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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from T2S provided that the T2S DCA holder has designated the relevant securities account(s), as referred to in Article 2; b) liquidity transfer orders to an RTGS DCA, a TIPS DCA or an MCA; c) liquidity transfer orders between T2S DCAs belonging to the same participant or in respect of which the same MCA has been designated pursuant to Article 1(3); d) cash transfer orders between the T2S DCA and the T2S DCA of the ECB in the particular context of Article 10(2) and (3). 2. Corporate actions payments may be processed via a T2S DCA. Article 4 Liquidity transfer orders A T2S DCA holder may submit liquidity transfer orders 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 (i) a transfer of a specified transfer amount or (ii) a transfer to reduce the balance of the T2S DCA to a predefined level with the amount of the reduction being transferred to an RTGS DCA, a TIPS DCA or an MCA, on the occurrence of a predefined event each business day. c) a predefined liquidity transfer order, which shall be an instruction for the single execution of (i) a transfer of a specified transfer amount or (ii) a transfer to reduce the balance of the T2S DCA to a predefined level with the amount of the reduction being transferred to an RTGS DCA, a TIPS DCA or an MCA, on the occurrence of a predefined event each business day. Article 5 Reservation and blocking of liquidity 1. Participants may reserve or block liquidity on their T2S DCAs. This does not constitute a settlement guarantee vis-à-vis any third party. 2. By requesting to reserve or block an amount of liquidity, a participant instructs the ECB to decrease the available liquidity by this amount. 3. A reservation request is an instruction by which, if the available liquidity is equal to or higher than the amount to be reserved, the reservation is processed. If the available liquidity is lower, it is reserved and the shortfall may be met by incoming liquidity until the full amount of the reservation is available. 4. A blocking request is an instruction by which, if the available liquidity is equal to or higher than the amount to be blocked, the blocking request is processed. If the available liquidity is lower, no amount is blocked and the blocking request is resubmitted, until the full amount of the blocking request can be met by available liquidity. 5. The participant may at any time during the business day on which a request to reserve or block liquidity has been processed, instruct the ECB to cancel the reservation or blocking. Partial cancellation shall not be permitted. 6. All requests for reservation or blocking of liquidity under this article shall expire at the end of the business day. Article 6 Processing of liquidity transfer orders on T2S DCAs 1. A timestamp for the processing of liquidity transfer orders is allocated in the sequence of their receipt. 2. All liquidity transfer orders submitted to TARGET-ECB shall be processed following the ‘first in, first out‘ (FIFO) principle without prioritisation or reordering. 3. After a liquidity transfer order to a TIPS DCA, an MCA, an RTGS DCA or a T2S DCA has been accepted as set out in Part I, Article 16, the TARGET-ECB shall check if sufficient funds are available on the payer’s T2S DCA to effect settlement. If sufficient funds are available, the liquidity transfer order shall be settled immediately. If sufficient funds are not available, the following shall apply: a) in the case of an immediate liquidity transfer order, the order shall be rejected without partial settlement or any further attempt to settle unless these are initiated by a third party as designated in accordance with Part I, Article 7, in which case they shall be partially settled without any further attempt to settle; b) in the case of a predefined or standing liquidity transfer order, the order shall be partially settled without any further attempt to settle. Article 7 Processing of cash transfer orders in the event of suspension or termination 1. Upon termination of a T2S DCA holder’s participation in TARGET-ECB, the ECB shall not accept any new cash transfer orders from that T2S DCA holder. 2. If a T2S DCA holder 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 T2S DCA and only submit them for settlement after they have been explicitly accepted by the suspended T2S DCA holder’s CB. 3. If a T2S DCA holder is suspended from TARGET- ECB on the grounds specified in Part I, Article 24(1), point (a), any outgoing cash transfer orders from that T2S holder’s T2S DCA shall only be processed on the instructions of its representatives, including those appointed by a competent authority or a court, such as the T2S DCA holder’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 8 No auto-collateralisation No auto-collateralistion is provided to participants in TARGET-ECB. 