 2
- Definitions
- Article 3
- TARGET component systems
- Article 4
- Connection of NCBs of Member States whose currency is not the euro
- Article 5
- Intra-ESCB transactions
- Article 6
- Intra-Eurosystem obligations and claims
- SECTION II
- GOVERNANCE
- Article 7
- Governance levels
- SECTION III
- OPERATION OF TARGET
- Article 8
- System support desk
- Article 9
- Harmonised Conditions for participation in TARGET
- Article 10
- Intraday credit — auto-collateralisation
- Article 11
- Additional conditions for AS
- Article 12
- Financing and cost methodology
- Article 13
- Security provisions
- Article 14
- Audit rules
- Article 15
- Obligations in the event of suspension or termination
- Article 16
- Procedures for the rejection on the grounds of prudence of an application for participation in TARGET
- Article 17
- Procedures for the suspension, limitation or termination on the grounds of prudence of participation in TARGET, and access to intraday credit and to auto-collateralisation
- Article 18
- Procedures for cooperation by Eurosystem CBs in connection with administrative or restrictive measures
- Article 19
- Business continuity and contingency procedures
- Article 20
- Treatment of claims under the TARGET compensation scheme
- Article 21
- Treatment of losses caused by a technical malfunction of TARGET
- Article 22
- Security rights in relation to funds on sub-accounts and intra-Eurosystem guarantee
- SECTION IV
- TRANSITIONAL AND FINAL PROVISIONS
- Article 23
- Dispute resolution and applicable law
- Article 24
- Repeal of Guideline 2013/47/EU (ECB/2012/27)
- Article 25
- Taking effect and implementation
- Article 26
- Miscellaneous and transitional provisions
- Article 27
- Addressees, implementing measures and reporting to level 1
- ANNEX I
- HARMONISED CONDITIONS FOR PARTICIPATION IN TARGET
- PART I
- General terms and conditions
- Article 1
- Scope
- Article 2
- Appendices
- Article 3
- General description of TARGET
- Article 4
- Access criteria
- Article 5
- Application procedure
- Article 6
- Participants
- Article 7
- Access to a participant’s account by entities other than the participant
- Article 8
- Billing
- Article 9
- Billing Groups
- Article 10
- Obligations of the [insert name of CB] and the participant
- Article 11
- Cooperation and information exchange
- Article 12
- Remuneration of Accounts
- Article 13
- Management of Accounts
- Article 14
- Minimum reserves
- Article 15
- Floor and ceiling amounts
- Article 16
- Account monitoring group
- Article 17
- Acceptance and rejection of cash transfer orders
- Article 18
- Entry of cash transfer orders into the system and their irrevocability
- Article 19
- Business continuity and contingency procedures
- Article 20
- Security requirements
- Article 21
- Compensation Scheme
- Article 22
- Liability regime
- Article 23
- Evidence
- Article 24
- Duration and ordinary termination of participation and closure of accounts
- Article 25
- Suspension and extraordinary termination of participation
- Article 26
- Closure of TARGET accounts by [insert name of CB] on termination of participation
- Article 27
- The [insert name of CB]’s rights of pledge and set-off
- Article 28
- Confidentiality
- Article 29
- Data protection, prevention of money laundering, administrative or restrictive measures and related issues
- Article 30
- Notices
- Article 31
- Contractual relationship with an NSP
- Article 32
- Amendment procedure
- Article 33
- Third party rights
- Article 34
- Governing law, jurisdiction and place of performance
- Article 35
- Severability
- Article 36
- Entry into force and binding nature
- PART II
- Special terms and conditions for main cash accounts (MCAS)
- Article 1
- Opening and management of an MCA
- Article 2
- Co-management of an MCA
- Article 3
- MCA liquidity transfer group
- Article 4
- Transactions processed via an MCA
- Article 5
- Liquidity transfer orders
- Article 6
- Rule-based liquidity transfer orders
- Article 7
- Processing of cash transfer orders
- Article 8
- Liquidity reservation orders
- Article 9
- Processing of cash transfer orders in the event of suspension or termination
- Article 10
- Entities eligible for intraday credit
- Article 11
- Eligible collateral for intraday credit
- Article 12
- Credit extension procedure for intraday credit
- Article 13
- Suspension, limitation or termination of intraday credit
- PART III
- Special terms and conditions for real-time gross settlement dedicated cash accounts (RTGS DCAs)
- Article 1
- Opening and management of an RTGS DCA
