# Il-Ġurnal Uffiċjali L 163/2022

| | ISSN 1977-074X |
| --- | --- |
| Il-Ġurnal Uffiċjali
  tal-Unjoni Ewropea | L 163 |
| | |
| Edizzjoni bil-Malti | Leġiżlazzjoni | Volum 6517 ta' Ġunju 2022 |

ISSN 1977-074X

Il-Ġurnal Uffiċjali

tal-Unjoni Ewropea

L 163

Edizzjoni bil-Malti

Leġiżlazzjoni

Volum 6517 ta' Ġunju 2022

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| Werrej | | II   Atti mhux leġiżlattivi | Paġna |
| --- | --- | --- | --- |
| | | DEĊIŻJONIJIET |
| | * | Deċiżjoni (UE) 2022/911 tal-Bank Ċentrali Ewropew tad-19 ta’ April 2022 dwar it-termini u l-kundizzjonijiet tat-TARGET-ECB u li tħassar id-Deċiżjoni 2007/601/KE (BĊE/2007/7) (BĊE/2022/22) | 1 |
| | | LINJI GWIDA |
| | * | Linja Gwida (UE) 2022/912 tal-Bank Ċentrali Ewropew tal-24 ta’ Frar 2022 dwar il-ġenerazzjoni ġdida tas-sistema Trans-European Automated Real-time Gross settlement Express Transfer (TARGET2) u li tħassar il-Linja Gwida 2013/47/UE (BĊE/2012/27) (BĊE/2022/8) | 84 |

Werrej

II   Atti mhux leġiżlattivi

Paġna

DEĊIŻJONIJIET

*

Deċiżjoni (UE) 2022/911 tal-Bank Ċentrali Ewropew tad-19 ta’ April 2022 dwar it-termini u l-kundizzjonijiet tat-TARGET-ECB u li tħassar id-Deċiżjoni 2007/601/KE (BĊE/2007/7) (BĊE/2022/22)

(BĊE/2022/22)

1

LINJI GWIDA

*

Linja Gwida (UE) 2022/912 tal-Bank Ċentrali Ewropew tal-24 ta’ Frar 2022 dwar il-ġenerazzjoni ġdida tas-sistema Trans-European Automated Real-time Gross settlement Express Transfer (TARGET2) u li tħassar il-Linja Gwida 2013/47/UE (BĊE/2012/27) (BĊE/2022/8)

(BĊE/2022/8)

84

| MT | L-Atti li t-titoli tagħhom huma stampati b'tipa ċara huma dawk li għandhom x'jaqsmu mal-maniġment ta' kuljum ta' materji agrikoli, u li ġeneralment huma validi għal perijodu limitat.
  It-titoli ta'l-atti l-oħra kollha huma stampati b'tipa skura u mmarkati b'asterisk quddiemhom. |
| --- | --- |

MT

L-Atti li t-titoli tagħhom huma stampati b'tipa ċara huma dawk li għandhom x'jaqsmu mal-maniġment ta' kuljum ta' materji agrikoli, u li ġeneralment huma validi għal perijodu limitat.

It-titoli ta'l-atti l-oħra kollha huma stampati b'tipa skura u mmarkati b'asterisk quddiemhom.

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II Atti mhux leġiżlattivi

DEĊIŻJONIJIET

| 17.6.2022 | MT | Il-Ġurnal Uffiċjali tal-Unjoni Ewropea | L 163/1 |
| --- | --- | --- | --- |

17.6.2022

MT

Il-Ġurnal Uffiċjali tal-Unjoni Ewropea

L 163/1

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DEĊIŻJONI (UE) 2022/911 TAL-BANK ĊENTRALI EWROPEW

tad-19 ta’ April 2022

dwar it-termini u l-kundizzjonijiet tat-TARGET-ECB u li tħassar id-Deċiżjoni 2007/601/KE (BĊE/2007/7) (BĊE/2022/22)

IL-BORD EŻEKUTTIV TAL-BANK ĊENTRALI EWROPEW,

Wara li kkunsidra t-Trattat dwar il-Funzjonament tal-Unjoni Ewropea, u b’mod partikolari l-ewwel u r-raba’ inċiżi tal-Artikolu 127(2) tiegħu,

Wara li kkunsidra l-Istatut tas-Sistema Ewropea tal-Banek Ċentrali u tal-Bank Ċentrali Ewropew, u b’mod partikolari l-Artikolu 3.1 u l-Artikoli 17, 22 u 23 tiegħu,

Billi:

| (1) | Is-sistema Trans-European Automated Real-time Gross settlement Express Transfer (TARGET2) hija rregolata mil-Linja Gwida 2013/47/UE tal-Bank Ċentrali Ewropew (BĊE/2012/27) (1). |
| --- | --- |

(1)

Is-sistema Trans-European Automated Real-time Gross settlement Express Transfer (TARGET2) hija rregolata mil-Linja Gwida 2013/47/UE tal-Bank Ċentrali Ewropew (BĊE/2012/27) (1).

| (2) | Fis-6 ta’ Diċembru 2017, il-Kunsill Governattiv approva l-Proġett ta’ Konsolidazzjoni T2-T2S, li l-għan tiegħu huwa li jikkonsolida u jottimizza t-TARGET2 u t-TARGET2-Securities (T2S), billi jibbenefikaw minn approċċi avvanzati u innovazzjoni teknoloġika, jippermettu tnaqqis fl-ispiża operazzjonali kkombinata tagħhom, u jsaħħu l-ġestjoni tal-likwidità fid-diversi servizzi. Ir-riżultat tal-Proġett ta’ Konsolidazzjoni T2-T2S huwa l-ġenerazzjoni l-ġdida tas-sistema Trans-European Automated Real-time Gross settlement Express Transfer li tissalda f’euro fi flus tal-bank ċentrali (TARGET). |
| --- | --- |

(2)

Fis-6 ta’ Diċembru 2017, il-Kunsill Governattiv approva l-Proġett ta’ Konsolidazzjoni T2-T2S, li l-għan tiegħu huwa li jikkonsolida u jottimizza t-TARGET2 u t-TARGET2-Securities (T2S), billi jibbenefikaw minn approċċi avvanzati u innovazzjoni teknoloġika, jippermettu tnaqqis fl-ispiża operazzjonali kkombinata tagħhom, u jsaħħu l-ġestjoni tal-likwidità fid-diversi servizzi. Ir-riżultat tal-Proġett ta’ Konsolidazzjoni T2-T2S huwa l-ġenerazzjoni l-ġdida tas-sistema Trans-European Automated Real-time Gross settlement Express Transfer li tissalda f’euro fi flus tal-bank ċentrali (TARGET).

| (3) | Mill-21 ta’ Novembru 2022, it-TARGET2 se tiġi ssostitwita mit-TARGET. |
| --- | --- |

(3)

Mill-21 ta’ Novembru 2022, it-TARGET2 se tiġi ssostitwita mit-TARGET.

| (4) | Bħal fil-każ tat-TARGET2, it-TARGET hija strutturata legalment bħala sistemi ta’ ħlas multipli, fejn is-sistemi komponenti kollha tat-TARGET ikunu armonizzati kemm jista’ jkun. |
| --- | --- |

(4)

Bħal fil-każ tat-TARGET2, it-TARGET hija strutturata legalment bħala sistemi ta’ ħlas multipli, fejn is-sistemi komponenti kollha tat-TARGET ikunu armonizzati kemm jista’ jkun.

| (5) | It-TARGET tipprovdi servizzi ċentrali ta’ ġestjoni tal-likwidità, inkluż is-saldu ta’ operazzjonijiet tal-banek ċentrali permezz ta’ kontijiet ta’ flus ewlenin (MCAs), is-saldu gross f’ħin reali ta’ valur kbir (RTGS) għal ħlasijiet permezz ta’ kontijiet ta’ flus dedikati (DCAs) għal RTGS, ħlasijiet ta’ flus relatati mas-saldu ta’ titoli permezz ta’ kontijiet ta’ flus dedikati għat-T2S (T2S DCAs), u s-saldu ta’ ħlasijiet istantanji permezz ta’ kontijiet ta’ flus dedikati għas-Saldu ta’ Ħlasijiet Istantanji tat-TARGET (TIPS) (TIPS DCAs) u servizzi għas-saldu ta’ sistema anċillari (AS) permezz ta’ subkontijiet, kontijiet tekniċi ta’ RTGS AS, kontijiet ta’ fond ta’ garanzija ta’ AS u kontijiet tekniċi ta’ TIPS AS. |
| --- | --- |

(5)

It-TARGET tipprovdi servizzi ċentrali ta’ ġestjoni tal-likwidità, inkluż is-saldu ta’ operazzjonijiet tal-banek ċentrali permezz ta’ kontijiet ta’ flus ewlenin (MCAs), is-saldu gross f’ħin reali ta’ valur kbir (RTGS) għal ħlasijiet permezz ta’ kontijiet ta’ flus dedikati (DCAs) għal RTGS, ħlasijiet ta’ flus relatati mas-saldu ta’ titoli permezz ta’ kontijiet ta’ flus dedikati għat-T2S (T2S DCAs), u s-saldu ta’ ħlasijiet istantanji permezz ta’ kontijiet ta’ flus dedikati għas-Saldu ta’ Ħlasijiet Istantanji tat-TARGET (TIPS) (TIPS DCAs) u servizzi għas-saldu ta’ sistema anċillari (AS) permezz ta’ subkontijiet, kontijiet tekniċi ta’ RTGS AS, kontijiet ta’ fond ta’ garanzija ta’ AS u kontijiet tekniċi ta’ TIPS AS.

| (6) | Is-sistemi komponenti tat-TARGET2 li huma proprjetà tal-banek ċentrali rispettivi tal-Eurosistema u operati minnhom ġew identifikati kollettivament (2) bħala sistema ta’ ħlas sistematikament importanti (SIPS) suġġetta għar-Regolament tal-Bank Ċentrali Ewropew (UE) Nru 795/2014 (BĊE/2014/28) (3). Is-sistemi komponenti rispettivi tat-TARGET, bħala s-sistemi ta’ ħlas li jissostitwixxu dawk is-sistemi komponenti tat-TARGET2, jaqgħu fil-kamp ta’ applikazzjoni tar-Regolament (UE) Nru 795/2014 (BĊE/2014/28) u għandhom jikkonformaw mar-rekwiżiti ta’ sorveljanza stabbiliti f’dak ir-Regolament. |
| --- | --- |

(6)

Is-sistemi komponenti tat-TARGET2 li huma proprjetà tal-banek ċentrali rispettivi tal-Eurosistema u operati minnhom ġew identifikati kollettivament (2) bħala sistema ta’ ħlas sistematikament importanti (SIPS) suġġetta għar-Regolament tal-Bank Ċentrali Ewropew (UE) Nru 795/2014 (BĊE/2014/28) (3). Is-sistemi komponenti rispettivi tat-TARGET, bħala s-sistemi ta’ ħlas li jissostitwixxu dawk is-sistemi komponenti tat-TARGET2, jaqgħu fil-kamp ta’ applikazzjoni tar-Regolament (UE) Nru 795/2014 (BĊE/2014/28) u għandhom jikkonformaw mar-rekwiżiti ta’ sorveljanza stabbiliti f’dak ir-Regolament.

| (7) | Is-sistemi komponenti tat-TARGET jikkostitwixxu s-suċċessuri legali tas-sistemi komponenti korrispondenti tat-TARGET2, |
| --- | --- |

(7)

Is-sistemi komponenti tat-TARGET jikkostitwixxu s-suċċessuri legali tas-sistemi komponenti korrispondenti tat-TARGET2,

| (8) | Fl-24 ta’ Frar 2022, il-Kunsill Governattiv adotta l-Linja Gwida (UE) 2022/912 tal-Bank Ċentrali Ewropew (BĊE/2022/8) (4), li tirrevoka l-Linja Gwida 2013/47/UE (BĊE/2012/27). |
| --- | --- |

(8)

Fl-24 ta’ Frar 2022, il-Kunsill Governattiv adotta l-Linja Gwida (UE) 2022/912 tal-Bank Ċentrali Ewropew (BĊE/2022/8) (4), li tirrevoka l-Linja Gwida 2013/47/UE (BĊE/2012/27).

| (9) | It-tħassir tal-Linja Gwida 2013/47/UE (BĊE/2012/27) tirrekjedi bidliet għat-termini u l-kundizzjonijiet ta’ TARGET2-BĊE. Għal raġunijiet ta’ ċertezza legali, huwa xieraq li tiġi adottata deċiżjoni ġdida biex dawn il-bidliet jiġu implimentati. Id-Deċiżjoni 2007/601/KE tal-Bank Ċentrali Ewropew (BĊE/2007/7) (5) għalhekk għandha titħassar. |
| --- | --- |

(9)

It-tħassir tal-Linja Gwida 2013/47/UE (BĊE/2012/27) tirrekjedi bidliet għat-termini u l-kundizzjonijiet ta’ TARGET2-BĊE. Għal raġunijiet ta’ ċertezza legali, huwa xieraq li tiġi adottata deċiżjoni ġdida biex dawn il-bidliet jiġu implimentati. Id-Deċiżjoni 2007/601/KE tal-Bank Ċentrali Ewropew (BĊE/2007/7) (5) għalhekk għandha titħassar.

| (10) | Sabiex tiġi żgurata l-implimentazzjoni effettiva tal-Linja Gwida (UE) 2022/912 (BĊE/2022/8), din id-Deċiżjoni għandha tidħol fis-seħħ mingħajr dewmien, |
| --- | --- |

(10)

Sabiex tiġi żgurata l-implimentazzjoni effettiva tal-Linja Gwida (UE) 2022/912 (BĊE/2022/8), din id-Deċiżjoni għandha tidħol fis-seħħ mingħajr dewmien,

ADOTTA DIN ID-DEĊIŻJONI:

Artikolu 1

Kamp ta’ applikazzjoni

1.   Is-sistema komponent tat-TARGET tal-BĊE (TARGET-BĊE) hija limitata għall-operazzjonijiet li ġejjin:

| (a) | l-ipproċessar tal-pagamenti proprji tal-BĊE; |
| --- | --- |

(a)

l-ipproċessar tal-pagamenti proprji tal-BĊE;

| (b) | l-ipproċessar ta’ pagamenti ta’ klijenti tal-BĊE; |
| --- | --- |

(b)

l-ipproċessar ta’ pagamenti ta’ klijenti tal-BĊE;

| (c) | il-forniment ta’ servizzi ta’ saldu lil entitajiet li jimmaniġġjaw sistemi anċillari, inklużi entitajiet stabbiliti barra miż-Żona Ekonomika Ewropea, dment li dawk l-entitajiet:






  (i) | huma soġġetti għal sorveljanza minn awtorità kompetenti; |
| --- | --- | --- |

(c)

il-forniment ta’ servizzi ta’ saldu lil entitajiet li jimmaniġġjaw sistemi anċillari, inklużi entitajiet stabbiliti barra miż-Żona Ekonomika Ewropea, dment li dawk l-entitajiet:

(i)

huma soġġetti għal sorveljanza minn awtorità kompetenti;

| (ii) | jikkonformaw mar-rekwiżiti tas-sorveljanza għall-pożizzjoni ta’ infrastrutturi li joffru servizzi f’euro, kif ppubblikati fuq is-sit web tal-BĊE; |
| --- | --- |

(ii)

jikkonformaw mar-rekwiżiti tas-sorveljanza għall-pożizzjoni ta’ infrastrutturi li joffru servizzi f’euro, kif ppubblikati fuq is-sit web tal-BĊE;

| (iii) | ingħataw aċċess għat-TARGET-BĊE mill-Kunsill Governattiv. |
| --- | --- |

(iii)

ingħataw aċċess għat-TARGET-BĊE mill-Kunsill Governattiv.

2.   Il-BĊE jista’ jaċċetta biss il-klijenti li ġejjin u jista’ jaġixxi f’isimhom:

| (a) | il-banek ċentrali; |
| --- | --- |

(a)

il-banek ċentrali;

| (b) | organizzazzjonijiet Ewropei; |
| --- | --- |

(b)

organizzazzjonijiet Ewropei;

| (c) | organizzazzjonijiet internazzjonali; |
| --- | --- |

(c)

organizzazzjonijiet internazzjonali;

| (d) | gvernijiet ċentrali ta’ Stati Membri jew entitajiet pubbliċi maħtura minn tali gvernijiet ċentrali, skont deċiżjoni ad hoc tal-Kunsill Governattiv. |
| --- | --- |

(d)

gvernijiet ċentrali ta’ Stati Membri jew entitajiet pubbliċi maħtura minn tali gvernijiet ċentrali, skont deċiżjoni ad hoc tal-Kunsill Governattiv.

Artikolu 2

Definizzjonijiet

Għall-finijiet ta’ din id-Deċiżjoni, għandhom japplikaw id-definizzjonijiet li jinsabu fl-Anness III.

Artikolu 3

Termini u kundizzjonijiet għal parteċipazzjoni fit-TARGET-BĊE

1.   Il-parteċipazzjoni fit-TARGET-BĊE għandha tkun irregolata esklussivament mill-Kundizzjonijiet għall-parteċipazzjoni fit-TARGET-BĊE stabbiliti fl-Anness I.

2.   Skont l-Artikolu 9(2) tal-Linja Gwida (UE) 2022/912 (BĊE/2022/8), mill-20 ta’ Novembru 2023, il-BĊE m’għandux jiftaħ kontijiet għajr għal kontijiet TARGET għal parteċipanti eliġibbli biex jipprovdu servizzi li jaqgħu fl-ambitu tal-Linja Gwida (UE) 2022/912 (BĊE/2022/8), bl-eċċezzjoni ta’ kontijiet li huma użati biex jinżammu fondi sekwestrati jew fondi mirhuna lil kreditur terz jew fondi msemmija fl-Artikolu 3(1)(d) tar-Regolament (UE) 2021/378 tal-Bank Ċentrali Ewropew (BĊE/2021/1) (6).

3.   Il-parteċipazzjoni fit-TARGET-BĊE għandha tiġi rregolata wkoll mill-Artikolu 11 tal-Linja Gwida (UE) 2022/912 (BĊE/2022/8), fejn rilevanti.

Artikolu 4

Tħassir tad-Deċiżjoni 2007/601/KE (BĊE/2007/7)

Id-Deċiżjon 2007/601/KE (BĊE/2007/7) hija mħassra b’effett mill-21 ta’ Novembru 2022.

Artikolu 5

Dħul fis-seħħ

Din id-Deċiżjoni għandha tidħol fis-seħħ fil-ħames jum wara dak tal-pubblikazzjoni tagħha f’Il-Ġurnal Uffiċjali tal-Unjoni Ewropea.

Il-Ġurnal Uffiċjali tal-Unjoni Ewropea

Għandha tapplika mill-21 ta’ Novembru 2022.

Magħmul fi Frankfurt am Main, id-19 ta’ April 2022.

Il-President tal-BĊE

Christine LAGARDE

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(1)  Linja Gwida 2013/47/UE tal-Bank Ċentrali Ewropew tal-5 ta’ Diċembru 2012 dwar sistema Trans-European Automated Real-time Gross settlement Express Transfer (TARGET2) (BĊE/2012/27) (ĠU L 30, 30.1.2013, p. 1).

1

(2)  Id-Deċiżjoni 2014/533/UE tal-Bank Ċentrali Ewropew tat-13 ta’ Awwissu 2014 dwar l-identifikazzjoni tat-TARGET2 bħala sistema ta’ ħlas sistemikament importanti skont ir-Regolament (UE) Nru 795/2014 dwar ir-rekwiżiti ta’ sorveljanza għal sistemi ta’ ħlas sistemikament importanti (BĊE/2014/35) (ĠU L 245, 20.8.2014, p. 5).

2

(3)  Ir-Regolament tal-Bank Ċentrali Ewropew (UE) Nru 795/2014 tat-3 ta’ Lulju 2014 dwar ir-rekwiżiti ta’ sorveljanza għal sistemi ta’ ħlas sistemikament importanti (BĊE/2014/28) (ĠU L 217, 23.7.2014, p. 16).

3

(4)  Linja Gwida (UE) 2022/912tal-Bank Ċentrali Ewropew tal-24 ta’ Frar 2022 dwar il-ġenerazzjoni ġdida tas-sistema Trans-European Automated Real-time Gross settlement Express Transfer (TARGET) u li tħassar l-Linja Gwida 2013/47/UE (BĊE/2012/27) (BĊE/2022/8) (ara paġna 84 ta’ dan il-Ġurnal Uffiċjali).