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 1. The ECB shall on the request of an MCA holder open and operate one or more TIPS DCAs. 2. There shall be no debit balance on a TIPS DCA. ▼M4 3. If the TIPS DCA holder exercises its option to accept TIPS OLO credit transfer orders, it shall inform the ECB accordingly. ▼B Article 2 Sending and receiving messages 1. A TIPS DCA holder may send messages: a) directly, and/or b) via one or more instructing parties. 2. A TIPS DCA holder shall receive messages: a) directly; or b) via one instructing party. 3. Part I, Article 7 shall apply to a TIPS DCA holder that sends or receives messages via an instructing party as though that TIPS DCA holder sends or receives messages directly. Article 3 Reachable parties ▼M4 1. A TIPS DCA holder may designate one or more reachable parties and shall inform the ECB if any of these reachable parties accept TIPS OLO credit transfer orders. Reachable parties shall have adhered to the SCT Inst scheme by signing the SEPA Instant Credit Transfer Adherence Agreement. ▼B 2. A TIPS DCA holder shall provide evidence to the ECB of each designated reachable party’s adherence to the SCT Inst scheme. 3. A TIPS DCA holder shall inform the ECB if any designated reachable party no longer adheres to the SCT Inst scheme and shall, without undue delay, take steps to prevent the reachable party from accessing the TIPS DCA. 4. A TIPS DCA holder may allow its designated reachable parties access via one or more instructing parties. 5. Part I, Article 7 shall apply to TIPS DCA holders that designate reachable parties. 6. A TIPS DCA holder that has designated a reachable party shall ensure that at all times that reachable party is available for the purpose of receiving messages. Article 4 Transactions processed on TIPS DCAs 1. The following transactions shall be processed via a TIPS DCA in TARGET-ECB: a) instant payment orders; ▼M4 aa) TIPS OLO credit transfer orders; ▼B b) positive recall answers; c) liquidity transfer orders to TIPS AS technical Accounts, MCAs, T2S DCAs or RTGS DCAs; d) liquidity transfer orders to sub-accounts; e) Liquidity transfer orders to overnight deposit accounts. Article 5 Immediate liquidity transfer orders A TIPS DCA holder may submit immediate liquidity transfer orders. Article 6 Processing of cash transfer orders on TIPS DCAs 1. A timestamp for the processing of cash transfer orders is allocated in the sequence of their receipt. 2. All cash transfer orders submitted to TARGET-ECB shall be processed following the ‘first in, first out‘ (FIFO) principle without prioritisation or reordering. ▼M4 3. After an instant payment order or TIPS OLO credit transfer order has been accepted as set out in Part I, Article 16, TARGET-ECB shall check if sufficient funds are available on the payer’s TIPS DCA to effect settlement and the following shall apply: a) if sufficient funds are not available, the instant payment order or TIPS OLO credit transfer order shall be rejected; b) 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 of an instant payment order or a TIPS OLO credit transfer order, the order shall be settled and the reservation shall be simultaneously lifted. In the event of rejection by the payee of an instant payment order or a TIPS OLO credit transfer order, or the absence of a timely response, within the meaning of the SCT Inst scheme for the former and the TIPS User Detailed Functional Specifications (UDFS) for the latter, the instant payment order or the TIPS OLO credit transfer order shall be rejected and the reservation shall be simultaneously lifted. ▼B 4. Funds reserved in accordance with paragraph 3(b) shall not be available for the settlement of subsequent cash transfer orders. ▼M4 5. Without prejudice to paragraph 3, point (b), the ECB shall reject an instant payment order or TIPS OLO credit transfer order if the amount of the instant payment order or TIPS OLO credit transfer order exceeds any applicable credit memorandum balance (CMB). ▼B 6. After an immediate liquidity transfer order has been accepted as set out in Part I, Article 16, TARGET-ECB shall check if sufficient funds are available on the payer’s TIPS DCA. If sufficient funds are not available the liquidity transfer order shall be rejected. 7. After a positive recall answer has been accepted as set out in Part I, Article 16, TARGET- ECB shall check if sufficient funds are available on the TIPS DCA to be debited. If sufficient funds are not available the positive recall answer shall be rejected. If sufficient funds are available the positive recall answer shall be settled immediately. 8. Without prejudice to paragraph 7, TARGET-ECB shall reject positive recall answers if the amount of the positive recall answer exceeds any applicable CMB. Article 7 Recall request 1. A TIPS DCA holder may submit a recall request. 2. The recall request shall be forwarded to the payee of the settled instant payment order which may answer with a positive or a negative recall answer. ▼M5 Article 7a Rule-based liquidity transfer orders 1. A TIPS DCA holder may specify a floor and/or a ceiling amount for its TIPS DCA. 2. By setting a ceiling and opting for a rule-based liquidity transfer order, if, following the settlement of an instant payment order, a positive recall answer or a liquidity transfer order, the ceiling is breached, the TIPS DCA holder instructs the ECB to execute a rule-based liquidity transfer order that credits an MCA designated by that TIPS DCA holder. The credited MCA may belong to another participant in TARGET-[insert CB/country reference] or in another TARGET component system. 