- Article 2
- Addressable BIC holders
- Article 3
- Multi-addressee access
- Article 4
- RTGS liquidity transfer group
- Article 5
- Transactions processed on an RTGS DCA and its sub-accounts
- Article 6
- Liquidity transfer orders
- Article 7
- Rule-based liquidity transfer orders
- Article 8
- Priority rules
- Article 9
- Processing of cash transfer orders on RTGS DCAs
- Article 10
- Queue management and settlement optimisation
- Article 11
- Liquidity reservation orders
- Article 12
- Recall request and answer
- Article 13
- RTGS directory
- Article 14
- Processing of cash transfer orders in the event of suspension or termination
- Article 15
- Debit limits
- Article 16
- Participants’ instructions with regard to settlement times
- Article 17
- Payment orders submitted in advance
- Article 18
- Direct debit
- Article 19
- Back-up payment functionality
- Article 20
- Security rights in relation to funds on sub-accounts
- PART IV
- Special terms and conditions for TARGET2-securities dedicated cash accounts (T2S DCAs)
- Article 1
- Opening and management of a T2S DCA
- Article 2
- Links between securities accounts and T2S DCAs
- Article 3
- Transactions processed on T2S DCAs
- Article 4
- Liquidity transfer orders
- Article 5
- Reservation and blocking of liquidity
- Article 6
- Processing of liquidity transfer orders on T2S DCAs
- Article 7
- Processing of cash transfer orders in the event of suspension or termination
- Article 8
- Eligible entities for auto-collateralisation facilities
- Article 9
- Eligible collateral for auto-collateralisation operations
- Article 10
- Credit provision and recovery procedure
- Article 11
- Suspension, limitation or termination of auto-collateralisation facilities
- PART V
- Special terms and conditions for TARGET instant payment settlement (TIPS) dedicated cash accounts (TIPS DCAs)
- Article 1
- Opening and management of a TIPS DCA
- Article 2
- Sending and receiving messages
- Article 3
- Reachable parties
- Article 4
- Transactions processed on TIPS DCAs
- Article 5
- Immediate liquidity transfer orders
- Article 6
- Processing of cash transfer orders on TIPS DCAs
- Article 7
- Recall request
- Article 8
- TIPS directory
- Article 9
- MPL repository
- Article 10
- Processing of cash transfer orders in the event of suspension or extraordinary termination
- PART VI
- Special terms and conditions for ancillary systems (AS) using real-time gross settlement ancillary system (RTGS AS) settlement procedures
- Article 1
- Opening and Management of AS technical accounts and use of RTGS AS settlement procedures
- Article 2
- Priority of AS transfer orders
- Article 3
- RTGS AS settlement procedure A
- Article 4
- RTGS AS settlement procedure B
- Article 5
- RTGS AS settlement procedure C
- Article 6
- RTGS AS settlement procedure D
- Article 7
- RTGS AS settlement procedure E
- Article 8
- Information period and settlement period
- Article 9
- Cross system settlement
- Article 10
- Effect of suspension or termination
- PART VII
- Special terms and conditions for ancillary systems using the TARGET instant payment settlement (TIPS) ancillary system settlement procedure (TIPS AS settlement procedure)
- Article 1
- Opening and management of a TIPS AS technical account
- Article 2
- Sending and receiving messages
- Article 3
- Immediate liquidity transfer orders
- Article 4
- Processing of cash transfer orders on TIPS AS technical accounts
- Article 5
- Recall request
- Article 6
- TIPS AS settlement procedure
- Article 7
- Reachable parties via a TIPS AS technical account
- Article 8
- Transactions processed on TIPS AS technical accounts
- Article 9
- TIPS directory
- Article 10
- MPL repository
- Article 11
- Processing of cash transfer orders in the event of suspension or extraordinary termination
- APPENDIX I
- TECHNICAL SPECIFICATIONS FOR THE PROCESSING OF CASH TRANSFER ORDERS
- 1.
- Testing requirements for participation in TARGET-[insert CB/country reference]
- 2.
- Account numbers
- 3.
- Messaging rules in TARGET
- 4.
- Message types processed in TARGET
- 5.
- Double-entry check
- 6.
- Validation rules and error codes
- 7.
- Predetermined settlement times and events
- RTGS DCAs
- T2S DCAs
- 8.
- Offsetting of cash transfer orders on RTGS DCAs
- 9.
- Optimisation algorithms on RTGS DCAs and sub-accounts
- 10.
- Connectivity
- 11.
- The UDFS and the User Handbook
- APPENDIX II
- TARGET COMPENSATION SCHEME
- 1.
- General principles
- 2.
- Conditions for compensation offers
- 3.
- Calculation of compensation
- 4.