4

(5)  Id-Deċiżjoni 2007/601/KE tal-Bank Ċentrali Ewropew tal-24 ta’ Lulju 2007 dwar il-kundizzjonijiet tat-TARGET2-BĊE (BĊE/2007/7) (ĠU L 237, 8.9.2007, p. 71).

5

(6)  Ir-Regolament (UE) 2021/378 tal-Bank Ċentrali Ewropew tat-22 ta’ Jannar 2021 dwar l-applikazzjoni ta’ rekwiżiti ta’ riżervi minimi (BĊE/2021/1) (ĠU L 73, 3.3.2021, p. 1).

6

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ANNEX I

CONDITIONS FOR PARTICIPATION IN TARGET-ECB

PART I

General terms and conditions

Article 1

Scope

The terms and conditions set out in this Part I govern the relationship between the ECB and its participants in TARGET-ECB. The terms and conditions set out in the following Parts II, III, IV, V, VI and VII apply as far as participants opt for and are granted one or more accounts described in such Parts. The terms and conditions set out in Parts I to VII of this Annex are referred to in this Decision collectively as the ‘Conditions’.

Article 2

Appendices

1.   The following Appendices form an integral part of these Conditions:

| Appendix I: | Technical specifications for the processing of cash transfer orders |
| --- | --- |

Appendix I:

Technical specifications for the processing of cash transfer orders

| Appendix II: | TARGET compensation scheme |
| --- | --- |

Appendix II:

TARGET compensation scheme

| Appendix III: | Terms of reference for capacity and country opinions |
| --- | --- |

Appendix III:

Terms of reference for capacity and country opinions

| Appendix IV: | Business continuity and contingency procedures |
| --- | --- |

Appendix IV:

Business continuity and contingency procedures

| Appendix V: | TARGET operating schedule |
| --- | --- |

Appendix V:

TARGET operating schedule

| Appendix VI: | Fee schedule |
| --- | --- |

Appendix VI:

Fee schedule

| Appendix VII: | Requirements regarding information security management and business continuity management |
| --- | --- |

Appendix VII:

Requirements regarding information security management and business continuity management

2.   In the event of any conflict or inconsistency between the content of any appendix and the content of any other provision in these Conditions, the latter shall prevail.

Article 3

General description of TARGET

1.   TARGET is legally structured as a multiplicity of payment systems composed of all TARGET component systems, each of which is designated as a ‘system’ under the relevant national law implementing Directive 98/26/EC of the European Parleament and of the Council (1). TARGET-ECB is designated as a ‘system’ under § 1(16) of the Kreditwesengesetz (KWG).

2.   TARGET comprises payment systems in euro that settle in central bank money and provide central liquidity management services, real-time gross settlement for payments and services for AS settlement, and enable cash payments in relation to securities settlement and the settlement of instant payments.

3.   TARGET provides:

| (a) | MCAs for the settlement of central bank operations; |
| --- | --- |

(a)

MCAs for the settlement of central bank operations;

| (b) | RTGS DCAs for large value real-time gross settlement of payments and subaccounts if required for AS settlement; |
| --- | --- |

(b)

RTGS DCAs for large value real-time gross settlement of payments and subaccounts if required for AS settlement;

| (c) | T2S DCAs for cash payments in relation to securities settlement; |
| --- | --- |

(c)

T2S DCAs for cash payments in relation to securities settlement;

| (d) | TIPS DCAs for the settlement of instant payments; and |
| --- | --- |

(d)

TIPS DCAs for the settlement of instant payments; and

| (e) | the following accounts for AS settlement: (i) RTGS AS technical accounts; (ii) AS guarantee fund accounts; and (iii) TIPS AS technical accounts. |
| --- | --- |

(e)

the following accounts for AS settlement: (i) RTGS AS technical accounts; (ii) AS guarantee fund accounts; and (iii) TIPS AS technical accounts.

Each account in TARGET-ECB shall be identified by means of a unique account number made up of the elements described in Appendix I, paragraph 2.

Article 4

Access criteria

Entities managing ancillary systems (including entities established outside the European Economic Area (EEA)) and acting in that capacity, whose access to TARGET-ECB has been approved by the Governing Council, shall be the only entities that are eligible for participation in TARGET-ECB.

Article 5

Application procedure

1.   In order to become a participant in TARGET-ECB, an eligible entity as described in Article 4 shall fulfil the following requirements:

| (a) | install, manage, operate, monitor and ensure the security of the necessary IT infrastructure to connect to TARGET-ECB and be able to submit cash transfer orders to it. In doing so, applicant participants may involve third parties but retain sole liability; |
| --- | --- |

(a)

install, manage, operate, monitor and ensure the security of the necessary IT infrastructure to connect to TARGET-ECB and be able to submit cash transfer orders to it. In doing so, applicant participants may involve third parties but retain sole liability;

| (b) | have passed the tests required by the ECB; |
| --- | --- |

(b)

have passed the tests required by the ECB;

| (c) | if it is an applicant for an a RTGS DCA, a T2S DCA or a TIPS DCA it shall also hold or open an MCA with the ECB; |
| --- | --- |

(c)

if it is an applicant for an a RTGS DCA, a T2S DCA or a TIPS DCA it shall also hold or open an MCA with the ECB;

| (d) | provide a capacity opinion in the form specified in Appendix III, unless the information and representations to be provided in such capacity opinion have already been obtained by the ECB in another context; |
| --- | --- |

(d)

provide a capacity opinion in the form specified in Appendix III, unless the information and representations to be provided in such capacity opinion have already been obtained by the ECB in another context;

| (e) | for the entities referred to in Article 4, established outside the EEA, provide a country opinion in the form specified in Appendix III, unless the information and representations to be provided in such country opinion have already been obtained by the ECB in another context; |
| --- | --- |

(e)

for the entities referred to in Article 4, established outside the EEA, provide a country opinion in the form specified in Appendix III, unless the information and representations to be provided in such country opinion have already been obtained by the ECB in another context;

| (f) | if it is an applicant for a TIPS DCA, has adhered to the SCT Inst scheme by signing the SEPA Instant Credit Transfer Adherence Agreement; |
| --- | --- |

(f)

if it is an applicant for a TIPS DCA, has adhered to the SCT Inst scheme by signing the SEPA Instant Credit Transfer Adherence Agreement;

| (g) | if it is an applicant for a TIPS AS technical account, has provided evidence that the disclosure letter showing their intent to be an SCT Inst compliant Clearing and Settlement Mechanism (CSM) has been provided to the European Payments Council (EPC). |
| --- | --- |

(g)

if it is an applicant for a TIPS AS technical account, has provided evidence that the disclosure letter showing their intent to be an SCT Inst compliant Clearing and Settlement Mechanism (CSM) has been provided to the European Payments Council (EPC).

2.   Applicants shall apply to the ECB, as a minimum enclosing the following documents/information:

| (a) | completed reference data collection forms as provided by the ECB; |
| --- | --- |

(a)

completed reference data collection forms as provided by the ECB;

| (b) | the capacity opinion, if required by the ECB, and the country opinion, if required by the ECB; |
| --- | --- |

(b)

the capacity opinion, if required by the ECB, and the country opinion, if required by the ECB;

| (c) | if it is an applicant for a TIPS DCA, evidence of their adherence to the SCT Inst scheme; |
| --- | --- |

(c)

if it is an applicant for a TIPS DCA, evidence of their adherence to the SCT Inst scheme;

| (d) | if the applicant is applying to use the TIPS AS settlement procedure, evidence that they have provided the EPC with the disclosure letter showing their intent to be an SCT Inst compliant CSM; |
| --- | --- |

(d)

if the applicant is applying to use the TIPS AS settlement procedure, evidence that they have provided the EPC with the disclosure letter showing their intent to be an SCT Inst compliant CSM;

| (e) | if the applicant designates a paying agent, the evidence that the paying agent has agreed to act in that role. |
| --- | --- |

(e)

if the applicant designates a paying agent, the evidence that the paying agent has agreed to act in that role.

3.   Applicants which are already TARGET participants and apply for a new account as described in: (i) Part III (RTGS-DCA); (ii) Part IV (T2S DCA); (iii) Part V (TIPS DCA); (iv) Part VI (RTGS AS technical account); and/or (v) Part VII (TIPS AS technical account), shall comply with the provisions of paragraphs 1 and 2 to the extent relevant for the new account applied for.

4.   The ECB may also request any additional information it deems necessary to decide on an application to open a TARGET account.

5.   The ECB shall reject the application to participate if:

| (a) | the applicant is not an eligible entity as described in Article 4; |
| --- | --- |

(a)

the applicant is not an eligible entity as described in Article 4;

| (b) | one or more of the participation requirements referred to in paragraph 1 are not met; and/or |
| --- | --- |

(b)

one or more of the participation requirements referred to in paragraph 1 are not met; and/or

| (c) | according to the ECB’s assessment, such participation would endanger the overall stability, soundness and safety of TARGET-ECB or of any other TARGET component system, or would jeopardise the ECB’s performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence. |
| --- | --- |

(c)

according to the ECB’s assessment, such participation would endanger the overall stability, soundness and safety of TARGET-ECB or of any other TARGET component system, or would jeopardise the ECB’s performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence.

6.   The ECB shall communicate its decision on the application to become a participant in TARGET-ECBto the applicant participant within one month of the ECB’s receipt of the application. Where the ECB requests additional information pursuant to paragraph 4, the decision shall be communicated within one month of the ECB’s receipt of this information from the applicant. Any rejection decision shall contain reasons for the rejection.

Article 6

Participants

AS which use the RTGS AS settlement procedures or the TIPS AS settlement procedure shall be subject to the terms and conditions set out in this Part as well as in Part VI or Part VII, respectively. They may hold one or more MCAs, T2S DCAs and, exceptionally and if approved by the ECB, one or more RTGS DCAs except in relation to the clearing of instant payments pursuant to the SCT Inst scheme. If an AS holds an RTGS DCA or a T2S DCA it shall also hold at least one MCA with the ECB. In the event that an AS holds one or more MCAs or RTGS DCAs or T2S DCAs, the respective Parts of these Conditions shall also apply.

Article 7

Access to a participant’s account by entities other than the participant

1.   To the extent technically possible, a participant may give access to its TARGET accounts to one or more entities it designates, for the purposes of submitting cash transfer orders and performing other actions.

2.   Cash transfer orders submitted or funds received by the entities designated by a participant as referred to in paragraph 1 shall be deemed to have been submitted or received by that participant itself.

3.   The participant shall be bound by such cash transfer orders and any other action taken by the entity or entities referred to in paragraph 1, regardless of the content of, or any non-compliance with, the contractual or other arrangements between that participant and such entity.

Article 8

Billing

1.   The ECB shall identify billable items according to Appendix VI and shall allocate each of them to the participant from which that billable item originates.

2.   Any fee payable in relation to a cash transfer order submitted by or cash transfer received by an AS, irrespective of whether it uses the RTGS AS settlement procedures or an RTGS DCA, shall be exclusively charged to that AS.

3.   Billable items generated by actions taken by the designated entities referred in Article 7, as well as by central banks acting on behalf of a participant, shall be allocated to the participant.

4.   The ECB shall issue separate invoices to the participant for the relevant services described in: (i) Part III (RTGS-DCA); (ii) Part IV (T2S DCA); (iii) Part V (TIPS DCA); (iv) Part VI (RTGS AS settlement procedures); and (v) Part VII (TIPS AS settlement procedure).

5.   The ECB shall settle each invoice by means of a direct debit of an MCA held by the participant, unless the participant has designated another participant in TARGET (which may be in TARGET-ECB or another component system) as a paying agent and instructed the ECB to debit the MCA of that paying agent. Such an instruction shall not release the participant from its obligation to pay each invoice.

6.   Where a paying agent has been designated, the participant will provide the ECB with evidence that the paying agent has agreed to act in that role.

7.   For the purposes of this Article, each AS shall be treated separately, even if two or more of them are operated by the same legal entity, and irrespective of whether or not the AS has been designated under Directive 98/26/EC. In the case of an AS that has not been designated under Directive 98/26/EC, it shall be identified as an AS by reference to the following criteria: (a) it is a formal arrangement, based on a contractual or legislative instrument, e.g. an agreement among the participants and the system operator; (b) it has multiple membership; (c) it has common rules and standardised arrangements; and (d) is for the purpose of clearing, netting and/or settlement of payments and/or securities between the participants.

Article 9

Billing Groups

1.   Upon the request of the participant the ECB shall create a billing group to allow its members to benefit from the degressive pricing applicable to RTGS DCAs. The billing group may only include RTGS DCA holders belonging to the same banking group, from one or more TARGET component systems.

2.   Upon the request of an RTGS DCA holder the ECB shall add that RTGS DCA holder to or delete it from a billing group which may be in TARGET-ECB or in any other TARGET component system. The RTGS DCA holder shall inform all other members of the billing group of such a request prior to making it.

3.   RTGS DCA holders included in a billing group shall be invoiced individually as set out in Article 8.

Article 10

Obligations of the ECB and the participant

1.   The ECB shall offer the services described in Parts II, III, IV, V, VI and VII of these Conditions where a participant has opted for and been granted an account as referred to therein. Save where otherwise provided in these Conditions or required by law, the ECB shall use all reasonable means within its power to perform its obligations under these Conditions, without guaranteeing a result.

2.   The ECB is the provider of services pursuant to these Conditions. Acts and omissions of the Level 3 NCBs shall be considered as acts and omissions of the ECB, for which it shall assume liability in accordance with Article 21. Participation pursuant to these Conditions shall not create a contractual relationship between participants and the Level 3 NCBs when any of the latter acts in its capacity as a Level 3 NCB. Instructions, messages or information which a participant receives from, or sends to, TARGET in relation to the services provided under these Conditions shall be deemed to be received from, or sent to, ECB.

3.   The participant shall pay to the ECB fees in accordance with Article 8.

4.   The participant shall ensure that it is technically connected to TARGET-ECB in accordance with TARGET operating schedule set out in Appendix V. This obligation may be fulfilled through a designated entity referred to in Article 7.

5.   The participant shall represent and warrant to the ECB that the performance of its obligations under these Conditions does not breach any law, regulation or by-law applicable to it or any agreement by which it is bound.

6.   The participant shall pay any applicable stamp duties or other documentary taxes or duties, if applicable, as well as any other costs the participant incurs in opening, maintaining or closing its TARGET account.

Article 11

Cooperation and information exchange

1.   In performing their obligations and exercising their rights under these Conditions, the ECB and participants shall cooperate closely to ensure the stability, soundness and safety of TARGET-ECB. They shall provide each other with any information or documents relevant for the performance of their respective obligations and the exercise of their respective rights under these Conditions, without prejudice to any banking secrecy obligations.

2.   The ECB shall establish and maintain a system support desk to assist participants in relation to difficulties arising in connection with system operations.

3.   Up-to-date information on the operational status of each service shall be available on a TARGET Information System (TIS) on a dedicated webpage on the ECB’s website.

4.   The ECB may communicate system relevant messages to participants by means of a broadcast message or, if this means is not available, by any other appropriate means of communication.

5.   Participants shall update in a timely manner existing reference data collection forms and submit new reference data collection forms to the ECB. Participants shall verify the accuracy of information relating to them that is entered into TARGET-ECB by the ECB.

6.   The participant hereby authorises the ECB to communicate to the Level 3 NCBs any information relating to participants which the Level 3 NCBs may need, in accordance with the agreements between the Level 3 NCBs and the Eurosystem CBs governing the provision of the services to be provided by the Level 3 NCBs.

7.   Participants shall inform the ECB without undue delay about any change in their legal capacity and relevant legislative changes affecting issues covered by the country opinion as set out in the terms of reference given in Appendix III.

8.   The ECB may at any time request an update or renewal of the country or capacity opinions referred to in Article 5(1), points (d) and (e).

9.   Participants shall immediately inform the ECB if an event of default occurs in relation to themselves or if they are subject to crisis prevention measures or crisis management measures within the meaning of Directive 2014/59/EU of the European Parliament and of the Council (2) or any other equivalent applicable legislation.

Article 12

Remuneration of Accounts

1.   MCAs, DCAs and sub-accounts shall either be remunerated at zero per cent or at the deposit facility rate, whichever is lower.

2.   Overnight balances held on a TIPS AS technical account or on an RTGS AS technical account for AS settlement procedure D, and guarantee funds, including those held on an AS guarantee fund account, shall be remunerated at the deposit facility rate.

Article 13

Management of Accounts

1.   Participants shall monitor and manage the liquidity on their accounts in line with the TARGET operating schedule as set out in Appendix V and perform transaction-level reconciliation at least once a day. This obligation may be fulfilled through a designated entity referred to in Article 7.

2.   The participant shall make use of the tools provided by the ECB for the purpose of account reconciliation, in particular the daily statement of account which is made available to each participant. This obligation may be fulfilled through a designated entity referred to in Article 7.

3.   Participants shall immediately inform the ECB in the event that a mismatch occurs in relation to any of their accounts.

Article 14

Floor and ceiling amounts

1.   The participant may set floor and ceiling amounts on its MCA or DCAs.

2.   The participant may choose to receive a notification if the floor or ceiling amount is breached. In addition, for MCAs or RTGS DCAs the participant may opt for the breach to trigger a rule-based liquidity transfer order.

3.   The settlement of a liquidity transfer order shall not trigger a check of whether the floor or ceiling amount has been breached.

Article 15

Account monitoring group

1.   An MCA holder may create one or more account monitoring groups for the purpose of monitoring liquidity on several MCAs or DCAs and will become the leader party for any account monitoring group that it creates.

2.   A participant may add any of its MCAs or DCAs opened within TARGET-ECB or any other TARGET component system to one or more account monitoring groups and thereby become a member of that account monitoring group. A member of an account monitoring group may initiate the removal of its account from that account monitoring group at any time. A participant shall inform the leader party of an account monitoring group prior to adding an account to or removing an account from that account monitoring group.

3.   Only the leader party for an account monitoring group shall be able to view the balances of all accounts included in that account monitoring group.

4.   The leader party may delete the account monitoring group and shall inform the other members of the account monitoring group prior to such deletion.

Article 16

Acceptance and rejection of cash transfer orders

1.   Cash transfer orders submitted by participants shall be deemed accepted by the ECB if:

| (a) | the transfer message complies with the technical requirements of TARGET described in Appendix I; |
| --- | --- |

(a)

the transfer message complies with the technical requirements of TARGET described in Appendix I;

| (b) | the message complies with the formatting rules and conditions described in Appendix I; |
| --- | --- |

(b)

the message complies with the formatting rules and conditions described in Appendix I;

| (c) | the message passes the double-entry check described in Appendix I; |
| --- | --- |

(c)

the message passes the double-entry check described in Appendix I;

| (d) | in cases where a payer has been suspended with regard to debiting its account(s) or a payee has been suspended with regard to crediting its account(s), the suspended participant’s CB’s explicit consent has been obtained; |
| --- | --- |

(d)

in cases where a payer has been suspended with regard to debiting its account(s) or a payee has been suspended with regard to crediting its account(s), the suspended participant’s CB’s explicit consent has been obtained;

| (e) | in cases where the cash transfer order is made as part of an RTGS AS settlement procedure, the participant’s account is included in the settlement bank account group requested by that AS as set out in Part VI, Article 1(7); and |
| --- | --- |

(e)

in cases where the cash transfer order is made as part of an RTGS AS settlement procedure, the participant’s account is included in the settlement bank account group requested by that AS as set out in Part VI, Article 1(7); and

| (f) | in the case of cross-system settlement as part of RTGS AS settlement procedures, the AS concerned is part of a cross-system settlement arrangement as set out in Article 9 of Part VI. |
| --- | --- |

(f)

in the case of cross-system settlement as part of RTGS AS settlement procedures, the AS concerned is part of a cross-system settlement arrangement as set out in Article 9 of Part VI.

2.   The ECB shall immediately reject any cash transfer order that does not fulfil the conditions laid down in paragraph 1. The ECB shall inform the participant of any rejection of a cash transfer order, as specified in Appendix I.