3. By setting a floor and opting for a rule-based liquidity transfer order, if, following the settlement of an instant payment order, a positive recall answer or a liquidity transfer order, the floor is breached, a rule-based liquidity transfer order is initiated that debits an MCA authorised by the MCA holder. The debited MCA may belong to another participant in TARGET-[insert CB/country reference] or in another TARGET component system. The holder of the debited MCA must authorise its MCA to be debited in this manner. ▼B Article 8 TIPS directory ▼M4 1. The TIPS directory is a list of BICs used for the purpose of routing information and comprises the BICs of: a) TIPS DCA holders; b) reachable parties. The TIPS directory shall include information for each BIC as to whether the TIPS DCA holder or reachable party accepts TIPS OLO credit transfer orders. ▼B 2. The TIPS directory shall be updated daily. 3. TIPS DCA holders may only distribute the TIPS directory to their branches, their designated reachable parties and their instructing parties. Reachable parties may only distribute the TIPS directory to their branches. 4. A specific BIC shall only appear once in the TIPS directory. 5. TIPS DCA holders acknowledge that the ECB and other CBs may publish their names and BICs. In addition, the ECB and other CBs may publish names and BICs of reachable parties designated by TIPS DCA holders and TIPS DCA holders shall ensure that reachable parties have agreed to such publication. Article 9 MPL repository 1. The central Mobile Proxy Lookup (MPL) repository contains the proxy — IBAN mapping table for the purposes of the MPL service. 2. Each proxy may be linked to only one IBAN. An IBAN may be linked to one or multiple proxies. 3. Part I, Article 27 shall apply to the data contained in the MPL repository. Article 10 Processing of cash transfer orders in the event of suspension or extraordinary termination 1. Upon termination of a TIPS DCA holder’s participation in TARGET-ECB, the ECB shall not accept any new cash transfer orders to or from that TIPS DCA holder. 2. If a TIPS DCA holder’s participation in TARGET-ECB is suspended on grounds other than those specified in Part I, Article 24(1), point (a), the ECB shall: a) reject all of its incoming cash transfer orders; b) reject all of its outgoing cash transfer orders; or c) reject both its incoming and outgoing cash transfer orders. 3. If a TIPS DCA holder’s participation in TARGET-ECB is suspended on the grounds specified in Part I, Article 24(1), point (a), the ECB shall reject all of its incoming and outgoing cash transfer orders. ▼M4 4. The ECB shall process instant payment orders and TIPS OLO credit transfer orders of a TIPS DCA holder whose participation in TARGET-ECB has been suspended or terminated under Part I, Article 24(1) or (2) and in relation to which the ECB has reserved funds on a TIPS DCA pursuant to Part V, Article 6(3), point (b), prior to the suspension or termination. ▼M4 Article 11 Broadcast messages 1. TIPS DCA holders may use the broadcast message function offered by TIPS, which allows a TIPS DCA holder or a TIPS AS technical account holder to send a message to all other TIPS DCA holders and TIPS AS technical account holders, to send broadcast messages in the following categories: a) ‘Immediate downtime start’; b) ‘Immediate downtime end’; c) ‘Planned downtime’. 2. TIPS DCA holders shall not send ‘free text messages’ or ‘insolvency messages’. The TIPS DCA holder making use of the broadcast facility retains sole responsibility and liability for the content of any message. ▼B 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 1. The ECB may on the request of an AS open and operate one or more RTGS AS technical accounts to support RTGS AS settlement procedures. 2. There shall be no debit balance on an RTGS AS technical account. 3. RTGS AS technical accounts shall not be published in the RTGS directory. 4. The AS shall select at least one of the following settlement procedures for the purposes of processing AS transfer orders: a) RTGS AS settlement procedure A; b) RTGS AS settlement procedure B; c) RTGS AS settlement procedure C; d) RTGS AS settlement procedure D; e) RTGS AS settlement procedure E. 5. The rules set out in Articles 3, 4, 5, 6 and 7 shall apply to RTGS AS settlement procedures A, B, C, D and E, respectively. 6. The RTGS AS settlement procedures shall be operational during the times set out in Appendix V. 7. The AS shall request the ECB to create a settlement bank account group. 