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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eable 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 [assignees, pledgees or repo purchasers as applicable] 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 Cash transfer 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 Cash transfer 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 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] (1) Not yet published in the Official Journal. (2) Not yet published in the Official Journal. APPENDIX IV BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES 1. GENERAL PROVISIONS This Appendix sets out the arrangements between the ECB and participants, if TARGET or one or more of the NSPs fail or are affected by an abnormal external event, or if the failure affects any participant. All references to specific times in this Appendix are to the local time at the seat of the ECB. Provisions set out in this section 1 shall apply to MCAs, RTGS DCAs and their sub-accounts, RTGS AS technical accounts, T2S DCAs, TIPS DCAs and TIPS AS technical accounts. 1.1. Measures of business continuity and contingency processing a) In the event that an abnormal external event occurs and/or there is a failure of TARGET and/or there is a failure of one or more NSPs which affects the normal operation of TARGET, the ECB shall be entitled to adopt business continuity and contingency processing measures. b) The following main business continuity and contingency processing measures shall be available in TARGET: i) relocating the operation of TARGET to an alternative site; ii) changing the TARGET operating schedule. c) In relation to business continuity and contingency processing measures, the ECB shall have full discretion regarding whether and which measures are adopted. 1.2. Incident communication If an event described under paragraph 1.1(a) occurs, this shall be communicated to participants via the ECB’s website, if available, through the GUI(s) and, if applicable via domestic communication channels. In particular, communications to participants shall include the following information: i) a description of the event and its impact on TARGET; ii) the time at which resolution of the event is expected (if known); iii) information on the measures already taken (if any); iv) the advice to participants (if any); v) the timestamp of the communication and indication of when an update will be provided. 1.3. Change of operating hours a) When changing the TARGET operating schedule as provided for in Part I, Article 18(2) of these Conditions, the ECB may delay the cut off times of TARGET for a given business day or delay the start of the following business day, or change the timing of any other event listed in Appendix V. b) The cut off times of TARGET for a given business day may be delayed if a TARGET failure has occurred during that day but has been resolved before 18:00. Such a closing time delay should not normally exceed two hours and shall be announced as early as possible to participants. c) Once a delay of the cut off times of TARGET is announced, it may be further delayed but may not be withdrawn. 1.4. Other provisions a) In the event of a failure of the ECB, some or all of its technical functions in relation to TARGET-[insert CB/country reference] may be performed by other Eurosystem CBs or by the Level 3 NCBs on its behalf. b) 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. 2. BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES (RTGS DCA AND RTGS AS SETTLEMENT PROCEDURES) In addition to the provisions set out in section 1, the provisions set out in this section 2 shall apply specifically to RTGS DCA holders and AS that make use of the RTGS AS settlement procedures. 2.1. Relocation of the operation of TARGET to an alternative site a) The relocation of the operation of TARGET to an alternative site, as referred to in paragraph 1.1(b)(i), may be to a place within the same region or in another region. b) In the event that the operation of TARGET is relocated to another region, the participants shall: (i) refrain from sending new cash transfer orders to TARGET; (ii) at the request of the ECB perform a reconciliation; (iii) resubmit any cash transfer orders identified as missing; and (iv) provide the ECB with all relevant information in this respect. c) The ECB may take any further actions including debiting and crediting participants‘ accounts in order to return those participants‘ accounts to their status prior to the relocation. 