Beschluss (EU) 2022/911 der Europäischen Zentralbank vom 19. April 2022 zu den TARGET-EZB-Bedingungen und zur Aufhebung des Beschlusses EZB/2007/7 (EZB/2022/22)

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ticipant agrees that the ECB may disclose payment, technical or organisational information regarding the participant, participants from the same banking group or the participant’s customers, obtained in the course of the operation of TARGET-ECB to: a) other CBs or third parties that are involved in the operation of TARGET-ECB, to the extent that this is necessary for the efficient functioning of TARGET or the monitoring of the participant’s or its banking group’s exposure; b) other CBs in order to carry out the analyses necessary for market operations, monetary policy functions, financial stability or financial integration; or c) 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 that in all such cases the disclosure is not in conflict with applicable law. 4. The ECB shall not be liable for the financial and commercial consequences of disclosure made in accordance with paragraph 3. 5. By derogation from paragraph 1 and provided that this does not make it possible, whether directly or indirectly, to identify the participant or the participant’s customers, the ECB may use, disclose or publish payment information regarding the participant or the participant’s customers for statistical, historical, scientific or other purposes in the exercise of its public functions or of functions of other public entities to which the information is disclosed. 6. Information relating to the operation of TARGET-ECB to which participants have had access may only be used for the purposes laid down in these Conditions. Participants shall keep such information confidential, unless the ECB has explicitly given its written consent to disclose. Participants shall ensure that any third parties to whom they outsource, delegate or subcontract tasks which have or may have an impact on the performance of their obligations under these Conditions are bound by the confidentiality requirements in this Article. 7. The ECB shall be authorised, in order to settle cash transfer orders, to process and transfer the necessary data to the NSP. Article 28 Data protection, prevention of money laundering, administrative or restrictive measures and related issues 1. Participants shall be deemed to be aware of, shall comply with, and shall be able to demonstrate that compliance to the relevant competent authorities with all obligations on them relating to legislation on data protection. They shall be deemed to be aware of, and shall comply with all obligations on them relating to legislation on prevention of money laundering and the financing of terrorism, proliferation-sensitive nuclear activities and the development of nuclear weapons delivery systems, in particular in terms of implementing appropriate measures concerning any payments debited or credited on their TARGET accounts. Participants shall ensure that they are informed about their chosen NSP’s data retrieval policy prior to entering into the contractual relationship with the NSP. 2. Participants authorise the ECB to obtain any information relating to them from any financial or supervisory authority or trade body, whether national or foreign, if such information is necessary for the participant’s participation in TARGET-ECB. 3. 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 Article 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: a) when the ECB is the payment service provider of a participant that is a payer: i) 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; ii) the participant shall not enter any cash transfer order for the transfer of funds to an account held by an entity different than the participant, into TARGET 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; b) 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 ascribed to them in the applicable administrative or restrictive measures. Article 29 Notices 1. Except where otherwise provided for in these Conditions, all notices required or permitted pursuant to these Conditions shall be sent by registered post, facsimile or other electronic means if agreed bilaterally, or otherwise in writing. Notices to the ECB shall be submitted to the Director-General of the ECB’s Directorate-General Payment Systems and Market Infrastructure, at the European Central Bank, Sonnemannstrasse 22, 60314 Frankfurt am Main, Germany or to the BIC address of the ECB, ‘ECBFDEFF‘, or to the electronic means bilaterally agreed. Notices to the participant shall be sent to it at the address, facsimile number or other electronic means bilaterally agreedor its BIC address as the participant may from time to time notify to the ECB. 2. To prove that a notice has been sent, it shall be sufficient to prove that the notice was sent either physically or by electronic means to the relevant addressee. 3. All notices shall be given in English. 