8. The AS shall only send AS transfer orders to accounts included in the settlement bank account group referred to in paragraph 7. Article 2 Priority of AS transfer orders All AS transfer orders shall automatically be assigned the priority ‘urgent‘. Article 3 RTGS AS settlement procedure A 1. The AS shall request a dedicated RTGS AS technical account to support the processing of AS transfer orders using settlement procedure A. The balance on such account shall be zero at the end of the day. 2. The AS may request the opening of an AS guarantee fund account to support settlement in connection with the ‘settlement period‘ service. The balances on the AS guarantee fund account shall be used to settle AS transfer orders in the event that there is insufficient available liquidity on a settlement bank’s RTGS DCA. The AS guarantee fund account may be held by the ECB, the AS or an eligible participant. The AS guarantee fund account shall not be published in the RTGS directory. 3. The AS shall submit AS transfer orders as a batch in a single file in which the sum of debits must balance the sum of credits. 4. The ECB shall first attempt to settle AS transfer orders that debit the RTGS DCAs of settlement banks and crediting the AS’s RTGS AS technical account. Only upon settlement of all such AS transfer orders (including possible funding of the RTGS AS technical account from the AS guarantee fund account) the ECB shall attempt to settle AS transfer orders that debit the RTGS AS technical account and that credit the RTGS DCAs of settlement banks. 5. If an AS transfer order to debit a settlement bank’s RTGS DCA is queued, the ECB shall inform the settlement bank by means of a broadcast message. 6. If an AS guarantee fund account has been opened and a settlement bank has insufficient funds on its RTGS DCA, the AS may instruct the ECB to activate the guarantee fund mechanism by means of a request to debit the AS guarantee fund account and to credit the RTGS AS technical account. If the AS guarantee fund account does not have sufficient funds to complete settlement, the settlement process shall fail. 7. If the settlement process fails for any reason, including as referred to in paragraph 6, the ECB shall reject all unsettled AS transfer orders in the single file referred to in paragraph 3 and shall reverse any AS transfer orders that have already been settled. 8. The AS shall be notified on completion or failure of the settlement. 9. The AS may opt for the following services: a) the ‘information period‘ service, as referred to in Article 8(1); b) the ‘settlement period‘ service, as referred to in Article 8(3). Article 4 RTGS AS settlement procedure B 1. The AS shall request a dedicated RTGS AS technical account to support the processing of AS transfer orders using settlement procedure B. The balance on such account shall be zero at the end of day. 2. The AS may request the opening of an AS guarantee fund account to support settlement in connection with the ‘settlement period‘ service. The balances on the AS guarantee fund account shall be used to settle the AS transfer orders in the event that there is insufficient available liquidity on a settlement bank’s RTGS DCA. The AS guarantee fund account may be held by the ECB, the AS or an eligible participant. The AS guarantee fund account shall not be published in the RTGS directory. 3. The AS shall submit AS transfer orders as a batch in a single file in which the sum of debits must balance the sum of credits. 4. Settlement procedure B operates on an ‘all-or-nothing‘ basis. The ECB shall attempt to simultaneously settle all AS transfer orders that debit the RTGS DCAs of settlement banks and credit the AS’s RTGS AS technical account, and all AS transfer orders that debit the RTGS AS technical account and credit the RTGS DCAs of settlement banks. If one or more of the AS transfer orders cannot be settled, all AS transfer orders shall be queued and an optimisation algorithm shall be applied, and the settlement banks shall be informed. 5. If an AS guarantee fund account has been opened and a settlement bank has insufficient funds on its RTGS DCA, the AS may instruct the ECB to activate the guarantee fund mechanism by means of a request to debit the AS guarantee fund account and to credit the RTGS AS technical account. If the AS guarantee fund account does not have sufficient funds to complete settlement, the settlement process shall fail. 6. If the settlement process fails for any reason, including as referred to in paragraph 5, the ECB shall reject all unsettled AS transfer orders in the single file referred to in paragraph 3. 7. The AS shall be notified on completion or failure of the settlement. 8. The AS may opt for the following services: a) the ‘information period‘ service, as referred to in Article 8(1); b) the ‘settlement period‘ service, as referred to in Article 8(3). Article 5 RTGS AS settlement procedure C 1. Settlement procedure C supports settlement using dedicated liquidity on sub-accounts. The AS shall request a dedicated RTGS AS technical account to support the processing of AS transfer orders using settlement procedure C. The balance on such account shall be zero at the end of the day. This RTGS AS technical account may also be used to support the processing of AS transfer orders using settlement procedure E. 2. The AS shall ensure that each settlement