2.2. Change of operating hours a) If the ECB delays the closing of TARGET as provided for in paragraph 1.3 before 16:50, the minimum period of one hour between the cut-off time for customer and interbank payment orders should normally remain in place. b) AS shall have established means to cope with cases where the reopening time is delayed due to a TARGET failure on the previous day. 2.3. Contingency processing a) If it deems it necessary to do so, the ECB shall initiate the contingency processing of cash transfer orders using the Contingency Solution of TARGET or other means. In such cases, contingency processing shall be provided on a best efforts basis. The ECB shall inform its participants of the start of contingency processing via any available means of communication. b) In contingency processing using the Contingency Solution of TARGET, cash transfer orders shall be submitted by the RTGS DCA holders and authorised by the ECB. The ECB may, exceptionally, also manually input cash transfer orders on behalf of participants. In addition, the AS may submit files containing payment instructions under RTGS AS settlement procedure A, which the AS authorises the ECB to upload into the Contingency Solution. c) The following cash transfer orders shall be considered as ‘very critical‘ and the ECB shall use best efforts to process them in a contingency without undue delay: i) payments related to the settlement of CLS Bank International operations processed on CLSSettlement; ii) central counterparty margin calls. d) Cash transfer orders other than those listed in point (c) and which are required to avoid systemic risk shall be considered as ‘critical‘ and the ECB may decide to initiate contingency processing in relation to them. Critical cash transfer orders shall include but are not limited to: i) cash transfer orders related to the settlement of other systemically important payment systems as defined in Regulation (EU) No 795/2014 (ECB/2014/28); ii) liquidity transfer orders to T2S DCAs or TIPS DCAs; iii) liquidity transfer orders that are indispensable to the execution of very critical cash transfer orders as set out in point (c) or to other critical cash transfer orders. e) Cash transfer orders that have been submitted to TARGET-ECB before the activation of contingency processing, but are queued, may also undergo contingency processing. In such cases the ECB shall endeavour to avoid the double processing of cash transfer orders, but the participants shall bear the risk of such double processing if it occurred. f) For contingency processing using the Contingency Solution of TARGET, participants shall provide eligible assets as collateral. During contingency processing, incoming cash transfer orders may be used to fund outgoing cash transfer orders. 2.4. Failures linked to participants a) In the event that a participant has an issue or problem that prevents it from sending cash transfer orders to TARGET, it shall resolve the issue or problem using its own means. In particular, a participant may use any in-house solutions at its disposal, the GUI functionality to process liquidity transfers and payment orders or use the back-up functionality via the GUI. b) If the resolution means and/or solutions or functionalities used by the participant as referred to in paragraph (a) are exhausted or if they are insufficient, the participant may then request support from the ECB and the ECB shall provide such support on a best efforts basis. The ECB shall decide what support it offers to the participant. c) Insert if applicable, further detailed contingency measures with respect to AS shall be described in additional arrangements between the ECB and the relevant AS. 3. BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES (MCA) In addition to the provisions set out in section 1, the provisions of this section 3 shall apply specifically to MCA holders. 3.1. Relocation of the operation of TARGET to an alternative site a) the relocation of the operation of TARGET to an alternative site, as referred to in paragraph 1.1(b)(i), may be to a place within the same region or in another region. b) In the event that the operation of TARGET is relocated to another region, the participants shall: i) refrain from sending new cash transfer orders to TARGET; (ii) at the request of the ECB perform a reconciliation, (iii) resubmit any cash transfer orders identified as missing; and (iv) provide the ECB with all relevant information in this respect. c) The ECB may take any further actions including debiting and crediting participants‘ accounts in order to return those participants‘ accounts to their status prior to the relocation. 3.2. Contingency processing a) If it deems it necessary to do so, the ECB shall initiate the contingency processing of cash transfer orders using the Contingency Solution of TARGET or other means. In such cases, contingency processing shall be provided on a best efforts basis. The ECB shall inform its participants of the start of contingency processing via any available means of communication. b) In contingency processing using the Contingency Solution of TARGET, cash transfer orders shall be submitted by the MCA holders and authorised by the ECB. The ECB may, exceptionally, also manually input cash transfer orders on behalf of participants. c) Cash transfer orders required to avoid systemic risk shall be considered as ‘critical‘ and the ECB may decide to initiate contingency processing in relation to them. d) Cash transfer orders that have been submitted to TARGET-ECB before the activation of contingency processing, but are queued, may also undergo contingency processing. In such cases the ECB shall endeavour to avoid the double processing of cash transfer orders, but the participants shall bear the risk of such double processing if it occurred. e) For contingency processing using the Contingency Solution of TARGET, participants shall provide eligible assets as collateral. During contingency processing, incoming cash transfer orders may be used to fund outgoing cash transfer orders. 