Article 17

Entry of cash transfer orders into the system and their irrevocability

1.   For the purposes of the first sentence of Articles 3(1) and 5 of Directive 98/26/EC and the third sentence of § 116, § 96(2), § 82 and § 340(3) of the Insolvenzordnung (German Insolvency Code) and the sixth sentence of § 46a(1) of the KWG:

| (a) | all cash transfer orders, except as provided for in points b), c) and d) of this paragraph, shall be deemed entered into TARGET-ECB and irrevocable at the moment that the relevant participant’s TARGET account is debited; |
| --- | --- |

(a)

all cash transfer orders, except as provided for in points b), c) and d) of this paragraph, shall be deemed entered into TARGET-ECB and irrevocable at the moment that the relevant participant’s TARGET account is debited;

| (b) | instant payment orders shall be deemed entered into TARGET-ECB and irrevocable at the moment that the relevant funds on the TIPS DCA of the participant or on its TIPS AS technical account are reserved; |
| --- | --- |

(b)

instant payment orders shall be deemed entered into TARGET-ECB and irrevocable at the moment that the relevant funds on the TIPS DCA of the participant or on its TIPS AS technical account are reserved;

| (c) | in the case of transactions that are settled on T2S DCAs and that are subject to matching of two separate transfer orders:






  (i) | such transfer orders, except as provided for in point (ii) of this subparagraph, shall be deemed entered into TARGET-ECB at the moment at which they have been declared compliant with the technical rules of T2S by the T2S Platform and irrevocable at the moment the transaction has been given the status ‘matched’ on the T2S Platform; |
| --- | --- | --- |

(c)

in the case of transactions that are settled on T2S DCAs and that are subject to matching of two separate transfer orders:

(i)

such transfer orders, except as provided for in point (ii) of this subparagraph, shall be deemed entered into TARGET-ECB at the moment at which they have been declared compliant with the technical rules of T2S by the T2S Platform and irrevocable at the moment the transaction has been given the status ‘matched’ on the T2S Platform;

| (ii) | in the case of transactions involving one participating CSD that has a separate matching component where transfer orders are sent directly to that participating CSD to be matched in its separate matching component, such transfer orders shall be deemed entered into TARGET-ECB at the moment at which they have been declared compliant with the technical rules of T2S by that participating CSD and irrevocable from the moment the transaction has been given the status ‘matched’ on the T2S Platform. A list of participating CSDs referred to in this point (ii) is available on the ECB’s website; |
| --- | --- |

(ii)

in the case of transactions involving one participating CSD that has a separate matching component where transfer orders are sent directly to that participating CSD to be matched in its separate matching component, such transfer orders shall be deemed entered into TARGET-ECB at the moment at which they have been declared compliant with the technical rules of T2S by that participating CSD and irrevocable from the moment the transaction has been given the status ‘matched’ on the T2S Platform. A list of participating CSDs referred to in this point (ii) is available on the ECB’s website;

| (d) | cash transfer orders in connection with RTGS AS settlement procedures shall be deemed entered in the TARGET component system of the account to be debited at the moment at which they are accepted by that TARGET component system and irrevocable at that moment. |
| --- | --- |

(d)

cash transfer orders in connection with RTGS AS settlement procedures shall be deemed entered in the TARGET component system of the account to be debited at the moment at which they are accepted by that TARGET component system and irrevocable at that moment.

2.   The provisions of paragraph 1 shall not affect any rules of AS that stipulate a moment of entry into the AS and/or irrevocability of transfer orders submitted to it at a point in time earlier than the moment of entry of the respective AS transfer orders in the relevant TARGET component system.

3.   Cash transfer orders included in an algorithm may not be revoked during the period that the algorithm is running.

Article 18

Business continuity and contingency procedures

1.   In the event of an abnormal external event or any other event which affects transactions on the TARGET accounts, the business continuity and contingency procedures described in Appendix IV shall apply.

2.   In exceptional circumstances the TARGET operating schedule may be changed, in which case participants will be informed by the ECB.

3.   In exceptional circumstances an AS may make a request to the ECB to modify the TARGET operating schedule.

4.   The Eurosystem provides a Contingency Solution for use if the events described in paragraph 1 occur. Connection to and use of the Contingency Solution shall be mandatory for participants considered by the ECB] to be critical and for participants that settle very critical transactions as set out in Appendix IV. Other participants may, on request, connect to the Contingency Solution.

Article 19

Security requirements

1.   Participants shall implement adequate security controls to protect their systems from unauthorised access and use. Participants shall be exclusively responsible for the adequate protection of the confidentiality, integrity and availability of their systems.

2.   Participants shall immediately inform the ECB of any security-related incidents in their technical infrastructure and, where appropriate, security-related incidents that occur in the technical infrastructure of the third-party providers. The ECB may request further information about the incident and, if necessary, request that the participant take appropriate measures to prevent a recurrence of such an event.

3.   The ECB may impose additional security requirements, in particular with regard to cybersecurity or the prevention of fraud, on all participants and/or on participants that are considered critical by the ECB.

4.   Participants shall provide the ECB with: (i) permanent access to their attestation of adherence to their chosen NSP’s endpoint security requirements; and (ii) on an annual basis the TARGET self-certification statement as required for the types of accounts that they hold and as published on the ECB’s website.

5.   The ECB shall assess the participant’s self-certification statement(s) on the participant’s level of compliance with each of the requirements set out in the TARGET selfcertification requirements. These requirements are listed in Appendix VII.

6.   The participant’s level of compliance with the requirements of the TARGET self-certification shall be categorised as follows, in increasing order of severity: ‘full compliance’; ‘minor non-compliance’; or, ‘major non-compliance’. The following criteria apply: full compliance is reached where participants satisfy 100 % of the requirements; minor non-compliance is where a participant satisfies less than 100 % but at least 66 % of the requirements and major non-compliance where a participant satisfies less than 66 % of the requirements. If a participant demonstrates that a specific requirement is not applicable to it, it shall be considered as compliant with the respective requirement for the purposes of the categorisation. A participant which fails to reach ‘full compliance’ shall submit an action plan demonstrating how it intends to reach full compliance. The ECB shall inform the relevant supervisory authorities of the status of such participant’s compliance.

7.   If the participant refuses to grant permanent access to its attestation of adherence to its chosen NSPs endpoint security requirements or does not provide the TARGET self-certification, the participant’s level of compliance shall be categorised as ‘major non-compliance’.

8.   The ECB shall re-assess compliance of participants on an annual basis.

9.   The ECB may impose the following measures of redress on participants whose level of compliance was assessed as minor or major non-compliance, in increasing order of severity:

| (a) | enhanced monitoring: the participant shall provide the ECB with a monthly report, signed by a senior executive, on its progress in addressing the non-compliance. The participant shall additionally incur a monthly penalty charge for each affected account of EUR 1 000. This measure of redress may be imposed in the event the participant receives a second consecutive assessment of minor non-compliance or an assessment of major noncompliance; |
| --- | --- |

(a)

enhanced monitoring: the participant shall provide the ECB with a monthly report, signed by a senior executive, on its progress in addressing the non-compliance. The participant shall additionally incur a monthly penalty charge for each affected account of EUR 1 000. This measure of redress may be imposed in the event the participant receives a second consecutive assessment of minor non-compliance or an assessment of major noncompliance;

| (b) | suspension: participation in TARGET-ECB may be suspended in the circumstances described in Article 24(2), points (b) and/or (c). By way of derogation from Article 24, the participant shall be given three months’ notice of such suspension. The participant shall incur a monthly penalty charge for each suspended account of EUR 2 000. This measure of redress may be imposed in the event the participant receives a second consecutive assessment of major non-compliance; |
| --- | --- |

(b)

suspension: participation in TARGET-ECB may be suspended in the circumstances described in Article 24(2), points (b) and/or (c). By way of derogation from Article 24, the participant shall be given three months’ notice of such suspension. The participant shall incur a monthly penalty charge for each suspended account of EUR 2 000. This measure of redress may be imposed in the event the participant receives a second consecutive assessment of major non-compliance;

| (c) | termination: participation in TARGET-ECB may be terminated in the circumstances described in Article 24(2), points (b) and/or (c). By way of derogation from Article 24, the participant shall be given three months’ notice. The participant shall incur an additional penalty charge of EUR 1 000 for each terminated account. This measure of redress may be imposed if the participant has not addressed the major non-compliance to the satisfaction of the ECB following three months of suspension. |
| --- | --- |

(c)

termination: participation in TARGET-ECB may be terminated in the circumstances described in Article 24(2), points (b) and/or (c). By way of derogation from Article 24, the participant shall be given three months’ notice. The participant shall incur an additional penalty charge of EUR 1 000 for each terminated account. This measure of redress may be imposed if the participant has not addressed the major non-compliance to the satisfaction of the ECB following three months of suspension.

10.   Participants allowing access to their TARGET account by third parties as set out in Article 7 and participants having registered addressable BIC holders as set out in Part III, Article 2, shall address the risk stemming from allowing such access in accordance with the security requirements set out in paragraphs 1 to 9.

Article 20

Compensation Scheme

If a cash transfer order cannot be settled on the same business day on which it was accepted due to a technical malfunction of TARGET, the ECB shall offer to compensate the participant concerned in accordance with the special procedure laid down in Appendix II.

Article 21

Liability regime

1.   In performing their obligations pursuant to these Conditions, the ECB and the participants shall be bound by a general duty of reasonable care in relation to each other.

2.   The ECB shall be liable to its participants in cases of fraud (including but not limited to wilful misconduct) or gross negligence, for any loss arising out of the operation of TARGET-ECB. In cases of ordinary negligence, the ECB’s liability shall be limited to the participant’s direct loss, i.e. the amount of the transaction in question and/or the loss of interest thereon, excluding any consequential loss.

3.   The ECB shall not be liable for any loss that results from any malfunction or failure in the technical infrastructure (including but not limited to the ECB’s computer infrastructure, programmes, data, applications or networks), if such malfunction or failure arises in spite of the ECB having adopted those measures that are reasonably necessary to protect such infrastructure against malfunction or failure, and to resolve the consequences of such malfunction or failure (the latter including but not limited to initiating and completing the business continuity and contingency procedures referred to in Appendix IV).

4.   The ECB shall not be liable:

| (a) | to the extent that the loss is caused by the participant; or |
| --- | --- |

(a)

to the extent that the loss is caused by the participant; or

| (b) | if the loss arises out of external events beyond the ECB’s reasonable control (force majeure). |
| --- | --- |

(b)

if the loss arises out of external events beyond the ECB’s reasonable control (force majeure).

5.   Notwithstanding § § 676a, 676b, 676c, 676e and 676g of the Bürgerliches Gesetzbuch (German Civil Code), paragraphs 1 to 4 shall apply to the extent that the ECB’s liability can be excluded.

6.   The ECB and the participants shall take all reasonable and practicable steps to mitigate any damage or loss referred to in this Article.

7.   In performing some or all of its obligations under these Conditions, the ECB may commission third parties in its own name, particularly telecommunications or other network providers or other entities, if this is necessary to meet the ECB’s obligations or is standard market practice. The ECB’s obligation shall be limited to the due selection and commissioning of any such third parties and the ECB’s liability shall be limited accordingly. For the purposes of this paragraph, the Level 3 NCBs shall not be considered as third parties.

Article 22

Evidence

1.   Unless otherwise provided in these Conditions, all cash transfer orders and related messages, such as confirmations of debits or credits, or statement messages, between the ECB and participants shall be made through the relevant NSP.

2.   Electronic or written records of the messages retained by the ECB or by the relevant NSP shall be accepted as a means of evidence of the payments processed through the ECB. The saved or printed version of the original message of the relevant NSP shall be accepted as a means of evidence, regardless of the form of the original message.

3.   If a participant’s connection to the NSP fails, the participant shall use the alternative means of transmission of messages as agreed with the ECB. In such cases, the saved or printed version of the message produced by the ECB shall have the same evidential value as the original message, regardless of its form.

4.   The ECB shall keep complete records of cash transfer orders submitted and payments received by participants for a period of ten years from the time at which such cash transfer orders are submitted and payments are received.

5.   The ECB’s own books and records shall be accepted as a means of evidence of any obligations of the participants and of any facts and events that the parties rely on.

Article 23

Duration and ordinary termination of participation and closure of accounts

1.   Without prejudice to Article 24, participation in TARGET-ECB shall be for an indefinite period of time.

2.   A participant may terminate any of the following at any time giving 14 business days’ notice thereof, unless it agrees a shorter notice period with the ECB:

| (a) | its entire participation in TARGET-ECB; |
| --- | --- |

(a)

its entire participation in TARGET-ECB;

| (b) | one or more of its DCAs, RTGS AS technical accounts and/or TIPS AS technical accounts; |
| --- | --- |

(b)

one or more of its DCAs, RTGS AS technical accounts and/or TIPS AS technical accounts;

| (c) | one or more of its MCAs, provided that it continues to comply with Article 5. |
| --- | --- |

(c)

one or more of its MCAs, provided that it continues to comply with Article 5.

3.   The ECB may terminate any of the following at any time giving three months’ notice thereof, unless it agrees a different notice period with the relevant participant:

| (a) | a participant’s entire participation in TARGET-ECB; |
| --- | --- |

(a)

a participant’s entire participation in TARGET-ECB;

| (b) | one or more of a participant’s DCAs, RTGS AS technical accounts or TIPS AS technical accounts; |
| --- | --- |

(b)

one or more of a participant’s DCAs, RTGS AS technical accounts or TIPS AS technical accounts;

| (c) | one or more of a participant’s MCAs, provided that the participant continues to hold at least one MCA. |
| --- | --- |

(c)

one or more of a participant’s MCAs, provided that the participant continues to hold at least one MCA.

4.   On termination of participation, the confidentiality duties laid down in Article 27 shall remain in force for a period of five years starting on the date of termination.

5.   On termination of participation, the ECB shall close all TARGET accounts of the participant concerned in accordance with Article 25.

Article 24

Suspension and extraordinary termination of participation

1.   A participant’s participation in TARGET-ECB shall be immediately terminated without prior notice or suspended if one of the following events of default occurs:

| (a) | the opening of insolvency proceedings; and/or |
| --- | --- |

(a)

the opening of insolvency proceedings; and/or

| (b) | the participant no longer meets the access criteria laid down in Article 4. |
| --- | --- |

(b)

the participant no longer meets the access criteria laid down in Article 4.

For the purposes of this paragraph, the taking of crisis prevention measures or crisis management measures within the meaning of Directive 2014/59/EU against a participant shall not automatically qualify as the opening of insolvency proceedings.

2.   The ECB may terminate without prior notice or suspend the participant’s participation in TARGET-ECB if:

| (a) | one or more events of default (other than those referred to in paragraph 1) occur; |
| --- | --- |

(a)

one or more events of default (other than those referred to in paragraph 1) occur;

| (b) | the participant is in material breach of any of these Conditions; |
| --- | --- |

(b)

the participant is in material breach of any of these Conditions;

| (c) | the participant fails to carry out any material obligation to the ECB; |
| --- | --- |

(c)

the participant fails to carry out any material obligation to the ECB;

| (d) | the participant ceases to have a valid agreement with an NSP to provide the necessary connection to TARGET; |
| --- | --- |

(d)

the participant ceases to have a valid agreement with an NSP to provide the necessary connection to TARGET;

| (e) | any other participant-related event occurs which, in the ECB’s assessment, would threaten the overall stability, soundness and safety of TARGET-ECB or of any other TARGET component system, or which would jeopardise the ECB’s performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence; |
| --- | --- |

(e)

any other participant-related event occurs which, in the ECB’s assessment, would threaten the overall stability, soundness and safety of TARGET-ECB or of any other TARGET component system, or which would jeopardise the ECB’s performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence;

| (f) | the ECB suspends or terminates the participant’s access to intraday credit, including auto-collateralisation, pursuant to Part II, Article 13 of Guideline (EU) 2022/912 (ECB/2022/8); and/or |
| --- | --- |

(f)

the ECB suspends or terminates the participant’s access to intraday credit, including auto-collateralisation, pursuant to Part II, Article 13 of Guideline (EU) 2022/912 (ECB/2022/8); and/or

| (g) | the participant is excluded from or otherwise ceases to be a member of one of the NSP Closed Group of Users. |
| --- | --- |

(g)

the participant is excluded from or otherwise ceases to be a member of one of the NSP Closed Group of Users.

3.   In exercising its discretion under paragraph 2, the ECB shall take into account, inter alia, the seriousness of the event of default or events mentioned in points (a) to (c) of paragraph 2.

4.   In the event that the ECB suspends or terminates a participant’s participation in TARGET-ECB under paragraphs 1 or 2, the ECB shall without undue delay inform – by means of a broadcast message or, if that is not available, by any other appropriate means of communication – the respective participant, other CBs and participants in all of the TARGET component systems of such suspension or termination. Such message shall be deemed to have been issued by the home CB of the respective participant.

5.   Once a message issued under paragraph 4 has been received by the participants, they shall be deemed informed of the termination/suspension of a participant’s participation in TARGET-ECB or another TARGET component system. The participants shall bear any losses arising from the submission of a cash transfer order to participants whose participation has been suspended or terminated if such cash transfer order was entered into TARGET-ECB after receipt of the message.

Article 25

Closure of TARGET accounts by the ECB on termination of participation

On termination of a participant’s participation in TARGET-ECB pursuant to either Article 23 or 24, the ECB shall close the TARGET accounts of the participant concerned, after having settled or rejected any queued cash transfer orders, and made use of its rights of pledge and set-off under Article 26.

Article 26

The ECB’s rights of pledge and set-off

1.   The ECB shall have a pledge over the participant’s existing and future credit balances on its TARGET accounts, thereby collateralising any current and future claims arising out of the legal relationship between the parties.

2.   On the occurrence of:

| (a) | an event of default, referred to in Article 24(1); or |
| --- | --- |

(a)

an event of default, referred to in Article 24(1); or

| (b) | any other event of default or event referred to in Article 24(2) that has led to the termination or suspension of the participant’s participation, notwithstanding the commencement of any insolvency proceedings in respect of a participant and notwithstanding any assignment, judicial or other attachment or other disposition of or in respect of the participant’s rights, all obligations of the participant shall be automatically and immediately accelerated, without prior notice and without the need for any prior approval of any authority, so as to be immediately due. In addition, the mutual obligations of the participant and the ECB shall automatically be set off against each other, and the party owing the higher amount shall pay to the other the difference. |
| --- | --- |

(b)

any other event of default or event referred to in Article 24(2) that has led to the termination or suspension of the participant’s participation, notwithstanding the commencement of any insolvency proceedings in respect of a participant and notwithstanding any assignment, judicial or other attachment or other disposition of or in respect of the participant’s rights, all obligations of the participant shall be automatically and immediately accelerated, without prior notice and without the need for any prior approval of any authority, so as to be immediately due. In addition, the mutual obligations of the participant and the ECB shall automatically be set off against each other, and the party owing the higher amount shall pay to the other the difference.

3.   The ECB shall promptly give the participant notice of any set-off pursuant to paragraph 4 after such set-off has taken place.

4.   The ECB may without prior notice debit any participant’s TARGET accounts by any amount which the participant owes the ECB resulting from the legal relationship between the participant and the ECB .

5.   The provisions of this Article shall not create any right, pledge, charge or claim or set-off in respect of the following TARGET accounts used by AS:

| (a) | TARGET accounts used in accordance with the AS settlement procedures under Part VI or Part VII; |
| --- | --- |

(a)

TARGET accounts used in accordance with the AS settlement procedures under Part VI or Part VII;

| (b) | TARGET accounts held by AS under Parts II to V, where funds held on such accounts do not belong to the AS but are held on behalf of their customers or are used to settle cash transfer orders on behalf of their customers. |
| --- | --- |

(b)

TARGET accounts held by AS under Parts II to V, where funds held on such accounts do not belong to the AS but are held on behalf of their customers or are used to settle cash transfer orders on behalf of their customers.

Article 27

Confidentiality

1.   The ECB shall keep confidential all sensitive or secret information, including when such information relates to payment, technical or organisational information belonging to the participant, participants from the same group or the participant's customers, unless the participant or its customer has given its written consent to disclose.

2.   By derogation from paragraph 1, the participant agrees that information on any action taken under Article 24 shall not be considered as confidential.

3.   By derogation from paragraph 1, the participant 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; |
| --- | --- |

(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 |
| --- | --- |

(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, |
| --- | --- |

(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; |
| --- | --- | --- |

(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; |
| --- | --- |

(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. |
| --- | --- |

(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 |
| --- | --- |

(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. |
| --- | --- |

(b)

connect via another entity which has itself concluded a contract with an NSP within the framework of the concession contract with that NSP.

