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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bank opens at least one sub-account that is only to be used by the AS for the purposes of this settlement procedure. 3. The ECB shall start a mandatory settlement procedure C automatically on each TARGET business day according to the schedule set out in Appendix V, that shall trigger the settlement of those standing liquidity transfer orders set up for mandatory settlement procedure C by debiting the RTGS DCAs of the settlement banks and crediting the sub-account referred to in paragraph 2. 4. Settlement procedure C shall close by means of an end-of-procedure message, which may be sent by the AS at any time prior to the cut-off time for interbank payments as set out in Appendix V. If the AS does not send the end-of-procedure message by that cut-off time, the ECB shall close the procedure at that cut-off time. 5. The closure of the mandatory settlement procedure C leads to an automatic transfer of liquidity from the sub-account referred to in paragraph 2 to the RTGS DCA. 6. If the mandatory settlement procedure C is closed, the AS may start an optional procedure at any time before the cut-off time for interbank payments as set out in Appendix V, that shall trigger the settlement of those standing liquidity transfer orders set up for optional settlement procedure C by debiting the settlement bank’s RTGS DCA and crediting its RTGS sub-account. The AS may start and close one or several successive optional procedures before the cut-off time for interbank payments. The closure of an optional settlement procedure C leads to an automatic transfer of liquidity from the sub-account referred to in paragraph 2 to the RTGS DCA. 7. The mandatory settlement procedure C and any subsequent optional settlement procedure C may consist of one or several cycles. 8. The AS may, at any time after the start of a mandatory or optional settlement procedure C, start a cycle by means of a ‘start-of-cycle‘ message. After the start of the cycle, liquidity transfers from the sub-account referred to in paragraph 2 may not be made until an ‘end-of-cycle‘ message is sent by the AS. The balance can be changed during the cycle as a result of cross-system settlement payments or if a settlement bank transfers liquidity to its sub-account. The ECB shall notify the AS of the reduction or increase of liquidity on the sub-account as a result of cross-system settlement payments. If the AS so requests, the ECB shall also notify it of the increased liquidity on the sub-account as a result of liquidity transfer orders by the settlement bank. 9. The AS may submit AS transfer orders as a batch in one or several files while the cycle is open. The cash transfer orders may be for any of the following transactions: a) the debit of the sub-account of settlement banks and credit of the RTGS AS technical account; b) the debit of the RTGS AS technical account and credit of the sub-accounts of settlement banks; c) the debit of the RTGS AS technical account and credit of the RTGS DCAs of settlement banks. 10. The ECB shall immediately settle those AS transfer orders that can be settled. AS transfer orders that cannot be settled immediately shall be queued and an optimisation algorithm shall be applied. Any AS transfer orders which remain unsettled at the time the cycle is closed shall be rejected. 11. The AS shall be notified at the latest by the end of the cycle of the status of the individual AS transfer orders. Article 6 RTGS AS settlement procedure D 1. RTGS AS Settlement procedure D supports settlement with the use of pre-funding. The AS shall request a dedicated RTGS AS technical account to support the processing of AS transfer orders using settlement procedure D. 2. The RTGS AS technical accounts shall only have a zero balance or a positive balance. Liquidity may remain on the RTGS AS technical account overnight whereupon it will be subject to remuneration as set out in Part I, Article 12(2). 3. The ECB shall notify the AS of liquidity transfers debiting the RTGS DCAs of the settlement banks and crediting the RTGS AS technical account. These liquidity transfers may be made on each TARGET business day according to the schedule set out in Appendix V. The AS may input immediate liquidity transfer orders that debit the RTGS AS technical account and credit the RTGS DCAs of the settlement banks. Article 7 RTGS AS settlement procedure E 1. RTGS AS Settlement procedure E supports bilateral settlement and the individual processing of AS transfer orders. The AS may use Settlement Procedure E without an RTGS AS technical account for bilateral settlement. The AS shall request an RTGS AS technical account to support the processing of AS transfer orders using settlement procedure E if it opts for the individual processing of AS transfer orders. The balance on this RTGS AS technical account shall be zero at the end of the day. This RTGS AS technical account may also be used for settlement procedure C. 2. The AS may submit AS transfer orders as a batch in one or several files between: a) the RTGS DCAs of the settlement banks and the RTGS AS technical account if used; and b) the RTGS DCAs of the settlement banks. The AS shall be responsible for ensuring the correct sequencing of AS transfer orders in the file to ensure smooth settlement. 3. The ECB shall settle immediately those AS transfer orders that can be settled. AS transfer orders that cannot be settled immediately shall be queued. If an AS transfer order to debit a settlement bank’s RTGS DCA is queued, the settlement bank shall be informed via a broadcast message. 4. 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). 5. The AS shall be notified of the status of the individual AS transfer orders submitted. Article 8 Information period and settlement period 1. The ‘information period‘ service allows the AS to inform its settlement banks of the liquidity needed to ensure successful settlement. This optional service allows the AS to define a period before the start of the settlement of the AS transfer orders. During that period, and at the request of the settlement bank, the AS may revoke either single AS transfer orders (for RTGS AS settlement procedure E) or files (for RTGS AS settlement procedures A and B). The AS may also request the ECB to perform such revocation on its behalf. 