3.3. Failures linked to participants a) In the event that a participant has an issue or problem that prevents it from sending cash transfer orders in TARGET, it shall resolve the issue or problem using its own means. In particular, a participant may use any in-house solutions or the GUI functionality to process liquidity transfers orders. b) If the resolution means and/or solutions or functionalities used by the participant as referred to in paragraph (a) are exhausted or if they are insufficient, the participant may request support from the ECB and the ECB shall provide such support on a best efforts basis. The ECB shall decide what support it offers to the participant. 4. BUSINESS CONTINUITY AND CONTINGENCY PROCEDURES (T2S DCA) In addition to the provisions set out in section 1, the provisions set out in this section 4 shall apply specifically to T2S DCA holders. 4.1. Relocation of the operation of TARGET to an alternative site a) The relocation of the operation of TARGET to an alternative site, as set out under paragraph 1.1(b)(i), may be to a place within the same region or in another region (where available). b) In the event that the operation of TARGET is relocated to another region, the participants shall (i) refrain from sending new cash transfer orders to TARGET; and (ii) at the request of the ECB perform a reconciliation, (iii) resubmit any instructions identified as missing and (iv) provide the ECB with all relevant information in this respect. c) The ECB shall be allowed to take any further actions including debit and credit on participants‘ accounts in order to bring participants‘ account balances to the status they had prior to the relocation. 4.2. Failures linked to participants a) In the event that a T2S DCA holder has an issue or problem that prevents it from settling cash transfer orders in TARGET-ECB, it shall resolve the issue or problem using its own means. b) If the resolution means referred to in paragraph (a) are exhausted or if they are insufficient, the participant may request support from the ECB, and the ECB shall provide such support on a best efforts basis. The ECB shall decide what support it offers to the participant. APPENDIX V TARGET OPERATING SCHEDULE 1. The value date for transactions settled in TARGET is always the value date on which the system operates. 2. All days except Saturday, Sunday, New Year’s Day, Good Friday (1), Easter Monday (2), 1 May, Christmas Day, and 26 December are TARGET business days and thus may be value dates for the purpose of settlement in TARGET. 3. TIPS DCAs and TIPS AS technical accounts are operated on all days. All other types of accounts are operated on all days except for Saturday, Sunday, New Year’s Day, Good Friday (3), Easter Monday (4), 1 May, Christmas Day, and 26 December. 4. A business day is opened during the evening of the previous business day. 5. The reference time for the system is the local time at the seat of the ECB. 6. The different phases of the TARGET business day and [the significant operational] events relevant to MCAs, RTGS DCAs (5), T2S DCAs and TIPS DCAs (6) are shown in the following table: HH:MM MCAs RTGS DCAs (7) T2S DCAs TIPS DCAs (8) 18:45 (D-1) Start of business day: Change of value date Start of business day: Change of value date Start of business day: Change of value date Preparation of the night-time settlement Processing of instant payment orders and liquidity transfer orders to/from TIPS AS technical accounts. No liquidity transfers between TIPS DCAs and other accounts 19:00 (D-1) Settlement of CBOs Reimbursement of marginal lending Refunding of overnight deposits Processing of automated and rule-based liquidity transfers orders Deadline for acceptance of CMS data feeds Preparation of the night-time settlement 19:30 (D-1) Settlement of CBOs Processing of standing liquidity transfer orders Processing of immediate liquidity transfer orders Settlement of AS transfer orders Processing of standing liquidity transfer orders Processing of automated, rule-based and immediate liquidity transfer orders Processing of instant payment orders and liquidity transfer orders from/to MCAs and RTGS DCAs 20:00 (D-1) Night-time settlement cycles Processing of liquidity transfer orders from/to T2S DCAs 02:30 (calendar day following D-1) Non-optional maintenance window on — business days after closing days including every business day Monday Optional