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

1.   These Conditions become effective from 21 November 2022.

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)

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; |
| --- | --- |

(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. |
| --- | --- |

(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; |
| --- | --- |

(a)

another MCA holder in TARGET- ECB;

| (b) | an MCA holder in another TARGET component system; |
| --- | --- |

(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.

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).

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) shall not apply.

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; |
| --- | --- |

(a)

central bank operations;

| (b) | liquidity transfer orders to and from overnight deposit accounts opened by the ECB in the name of the participant; |
| --- | --- |

(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; |
| --- | --- |

(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. |
| --- | --- |

(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; |
| --- | --- |

(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. |
| --- | --- |

(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.

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 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) or MCA(s) whenever the floor is breached.

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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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; |
| --- | --- |

(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. |
| --- | --- |

(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)

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.   The participant shall be bound by such cash transfer orders and any other action taken by the addressable BIC holders, regardless of the content of, or any non-compliance with, the contractual or other arrangements between that participant and such entity.

Article 3

Multi-addressee access

Multi-addressee access is not offered in TARGET-ECB.

Article 4

RTGS liquidity transfer group

1.   On the request of an RTGS DCA holder the ECB shall create an RTGS liquidity transfer group, for the purpose of enabling the processing of RTGS DCA-to-RTGS DCA liquidity transfer orders.

2.   On the request of an RTGS DCA holder the ECB shall add one of the RTGS DCA holder’s RTGS DCAs to or delete it from an existing RTGS liquidity transfer group created in TARGET-ECB or another TARGET component system. The RTGS DCA holder shall inform all other RTGS DCA holders in that RTGS liquidity transfer group before making such a request.

Article 5

Transactions processed on an RTGS DCA and its sub-accounts

1.   Payment orders to other RTGS DCAs and cash transfer orders to AS guarantee fund accounts shall be processed via an RTGS DCA in TARGET-ECB.

2.   Cash transfer orders related to RTGS AS settlement procedures shall be settled via an RTGS DCA or its sub-accounts in TARGET-ECB.

3.   The following transactions may be processed via an RTGS DCA or its sub-accounts in TARGET-ECB:

| (a) | liquidity transfer orders to another RTGS DCA within the same RTGS liquidity transfer group; |
| --- | --- |

(a)

liquidity transfer orders to another RTGS DCA within the same RTGS liquidity transfer group;

| (b) | liquidity transfer orders to a TIPS DCA or an MCA; |
| --- | --- |

(b)

liquidity transfer orders to a TIPS DCA or an MCA;

| (c) | liquidity transfers to an overnight deposit account. |
| --- | --- |

(c)

liquidity transfers to an overnight deposit account.

4.   Liquidity transfer orders to T2S DCAs may be processed via an RTGS DCA in TARGET-ECB.

Article 6

Liquidity transfer orders

1.   An RTGS DCA 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; |
| --- | --- |

(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; |
| --- | --- |

(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;

2.   A standing liquidity transfer order may be input or modified by the RTGS DCA holder at any time during a business day and shall become effective as of the next business day.

3.   An immediate liquidity transfer order may be input by the RTGS DCA holder at any time during a business day. An immediate liquidity transfer order for processing in accordance with RTGS AS settlement procedures C or D may also be input by the relevant AS on behalf of the settlement bank.

Article 7

Rule-based liquidity transfer orders

1.   An RTGS DCA holder may specify a floor and/or a ceiling amount for its RTGS DCA.

| (a) | By setting a ceiling and opting for a rule-based liquidity transfer order, if, following the settlement of a payment order or AS transfer order, the ceiling is breached, the RTGS DCA holder instructs the ECB to execute a rule-based liquidity transfer order that credits an MCA designated by that RTGS DCA holder. The credited MCA may belong to another participant in TARGET-ECB or in another TARGET component system. |
| --- | --- |

(a)

By setting a ceiling and opting for a rule-based liquidity transfer order, if, following the settlement of a payment order or AS transfer order, the ceiling is breached, the RTGS DCA holder instructs the ECB to execute a rule-based liquidity transfer order that credits an MCA designated by that RTGS DCA holder. The credited MCA may belong to another participant in TARGET-ECB or in another TARGET component system.

| (b) | By setting a floor, and opting for a rule-based liquidity transfer order, if, following the settlement of a payment order or AS 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-ECB or in another TARGET component system. The holder of the debited MCA must authorise its MCA to be debited in this manner. |
| --- | --- |

(b)

By setting a floor, and opting for a rule-based liquidity transfer order, if, following the settlement of a payment order or AS 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-ECB or in another TARGET component system. The holder of the debited MCA must authorise its MCA to be debited in this manner.

2.   An RTGS DCA holder may authorise its RTGS DCA to be debited in the event that a floor is breached in one or more specified MCAs in TARGET-ECB or another TARGET component system. By authorising its RTGS DCA to be debited, the RTGS DCA holder instructs the ECB to execute a rule-based liquidity transfer order that credits the MCA(s) whenever the floor is breached.

3.   An RTGS DCA holder may authorise its MCA designated for the purpose of automated liquidity transfer orders under Article 1(5) and (6) to be debited in the event that there is insufficient liquidity on the RTGS DCA to settle urgent payment orders, AS transfer orders or high priority payment orders on its RTGS DCA.

Article 8

Priority rules

1.   The order of priority for the processing of cash transfer orders, in descending level of urgency, shall be:

| (a) | urgent; |
| --- | --- |

(a)

urgent;

| (b) | high; |
| --- | --- |

(b)

high;

| (c) | normal. |
| --- | --- |

(c)

normal.

2.   The following orders shall automatically be assigned the priority ‘urgent’:

| (a) | AS transfer orders; |
| --- | --- |

(a)

AS transfer orders;

| (b) | liquidity transfer orders including automated liquidity transfer orders; |
| --- | --- |

(b)

liquidity transfer orders including automated liquidity transfer orders;

| (c) | cash transfer orders to an AS technical account for RTGS AS settlement procedure D. |
| --- | --- |

(c)

cash transfer orders to an AS technical account for RTGS AS settlement procedure D.

3.   All cash transfer orders not listed in paragraph 2 shall automatically be assigned the priority ‘normal’, except payment orders to which the RTGS DCA holder has at its discretion assigned the priority ‘high’.

Article 9

Processing of cash transfer orders on RTGS DCAs

1.   Cash transfer orders on RTGS DCAs shall be settled immediately they are accepted, or later as indicated by the RTGS DCA holder in accordance with Article 16 or Article 17, provided in all cases that:

| (a) | there is available liquidity on the payer’s RTGS DCA; |
| --- | --- |

(a)

there is available liquidity on the payer’s RTGS DCA;

| (b) | no cash transfer orders of equal or higher priority are queued; and |
| --- | --- |

(b)

no cash transfer orders of equal or higher priority are queued; and

| (c) | any debit limits set in accordance with Article 15 are observed. |
| --- | --- |

(c)

any debit limits set in accordance with Article 15 are observed.

2.   If any of the conditions set out in points (a) to (c) of paragraph 1 are not met in relation to a cash transfer order, the following shall apply.

| (a) | In the case of an automated liquidity transfer order, the ECB is instructed to execute the instruction partially and to execute further liquidity transfers whenever liquidity is available, up to the amount of the initial automated liquidity transfer order. |
| --- | --- |

(a)

In the case of an automated liquidity transfer order, the ECB is instructed to execute the instruction partially and to execute further liquidity transfers whenever liquidity is available, up to the amount of the initial automated liquidity transfer order.

| (b) | In the case of an immediate liquidity transfer order, the order shall be rejected without partial settlement or any further attempt to settle unless the order is initiated by an AS, in which case it shall be partially settled without any further attempt to settle. |
| --- | --- |

(b)

In the case of an immediate liquidity transfer order, the order shall be rejected without partial settlement or any further attempt to settle unless the order is initiated by an AS, in which case it shall be partially settled without any further attempt to settle.

| (c) | In the case of a standing liquidity transfer order or a rule-based liquidity transfer order, the order shall be partially settled without any further attempt to settle. A standing liquidity transfer order triggered by mandatory RTGS AS settlement procedures C or D and for which there are insufficient funds on the RTGS DCA shall be settled following a pro rata reduction of all orders. A standing liquidity transfer order triggered by optional RTGS AS settlement procedure C and for which there are insufficient funds on the RTGS DCA shall be rejected. |
| --- | --- |

(c)

In the case of a standing liquidity transfer order or a rule-based liquidity transfer order, the order shall be partially settled without any further attempt to settle. A standing liquidity transfer order triggered by mandatory RTGS AS settlement procedures C or D and for which there are insufficient funds on the RTGS DCA shall be settled following a pro rata reduction of all orders. A standing liquidity transfer order triggered by optional RTGS AS settlement procedure C and for which there are insufficient funds on the RTGS DCA shall be rejected.

3.   Cash transfer orders on RTGS DCAs, other than those orders referred to in paragraph 2 shall be queued and processed in accordance with the rules set out in Article 10.

Article 10

Queue management and settlement optimisation

1.   Cash transfer orders on RTGS DCAs that are queued in accordance with Article 9(3) shall be processed according to their priority. Subject to paragraph 2 to 5, the ‘first in, first out’ (FIFO) principle shall apply within each category or subcategory of cash transfer orders priority as follows:

| (a) | urgent cash transfer orders: the automated liquidity transfer orders shall be placed first in the queue. AS transfer orders and other urgent cash transfer orders shall be placed next in the queue; |
| --- | --- |

(a)

urgent cash transfer orders: the automated liquidity transfer orders shall be placed first in the queue. AS transfer orders and other urgent cash transfer orders shall be placed next in the queue;

| (b) | high priority cash transfer orders shall not be settled while urgent cash transfer orders are queued; |
| --- | --- |

(b)

high priority cash transfer orders shall not be settled while urgent cash transfer orders are queued;

| (c) | normal priority cash transfer orders shall not be settled while urgent or high priority cash transfer orders are queued. |
| --- | --- |

(c)

normal priority cash transfer orders shall not be settled while urgent or high priority cash transfer orders are queued.

2.   The payer may change the priority of its cash transfer orders other than urgent cash transfer orders.

3.   The payer may change the position of its cash transfer orders in the queue. The payer may move such cash transfer orders either behind the automated liquidity transfer orders in the queue or to the end of the respective queue with immediate effect at any time during the settlement window for customer and interbank payments as specified in Appendix V.

4.   To optimise the settlement of queued cash transfer orders, the ECB may:

| (a) | use the optimisation procedures described in Appendix I; |
| --- | --- |

(a)

use the optimisation procedures described in Appendix I;

| (b) | settle cash transfer orders with a lower priority (or of the same priority but accepted later) before cash transfer orders with a higher priority (or of the same priority accepted earlier), if the cash transfer orders with a lower priority would net out with payments to be received and result on balance in a liquidity increase for the payer; |
| --- | --- |

(b)

settle cash transfer orders with a lower priority (or of the same priority but accepted later) before cash transfer orders with a higher priority (or of the same priority accepted earlier), if the cash transfer orders with a lower priority would net out with payments to be received and result on balance in a liquidity increase for the payer;

| (c) | settle cash transfer orders with normal priority before other queued normal priority payments accepted earlier, provided that sufficient funds are available and notwithstanding that this may contravene the FIFO principle. |
| --- | --- |

(c)

settle cash transfer orders with normal priority before other queued normal priority payments accepted earlier, provided that sufficient funds are available and notwithstanding that this may contravene the FIFO principle.

5.   Queued cash transfer orders shall be rejected if they cannot be settled by the cut-off times for the relevant message type as specified in Appendix V.

6.   The provisions regarding settlement of cash transfer orders as set out in Appendix I shall apply.

Article 11

Liquidity reservation orders

1.   An RTGS DCA holder may instruct the ECB to reserve a specified amount of liquidity on its RTGS DCA using one of the following:

| (a) | a current liquidity reservation order that shall have immediate effect for the current TARGET business day; |
| --- | --- |

(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. |
| --- | --- |

(b)

a standing liquidity reservation order to be carried out at the start of every TARGET business day.

2.   An RTGS DCA holder shall assign one of the following statuses to a current or standing liquidity reservation order:

| (a) | high priority: allows the usage of the liquidity for urgent or high priority cash transfer orders; |
| --- | --- |

(a)

high priority: allows the usage of the liquidity for urgent or high priority cash transfer orders;

| (b) | urgent priority: allows the usage of the liquidity only for urgent cash transfer orders. |
| --- | --- |

(b)

urgent priority: allows the usage of the liquidity only for urgent cash transfer orders.

3.   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 and 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.

4.   By requesting the reservation of a specified amount of liquidity for usage for urgent cash transfer orders, the RTGS DCA holder instructs the ECB only to settle high priority and normal priority cash transfer orders if there is available liquidity after the amount reserved for usage for urgent cash transfer orders has been deducted.

5.   By requesting the reservation of a specified amount of liquidity for usage for high priority cash transfer orders, the RTGS DCA holder instructs the ECB only to settle normal priority cash transfer orders if there is available liquidity after the amount reserved for usage for urgent and high priority cash transfer orders has been deducted.

Article 12

Recall request and answer

1.   An RTGS DCA holder may enter a recall request to request the return of a settled payment order.

2.   The recall request shall be forwarded to the payee of the settled payment order which may answer positively or negatively. A positive answer does not initiate a return of the funds.

Article 13

RTGS directory

1.   The RTGS directory is a list of BICs used for the purpose of routing information and comprises the BICs of:

| (a) | RTGS DCA holders; |
| --- | --- |

(a)

RTGS DCA holders;

| (b) | any entity with multi-addressee access; |
| --- | --- |

(b)

any entity with multi-addressee access;

| (c) | addressable BIC holders. |
| --- | --- |

(c)

addressable BIC holders.

2.   The RTGS directory shall be updated daily.

3.   Unless otherwise requested by an RTGS DCA holder, its BICs shall be published in the RTGS directory.

4.   RTGS DCA holders may only distribute the RTGS directory to their branches and entities with multiaddressee access.

5.   RTGS DCA holders acknowledge that the ECB and other CBs may publish RTGS DCA holders’ names and BICs. In addition, names and BICs of addressable BIC holders or entities with multi-addressee access may be published and RTGS DCA holders shall ensure that addressable BIC holders or entities with multi-addressee access have agreed to such publication.

Article 14

Processing of cash transfer orders in the event of suspension or termination

1.   Upon termination of an RTGS DCA holder’s participation in TARGET-ECB, the ECB shall not accept any new cash transfer orders from that RTGS DCA holder. Cash transfer orders in the queue, warehoused cash transfer orders or new cash transfer orders in favour of that RTGS DCA holder shall be rejected.

2.   If an RTGS DCA holder’s participation in TARGET-ECB is suspended on grounds other than those specified in Part I, Article 25(1), point (a), the ECB shall store all of that RTGS DCA holder’s incoming and outgoing cash transfer orders on its RTGS DCA and only submit them for settlement after they have been explicitly accepted by the suspended RTGS DCA holder’s CB.

3.   If an RTGS DCA holder’s participation in TARGET-ECB is suspended on the grounds specified in Part I, Article 25(1), point (a), any outgoing cash transfer orders from that RTGS DCA holder’s RTGS DCA shall only be processed on the instructions of its representatives, including those appointed by a competent authority or a court, such as the RTGS 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 15

Debit limits

1.   An RTGS DCA holder may limit the use of available liquidity for payment orders on its individual RTGS DCAs in relation to other RTGS DCAs, except any of the CBs, by specifying bilateral or multilateral limits. Such limits may only be defined in relation to normal priority payment orders.

2.   By specifying a bilateral limit, an RTGS DCA holder instructs the ECB that an accepted payment order shall not be settled if the sum of its outgoing normal priority payment orders to another RTGS DCA holder’s RTGS DCA minus the sum of all incoming urgent, high priority and normal priority payments from that RTGS DCA (the net bilateral position) would exceed this bilateral limit.

3.   An RTGS DCA holder may specify a multilateral limit for any relationship that is not subject to a bilateral limit. A multilateral limit may only be specified if the RTGS DCA holder has set at least one bilateral limit. If an RTGS DCA holder specifies a multilateral limit, it instructs the ECB that an accepted payment order shall not be settled if the sum of its outgoing normal priority payment orders to all RTGS DCA holders’ RTGS DCAs in relation to which no bilateral limit has been specified minus the sum of all incoming urgent, high priority and normal priority payments from those RTGS DCAs (the net multilateral position) would exceed this multilateral limit.

4.   Limits may be changed in real time with immediate effect or with effect from the next business day. If a limit is changed to zero, it shall not be possible to change it again on the same business day. The definition of a new bilateral or multilateral limit shall only be effective from the next business day.

Article 16

Participants’ instructions with regard to settlement times

1.   An RTGS DCA holder may indicate the earliest time before which a payment order cannot settle or the latest time after which time the payment order will be rejected by using the earliest debit time indicator or the latest debit time indicator, respectively, or may indicate a time range during which the payment order will settle by using both indicators. An RTGS DCA holder may also use the latest debit time indicator solely as a warning indicator. In such cases, the payment order concerned shall not be rejected.

2.   In the event that 15 minutes prior to the indicated latest debit time the payment order has not been settled, the RTGS DCA holder concerned shall be notified accordingly.

Article 17

Payment orders submitted in advance

1.   Payment orders may be submitted up to 10 calendar days before the specified settlement date (warehoused payment orders).

2.   Warehoused payment orders shall be accepted and submitted for processing on the date specified by the RTGS DCA holder at the start of settlement window on that day for customer and interbank payments, as referred to in Appendix V. They shall be placed in front of payment orders of the same priority.

Article 18

Direct debit

1.   An RTGS DCA holder (payer) may give its authorisation for another RTGS DCA holder (payee) in TARGET-ECB or in another TARGET component system to debit the payer’s RTGS DCA by direct debit.

2.   To enable such arrangement the payer shall provide a prior authorisation to the ECB entitling the ECB to debit the payer’s RTGS DCA upon receipt of a valid direct debit instruction.

3.   If a payee receives the authorisation as described in paragraph 1, it may submit direct debit instructions to debit the payer’s RTGS DCA by the amount specified in the instruction.

4.   An RTGS DCA holder that requests to be added to a settlement bank account group of an AS shall be deemed to have given authorisation to the ECB entitling the ECB to debit the RTGS DCA holder’s RTGS DCA and sub-account upon receipt of a valid direct debit instruction by that AS.

Article 19

Back-up payment functionality

In the event of the failure of its payment infrastructure, an RTGS DCA holder may request the ECB to activate the back-up payment functionality. This allows the RTGS DCA holder to enter certain payment orders using the Graphical User Interface (GUI).

Article 20

Security rights in relation to funds on sub-accounts

1.   The ECB shall have a pledge over the balance on an RTGS DCA holder’s sub-account opened under the arrangements between the relevant AS and its CB for the settlement of AS-related payment instructions in accordance with RTGS AS settlement procedure C. Such balance shall collateralise the RTGS DCA holder’s obligation referred to in paragraph 7 towards the ECB in relation to such settlement.

2.   Upon receipt by the ECB of a ‘start-of-cycle’ message, the ECB shall ensure that the balance on the sub-account of the RTGS DCA holder (including increases or reductions of that balance resulting from crediting or debiting cross-system settlement payments to or from the sub-account, or from crediting liquidity transfers to the sub-account) at the moment the AS starts a cycle can only be used for the settlement of AS transfer orders related to that settlement procedure C. Upon receipt by the ECB of an ‘end-of-cycle’ message the balance on the sub-account shall be available for the use of the RTGS DCA holder.

3.   By confirming the balance on the RTGS DCA holder’s sub-account, the ECB guarantees to the AS payment up to the amount of this particular balance. By confirming, where applicable, the increase or reduction of the balance upon crediting or debiting cross-system settlement payments to or from the sub-account or crediting liquidity transfers to the sub-account, the guarantee is automatically increased or reduced by the amount of the payment. Notwithstanding the abovementioned increase or reduction of the guarantee, the guarantee shall be irrevocable, unconditional and payable on first demand. If the ECB is not the AS’s CB, the ECB shall be deemed instructed to issue the abovementioned guarantee to the AS’s CB.

4.   In the absence of any insolvency proceedings in relation to the RTGS DCA holder, the AS transfer orders for the squaring of the RTGS DCA holder’s settlement obligation shall be settled without drawing on the guarantee and without recourse to the security right over the balance on the RTGS DCA holder’s sub-account.