2. In the event that an AS, or the ECB on its behalf, revokes single AS transfer orders (for RTGS AS settlement Procedure E) or files (for RTGS AS settlement procedures A and B) during the ‘information period‘, the processing of the AS transfer orders shall be cancelled. 3. The ‘settlement period‘ service allows the AS to define a period until which the settlement of the AS transfer orders can take place. This service is a prerequisite for the use of a guarantee fund account, and is optional for the use of AS technical accounts. 4. During the ‘settlement period‘ the AS, or the ECB on its behalf, may revoke either single AS transfer orders (for RTGS AS settlement procedure E) or files (for RTGS AS settlement procedures A and B) that do not have a final status and the following shall apply: a) if RTGS AS settlement procedure E is used for bilateral settlement, the relevant AS transfer orders shall be reversed; b) if RTGS AS settlement procedure E is not used for bilateral settlement, or if in RTGS AS settlement procedure A the entire settlement fails, any settled AS transfer orders in the file shall be reversed and all settlement banks and the AS shall be informed via a broadcast message. c) if RTGS AS settlement procedure B is used, the entire settlement fails and all settlement banks and the AS shall be informed via a broadcast message. Article 9 Cross system settlement 1. Cross-system settlement allows an AS to credit the RTGS AS technical account of another AS or sub-account of a settlement bank of another AS and is available for AS using RTGS AS settlement procedure C or D. 2. The ECB shall, on the request of the AS, allow cross-system settlement between that AS and another AS in TARGET-ECB or another TARGET component system. The requesting AS shall provide the ECB with the authorisation of the other AS. 3. A cross-system settlement may only be initiated if the two AS have opened a settlement procedure. Furthermore, if the cross-system settlement is initiated by an AS using RTGS AS settlement procedure C, a settlement cycle must also be open for that AS. 4. An AS using RTGS AS settlement procedure C in the context of cross-system settlement shall only submit AS transfer orders individually that debit the sub-account of one of its AS settlement banks. These AS transfer orders would credit the sub-account of the receiving AS settlement bank if that receiving AS is using RTGS AS settlement procedure C, or would credit the RTGS AS technical account of the receiving AS if that AS is using RTGS AS settlement procedure D. 5. An AS using RTGS AS settlement procedure D in the context of cross-system settlement shall only submit AS transfer orders individually that debit its RTGS AS technical account. These AS transfer orders would credit the sub-account of the receiving AS settlement bank if that receiving AS is using RTGS AS settlement procedure C, or would credit the RTGS AS technical account of the receiving AS if that AS is using RTGS AS settlement procedure D. Both AS using cross-system settlement shall be notified via a broadcast message of the settlement or rejection of the AS transfer orders. Article 10 Effect of suspension or termination If the suspension or termination of the use of the AS settlement procedures by an AS occurs during the settlement cycle of AS transfer orders, the ECB may complete the settlement cycle. PART VII Special terms and conditions for ancillary systems using the TARGET instant payment settlement (TIPS) ancillary system settlement procedure (TIPS AS settlement procedure) ▼M4 Article 1 Opening and management of a TIPS AS technical account 1. The ECB may on the request of an AS that settles instant payments pursuant to the SCT Inst scheme, TIPS OLO credit transfer orders or near instant payments in its own books, open and operate one or more TIPS AS technical accounts. If the TIPS AS technical account holder exercises its option to accept TIPS OLO credit transfer orders, it shall inform the ECB accordingly. 2. There shall be no debit balance on a TIPS AS technical account. 3. The ancillary system shall use a TIPS AS technical account to collect the necessary liquidity set aside by its clearing members to fund their positions. 4. The ancillary system may opt to receive notifications of the crediting and debiting of its TIPS AS technical account. If the ancillary system opts for this service, notification is provided immediately upon the debit or credit of the TIPS AS technical account. 5. An ancillary system may send instant payment orders and positive recall answers to any TIPS DCA holder or TIPS AS technical account holder, and it may send TIPS OLO credit transfer orders to any TIPS DCA holder or TIPS AS technical account holder which has opted to receive them. 6. An ancillary system shall receive and process instant payment orders, recall requests and positive recall answers from any TIPS DCA holder or TIPS AS technical account holder. If it has informed the ECB of the exercise of its option in accordance with paragraph 1, it shall accept TIPS OLO credit transfer orders from any TIPS DCA holder or TIPS AS technical account hold which has opted to send them. ▼B Article 2 Sending and receiving messages 1. A TIPS AS technical account holder may send messages: a) directly; b) via one or more instructing parties. 2. A TIPS AS technical account holder shall receive messages: a) directly; or b) via one instructing party. Article 7 of Part I shall apply to a TIPS AS technical account holder that sends or receives messages via an instructing party as though that TIPS AS technical holder sends or receives messages directly. Article 3 Immediate liquidity transfer orders A TIPS AS technical account holder may submit immediate liquidity transfer orders. Article 4 Processing of cash transfer orders on TIPS AS technical accounts 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(1), the ECB shall check if sufficient funds are available on the payer’s TIPS AS technical account 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 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(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 a liquidity transfer order from a TIPS AS technical account to a TIPS DCA has been accepted as set out in Part I, Article 17(1), the ECB shall check if sufficient funds are available on the payer’s TIPS AS technical account. If sufficient funds are not available the liquidity transfer order shall be rejected. If sufficient funds are available the liquidity transfer order shall be settled immediately. 