4. Participants shall be bound by all forms and documents of the ECB that the participants have filled in and/or signed, including but not limited to reference data collection forms, as referred to in Article 5(2), point (a), and information provided under Article 11(5), which were submitted in compliance with paragraphs 1 and 2 and which the ECB reasonably believes to have been received from the participants, their employees or agents. Article 30 Contractual relationship with a NSP 1. In order to send to or receive from TARGET instructions and messages, participants shall: a) conclude a contract with an NSP within the framework of the concession contract with that NSP in order to establish a technical connection to TARGET-ECB; or b) connect via another entity which has itself concluded a contract with an NSP within the framework of the concession contract with that NSP. ▼M2 1a. From 21 March 2026, participants that are considered critical by the ECB shall, in addition to the technical connection referred to in paragraph 1, establish a second technical connection for contingency purposes to TARGET-ECB through a second NSP in accordance with the modalities set out in paragraph 1. The second technical connection may be via the second NSP’s low volume user to application (U2A) access. ▼B 2. The legal relationship between a participant and the NSP shall be exclusively governed by the terms and conditions of the contract concluded between them. 3. The services to be provided by the NSP shall not form part of the services to be performed by the ECB in respect of TARGET. 4. The ECB shall not be liable for any acts, errors or omissions of the NSP (including its directors, staff and subcontractors), or for any acts, errors or omissions of third parties selected by participants to gain access to the NSP’s network. Article 31 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 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 TARGET-ECB and close any of its TARGET accounts. Article 32 Third party rights 1. Participants shall not transfer, pledge or assign any rights, interests, obligations, responsibilities or claims arising from or relating to these Conditions to any third party without the ECB’s written consent. 2. These Conditions do not create any rights in favour of or obligations in relation to any entity other than the ECB and participants in TARGET-ECB. Article 33 Governing law, jurisdiction and place of performance 1. The bilateral relationship between the ECB and participants in TARGET-ECB shall be governed by the law of the the Federal Republic of Germany. 2. Without prejudice to the competence of the Court of Justice of the European Union, any dispute arising from a matter relating to the relationship referred to in paragraph 1 falls under the exclusive competence of the competent courts of Frankfurt am Main, Germany. 3. The place of performance concerning the legal relationship between the ECB and the participants shall be Frankfurt am Main, Germany. 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 35 Entry into force and binding nature ▼M1 1. These Conditions become effective from20 March 2023. ▼B 2. By requesting to participate in TARGET- ECB, applicant participants automatically agree to these Conditions between themselves and in relation to the ECB. PART II Special terms and conditions for main cash accounts (MCAS) Article 1 Opening and management of an MCA 1. The ECB shall open and operate at least one MCA for each participant, except where the participant is an AS that only uses RTGS or TIPS AS settlement procedures, in which case the use of an MCA shall be at the discretion of the AS. 2. The primary MCA designated by the participant shall be used for the following purposes: a) remuneration as set out in Part I, Article 12, unless the participant has designated another participant in TARGET-ECB for that purpose; b) the granting of intraday credit, where applicable. 3. Any negative balance on a primary MCA shall not be lower than the credit line (if granted). There shall be no debit balance on an MCA that is not a primary MCA. Article 2 Co-management of an MCA 1. On the request of an MCA holder the ECBshall allow an MCA held by that MCA holder to be co-managed by one of the following: a) another MCA holder in TARGET- ECB; b) an MCA holder in another TARGET component system; If the MCA holder holds more than one MCA, each MCA held may be co-managed by a different comanager. The co-manager shall have the same rights and privileges in relation to an MCA that it co-manages as it has in relation to its own MCA. 2. The MCA holder shall provide the ECB with evidence of the consent of the co-manager to act in that capacity. ▼M2 3. An MCA holder acting as co-manager shall fulfil the obligations of the MCA holder of the co-managed MCA under Part I, Article 5(1), point (a), Part I, Article 10(4), and Part I, Article 30(1) and (1a). 4. The MCA holder of a co-managed MCA shall fulfil the obligations of a participant under Part I and Part II in respect of the co-managed MCA. In the event that the MCA holder does not have a direct technical connection to TARGET, Part I, Article 5(1), point (a), Part I, Article 10(4), and Part I, Article 30(1) and (1a) shall not apply. ▼B 5. Part I, Article 7 shall apply to an MCA holder that designates an entity to act as co-manager of an MCA holder’s MCA pursuant to this Article. 