5.   In the event of the RTGS DCA holder’s insolvency, the AS transfer orders for the squaring of the RTGS DCA holder’s settlement obligation shall be a first demand for payment under the guarantee; the debiting of the instructed amount from the RTGS DCA holder’s sub-account (and crediting of the AS’s RTGS AS technical account) shall therefore equally involve the discharge of the guarantee obligation by the ECB and a realisation of its collateral right over the balance on the RTGS DCA holder’s sub-account.

6.   The guarantee shall expire upon receipt by the ECB of an ‘end-of-cycle’ message confirming that the settlement has been completed.

7.   The RTGS DCA holder shall be obliged to reimburse to the ECB any payment made by the latter under such guarantee.

PART IV

Special terms and conditions for TARGET2-securities dedicated cash accounts (T2S DCAs)

Special terms and conditions for TARGET2-securities dedicated cash accounts (T2S DCAs)

Article 1

Opening and management of a T2S DCA

1.   The ECB shall on the request of an MCA holder open and operate one or more T2S DCAs.

2.   There shall be no debit balance on a T2S DCA.

3.   A T2S DCA holder shall designate one MCA for the purpose of processing liquidity transfer orders between T2S DCAs as referred to in Article 3(1), point (c). The designated MCA may be held in TARGET-ECB or another TARGET component system and may belong to a different participant.

Article 2

Links between securities accounts and T2S DCAs

1.   A T2S DCA holder may request the ECB to link its T2S DCA to one or more securities account(s) held on its own behalf or on behalf of its clients which hold securities accounts in one or more participating CSDs.

2.   T2S DCA holders linking their T2S DCA to securities account(s) on behalf of clients as set out in paragraph 1 are responsible for establishing and maintaining the list of linked securities accounts and, where relevant, the set-up of the client-collateralisation feature.

3.   As a result of the request under paragraph 1, the T2S DCA holder is deemed to have given a mandate to the CSD where such linked securities accounts are maintained to debit the T2S DCA with the amounts resulting from securities transactions taking place on these securities accounts.

4.   Paragraph 3 shall apply regardless of any agreements the T2S DCA holder has with the CSD and/or the securities account holders.

Article 3

Transactions processed on T2S DCAs

1.   The following transactions shall be processed via a T2S DCA in TARGET-ECB:

| (a) | the settlement of cash instructions stemming from T2S provided that the T2S DCA holder has designated the relevant securities account(s), as referred to in Article 2; |
| --- | --- |

(a)

the settlement of cash instructions stemming 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; |
| --- | --- |

(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); |
| --- | --- |

(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). |
| --- | --- |

(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; |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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; |
| --- | --- |

(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. |
| --- | --- |

(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)

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.

Article 2

Sending and receiving messages

1.   A TIPS DCA holder may send messages:

| (a) | directly, and/or |
| --- | --- |

(a)

directly, and/or

| (b) | via one or more instructing parties. |
| --- | --- |

(b)

via one or more instructing parties.

2.   A TIPS DCA holder shall receive messages:

| (a) | directly; or |
| --- | --- |

(a)

directly; or

| (b) | via one instructing party. |
| --- | --- |

(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

1.   A TIPS DCA holder may designate one or more reachable parties. Reachable parties shall have adhered to the SCT Inst scheme by signing the SEPA Instant Credit Transfer Adherence Agreement.

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; |
| --- | --- |

(a)

instant payment orders;

| (b) | positive recall answers; |
| --- | --- |

(b)

positive recall answers;

| (c) | liquidity transfer orders to TIPS AS technical Accounts, MCAs, T2S DCAs or RTGS DCAs; |
| --- | --- |

(c)

liquidity transfer orders to TIPS AS technical Accounts, MCAs, T2S DCAs or RTGS DCAs;

| (d) | liquidity transfer orders to sub-accounts; |
| --- | --- |

(d)

liquidity transfer orders to sub-accounts;

| (e) | Liquidity transfer orders to overnight deposit 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.

3.   After an instant payment 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 shall be rejected; |
| --- | --- |

(a)

if sufficient funds are not available, the instant payment 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, the instant payment order shall be settled and the reservation shall be simultaneously lifted. In the event of rejection by the payee or the absence of a timely response, within the meaning of the SCT Inst scheme, the instant payment order shall be rejected and the reservation shall be simultaneously lifted. |
| --- | --- |

(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, the instant payment order shall be settled and the reservation shall be simultaneously lifted. In the event of rejection by the payee or the absence of a timely response, within the meaning of the SCT Inst scheme, the instant payment order shall be rejected and the reservation shall be simultaneously lifted.

4.   Funds reserved in accordance with paragraph 3(b) shall not be available for the settlement of subsequent cash transfer orders.

5.   Without prejudice to paragraph 3(b), the ECB shall reject an instant payment order if the amount of the instant payment order exceeds any applicable credit memorandum balance (CMB).

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.

Article 8

TIPS directory

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; |
| --- | --- |

(a)

TIPS DCA holders;

| (b) | reachable parties. |
| --- | --- |

(b)

reachable parties.

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; |
| --- | --- |

(a)

reject all of its incoming cash transfer orders;

| (b) | reject all of its outgoing cash transfer orders; or |
| --- | --- |

(b)

reject all of its outgoing cash transfer orders; or

| (c) | reject both its incoming and outgoing cash transfer orders. |
| --- | --- |

(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.

4.   The ECB shall process instant payment 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 Article 6(3), point (b) prior to the suspension or termination.

PART VI

Special terms and conditions for ancillary systems (AS) using real-time gross settlement ancillary system (RTGS AS) settlement procedures

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; |
| --- | --- |

(a)

RTGS AS settlement procedure A;

| (b) | RTGS AS settlement procedure B; |
| --- | --- |

(b)

RTGS AS settlement procedure B;

| (c) | RTGS AS settlement procedure C; |
| --- | --- |

(c)

RTGS AS settlement procedure C;

| (d) | RTGS AS settlement procedure D; |
| --- | --- |

(d)

RTGS AS settlement procedure D;

| (e) | RTGS AS settlement procedure E. |
| --- | --- |

(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); |
| --- | --- |

(a)

the ‘information period’ service, as referred to in Article 8(1);

| (b) | the ‘settlement period’ service, as referred to in Article 8(3). |
| --- | --- |

(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); |
| --- | --- |

(a)

the ‘information period’ service, as referred to in Article 8(1);

| (b) | the ‘settlement period’ service, as referred to in Article 8(3). |
| --- | --- |

(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 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; |
| --- | --- |

(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; |
| --- | --- |

(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. |
| --- | --- |

(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 |
| --- | --- |

(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. |
| --- | --- |

(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); |
| --- | --- |

(a)

the ‘information period’ service, as referred to in Article 8(1);

| (b) | the ‘settlement period’ service, as referred to in Article 8(3). |
| --- | --- |

(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; |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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)

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

1.   The ECB may on the request of an AS that settles instant payments pursuant to the SCT Inst scheme or near instant payments in its own books, open and operate one or more TIPS AS technical accounts.

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. A ancillary system shall receive and process instant payment orders, recall requests and positive recall answers from any TIPS DCA holder or TIPS AS.

Article 2

Sending and receiving messages

1.   A TIPS AS technical account holder may send messages:

| (a) | directly; |
| --- | --- |

(a)

directly;

| (b) | via one or more instructing parties. |
| --- | --- |

(b)

via one or more instructing parties.

2.   A TIPS AS technical account holder shall receive messages:

| (a) | directly; or |
| --- | --- |

(a)

directly; or

| (b) | via one instructing party. |
| --- | --- |

(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.

3.   After an instant payment order 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 to effect settlement and the following shall apply:

| (a) | if sufficient funds are not available, the instant payment order shall be rejected; |
| --- | --- |

(a)

if sufficient funds are not available, the instant payment 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, the instant payment order shall be settled and the reservation shall be simultaneously lifted. In the event of rejection by the payee or the absence of a timely response, within the meaning of the SCT Inst scheme, the instant payment order shall be rejected and the reservation shall be simultaneously lifted. |
| --- | --- |

(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, the instant payment order shall be settled and the reservation shall be simultaneously lifted. In the event of rejection by the payee or the absence of a timely response, within the meaning of the SCT Inst scheme, the instant payment order shall be rejected and the reservation shall be simultaneously lifted.

4.   Funds reserved in accordance with paragraph 3(b) shall not be available for the settlement of subsequent cash transfer orders.

5.   Without prejudice to paragraph 3(b), the ECB shall reject an instant payment order if the amount of the instant payment order exceeds any applicable credit memorandum balance (CMB).

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.

2.   The recall request shall be forwarded to the payee of the settled instant payment order which may answer with a positive or negative recall answer.

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

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.

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; |
| --- | --- |

(a)

instant payment orders;

| (b) | positive recall answers; |
| --- | --- |

(b)

positive recall answers;

| (c) | liquidity transfer orders to TIPS DCAs. |
| --- | --- |

(c)

liquidity transfer orders to TIPS DCAs.

Article 9

TIPS directory

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; |
| --- | --- |

(a)

TIPS DCA holders;

| (b) | reachable parties; |
| --- | --- |

(b)

reachable parties;

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; |
| --- | --- |

(a)

reject all of its incoming cash transfer orders;

| (b) | reject all of its outgoing cash transfer orders; or |
| --- | --- |

(b)

reject all of its outgoing cash transfer orders; or

| (c) | reject both its incoming and outgoing cash transfer orders. |
| --- | --- |

(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.

4.   The ECB shall process instant payment 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 Article 4(3), point (b) prior to the suspension or termination.

---

(1)  Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).

1

(2)  Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).

2

---

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) |

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)

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). |
| --- | --- |

(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, AS guarantee fund accounts and T2S DCAs as follows:






  Message Type | Description |
| --- | --- | --- |
| head.001 | Business application header |
| head.002 | Business file header |

(b)

Business application headers shall be attached to all message types processed on MCAs, RTGS DCAs (including sub-accounts) RTGS AS technical accounts, AS guarantee fund accounts and T2S DCAs as follows:

Message Type

Description

head.001

Business application header

head.002

Business file header

4.   Message types processed in TARGET

| (a) | The following message types are processed on MCAs:






  Message Type | Description |
| --- | --- | --- |
| Administration (admi) | |
| admi.004 | SystemEventNotification |
| admi.005 | ReportQueryRequest |
| admi.007 | ReceiptAcknowledgement |
| Cash Management (camt) | |
| camt.003 | GetAccount |
| camt.004 | ReturnAccount |
| camt.005 | GetTransaction |
| camt.006 | ReturnTransaction |
| camt.018 | GetBusinessDayInformation |
| camt.019 | ReturnBusinessDayInformation |
| camt.025 | Receipt |
| camt.046 | GetReservation |
| camt.047 | ReturnReservation |
| camt.048 | ModifyReservation |
| camt.049 | DeleteReservation |
| camt.050 | LiquidityCreditTransfer |
| camt.053 | BankToCustomerStatement |
| camt.054 | BankToCustomerDebitCreditNotification |
| Payments clearing and Settlement (pacs) | |
| pacs.009 | FinancialInstitutionCreditTransfer |
| pacs.010 | FinancialInstitutionDirectDebit |

(a)

The following message types are processed on MCAs:

Message Type

Description

Administration (admi)

admi.004

SystemEventNotification

admi.005

ReportQueryRequest

admi.007

ReceiptAcknowledgement

Cash Management (camt)

camt.003

GetAccount

camt.004

ReturnAccount

camt.005

GetTransaction

camt.006

ReturnTransaction

camt.018

GetBusinessDayInformation

camt.019

ReturnBusinessDayInformation

camt.025

Receipt

camt.046

GetReservation

camt.047

ReturnReservation

camt.048

ModifyReservation

camt.049

DeleteReservation

camt.050

LiquidityCreditTransfer

camt.053

BankToCustomerStatement

camt.054

BankToCustomerDebitCreditNotification

Payments clearing and Settlement (pacs)

pacs.009

FinancialInstitutionCreditTransfer

pacs.010

FinancialInstitutionDirectDebit

| (b) | The following message types are processed on RTGS DCAs, and where relevant on the RTGS AS technical accounts and AS guarantee funds accounts:







  Administration (admi) | |
| --- | --- | --- |
| admi.004 | SystemEventNotification |
| admi.005 | ReportQueryRequest |
| admi.007 | ReceiptAcknowledgement |
| Cash Management (camt) | |
| camt.003 | GetAccount |
| camt.004 | ReturnAccount |
| camt.005 | GetTransaction |
| camt.006 | ReturnTransaction |
| camt.007 | ModifyTransaction |
| camt.009 | GetLimit |
| camt.010 | ReturnLimit |
| camt.011 | ModifyLimit |
| camt.012 | DeleteLimit |
| camt.018 | GetBusinessDayInformation |
| camt.019 | ReturnBusinessDayInformation |
| camt.021 | ReturnGeneralBusinessInformation |
| camt.025 | Receipt |
| camt.029 | ResolutionOfInvestigation |
| camt.046 | GetReservation |
| camt.047 | ReturnReservation |
| camt.048 | ModifyReservation |
| camt.049 | DeleteReservation |
| camt.050 | LiquidityCreditTransfer |
| camt.053 | BankToCustomerStatement |
| camt.054 | BankToCustomerDebitCreditNotification |
| camt.056 | FIToFIPaymentCancellationRequest |
| Payments Clearing and Settlement (pacs) | |
| pacs.002 | PaymentStatusReport |
| pacs.004 | PaymentReturn |
| pacs.008 | CustomerCreditTransfer |
| pacs.009 | FinancialInstitutionCreditTransfer |
| pacs.010 | FinancialInstitutionDirectDebit |
| Payments Initiation (pain) | |
| pain.998 | ASInitiationStatus |
| pain.998 | ASTransferNotice |
| pain.998 | ASTransferInitiation |

(b)

The following message types are processed on RTGS DCAs, and where relevant on the RTGS AS technical accounts and AS guarantee funds accounts:

Administration (admi)

admi.004

SystemEventNotification

admi.005

ReportQueryRequest

admi.007

ReceiptAcknowledgement

Cash Management (camt)

camt.003

GetAccount

camt.004

ReturnAccount

camt.005

GetTransaction

camt.006

ReturnTransaction

camt.007

ModifyTransaction

camt.009

GetLimit

camt.010

ReturnLimit

camt.011

ModifyLimit

camt.012

DeleteLimit

camt.018

GetBusinessDayInformation

camt.019

ReturnBusinessDayInformation

camt.021

ReturnGeneralBusinessInformation

camt.025

Receipt

camt.029

ResolutionOfInvestigation

camt.046

GetReservation

camt.047

ReturnReservation

camt.048

ModifyReservation

camt.049

DeleteReservation

camt.050

LiquidityCreditTransfer

camt.053

BankToCustomerStatement

camt.054

BankToCustomerDebitCreditNotification

camt.056

FIToFIPaymentCancellationRequest

Payments Clearing and Settlement (pacs)

pacs.002

PaymentStatusReport

pacs.004

PaymentReturn

pacs.008

CustomerCreditTransfer

pacs.009

FinancialInstitutionCreditTransfer

pacs.010

FinancialInstitutionDirectDebit

Payments Initiation (pain)

pain.998

ASInitiationStatus

pain.998

ASTransferNotice

pain.998

ASTransferInitiation

| (c) | The following message types are processed on T2S DCAs:






  Message Type | Description |
| --- | --- | --- |
| Administration (admi) | |
| admi.005 | ReportQueryRequest |
| admi.006 | ResendRequestSystemEventNotification |
| admi.007 | ReceiptAcknowledgement |
| Cash Management (camt) | |
| (camt.003) | GetAccount |
| (camt.004) | ReturnAccount |
| (camt.005) | GetTransaction |
| (camt.006) | ReturnTransaction |
| (camt.009) | GetLimit |
| (camt.010) | ReturnLimit |
| (camt.011) | ModifyLimit |
| (camt.012) | DeleteLimit |
| (camt.018) | GetBusinessDayInformation |
| (camt.019) | ReturnBusinessDayInformation |
| (camt.024) | ModifyStandingOrder |
| (camt.025) | Receipt |
| (camt.050) | LiquidityCreditTransfer |
| (camt.051) | LiquidityDebitTransfer |
| (camt.052) | BankToCustomerAccountReport |
| (camt.053) | BankToCustomerStatement |
| (camt.054) | BankToCustomerDebitCreditNotification |
| (camt.064) | LimitUtilisationJournalQuery |
| (camt.065) | LimitUtilisationJournalReport |
| (camt.066) | IntraBalanceMovementInstruction |
| (camt.067) | IntraBalanceMovementStatusAdvice |
| (camt.068) | IntraBalanceMovementConfirmation |
| (camt.069) | GetStandingOrder |
| (camt.070) | ReturnStandingOrder |
| (camt.071) | DeleteStandingOrder |
| (camt.072) | IntraBalanceMovementModificationRequest |
| (camt.073) | IntraBalanceMovementModificationRequestStatusAdvice |
| (camt.074) | IntraBalanceMovementCancellationRequest |
| (camt.075) | IntraBalanceMovementCancellationRequestStatusAdvice |
| (camt.078) | IntraBalanceMovementQuery |
| (camt.079) | IntraBalanceMovementQueryResponse |
| (camt.080) | IntraBalanceModificationQuery |
| (camt.081) | IntraBalanceModificationReport |
| (camt.082) | IntraBalanceCancellationQuery |
| (camt.083) | IntraBalanceCancellationReport |
| (camt.084) | IntraBalanceMovementPostingReport |
| (camt.085) | IntraBalanceMovementPendingReport |

(c)

The following message types are processed on T2S DCAs:

Message Type

Description

Administration (admi)

admi.005

ReportQueryRequest

admi.006

ResendRequestSystemEventNotification

admi.007

ReceiptAcknowledgement

Cash Management (camt)

(camt.003)

GetAccount

(camt.004)

ReturnAccount

(camt.005)

GetTransaction

(camt.006)

ReturnTransaction

(camt.009)

GetLimit

(camt.010)

ReturnLimit

(camt.011)

ModifyLimit

(camt.012)

DeleteLimit

(camt.018)

GetBusinessDayInformation

(camt.019)

ReturnBusinessDayInformation

(camt.024)

ModifyStandingOrder

(camt.025)

Receipt

(camt.050)

LiquidityCreditTransfer

(camt.051)

LiquidityDebitTransfer

(camt.052)

BankToCustomerAccountReport

(camt.053)

BankToCustomerStatement

(camt.054)

BankToCustomerDebitCreditNotification

(camt.064)

LimitUtilisationJournalQuery

(camt.065)

LimitUtilisationJournalReport

(camt.066)

IntraBalanceMovementInstruction

(camt.067)

IntraBalanceMovementStatusAdvice

(camt.068)

IntraBalanceMovementConfirmation

(camt.069)

GetStandingOrder

(camt.070)

ReturnStandingOrder

(camt.071)

DeleteStandingOrder

(camt.072)

IntraBalanceMovementModificationRequest

(camt.073)

IntraBalanceMovementModificationRequestStatusAdvice

(camt.074)

IntraBalanceMovementCancellationRequest

(camt.075)

IntraBalanceMovementCancellationRequestStatusAdvice

(camt.078)

IntraBalanceMovementQuery

(camt.079)

IntraBalanceMovementQueryResponse

(camt.080)

IntraBalanceModificationQuery

(camt.081)

IntraBalanceModificationReport

(camt.082)

IntraBalanceCancellationQuery

(camt.083)

IntraBalanceCancellationReport

(camt.084)

IntraBalanceMovementPostingReport

(camt.085)

IntraBalanceMovementPendingReport

| (d) | The following message types are processed on TIPS DCAs and TIPS AS technical accounts:






  Message Type | Description |
| --- | --- | --- |
| Administration (admi) | |
| Pacs.002 | FIToFIPayment Status Report |
| Pacs.004 | PaymentReturn |
| Pacs.008 | FIToFICustomerCreditTransfer |
| Pacs.028 | FIToFIPaymentStatusRequest |
| Cash Management (camt) | |
| camt.003 | GetAccount |
| camt.004 | ReturnAccount |
| camt.011 | ModifyLimit |
| camt.019 | ReturnBusinessDayInformation |
| camt.025 | Receipt |
| camt.029 | ResolutionOfInvestigation |
| camt.050 | LiquidityCreditTransfer |
| camt.052 | BankToCustomerAccountReport |
| camt.053 | BankToCustomerStatement |
| camt.054 | BankToCustomerDebitCreditNotification |
| camt.056 | FIToFIPaymentCancellationRequest |
| acmt.010 | AccountRequestAcknowledgement |
| acmt.011 | AccountRequestRejection |
| acmt.015 | AccountExcludedMandateMaintenanceRequest |
| Reference data (reda) | |
| reda.016 | PartyStatusAdviceV01 |
| reda.022 | PartyModificationRequestV01 |

(d)

The following message types are processed on TIPS DCAs and TIPS AS technical accounts:

Message Type

Description

Administration (admi)

Pacs.002

FIToFIPayment Status Report

Pacs.004

PaymentReturn

Pacs.008

FIToFICustomerCreditTransfer

Pacs.028

FIToFIPaymentStatusRequest

Cash Management (camt)

camt.003

GetAccount

camt.004

ReturnAccount

camt.011

ModifyLimit

camt.019

ReturnBusinessDayInformation

camt.025

Receipt

camt.029

ResolutionOfInvestigation

camt.050

LiquidityCreditTransfer

camt.052

BankToCustomerAccountReport

camt.053

BankToCustomerStatement

camt.054

BankToCustomerDebitCreditNotification

camt.056

FIToFIPaymentCancellationRequest

acmt.010

AccountRequestAcknowledgement

acmt.011

AccountRequestRejection

acmt.015

AccountExcludedMandateMaintenanceRequest

Reference data (reda)

reda.016

PartyStatusAdviceV01

reda.022

PartyModificationRequestV01

5.   Double-entry check

All cash transfer orders shall pass a double-entry check, the aim of which is to reject orders that have been submitted more than once (duplicated cash transfer orders). Details can be found in Part I, Section 3 of the relevant UDFS.