7. After a positive recall answer has been accepted as set out in Part I, Article 17, the ECB shall check if sufficient funds are available on the TIPS AS technical account 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, the ECB shall reject positive recall answers if the amount of the positive recall answer exceeds any applicable CMB. Article 5 Recall request 1. A TIPS AS technical account holder may submit a recall request. ▼M4 2. The recall request shall be forwarded to the payee of the settled instant payment order or the TIPS OLO credit transfer order which may answer with a positive or negative recall answer. ▼B Article 6 TIPS AS settlement procedure The TIPS AS settlement procedure shall be operational during the times set out in Appendix V. Article 7 Reachable parties via a TIPS AS technical account ▼M2 1. A TIPS AS technical account holder may designate one or more reachable parties. Reachable parties shall have adhered to the SCT Inst scheme signing the SEPA Instant Credit Transfer Adherence Agreement and, if they are addressable in TARGET as RTGS DCA holders, addressable BIC holders or as entities referred to in Part III, Article 3(1), point (a) of Guideline (EU) 2022/912 (ECB/2022/8), having been authorised to use an RTGS DCA by way of multi-addressee access, they shall hold a TIPS DCA or be reachable via a TIPS DCA. ▼B 2. A TIPS AS technical account holder shall provide evidence to the ECB of each designated reachable party’s adherence to the SCT Inst scheme. 3. A TIPS AS technical account 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 AS technical account. 4. A TIPS AS technical account holder may allow its designated reachable parties access via one or more instructing parties. 5. Part I, Article 7 shall apply to an AS that has designated reachable parties. 6. A TIPS AS technical account holder that has designated a reachable party shall ensure that reachable party is at all times available for the purpose of receiving messages. Article 8 Transactions processed on TIPS AS technical accounts 1. The following transactions shall be processed via a TIPS AS technical account in TARGET-ECB: a) instant payment orders; b) positive recall answers; c) liquidity transfer orders to TIPS DCAs; ▼M4 d) TIPS OLO credit transfer orders. ▼B Article 9 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 AS technical account holders may only distribute the TIPS directory to 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 AS technical account holders acknowledge that the ECB and other CBs may publish names and BICs of reachable parties designated by the TIPS AS technical account holders and TIPS AS technical account holders shall ensure that reachable parties have agreed to such publication. Article 10 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 28 shall apply to the data contained in the MPL repository. Article 11 Processing of cash transfer orders in the event of suspension or extraordinary termination 1. Upon termination of a TIPS AS technical account holder’s participation in TARGET-ECB, the ECB shall not accept any new cash transfer orders to or from that TIPS AS technical account holder. 2. If a TIPS AS technical account holders‘ 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 AS Technical Account Holder’s participation in TARGET-ECB is suspended on the grounds specified in Part I, Article 24(1), point (a), the suspended TIPS AS technical account holder’s CB shall reject all of its incoming and outgoing sash transfer orders. ▼M4 4. The ECB shall process instant payment orders or TIPS OLO credit transfer orders of a TIPS AS technical account 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 AS technical account pursuant to Part VII, Article 4(3), point (b), prior to the suspension or termination. ▼M4 Article 12 Broadcast messages ▼M5 1. TIPS AS technical account 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”. ▼M4 2. TIPS AS technical account holders shall not send ‘free text messages’ or ‘insolvency messages’. The TIPS AS technical account holder making use of the broadcast facility retains sole responsibility and liability for the content of any message. ▼B APPENDIX I TECHNICAL SPECIFICATIONS FOR THE PROCESSING OF CASH TRANSFER ORDERS In addition to the Conditions, the following rules shall apply to the processing of cash transfer orders: 1. Testing requirements for participation in TARGET-ECB Each participant shall pass a series of tests to prove its technical and operational competence before it may participate in TARGET-ECB. 2. Account numbers Each participant’s account shall be identified by a unique account number of up to 34 characters made up of five sections as follows: Name No. of Characters Content Account type 1 M = MCA R = RTGS DCA C = T2S DCA I = TIPS DCA T = RTGS AS Technical account U = Sub-account A = TIPS AS Technical account G = AS Guarantee funds account D = Overnight deposit account X = Contingency Account Country Code of Central Bank 2 ISO Country code: 3166-1 Currency code 3 EUR BIC 11 Account holder BIC Account name Max. 17 Free text (1) (1) For sub-accounts this section must start with the 3-character AS code as defined by the central bank. 3. Messaging rules in TARGET a) Each participant shall comply with the message structure and field specifications, as defined in Part 3 of the relevant User Detailed Functional Specifications (UDFS). b) Business application headers shall be attached to all message types processed on MCAs, RTGS DCAs (including sub-accounts) RTGS AS technical accounts,