6. The MCA holder shall immediately notify the ECB if the co-manager ceases to act or the co-management arrangement between the MCA holder and the co-manager is terminated. Article 3 MCA liquidity transfer group 1. On the request of an MCA holder the ECB shall create an MCA liquidity transfer group, for the purpose of enabling the processing of MCA-to-MCA liquidity transfer orders. 2. On the request of an MCA holder the ECB shall add one of the MCA holder’s MCAs to or delete it from an existing MCA liquidity transfer group created in TARGET-ECB or another TARGET component system. The MCA holder shall inform all other MCA holders in that MCA liquidity transfer group before making such a request. Article 4 Transactions processed via an MCA 1. The following transactions shall be processed via an MCA in TARGET-ECB: a) central bank operations; b) liquidity transfer orders to and from overnight deposit accounts opened by the ECB in the name of the participant; c) liquidity transfer orders to another MCA within the same MCA liquidity transfer group; d) liquidity transfer orders to a T2S DCA, TIPS DCA or RTGS DCA, or to a sub-account thereof. Article 5 Liquidity transfer orders 1. An MCA holder may submit a liquidity transfer order as one of the following: a) an immediate liquidity transfer order, which shall be an instruction for execution immediately; b) a standing liquidity transfer order, which shall be an instruction for the recurring execution of the transfer of a specified amount on the occurrence of a predefined event each business day. Article 6 Rule-based liquidity transfer orders 1. An MCA holder may specify a floor and/or a ceiling amount for its MCA. 2. By setting a ceiling and opting for a rule-based liquidity transfer order, if, following the settlement of a payment order, the ceiling is breached, the MCA holder instructs the ECB to execute a rule-based liquidity transfer order that credits an RTGS DCA or another MCA within the same MCA liquidity transfer group designated by that MCA holder. The credited RTGS DCA or MCA may be in TARGET-ECB or another TARGET component system. 3. By setting a floor and opting for a rule-based liquidity transfer order, if, following the settlement of a payment order, the floor is breached, a rule-based liquidity transfer order is initiated which debits an RTGS DCA or another MCA within the same MCA liquidity transfer group designated by that MCA holder. The debited RTGS DCA or MCA may be in TARGET-ECB or another TARGET component system. The holder of the RTGS DCA or MCA to be debited must authorise its account to be debited in this manner. ▼M5 4. An MCA holder may authorise its MCA to be debited in the event that a floor is breached in one or more specified RTGS DCAs, TIPS DCAs or MCAs within the same liquidity transfer group in TARGET-ECB or another TARGET component system. By authorising its account to be debited, the MCA holder instructs the ECB to execute a rule-based liquidity transfer order that credits the RTGS DCA(s), TIPS DCA(s) or MCA(s) whenever the floor is breached. ▼B 5. An MCA holder may authorise its MCA to be debited in the event that there is insufficient liquidity on an RTGS DCA designated for the purpose of automated liquidity transfer orders under Part III, Article 1(5) and (6) to settle urgent payment orders, AS transfer orders or high priority payment orders. By authorising its account to be debited, the MCA holder instructs the ECB to execute a rulebased liquidity transfer order that credits its RTGS DCA. Article 7 Processing of cash transfer orders 1. Cash transfer orders, once accepted, shall settle immediately provided that there is available liquidity on the payer’s MCA. 2. In the event that there are insufficient funds on an MCA to effect settlement, the relevant rule as set out in points (a) to (e) shall apply depending on the type of cash transfer order. a) Payment order on the MCA: the instruction shall be rejected if it is initiated by the ECBand would trigger both a change in the participant’s line of intraday credit and a corresponding debit or credit of its MCA. All other instructions shall be queued. b) Immediate liquidity transfer order: the order shall be rejected without partial settlement or any further attempt to settle. c) Standing liquidity transfer order: the order shall be partially settled without any further attempt to settle. d) Rule-based liquidity transfer order: the order shall be partially settled without any further attempt to settle. e) Liquidity transfer order to an overnight deposit account: the order shall be rejected without partial settlement or any further attempt to settle. 3. All cash transfer orders in the queue shall be processed following the ‘first in, first out‘ (FIFO) principle without prioritisation or reordering. 