6.   Validation rules and error codes

Validation of messages is carried out according to High Value Payments Plus (HVPS+) guidelines on message validations specified by the ISO 20022 standard, and TARGET-specific validations. The detailed validation rules and error codes are described in the respective parts of the UDFS as follows:

| (a) | for MCAs, in Chapter 14 of the CLM UDFS; |
| --- | --- |

(a)

for MCAs, in Chapter 14 of the CLM UDFS;

| (b) | for RTGS DCAs, in Chapter 13 of the RTGS UDFS; |
| --- | --- |

(b)

for RTGS DCAs, in Chapter 13 of the RTGS UDFS;

| (c) | for T2S DCAs, in Chapter 4.1 of the T2S UDFS. |
| --- | --- |

(c)

for T2S DCAs, in Chapter 4.1 of the T2S UDFS.

If an instant payment order or a positive recall answer is rejected for any reason, the TIPS DCA holder shall receive a payment status report [pacs.002], as described in Chapter 4.2 of the TIPS UDFS. If a liquidity transfer order is rejected for any reason, the TIPS DCA holder shall receive a rejection [camt.025], as described in Chapter 1.6 of the TIPS UDFS.

7.   Predetermined settlement times and events

RTGS DCAs

| (a) | For payment orders using the Earliest Debit Time Indicator, the message element ‘/FromTime/’ shall be used. |
| --- | --- |

(a)

For payment orders using the Earliest Debit Time Indicator, the message element ‘/FromTime/’ shall be used.

| (b) | For payment orders using the Latest Debit Time Indicator, two options shall be available.






  (i) | Message element ‘RejectTime’: if the payment order cannot be settled by the indicated debit time, the cash transfer order shall be rejected. |
| --- | --- | --- |

(b)

For payment orders using the Latest Debit Time Indicator, two options shall be available.

(i)

Message element ‘RejectTime’: if the payment order cannot be settled by the indicated debit time, the cash transfer order shall be rejected.

| (ii) | Message element ‘TillTime’: if the payment order cannot be settled by the indicated debit time, the cash transfer order shall not be rejected but shall be kept in the relevant queue. |
| --- | --- |

(ii)

Message element ‘TillTime’: if the payment order cannot be settled by the indicated debit time, the cash transfer order shall not be rejected but shall be kept in the relevant queue.

Under both options, if a payment order with a Latest Debit Time Indicator is not settled 15 minutes prior to the time indicated therein, a notification shall automatically be sent via the GUI.

T2S DCAs

| (a) | For immediate liquidity transfer orders, no specific XML tag is required; |
| --- | --- |

(a)

For immediate liquidity transfer orders, no specific XML tag is required;

| (b) | Predefined liquidity transfer orders and standing liquidity transfer orders may be triggered by a specific time or event on the day of settlement:






  (i) | for settlement at a specific time, the XML tag ‘Time(/ExctnTp/Tm/)’ shall be used, |
| --- | --- | --- |

(b)

Predefined liquidity transfer orders and standing liquidity transfer orders may be triggered by a specific time or event on the day of settlement:

(i)

for settlement at a specific time, the XML tag ‘Time(/ExctnTp/Tm/)’ shall be used,

| (ii) | for settlement upon occurrence of a specific event, the XML tag |
| --- | --- |

(ii)

for settlement upon occurrence of a specific event, the XML tag

‘(EventType/ExctnTp/Evt/)’ shall be used.

| (c) | the validity period for standing liquidity transfer orders shall be set by the following XML tags:

  ‘FromDate/VldtyPrd/FrDt/’ and ‘ToDate/VldtyPrd/ToDt/’. |
| --- | --- |

(c)

the validity period for standing liquidity transfer orders shall be set by the following XML tags:

‘FromDate/VldtyPrd/FrDt/’ and ‘ToDate/VldtyPrd/ToDt/’.

8.   Offsetting of cash transfer orders on RTGS DCAs

Offsetting checks and, if appropriate, extended offsetting checks (both terms as defined in subparagraphs a) and b) shall be carried out on cash transfer orders to facilitate the smooth settlement.

| (a) | An offsetting check shall determine whether the payee’s cash transfer orders that are at the front of the queue for cash transfer orders with the priority ‘urgent’ or, if inapplicable, ’high’ are available to be offset against the payer’s cash transfer order (hereinafter ‘offsetting cash transfer orders’). If an offsetting cash transfer order does not provide sufficient funds for the respective payer’s cash transfer order it shall be determined whether there is sufficient available liquidity on the payer’s RTGS DCA. |
| --- | --- |

(a)

An offsetting check shall determine whether the payee’s cash transfer orders that are at the front of the queue for cash transfer orders with the priority ‘urgent’ or, if inapplicable, ’high’ are available to be offset against the payer’s cash transfer order (hereinafter ‘offsetting cash transfer orders’). If an offsetting cash transfer order does not provide sufficient funds for the respective payer’s cash transfer order it shall be determined whether there is sufficient available liquidity on the payer’s RTGS DCA.

| (b) | If the offsetting check fails, the ECB may apply an extended offsetting check. An extended offsetting check determines whether offsetting cash transfer orders are available in any of the payee’s queues regardless of when they joined the queue. However, if in the queue of the payee there are higher priority cash transfer orders addressed to other participants, the FIFO principle may only be breached if settling such an offsetting cash transfer order would result in a liquidity increase for the payee. |
| --- | --- |

(b)

If the offsetting check fails, the ECB may apply an extended offsetting check. An extended offsetting check determines whether offsetting cash transfer orders are available in any of the payee’s queues regardless of when they joined the queue. However, if in the queue of the payee there are higher priority cash transfer orders addressed to other participants, the FIFO principle may only be breached if settling such an offsetting cash transfer order would result in a liquidity increase for the payee.

9.   Optimisation algorithms on RTGS DCAs and sub-accounts

Four algorithms shall be applied to facilitate the smooth settlement of payment flows. Further information is available in the RTGS UDFS Part 2.

| (a) | Under the ‘partial optimisation’
  algorithm the ECB shall:






  (i) | calculate and check the liquidity positions, limits and reservations of each relevant RTGS DCA; and |
| --- | --- | --- |

(a)

Under the ‘partial optimisation’
  algorithm the ECB shall:

(i)

calculate and check the liquidity positions, limits and reservations of each relevant RTGS DCA; and

| (ii) | if the total liquidity position of one or more relevant RTGS DCA is negative, extract single payment orders until the total liquidity position of each relevant RTGS DCA is positive. |
| --- | --- |

(ii)

if the total liquidity position of one or more relevant RTGS DCA is negative, extract single payment orders until the total liquidity position of each relevant RTGS DCA is positive.

Thereafter, the ECB and the other CBs involved shall, provided there are sufficient funds, settle the relevant remaining cash transfer orders (except the extracted payment orders described in point (ii)) simultaneously on the RTGS DCAs of the participants concerned.

When extracting payment orders, the ECB shall start from the participant’s RTGS DCA with the highest negative total liquidity position and from the payment order at the end of the queue with the lowest priority. The selection process shall only run for a short time, to be determined by the ECB at its discretion.

| (b) | Under the ‘multiple optimisation’
  algorithm the ECB shall:






  (i) | compare pairs of participants’ RTGS DCAs to determine whether queued payment orders can be settled within the available liquidity of the two participants’ RTGS DCAs concerned and within the limits set by them (by starting from the pair of RTGS DCAs with the smallest difference between the payment orders addressed to each other), and the CBs involved shall book those payments simultaneously on the two participants’ RTGS DCAs; and |
| --- | --- | --- |

(b)

Under the ‘multiple optimisation’
  algorithm the ECB shall:

(i)

compare pairs of participants’ RTGS DCAs to determine whether queued payment orders can be settled within the available liquidity of the two participants’ RTGS DCAs concerned and within the limits set by them (by starting from the pair of RTGS DCAs with the smallest difference between the payment orders addressed to each other), and the CBs involved shall book those payments simultaneously on the two participants’ RTGS DCAs; and

| (ii) | if, in relation to a pair of RTGS DCAs as described in point (i), liquidity is insufficient to fund the bilateral position, extract single payment orders until there is sufficient liquidity. In this case the CBs involved shall settle the remaining payments, except the extracted ones, simultaneously on the two participants’ RTGS DCAs. |
| --- | --- |

(ii)

if, in relation to a pair of RTGS DCAs as described in point (i), liquidity is insufficient to fund the bilateral position, extract single payment orders until there is sufficient liquidity. In this case the CBs involved shall settle the remaining payments, except the extracted ones, simultaneously on the two participants’ RTGS DCAs.

After performing the checks specified in points (i) to (ii), the ECB shall check the multilateral settlement positions (between a participant’s RTGS DCA and other participants’ RTGS DCAs in relation to which a multilateral limit has been set). For this purpose, the procedure described under subparagraphs (i) to (ii) shall apply mutatis mutandis.

| (c) | Under the algorithm ‘partial optimisation with AS’
  which supports settlement procedure B, the ECB shall follow the same procedure as for the partial optimisation algorithm, but without extracting AS transfer orders (for an AS which settles on a simultaneous multilateral basis i.e. RTGS AS settlement procedure B). |
| --- | --- |

(c)

Under the algorithm ‘partial optimisation with AS’
  which supports settlement procedure B, the ECB shall follow the same procedure as for the partial optimisation algorithm, but without extracting AS transfer orders (for an AS which settles on a simultaneous multilateral basis i.e. RTGS AS settlement procedure B).

| (d) | The algorithm ‘optimisation on sub-accounts’ is used to optimise the settlement of urgent priority AS transfer orders on participants’ sub-accounts. When using this algorithm the ECB shall calculate the total liquidity position of each participant’s sub-account by establishing whether the aggregate of all outgoing and incoming AS transfer orders pending in the queue is negative or positive. If the outcome of these calculations and checks is positive for each relevant sub-account, the ECB and other CBs involved shall settle all cash transfers simultaneously on the sub-accounts of the participants concerned. If the outcome of these calculations and checks is negative no settlement shall take place. Furthermore, this algorithm does not take account of any limits or reservations. For each settlement bank the total position is calculated and, if the positions for all settlement banks are covered, all transactions shall be settled. Transactions which are not covered are returned to the queue. |
| --- | --- |

(d)

The algorithm ‘optimisation on sub-accounts’ is used to optimise the settlement of urgent priority AS transfer orders on participants’ sub-accounts. When using this algorithm the ECB shall calculate the total liquidity position of each participant’s sub-account by establishing whether the aggregate of all outgoing and incoming AS transfer orders pending in the queue is negative or positive. If the outcome of these calculations and checks is positive for each relevant sub-account, the ECB and other CBs involved shall settle all cash transfers simultaneously on the sub-accounts of the participants concerned. If the outcome of these calculations and checks is negative no settlement shall take place. Furthermore, this algorithm does not take account of any limits or reservations. For each settlement bank the total position is calculated and, if the positions for all settlement banks are covered, all transactions shall be settled. Transactions which are not covered are returned to the queue.

| (e) | Cash transfer orders entered after the multiple optimisation algorithm, the partial optimisation algorithm or the partial optimisation with AS algorithm has started may nevertheless be settled immediately if the positions and limits of the participants’ RTGS DCAs concerned are compatible with both the settlement of these orders and the settlement of cash transfer orders in the current optimisation procedure. |
| --- | --- |

(e)

Cash transfer orders entered after the multiple optimisation algorithm, the partial optimisation algorithm or the partial optimisation with AS algorithm has started may nevertheless be settled immediately if the positions and limits of the participants’ RTGS DCAs concerned are compatible with both the settlement of these orders and the settlement of cash transfer orders in the current optimisation procedure.

| (f) | The partial optimisation algorithm and the multiple optimisation algorithm shall be run sequentially in that order. They shall not be run if RTGS AS settlement procedure B is running. |
| --- | --- |

(f)

The partial optimisation algorithm and the multiple optimisation algorithm shall be run sequentially in that order. They shall not be run if RTGS AS settlement procedure B is running.

| (g) | The algorithms shall run flexibly by setting a pre-defined time lag between the application of different algorithms to ensure a minimum interval between the running of two algorithms. The time sequence shall be automatically controlled. Manual intervention shall be possible. |
| --- | --- |

(g)

The algorithms shall run flexibly by setting a pre-defined time lag between the application of different algorithms to ensure a minimum interval between the running of two algorithms. The time sequence shall be automatically controlled. Manual intervention shall be possible.

| (h) | While included in a running algorithm, a payment order shall not be reordered (change of the position in a queue) or revoked. Requests for reordering or revocation of a payment order shall be queued until the algorithm is complete. If the payment order concerned is settled while the algorithm is running, any request to reorder or revoke shall be rejected. If the payment order is not settled, the participant’s requests shall be taken into account immediately. |
| --- | --- |

(h)

While included in a running algorithm, a payment order shall not be reordered (change of the position in a queue) or revoked. Requests for reordering or revocation of a payment order shall be queued until the algorithm is complete. If the payment order concerned is settled while the algorithm is running, any request to reorder or revoke shall be rejected. If the payment order is not settled, the participant’s requests shall be taken into account immediately.

10.   Connectivity

Participants shall connect to TARGET using one of the following modes.

| (a) | The user to application (U2A) mode: in the U2A mode, participants connect via a GUI which allows users to perform business functions based on their respective access rights. It allows users to enter and maintain business data as well as to retrieve business information. The relevant User Handbook (UHB) provides exhaustive information on each of the business functions that the respective GUI provides. |
| --- | --- |

(a)

The user to application (U2A) mode: in the U2A mode, participants connect via a GUI which allows users to perform business functions based on their respective access rights. It allows users to enter and maintain business data as well as to retrieve business information. The relevant User Handbook (UHB) provides exhaustive information on each of the business functions that the respective GUI provides.

| (b) | The application to application (A2A) mode: in A2A mode software applications communicate with TARGET by exchanging single messages and files based on their respective access rights and message subscription and routing configuration. The A2A communication relies on XML messages, using the ISO 20022 standard where applicable, for both inbound and outbound communication. |
| --- | --- |

(b)

The application to application (A2A) mode: in A2A mode software applications communicate with TARGET by exchanging single messages and files based on their respective access rights and message subscription and routing configuration. The A2A communication relies on XML messages, using the ISO 20022 standard where applicable, for both inbound and outbound communication.

The modes of connection are described in further detail in the ESMIG UDFS.

11.   The UDFS and the User Handbook

Further details and examples explaining the above rules are contained in the respective UDFS and the User Handbooks for each service, as amended from time to time and published on the ECB’s website in English.

---

(1)  For sub-accounts this section must start with the 3-character AS code as defined by the central bank.

---

APPENDIX II

TARGET COMPENSATION SCHEME

1.   General principles

| (a) | If there is a technical malfunction of TARGET, participants may submit claims for compensation in accordance with the TARGET compensation scheme laid down in this Appendix. |
| --- | --- |

(a)

If there is a technical malfunction of TARGET, participants may submit claims for compensation in accordance with the TARGET compensation scheme laid down in this Appendix.

| (b) | Unless otherwise decided by the ECB’s Governing Council, the TARGET compensation scheme shall not apply if the technical malfunction of TARGET arises out of external events beyond the reasonable control of the CBs concerned or as a result of acts or omissions by third parties. |
| --- | --- |

(b)

Unless otherwise decided by the ECB’s Governing Council, the TARGET compensation scheme shall not apply if the technical malfunction of TARGET arises out of external events beyond the reasonable control of the CBs concerned or as a result of acts or omissions by third parties.

| (c) | Compensation under the TARGET compensation scheme shall be the only compensation procedure offered in the event of a technical malfunction of TARGET. Participants may, however, use other legal means to claim for losses. If a participant accepts a compensation offer under the TARGET compensation scheme, this shall constitute the participant’s irrevocable agreement that it thereby waives all claims in relation to the cash transfer orders concerning which it accepts compensation (including any claims for consequential loss) it may have against any CB, and that the receipt by it of the corresponding compensation payment constitutes full and final settlement of all such claims. The participant shall indemnify the CBs concerned, up to a maximum of the amount received under the TARGET compensation scheme, in respect of any further claims which are raised by any other participant or any other third party in relation to the cash transfer order or cash transfer concerned. |
| --- | --- |

(c)

Compensation under the TARGET compensation scheme shall be the only compensation procedure offered in the event of a technical malfunction of TARGET. Participants may, however, use other legal means to claim for losses. If a participant accepts a compensation offer under the TARGET compensation scheme, this shall constitute the participant’s irrevocable agreement that it thereby waives all claims in relation to the cash transfer orders concerning which it accepts compensation (including any claims for consequential loss) it may have against any CB, and that the receipt by it of the corresponding compensation payment constitutes full and final settlement of all such claims. The participant shall indemnify the CBs concerned, up to a maximum of the amount received under the TARGET compensation scheme, in respect of any further claims which are raised by any other participant or any other third party in relation to the cash transfer order or cash transfer concerned.

| (d) | The making of a compensation offer shall not constitute an admission of liability by the ECB or any other CB in respect of a technical malfunction of TARGET. |
| --- | --- |

(d)

The making of a compensation offer shall not constitute an admission of liability by the ECB or any other CB in respect of a technical malfunction of TARGET.

2.   Conditions for compensation offers

| (a) | A payer may submit a claim for an administration fee and interest compensation if, due to a technical malfunction of TARGET cash transfer order was not settled on the business day on which it was accepted. |
| --- | --- |

(a)

A payer may submit a claim for an administration fee and interest compensation if, due to a technical malfunction of TARGET cash transfer order was not settled on the business day on which it was accepted.

| (b) | A payee may submit a claim for an administration fee if due to a technical malfunction of TARGET it did not receive a cash transfer that it was expecting to receive on a particular business day. The payee may also submit a claim for interest compensation if one or more of the following conditions are met:






  (i) | in the case of participants that have access to the marginal lending facility: due to a technical malfunction of TARGET, a payee had recourse to the marginal lending facility; and/or |
| --- | --- | --- |

(b)

A payee may submit a claim for an administration fee if due to a technical malfunction of TARGET it did not receive a cash transfer that it was expecting to receive on a particular business day. The payee may also submit a claim for interest compensation if one or more of the following conditions are met:

(i)

in the case of participants that have access to the marginal lending facility: due to a technical malfunction of TARGET, a payee had recourse to the marginal lending facility; and/or

| (ii) | in the case of all participants: it was technically impossible to have recourse to the money market or such refinancing was impossible on other, objectively reasonable grounds. |
| --- | --- |

(ii)

in the case of all participants: it was technically impossible to have recourse to the money market or such refinancing was impossible on other, objectively reasonable grounds.