- Procedural rules
- APPENDIX III
- TERMS OF REFERENCE FOR CAPACITY AND COUNTRY OPINIONS
- Terms of reference for capacity opinions for participants in TARGET
- Participation in the [name of the system]
- I. DOCUMENTS EXAMINED
- II. ASSUMPTIONS
- III. OPINIONS REGARDING THE PARTICIPANT
- Terms of reference for country opinions for non-EEA participants in TARGET
- 1. DOCUMENTS EXAMINED
- 2. ASSUMPTIONS
- 3. OPINION
- 3.1.
- Country-specific legal aspects [to the extent applicable]
- 3.2.
- General insolvency issues
- 3.2.a.
- Types of insolvency proceedings
- 3.2.b.
- Insolvency treaties
- 3.3.
- Enforceability of System Documents
- 3.3.a.
- Processing of Cash transfer orders
- 3.3.b.
- Authority of the [insert name of CB] to perform its functions
- 3.3.c.
- Remedies in the event of default
- 3.3.d.
- Suspension and termination
- 3.3.e.
- Penalty regime
- 3.3.f.
- Assignment of rights and obligations
- 3.3.g.
- Choice of governing law and jurisdiction
- 3.4.
- Voidable preferences
- 3.5.
- Attachment
- 3.6.
- Collateral [if applicable]
- 3.6.a.
- Assignment of rights or deposit of assets for collateral purposes, pledge and/or repo
- 3.6.b.
- Priority of assignees’, pledgees’ or repo purchasers’ interest over that of other claimants
- 3.6.c.
- Enforcing title to security
- 3.6.d.
- Form and registration requirements
- 3.7.
- Branches [to the extent applicable]
- 3.7.a.
- Opinion applies to action through branches
- 3.7.b.
- Conformity with law
- 3.7.c.
- Required authorisations
- APPENDIX IV
- BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES
- 1. GENERAL PROVISIONS
- 1.1.
- Measures of business continuity and contingency processing
- 1.2.
- Incident communication
- 1.3.
- Change of operating hours
- 1.4.
- Other provisions
- 2. BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES (RTGS DCA AND RTGS AS SETTLEMENT PROCEDURES)
- 2.1.
- Relocation of the operation of TARGET to an alternative site
- 2.2.
- Change of operating hours
- 2.3.
- Contingency processing
- 2.4.
- Failures linked to participants
- 3. BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES (MCA)
- 3.1.
- Relocation of the operation of TARGET to an alternative site
- 3.2.
- Contingency processing
- 3.3.
- Failures linked to participants
- 4. BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES (T2S DCA)
- 4.1.
- Relocation of the operation of TARGET to an alternative site
- 4.2.
- Failures linked to participants
- APPENDIX V
- TARGET OPERATING SCHEDULE
- List of abbreviations and notes to this table:
- APPENDIX VI
- FEE SCHEDULE
- 1. GENERAL
- 2. FEES FOR MCA HOLDERS
- 3. FEES FOR RTGS DCA HOLDERS
- 4. FEES FOR AS USING RTGS AS SETTLEMENT PROCEDURES
- 5. FEES FOR T2S DCA HOLDERS
- 6. FEES FOR TIPS DCA HOLDERS
- 7. FEES FOR AS USING TIPS AS SETTLEMENT PROCEDURE
- APPENDIX VII
- REQUIREMENTS REGARDING INFORMATION SECURITY MANAGEMENT AND BUSINESS CONTINUITY MANAGEMENT
- MCA HOLDERS, T2S DCA HOLDERS AND TIPS DCA HOLDERS
- RTGS DCA HOLDERS AND AS
- 1.
- Information security management
- Requirement 1.1: Information security policy
- Requirement 1.2: Internal organisation
- Requirement 1.3: External parties
- Requirement 1.4: Asset management
- Requirement 1.5: Information assets classification
- Requirement 1.6: Human resources security
- Requirement 1.7: Physical and environmental security
- Requirement 1.8: Operations management
- Requirement 1.9: Access control
- Requirement 1.10: Information systems acquisition, development and maintenance
- Requirement 1.11: Information security in supplier
- (3)
- relationships
- Requirement 1.12: Management of information security incidents and improvements
- Requirement 1.13: Technical compliance review
- Requirement 1.14: Virtualisation
- Requirement 1.15: Cloud computing
- 2.
- Business Continuity Management
- Requirement 2.1:
- Requirement 2.2:
- Requirement 2.3:
- Requirement 2.4:
- Requirement 2.5:
- Requirement 2.6:
- ANNEX II
- TARGET GOVERNANCE ARRANGEMENTS
- ANNEX III
- DEFINITIONS
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