4. Cash transfer orders in the queue at the end of the business day shall be rejected. Article 8 Liquidity reservation orders 1. An MCA holder may instruct the ECB to reserve a specified amount of liquidity on its MCA for the purpose of settling central bank operations or liquidity transfer orders to overnight deposit accounts using one of the following: a) a current liquidity reservation order that shall have immediate effect for the current TARGET business day; b) a standing liquidity reservation order to be carried out at the start of every TARGET business day. 2. In the event that the amount of unreserved liquidity is not sufficient to fulfil the current or standing liquidity reservation order, the ECB shall partially execute the reservation order. The ECB is instructed to execute further reservation orders until the outstanding amount to be reserved is reached. Pending reservation orders shall be rejected at the end of the business day. 3. Central bank operations shall be settled using the liquidity reserved as set out in paragraph 1 and other cash transfer orders shall only be settled using liquidity available after the amount reserved has been deducted. 4. Notwithstanding paragraph 3, in the event of insufficient unreserved liquidity on the MCA holder’s primary MCA for the purpose of decreasing the MCA holder’s line of intraday credit the ECBshall use the liquidity reserved. Article 9 Processing of cash transfer orders in the event of suspension or termination 1. Upon termination of a participant’s participation in TARGET-ECB, the ECB shall not accept any new cash transfer orders from that participant. Cash transfer orders in the queue, warehoused cash transfer orders or new cash transfer orders in favour of that participant shall be rejected. 2. If a participant is suspended from TARGET-ECB on grounds other than those specified in Part I, Article 24 (1), point (a), the ECB shall store all of that participant’s incoming and outgoing cash transfer orders on its MCA and only submit them for settlement after they have been explicitly accepted by the suspended participant’s CB. 3. If a participant is suspended from TARGET-ECB on the grounds specified in Part I, Article 24(1), point (a), any outgoing cash transfer orders from that participant’s MCA shall only be processed on the instructions of its representatives, including those appointed by a competent authority or a court, such as the participant’s insolvency administrator, or pursuant to an enforceable decision of a competent authority or a court providing instructions as to how the cash transfer orders are to be processed. All incoming cash transfer orders shall be processed in accordance with paragraph 2. Article 10 No intraday credit No intraday credit is provided to participants in TARGET-ECB. 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 1. The ECB shall on the request of an MCA holder open and operate one or more RTGS DCAs, and one or more sub-accounts if required for use for AS settlement. If the MCA holder has adhered to the SCT Inst scheme by signing the SEPA Instant Credit Transfer Adherence Agreement, the RTGS DCA(s) (and any sub-accounts) shall not be opened or operated unless the MCA holder is and remains reachable at all times, either as a TIPS DCA holder or as a reachable party via a TIPS DCA holder. 2. The ECB shall on the request of the holder of an account opened pursuant to paragraph 1 (RTGS DCA holder) add the RTGS DCA or its sub-account to a settlement bank account group for AS settlement. The RTGS DCA holder shall provide the ECB with any relevant documents, duly signed by that RTGS DCA holder and the AS. 3. There shall be no debit balance on an RTGS DCA or its sub-accounts. 4. Sub-accounts shall have a zero balance overnight. 5. An RTGS DCA holder shall designate one of its RTGS DCAs in TARGET-ECB for the purpose of processing automated liquidity transfer orders. By such designation the RTGS DCA holder instructs the ECB to execute an automated liquidity transfer that credits the MCA in the event that there are insufficient funds on its primary MCA for the settlement of payment orders that are central bank operations. 6. A participant holding two or more RTGS DCAs and two or more MCAs shall designate one of its RTGS DCAs in TARGET-ECB, which is not already designated to its primary MCA, for the purpose of processing automated liquidity transfer orders in the event that there are insufficient funds on one of its other MCAs for the settlement of payment orders that are central bank operations. Article 2 Addressable BIC holders 1. RTGS DCA holders that are entities as set out in Part I, Article 4 may only register as an addressable BIC holder, any BIC that belongs to the same legal entity. 2. An addressable BIC holder may submit cash transfer orders to and receive cash transfer orders via an RTGS DCA holder. 3. An addressable BIC holder may not be registered by more than one RTGS DCA holder. 4. Cash transfer orders submitted or cash transfers received by addressable BIC holders shall be deemed to have been submitted or received by the participant itself. 5.