3.   Calculation of compensation

| (a) | With respect to a compensation offer for a payer:






  (i) | the administration fee shall be EUR 50 for the first non-settled cash transfer order, EUR 25 for each of the next four such cash transfer orders and EUR 12,50 for each further such cash transfer order. The administration fee shall be calculated separately in relation to each payee; |
| --- | --- | --- |

(a)

With respect to a compensation offer for a payer:

(i)

the administration fee shall be EUR 50 for the first non-settled cash transfer order, EUR 25 for each of the next four such cash transfer orders and EUR 12,50 for each further such cash transfer order. The administration fee shall be calculated separately in relation to each payee;

| (ii) | interest compensation shall be determined by applying a reference rate to be fixed from day to day. This reference rate shall be the lower of the euro short term reference rate (€STR) rate and the marginal lending facility rate. The reference rate shall be applied to the amount of the cash transfer order not settled as a result of the technical malfunction of TARGET for each day in the period from the date of the actual or, in relation to cash transfer orders referred to in paragraph 2(b)(ii), intended submission of the cash transfer order until the date on which the cash transfer order was or could have been successfully settled. Any interest or charges resulting from the placing of any nonsettled cash transfer orders on deposit with the Eurosystem shall be deducted from, or charged to, the amount of any compensation, as the case may be; |
| --- | --- |

(ii)

interest compensation shall be determined by applying a reference rate to be fixed from day to day. This reference rate shall be the lower of the euro short term reference rate (€STR) rate and the marginal lending facility rate. The reference rate shall be applied to the amount of the cash transfer order not settled as a result of the technical malfunction of TARGET for each day in the period from the date of the actual or, in relation to cash transfer orders referred to in paragraph 2(b)(ii), intended submission of the cash transfer order until the date on which the cash transfer order was or could have been successfully settled. Any interest or charges resulting from the placing of any nonsettled cash transfer orders on deposit with the Eurosystem shall be deducted from, or charged to, the amount of any compensation, as the case may be;

| (iii) | no interest compensation shall be payable if and in so far as funds resulting from nonsettled cash transfer orders were placed in the market or used to fulfil minimum reserve requirements. |
| --- | --- |

(iii)

no interest compensation shall be payable if and in so far as funds resulting from nonsettled cash transfer orders were placed in the market or used to fulfil minimum reserve requirements.

| (b) | With respect to a compensation offer for a payee:






  (i) | the administration fee shall be EUR 50 for the first non-settled cash transfer order, EUR 25 for each of the next four such cash transfer orders and EUR 12,50 for each further such cash transfer order. The administration fee shall be calculated separately in relation to each payer; |
| --- | --- | --- |

(b)

With respect to a compensation offer for a payee:

(i)

the administration fee shall be EUR 50 for the first non-settled cash transfer order, EUR 25 for each of the next four such cash transfer orders and EUR 12,50 for each further such cash transfer order. The administration fee shall be calculated separately in relation to each payer;

| (ii) | the method set out in subparagraph (a)(ii) for calculating interest compensation shall apply except that interest compensation shall be payable at a rate equal to the difference between the marginal lending facility rate and the reference rate, and shall be calculated on the amount of any recourse to the marginal lending facility occurring as a result of the technical malfunction of TARGET. |
| --- | --- |

(ii)

the method set out in subparagraph (a)(ii) for calculating interest compensation shall apply except that interest compensation shall be payable at a rate equal to the difference between the marginal lending facility rate and the reference rate, and shall be calculated on the amount of any recourse to the marginal lending facility occurring as a result of the technical malfunction of TARGET.

4.   Procedural rules

| (a) | A claim for compensation shall be submitted on the claim form available on the website of the ECB (see https://www.ecb.europa.eu). Payers shall submit a separate claim form in respect of each payee and payees shall submit a separate claim form in respect of each payer. Sufficient additional information and documents shall be provided to support the information indicated in the claim form. Only one claim may be submitted in relation to a specific payment or payment order. |
| --- | --- |

(a)

A claim for compensation shall be submitted on the claim form available on the website of the ECB (see https://www.ecb.europa.eu). Payers shall submit a separate claim form in respect of each payee and payees shall submit a separate claim form in respect of each payer. Sufficient additional information and documents shall be provided to support the information indicated in the claim form. Only one claim may be submitted in relation to a specific payment or payment order.

| (b) | Within four weeks of a technical malfunction of TARGET, participants shall submit their claim forms to the ECB. Any additional information and evidence requested by the ECB shall be supplied within two weeks of such request being made. |
| --- | --- |

(b)

Within four weeks of a technical malfunction of TARGET, participants shall submit their claim forms to the ECB. Any additional information and evidence requested by the ECB shall be supplied within two weeks of such request being made.

| (c) | The ECB shall review the claims and forward them to the ECB. Unless otherwise decided by the ECB’s Governing Council and communicated to the participants, all received claims shall be assessed no later than 14 weeks after the technical malfunction of TARGET occurs. |
| --- | --- |

(c)

The ECB shall review the claims and forward them to the ECB. Unless otherwise decided by the ECB’s Governing Council and communicated to the participants, all received claims shall be assessed no later than 14 weeks after the technical malfunction of TARGET occurs.

| (d) | The ECB shall communicate the result of the assessment referred to in subparagraph (c) to the relevant participants. If the assessment entails a compensation offer, the participants concerned shall, within four weeks of the communication of such offer, either accept or reject it, in respect of each cash transfer order comprised within each claim, by signing a standard letter of acceptance (in the form available on the website of the ECB (see https://www.ecb.europa.eu). If such letter has not been received by the ECB within four weeks, the participants concerned shall be deemed to have rejected the compensation offer. |
| --- | --- |

(d)

The ECB shall communicate the result of the assessment referred to in subparagraph (c) to the relevant participants. If the assessment entails a compensation offer, the participants concerned shall, within four weeks of the communication of such offer, either accept or reject it, in respect of each cash transfer order comprised within each claim, by signing a standard letter of acceptance (in the form available on the website of the ECB (see https://www.ecb.europa.eu). If such letter has not been received by the ECB within four weeks, the participants concerned shall be deemed to have rejected the compensation offer.

| (e) | The ECB shall make compensation payments on receipt of a participant’s letter of acceptance of compensation. No interest shall be payable on any compensation payment. |
| --- | --- |

(e)

The ECB shall make compensation payments on receipt of a participant’s letter of acceptance of compensation. No interest shall be payable on any compensation payment.

---

APPENDIX III

TERMS OF REFERENCE FOR CAPACITY AND COUNTRY OPINIONS

Terms of reference for capacity opinions for participants in TARGET

| European Central Bank |
| --- |
| Sonnemannstrasse 20 |
| 60314 Frankfurt am Main |
| GERMANY |

European Central Bank

Sonnemannstrasse 20

60314 Frankfurt am Main

GERMANY

Participation in TARGET-ECB

[location]

[date]

Dear Sir or Madam,

We have been asked to provide this Opinion as [in-house or external] legal advisers to [specify name of Participant or branch of Participant] in respect of issues arising under the laws of [jurisdiction in which the Participant is established; hereinafter the ‘jurisdiction’] in connection with the participation of [specify name of Participant] (hereinafter the ‘Participant’) in TARGET-ECB (hereinafter the ‘System’).

This Opinion is confined to the laws of [jurisdiction] as they exist as on the date of this Opinion. We have made no investigation of the laws of any other jurisdiction as a basis for this Opinion, and do not express or imply any opinion in this regard. Each of the statements and opinions presented below applies with equal accuracy and validity under the laws of [jurisdiction], whether or not the Participant acts through its head office or one or more branches established inside or outside of [jurisdiction] in submitting Cash transfer orders and receiving Cash transfers.

I.   DOCUMENTS EXAMINED

For the purposes of this Opinion, we have examined:

| (1) | a certified copy of the [specify relevant constitutional documents] of the Participant such as is/ar in effect on the date hereof; |
| --- | --- |

(1)

a certified copy of the [specify relevant constitutional documents] of the Participant such as is/ar in effect on the date hereof;

| (2) | [if applicable] an extract from the [specify relevant company register] and [if applicable] [register of credit institutions or analogous register]; |
| --- | --- |

(2)

[if applicable] an extract from the [specify relevant company register] and [if applicable] [register of credit institutions or analogous register];

| (3) | [to the extent applicable] a copy of the Participant’s licence or other proof of authorisation to provide banking, investment, funds transfer or other financial services in line with the access criteria for participation in TARGET in [jurisdiction]; |
| --- | --- |

(3)

[to the extent applicable] a copy of the Participant’s licence or other proof of authorisation to provide banking, investment, funds transfer or other financial services in line with the access criteria for participation in TARGET in [jurisdiction];

| (4) | [if applicable] a copy of a resolution adopted by the board of directors or the relevant governin body of the Participant on [insert date], [insert year], evidencing the Participant’s agreement to adhere to the System Documents, as defined below; and |
| --- | --- |

(4)

[if applicable] a copy of a resolution adopted by the board of directors or the relevant governin body of the Participant on [insert date], [insert year], evidencing the Participant’s agreement to adhere to the System Documents, as defined below; and

| (5) | [specify all powers of attorney and other documents constituting or evidencing the requisite power of the person or persons signing the relevant System Documents (as defined below) on behalf of the Participant]; |
| --- | --- |

(5)

[specify all powers of attorney and other documents constituting or evidencing the requisite power of the person or persons signing the relevant System Documents (as defined below) on behalf of the Participant];

and all other documents relating to the Participant’s constitution, powers, and authorisations necessary or appropriate for the provision of this Opinion (hereinafter the ‘Participant Documents’).

For the purposes of this Opinion, we have also examined:

| (1) | Decision (EU) [YYYY/[XX]] of the European Central Bank of [date Month 2022] concerning the terms and conditions of TARGET-ECB ([ECB/2022/XX]) (1) for the System (hereinafter the ‘Rules’); and |
| --- | --- |

(1)

Decision (EU) [YYYY/[XX]] of the European Central Bank of [date Month 2022] concerning the terms and conditions of TARGET-ECB ([ECB/2022/XX]) (1) for the System (hereinafter the ‘Rules’); and

| (2) | [...]. |
| --- | --- |

(2)

[...].

The Rules and the [...] shall be referred to hereinafter as the ‘System Documents’ (and collectively with the Participant Documents as the ‘Documents’).

II.   ASSUMPTIONS

For the purposes of this Opinion we have assumed in relation to the Documents that:

| (1) | the System Documents with which we have been provided are originals or true copies; |
| --- | --- |

(1)

the System Documents with which we have been provided are originals or true copies;

| (2) | the terms of the System Documents and the rights and obligations created by them are valid and legally binding under the laws of the Federal Republic of Germany by which they are expressed to be governed, and the choice of the laws of the Federal Republic of Germany to govern the System Documents is recognised by the laws of the Federal Republic of Germany; |
| --- | --- |

(2)

the terms of the System Documents and the rights and obligations created by them are valid and legally binding under the laws of the Federal Republic of Germany by which they are expressed to be governed, and the choice of the laws of the Federal Republic of Germany to govern the System Documents is recognised by the laws of the Federal Republic of Germany;

| (3) | the Participant Documents are within the capacity and power of and have been validly authorised, adopted or executed and, where necessary, delivered by the relevant parties; and |
| --- | --- |

(3)

the Participant Documents are within the capacity and power of and have been validly authorised, adopted or executed and, where necessary, delivered by the relevant parties; and

| (4) | the Participant Documents are binding on the parties to which they are addressed, and there has been no breach of any of their terms. |
| --- | --- |

(4)

the Participant Documents are binding on the parties to which they are addressed, and there has been no breach of any of their terms.

III.   OPINIONS REGARDING THE PARTICIPANT

| A. | The Participant is a corporation duly established and registered or otherwise duly incorporated or organised under the laws of [jurisdiction]. |
| --- | --- |

A.

The Participant is a corporation duly established and registered or otherwise duly incorporated or organised under the laws of [jurisdiction].

| B. | The Participant has all the requisite corporate powers to execute and perform the rights and obligations under the System Documents to which it is party. |
| --- | --- |

B.

The Participant has all the requisite corporate powers to execute and perform the rights and obligations under the System Documents to which it is party.

| C. | The adoption or execution and the performance by the Participant of the rights and obligations under the System Documents to which the Participant is party do not in any way breach any provision of the laws or regulations of [jurisdiction] applicable to the Participant or the Participant Documents. |
| --- | --- |

C.

The adoption or execution and the performance by the Participant of the rights and obligations under the System Documents to which the Participant is party do not in any way breach any provision of the laws or regulations of [jurisdiction] applicable to the Participant or the Participant Documents.

| D. | No 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] are required by the Participant in connection with the adoption, validity or enforceability of any of the System Documents or the execution or performance of the rights and obligations thereunder. |
| --- | --- |

D.

No 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] are required by the Participant in connection with the adoption, validity or enforceability of any of the System Documents or the execution or performance of the rights and obligations thereunder.

| E. | The Participant has taken all necessary corporate action and other steps necessary under the law of [jurisdiction] to ensure that its obligations under the System Documents are legal, valid and binding. |
| --- | --- |

E.

The Participant has taken all necessary corporate action and other steps necessary under the law of [jurisdiction] to ensure that its obligations under the System Documents are legal, valid and binding.

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 national central banks of the European System of Central Banks and the relevant regulatory authorities of [jurisdiction].

Yours faithfully,

[signature]

Terms of reference for country opinions for non-EEA participants in TARGET

| European Central Bank |
| --- |
| Sonnemannstrasse 20 |
| 60314 Frankfurt am Main |
| GERMANY |

European Central Bank

Sonnemannstrasse 20

60314 Frankfurt am Main

GERMANY

Participation in TARGET-ECB

[location],

[date]

Dear Sir or Madam,

We have been asked as [external] legal advisers to [specify name of Participant or branch of Participant] (the ‘Participant’) in respect of issues arising under the laws of [jurisdiction in which the Participant is established; hereinafter the ‘jurisdiction’] to provide this Opinion under the laws of [jurisdiction] in connection with the participation of the Participant in TARGET-ECB which is a component system of TARGET (hereinafter the ‘System’). References herein to the laws of [jurisdiction] include all applicable regulations of [jurisdiction]. We express an opinion herein under the law of [jurisdiction], with particular regard to the Participant established outside the Federal Republic of Germany in relation to rights and obligations arising from participation in the System, as presented in the System Documents defined below.

This Opinion is confined to the laws of [jurisdiction] as they exist on the date of this Opinion. We have made no investigation of the laws of any other jurisdiction as a basis for this Opinion, and do not express or imply any opinion in this regard. We have assumed that there is nothing in the laws of another jurisdiction which affects this Opinion.

1.   DOCUMENTS EXAMINED

For the purposes of this Opinion, we have examined the documents listed below and such other documents as we have deemed necessary or appropriate:

| (1) | Decision (EU) [YYYY/[XX]] of the European Central Bank of [date Month 2022] concerning the terms and conditions of TARGET-ECB ([ECB/2022/XX]) (2) for the System (hereinafter the ‘Rules’); and |
| --- | --- |

(1)

Decision (EU) [YYYY/[XX]] of the European Central Bank of [date Month 2022] concerning the terms and conditions of TARGET-ECB ([ECB/2022/XX]) (2) for the System (hereinafter the ‘Rules’); and

| (2) | any other document governing the System and/or the relationship between the Participant and other participants in the System, and between the participants in the System and the ECB. |
| --- | --- |

(2)

any other document governing the System and/or the relationship between the Participant and other participants in the System, and between the participants in the System and the ECB.

The Rules and the [ ... ] shall be referred to hereinafter as the ‘System Documents’.

2.   ASSUMPTIONS

For the purposes of this Opinion we have assumed in relation to the System Documents that:

| (1) | the System Documents are within the capacity and power of and have been validly authorised, adopted or executed and, where necessary, delivered by the relevant parties; |
| --- | --- |

(1)

the System Documents are within the capacity and power of and have been validly authorised, adopted or executed and, where necessary, delivered by the relevant parties;

| (2) | the terms of the System Documents and the rights and obligations created by them are valid and legally binding under the laws of the Federal Republic of Germany, by which they are expressed to be governed, and the choice of the laws of the Federal Republic of Gernany to govern the System Documents is recognised by the laws of the Federal Republic of Gernany; |
| --- | --- |

(2)

the terms of the System Documents and the rights and obligations created by them are valid and legally binding under the laws of the Federal Republic of Germany, by which they are expressed to be governed, and the choice of the laws of the Federal Republic of Gernany to govern the System Documents is recognised by the laws of the Federal Republic of Gernany;

| (3) | the participants in the System through which any Cash transfer orders are sent or Cash transfers are received, or through which any rights or obligations under the System Documents are executed or performed, are licensed to provide funds transfer services, in all relevant jurisdictions; and |
| --- | --- |

(3)

the participants in the System through which any Cash transfer orders are sent or Cash transfers are received, or through which any rights or obligations under the System Documents are executed or performed, are licensed to provide funds transfer services, in all relevant jurisdictions; and

| (4) | the documents submitted to us in copy or as specimens conform to the originals. |
| --- | --- |

(4)

the documents submitted to us in copy or as specimens conform to the originals.

3.   OPINION

Based on and subject to the foregoing, and subject in each case to the points set out below, we are of the opinion that:

3.1.   Country-specific legal aspects [to the extent applicable]

The following characteristics of the legislation of [jurisdiction] are consistent with and in no way set aside the obligations of the Participant arising out of the System Documents: [list of country-specific legal aspects].

3.2.   General insolvency issues

3.2.a.   Types of insolvency proceedings

The only types of insolvency proceedings (including composition or rehabilitation) which, for the purpose of this Opinion, shall include all proceedings in respect of the Participant’s assets or any branch it may have in [jurisdiction] to which the Participant may become subject in [jurisdiction], are the following: [list proceedings in original language and English translation] (together collectively referred to as ‘Insolvency Proceedings’).

In addition to Insolvency Proceedings, the Participant, any of its assets, or any branch it may have in [jurisdiction] may become subject in [jurisdiction] to [list any applicable moratorium, receivership, or any other proceedings as a result of which payments to and/or from the Participant may be suspended, or limitations can be imposed in relation to such payments, or similar proceedings in original language and English translation] (hereinafter collectively referred to as ‘Proceedings’).

3.2.b.   Insolvency treaties

[jurisdiction] or certain political subdivisions within [jurisdiction], as specified, is/are party to the following insolvency treaties: [specify, if applicable which have or may have an impact on this Opinion].

3.3.   Enforceability of System Documents

Subject to the points set out below, all provisions of the System Documents will be binding an enforceable in accordance with their terms under the laws of [jurisdiction], in particular in the event of the opening of any Insolvency Proceedings or Proceedings with respect to the Participant.

In particular, we are of the opinion that:

3.3.a.   Processing of Cash transfer orders

The provisions on processing of Cash transfer orders of the Rules [add the relevant provisions implementing Articles 16 and 17 of Part I of Annex I, Articles 4 to 7 and 9 of Part II of Annex I, Articles 5 to 10 and 14 to 16 of Part III of Annex I, Articles 4 and 6 to 7 of Part IV of Annex I, Articles 6 and 10 of Part V of Annex I] are valid and enforceable. In particular, all Cash transfer orders processed pursuant to such sections will be valid, binding and will be enforceable under the laws of [jurisdiction].

The provision of the Rules which specifies the precise point in time at which Cash transfer orders submitted by the Participant to the System become enforceable and irrevocable [add the relevant provision implementing Article 17 of Annex 1, Part I] is valid, binding and enforceable under the laws of [jurisdiction].

3.3.b.   Authority of the ECB to perform its functions

The opening of Insolvency Proceedings or Proceedings in respect of the Participant will not affect the authority and powers of the ECB arising out of the System Documents. [Specify [to the extent applicable] that: the same opinion is also applicable in respect of any other entity which provides the Participants with services directly and necessarily required for participation in the System, e.g. NSP].

3.3.c.   Remedies in the event of default

[Where applicable to the Participant, the provisions contained in [list of sections] of the Rules regarding accelerated performance of claims which have not yet matured, the set-off of claims for using the deposits of the Participant, the enforcement of a pledge, suspension and termination of participation, claims for default interest, and termination of agreements and transactions ([insert other relevant clauses of the Rules or the System Documents]) are valid and enforceable under the laws of [jurisdiction].]