maintenance window (if needed) from 03:00–05:00 on remaining days Non-optional maintenance window on — business days after closing days including every business day Monday Optional maintenance window (if needed) from 03:00–05:00 on remaining days Non-optional maintenance window on — business days after closing days including every business day Monday Optional maintenance window (if needed) from 03:00–05:00 on remaining days (9) Processing of instant payment orders and liquidity transfer orders to/from TIPS AS technical accounts. No liquidity transfer orders between TIPS DCAs and other accounts Re-opening time* (D) Settlement of CBOs Processing of automated, rule-based and immediate liquidity transfer orders Settlement of AS transfer orders Processing of automated, rule-based and immediate liquidity transfer orders. Processing the customer and interbank payment orders Night-time settlement cycles Processing of instant payment orders and liquidity transfer orders to/from TIPS AS technical accounts and liquidity transfer orders between TIPS DCAs and other accounts. 05:00 (D) Day trade/Real-time settlement: Real-time settlement preparation Partial settlement windows (10) 16:00 (D) Cut-off for DvP orders 16:30 (D) Automatic auto-collateralisation reimbursement, followed by the optional cash sweep 17:00 (D) Cut-off for customer payment orders 17:40 (D) Cut-off for bilaterally agreed treasury management operations (BATM) and CBO cut-off 17:45 (D) Cut-off for liquidity transfer orders to T2S-DCAs Cut-off for inbound liquidity transfer orders Blocking of liquidity transfer orders from TIPS DCAs to T2S DCAs. No liquidity transfer orders between T2S DCAs and TIPS DCAs are processed during this period 18:00 (D) Cut-off for: — liquidity transfer orders — CBOs, except standing facilities — credit line modifications Cut-off for: — interbank payment orders and — liquidity transfer orders — AS transfer orders FOP cut-off End of T2S settlement processing Recycling and purging End of day reporting and statements Processing of instant payment orders and liquidity transfer orders to/from TIPS AS technical accounts. Blocking of liquidity transfer orders from TIPS DCAs to MCA/RTGS and T2S DCAs. No liquidity transfer orders between TIPS DCAs and other accounts are processed during this period. Shortly after 18:00: Change of business day (after receiving the camt.019 message from MCA/RTGS) Snapshot of TIPS DCAs balances and end-of-day reporting 18:15 (D) Cut-off for the use of standing facilities 18:40 (D) Cut-off for use of marginal lending (NCBs only) End-of-day processing The operating hours may be changed in the event that business continuity measures are adopted in accordance with Appendix IV. On the last day of the Eurosystem reserve maintenance period, the cut-off times 18:15, 18:40, 18:45, 19:00 and 19:30 for MCAs and RTGS DCAs (as well as RTGS AS technical accounts and sub-accounts and AS guarantee fund accounts) shall occur 15 minutes later. List of abbreviations and notes to this table: * Re-opening times: may vary according to the situation. The information is provided by the Operator. (D-1): previous business day (D): calendar day = business day = value date CMS: Collateral Management System DvP orders: Delivery versus Payment orders. (1) According to the calendar applicable at the seat of the ECB. (2) According to the calendar applicable at the seat of the ECB. (3) According to the calendar applicable at the seat of the ECB. (4) According to the calendar applicable at the seat of the ECB. (5) Also applies to RTGS AS technical accounts, sub-accounts and AS guarantee fund accounts. (6) Also applies to TIPS AS technical accounts. (7) Also applies to RTGS AS technical accounts, sub-accounts and AS guarantee fund accounts. (8) Also applies to TIPS AS technical accounts. (9) For T2S DCAs: for the purpose of the maintenance window, 1 May shall be considered as a business day. (10) Partial settlement windows take place at 08:00, 10:00, 12:00, 14:00 and 15:30 (or 30 minutes before the beginning of the DvP cut-off time, whichever comes first). APPENDIX VI FEE SCHEDULE 1. GENERAL 1. The following services are not included in the services offered by the ECB and shall be charged by the relevant service providers in accordance with their terms and conditions: a) services offered by NSPs; b) non-cash related T2S services. 2. A participant that wishes to change its choice of pricing scheme shall communicate this to the ECB by the twentieth calendar day of the month so that it can be taken into account for the following month. 2. FEES FOR MCA HOLDERS MCAs and transactions settled on them shall not incur fees. 3. FEES FOR RTGS DCA HOLDERS 1. RTGS DCA holders shall choose one of the following two pricing options: a) a monthly fee, plus a fixed transaction fee per payment order (debit entry). Monthly fee EUR 150 Transaction fee per payment order EUR 0,80 b) a monthly fee, plus a transaction fee based on the volume of payment orders (debit entry) and calcul