3.3.d.   Suspension and termination

Where applicable to the Participant, the provisions contained in [list of sections] of the Rules (in respect of suspension and termination of the Participant’s participation in the System on the opening of Insolvency Proceedings or Proceedings or other events of default, as defined in the System Documents, or if the Participant represents any kind of systemic risk or has serious operational problems) are valid and enforceable under the laws of [jurisdiction].

3.3.e.   Penalty regime

Where applicable to the Participant, the provisions contained in [list of sections] of the Rules in respect of penalties imposed on a Participant which is unable to reimburse intraday credit or overnight credit, where applicable, on time are valid and enforceable under the laws of [jurisdiction].

3.3.f.   Assignment of rights and obligations

The rights and obligations of the Participant cannot be assigned, altered or otherwise transferred by the Participant to third parties without the prior written consent of the ECB.

3.3.g.   Choice of governing law and jurisdiction

The provisions contained in [list of sections] of the Rules, and in particular in respect of the governing law, the resolution of a dispute, competent courts, and service of process are valid and enforceable under the laws of [jurisdiction].

3.4.   Voidable preferences

We are of the opinion that no obligation arising out of the System Documents, the performance thereof, or compliance therewith prior to the opening of any Insolvency Proceedings or Proceedings in respect of the Participant may be set aside in any such proceedings as a preference, voidable transaction or otherwise under the laws of [jurisdiction].

In particular, and without limitation to the foregoing, we express this opinion in respect of any Cas transfer orders submitted by any participant in the System. In particular, we are of the opinion that the provisions of [list of sections] of the Rules establishing the enforceability and irrevocability of Cash transfer orders will be valid and enforceable and that a Cash transfer orders submitted by any participant and processed pursuant to [list of sections] of the Rules may not be set aside in any Insolvency Proceedings or Proceedings as a preference, voidable transaction or otherwise under the laws of [jurisdiction].

3.5.   Attachment

If a creditor of the Participant seeks an attachment order (including any freezing order, order for seizure or any other public or private law procedure that is intended to protect the public interest or the rights of the Participant’s creditors) — hereinafter referred to as an ‘Attachment’ — under the laws of [jurisdiction] from a court or governmental, judicial or public authority that is competent in [jurisdiction], we are of the opinion that [insert the analysis and discussion].

3.6.   Collateral [if applicable]

3.6.a.   Assignment of rights or deposit of assets for collateral purposes, pledge and/or repo

Assignments for collateral purposes will be valid and enforceable under the laws of [jurisdiction]. Specifically, the creation and enforcement of a pledge or repo under the [insert reference to the relevant arrangement with the CB] will be valid and enforceable 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. |
| --- | --- |

(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; |
| --- | --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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; |
| --- | --- |

(i)

a description of the event and its impact on TARGET;

| (ii) | the time at which resolution of the event is expected (if known); |
| --- | --- |

(ii)

the time at which resolution of the event is expected (if known);

| (iii) | information on the measures already taken (if any); |
| --- | --- |

(iii)

information on the measures already taken (if any);

| (iv) | the advice to participants (if any); |
| --- | --- |

(iv)

the advice to participants (if any);

| (v) | the timestamp of the communication and indication of when an update will be provided. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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; |
| --- | --- | --- |

(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. |
| --- | --- |

(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); |
| --- | --- | --- |

(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; |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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). |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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. |
| --- | --- |

(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.

| 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 |

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 |
| --- | --- |

—

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 |
| --- | --- |

—

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 |
| --- | --- |

—

liquidity transfer orders

| — | CBOs, except standing facilities |
| --- | --- |

—

CBOs, except standing facilities

| — | credit line modifications |
| --- | --- |

—

credit line modifications

Cut-off for:

| — | interbank payment orders and |
| --- | --- |

—

interbank payment orders and

| — | liquidity transfer orders |
| --- | --- |

—

liquidity transfer orders

| — | AS 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:

List of abbreviations and notes to this table:

| * | Re-opening times: may vary according to the situation. The information is provided by the Operator. |
| --- | --- |

*

Re-opening times: may vary according to the situation. The information is provided by the Operator.

| (D-1): | previous business day |
| --- | --- |

(D-1):

previous business day

| (D): | calendar day = business day = value date |
| --- | --- |

(D):

calendar day = business day = value date

| CMS: | Collateral Management System |
| --- | --- |

CMS:

Collateral Management System

| DvP orders: | Delivery versus Payment orders. |
| --- | --- |

DvP orders:

Delivery versus Payment orders.

---

(1)  According to the calendar applicable at the seat of the ECB.

1

(2)  According to the calendar applicable at the seat of the ECB.

2

(3)  According to the calendar applicable at the seat of the ECB.

3

(4)  According to the calendar applicable at the seat of the ECB.

4

(5)  Also applies to RTGS AS technical accounts, sub-accounts and AS guarantee fund accounts.

5

(6)  Also applies to TIPS AS technical accounts.

6

(7)  Also applies to RTGS AS technical accounts, sub-accounts and AS guarantee fund accounts.

7

(8)  Also applies to TIPS AS technical accounts.

8

(9)  For T2S DCAs: for the purpose of the maintenance window, 1 May shall be considered as a business day.

9

(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).

10

---

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; |
| --- | --- | --- |

1.

(a)

services offered by NSPs;

| (b) | non-cash related T2S services. |
| --- | --- |

(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.

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 |

1.

(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 calculated on a cumulative basis as set out in the following table. For participants in a billing group the monthly volume of payment orders (debit entry) for all participants in that group shall be aggregated.









  Monthly fee | | EUR 1 875 |
| --- | --- | --- | --- |
| Monthly volume of payment orders |
| Band | From | To | Transaction fee per payment order (EUR) |
| 1. | 1 | 10 000 | 0,60 |
| 2. | 10 001 | 25 000 | 0,50 |
| 3. | 25 001 | 50 000 | 0,40 |
| 4. | 50 001 | 75 000 | 0,20 |
| 5. | 75 001 | 100 000 | 0,125 |
| 6. | 100 001 | 150 000 | 0,08 |
| 7. | Above 150 000 | | 0,05 |

(b)

a monthly fee, plus a transaction fee based on the volume of payment orders (debit entry) and calculated on a cumulative basis as set out in the following table. For participants in a billing group the monthly volume of payment orders (debit entry) for all participants in that group shall be aggregated.

Monthly fee

EUR 1 875

Monthly volume of payment orders

Band

From

To

Transaction fee per payment order (EUR)

1.

1

10 000

0,60

2.

10 001

25 000

0,50

3.

25 001

50 000

0,40

4.

50 001

75 000

0,20

5.

75 001

100 000

0,125

6.

100 001

150 000

0,08

7.

Above 150 000

0,05

| 2. | Liquidity transfer orders from RTGS DCAs to sub-accounts, to MCAs, to overnight deposit accounts or to RTGS DCAs held by the same participant or by participants within the same banking group shall be free of charge. |
| --- | --- |

2.

| 3. | Liquidity transfer orders from RTGS DCAs to MCAs or to RTGS DCAs held by participants not belonging to the same banking group shall incur a charge of EUR 0.80 per transaction (debit entry). |
| --- | --- |

3.

| 4. | Liquidity transfer orders from RTGS DCAs to T2S DCAs or to TIPS DCAs shall be free of charge. |
| --- | --- |

4.

| 5. | Cash transfer orders from an RTGS DCA to an AS account (1) shall not be charged to the RTGS DCA holder. |
| --- | --- |

5.

| 6. | The following fees shall apply to RTGS DCA holders:






  Service | Monthly fee (EUR) |
| --- | --- | --- |
| Addressable BIC holder (correspondents  (2)) | 20 |
| Unpublished BIC | 30 |
| Multi-addressee access (based on BIC 8) | 80 |

6.

Service

Monthly fee (EUR)

Addressable BIC holder (correspondents  (2))

20

Unpublished BIC

30

Multi-addressee access (based on BIC 8)

80

4.   FEES FOR AS USING RTGS AS SETTLEMENT PROCEDURES

Fees are charged per ancillary system regardless of the number and type of accounts. AS Operators operating more than one system will be charged for each system.

| 1. | AS using RTGS AS settlement procedures or having been granted an exception allowing them to settle on an RTGS DCA shall choose one of the following two pricing options:






  (a) | a monthly fee, plus a fixed transaction fee per cash transfer order.








  Monthly fee | | EUR 300 |
| --- | --- | --- | --- | --- |
| Transaction fee per cash transfer order | | EUR 1,60 |

1.

(a)

a monthly fee, plus a fixed transaction fee per cash transfer order.

Monthly fee

EUR 300

Transaction fee per cash transfer order

EUR 1,60

| (b) | a monthly fee, plus a transaction fee based on the volume of cash transfer orders an calculated on a cumulative basis as set out in the following table.









  Monthly fee | | EUR 3 750 |
| --- | --- | --- | --- |
| Monthly volume of cash transfer orders |
| Band | From | To | Transaction fee per cash transfer order (EUR) |
| 1. | 1 | 5 000 | 1,20 |
| 2. | 5 001 | 12 500 | 1,00 |
| 3. | 12 501 | 25 000 | 0,80 |
| 4. | 25 001 | 50 000 | 0,40 |
| 5. | Above 50 000 | | 0,25 |

(b)

a monthly fee, plus a transaction fee based on the volume of cash transfer orders an calculated on a cumulative basis as set out in the following table.

Monthly fee

EUR 3 750

Monthly volume of cash transfer orders

Band

From

To

Transaction fee per cash transfer order (EUR)

1.

1

5 000

1,20

2.

5 001

12 500

1,00

3.

12 501

25 000

0,80

4.

25 001

50 000

0,40

5.

Above 50 000

0,25

Cash transfer orders between an RTGS DCA and an AS account (3) shall be charged to the respective A according to the pricing option that the AS has opted for.

| 2. | In addition to the fees set out above, each AS shall be subject to two fixed fees as set out in the following table.














  A. | Fixed fee I |
| --- | --- | --- |

2.

A.

Fixed fee I

Monthly fee per AS

EUR 2 000

| B. | Fixed fee II (based on grossunderlying value
   (4)
  ) |
| --- | --- |

B.

Fixed fee II (based on grossunderlying value
   (4)
  )

Size (EUR millions/day)

Annual fee (EUR)

Monthly fee (EUR)

from 0 to 999,99

10 000

833

from 1 000 to 2 499,99

20 000

1 667

from 2 500 to 4 999,99

40 000

3 334

from 5 000 to 9 999,99

60 000

5 000

from 10 000 to 49 999,99

80 000

6 666

from 50 000 to 499 999,99

100 000

8 333

500 000 and above

200 000

16 667

5.   FEES FOR T2S DCA HOLDERS

| 1. | The following fees shall be charged for the operation of T2S DCAs:







  Item | Applied rule | Fee per item (EUR) |
| --- | --- | --- | --- |
| Liquidity transfer orders between T2S DCAs | Per transfer for the debited T2S DCA. | 0,141 |
| Intra-balance movements | Any successfully executed intra-balance movement (i.e. blocking, unblocking, reservation of liquidity, etc.). | 0,094 |
| A2A queries | Per business item within each A2A query generated | 0,007 |
| A2A reports | Per business item within each generated A2A report including A2A reports as a result of U2A queries. | 0,004 |
| Messages bundled into a file | Per message in each file containing bundled messages | 0,004 |
| Transmission | Each transmission per T2S party (both inbound and outbound) will be counted and charged for (except for technical acknowledgement messages). | 0,012 |
| U2A queries | Any executed query search function | 0,100 |
| Fee per T2S DCA | Any T2S DCA existing at any time during the monthly billing period
  Currently free of charge, to be reviewed at regular intervals. | 0,000 |
| Auto-collateralisation | Issue or return of auto-collateralisation | 0,000 |

1.

Item

Applied rule

Fee per item (EUR)

Liquidity transfer orders between T2S DCAs

Per transfer for the debited T2S DCA.

0,141

Intra-balance movements

Any successfully executed intra-balance movement (i.e. blocking, unblocking, reservation of liquidity, etc.).

0,094

A2A queries

Per business item within each A2A query generated

0,007

A2A reports

Per business item within each generated A2A report including A2A reports as a result of U2A queries.

0,004

Messages bundled into a file

Per message in each file containing bundled messages

0,004

Transmission

Each transmission per T2S party (both inbound and outbound) will be counted and charged for (except for technical acknowledgement messages).

0,012

U2A queries

Any executed query search function

0,100

Fee per T2S DCA

Any T2S DCA existing at any time during the monthly billing period

Currently free of charge, to be reviewed at regular intervals.

0,000

Auto-collateralisation

Issue or return of auto-collateralisation

0,000

| 2. | Liquidity transfer orders from a T2S DCA to an RTGS DCA, a TIPS DCA or an MCA shall be free of charge. |
| --- | --- |

2.

6.   FEES FOR TIPS DCA HOLDERS

| 1. | Fees for the operation of TIPS DCAs shall be charged to the party indicated as shown in the following table:







  Item | Rule applied | Fee per item (EUR) |
| --- | --- | --- | --- |
| Settled instant payment order | Party to be charged: the owner of the TIPS DCA to be debited | 0,002 |
| Unsettled instant payment order | Party to be charged: the owner of the TIPS DCA to be debited | 0,002 |
| Settled positive recall answer | Party to be charged: the owner of the TIPS DCA to be credited | 0,002 |
| Unsettled positive recall answer | Party to be charged: the owner of the TIPS DCA to be credited | 0,002 |

1.

Item

Rule applied

Fee per item (EUR)

Settled instant payment order

Party to be charged: the owner of the TIPS DCA to be debited

0,002

Unsettled instant payment order

Party to be charged: the owner of the TIPS DCA to be debited

0,002

Settled positive recall answer

Party to be charged: the owner of the TIPS DCA to be credited

0,002

Unsettled positive recall answer

Party to be charged: the owner of the TIPS DCA to be credited

0,002

| 2. | Liquidity transfer orders from TIPS DCAs to: MCAs; RTGS DCAs; sub-accounts; overnight deposit accounts; TIPS AS technical accounts; and T2S DCAs shall be free of charge. |
| --- | --- |

2.

7.   FEES FOR AS USING TIPS AS SETTLEMENT PROCEDURE

| 1. | Fees for the use by an AS of the TIPS AS settlement procedure shall be charged to the party indicated as shown in the following table:







  Item | Rule applied | Fee per item (EUR) |
| --- | --- | --- | --- |
| Settled instant payment order | Party to be charged: the owner of the TIPS AS technical account to be debited | 0,002 |
| Unsettled instant payment order | Party to be charged: the owner of the TIPS AS technical account to be debited | 0,002 |
| Settled positive recall answer | Party to be charged: the owner of the TIPS AS technical account to be credited | 0,002 |
| Unsettled positive recall answer | Party to be charged: the owner of the TIPS AS technical account to be credited | 0,002 |

1.

Item

Rule applied

Fee per item (EUR)

Settled instant payment order

Party to be charged: the owner of the TIPS AS technical account to be debited

0,002

Unsettled instant payment order

Party to be charged: the owner of the TIPS AS technical account to be debited

0,002

Settled positive recall answer

Party to be charged: the owner of the TIPS AS technical account to be credited

0,002

Unsettled positive recall answer

Party to be charged: the owner of the TIPS AS technical account to be credited

0,002

| 2. | Liquidity transfer orders from TIPS AS technical accounts to TIPS DCAs shall be free of charge. |
| --- | --- |

2.

| 3. | In addition to the fees set out above, each AS shall be subject to a monthly fee based on the gross underlying volume of instant payments, near instant payments and positive recall answers settled in the AS’s own platform and enabled by the pre-funded positions on the TIPS AS technical account. The fee shall be EUR 0,0005 per settled instant payment, near instant payment or settled positive recall answer. For each month, each AS shall report the gross underlying volume of its settled instant payments, near instant payments and settled positive recall answers rounded down to the nearest ten thousand, at the latest by the third business day of the following month. The reported gross underlying volume shall be applied by the ECB to calculate the fee for the following month. |
| --- | --- |

3.

---

(1)  Regardless of whether it is a RTGS DCA, an RTGS AS technical account or an AS guarantee funds account.

(2)  Addressable BIC holders are available for different participant types: Addressable BIC holder – Correspondent; Addressable BIC holder – Branch of Participant; and Addressable BIC holder – Branch of correspondent. Only the Addressable BIC holder – Correspondent participation type shall incur the fee. The fee shall be charged for each different BIC 11.

(3)  Regardless of whether it is a RTGS DCA, an RTGS AS technical account or an AS guarantee funds Account.

(4)  The ‘gross underlying value’ is the total amount of gross monetary obligations that are discharged via an AS after settlement has taken place on an RTGS DCA or sub-account. For CCPs, the gross underlying value is the total notional value of future contracts or the mark-to-market value of the future contracts, at values to be settled when futures contracts expire and commissions are applied.

---

APPENDIX VII

REQUIREMENTS REGARDING INFORMATION SECURITY MANAGEMENT AND BUSINESS CONTINUITY MANAGEMENT

MCA HOLDERS, T2S DCA HOLDERS AND TIPS DCA HOLDERS

These requirements regarding information security management or business continuity management shall not apply to MCA holders, T2S DCA holders and TIPS DCA holders.

RTGS DCA HOLDERS AND AS

The requirements set out in section 1 of this Appendix VII (information security management) shall apply to all RTGS DCA holders and AS, except where an RTGS DCA holder or an AS demonstrates that a specific requirement is not applicable to it. In establishing the scope of application of the requirements within its infrastructure, the participant should identify the elements that are part of the Payment Transaction Chain (PTC). Specifically, the PTC starts at a Point of Entry (PoE), i.e. a system involved in the creation of transactions (e.g. workstations, front-office and back-office applications, middleware), and ends at the system responsible to send the message to the NSP.

The requirements set out in section 2 of this Appendix VII (business continuity management) shall apply to RTGS DCA holders and AS designated by the Eurosystem as being critical for the smooth functioning of the TARGET system on the basis of criteria periodically updated and published on the ECB’s website.

1.   Information security management

Requirement 1.1: Information security policy

The management shall set a clear policy direction in line with business objectives and demonstrate support for and commitment to information security through the issuance, approval and maintenance of an information security policy aiming at managing information security and cyber resilience across the organisation in terms of identification, assessment and treatment of information security and cyber resilience risks. The policy should contain at least the following sections: objectives, scope (including domains such as organisation, human resources, asset management etc.), principles and allocation of responsibilities.

Requirement 1.2: Internal organisation

An information security framework shall be established to implement the information security policy within the organisation. The management shall coordinate and review the establishment of the information security framework to ensure the implementation of the information security policy (as per Requirement 1.1) across the organisation, including the allocation of sufficient resources and assignment of security responsibilities for this purpose.

Requirement 1.3: External parties

The security of the organisation’s information and information processing facilities should not be reduced by the introduction of, and/or the dependence on, an external party/parties or products/services provided by them. Any access to the organisation’s information processing facilities by external parties shall be controlled. When external parties or products/services of external parties are required to access the organisation’s information processing facilities, a risk assessment shall be carried out to determine the security implications and control requirements. Controls shall be agreed and defined in an agreement with each relevant external party.

Requirement 1.4: Asset management

All information assets, the business processes and the underlying information systems, such as operating systems, infrastructures, business applications, off-the-shelf products, services and user-developed applications, in the scope of the Payment Transaction Chain shall be accounted for and have a nominated owner. The responsibility for the maintenance and the operation of appropriate controls in the business processes and the related IT components to safeguard the information assets shall be assigned. Note: the owner can delegate the implementation of specific controls as appropriate, but remains accountable for the proper protection of the assets.

Requirement 1.5: Information assets classification

Information assets shall be classified in terms of their criticality to the smooth delivery of the service by the participant. The classification shall indicate the need, priorities and degree of protection required when handling the information asset in the relevant business processes and shall also take into consideration the underlying IT components. An information asset classification scheme approved by the management shall be used to define an appropriate set of protection controls throughout the information asset lifecycle (including removal and destruction of information assets) and to communicate the need for specific handling measures.

Requirement 1.6: Human resources security

Security responsibilities shall be addressed prior to employment in adequate job descriptions and in terms and conditions of employment. All candidates for employment, contractors and third-party users shall be adequately screened, especially for sensitive jobs. Employees, contractors and third-party users of information processing facilities shall sign an agreement on their security roles and responsibilities.

An adequate level of awareness shall be ensured among all employees, contractors and third-party users, and education and training in security procedures and the correct use of information processing facilities shall be provided to them to minimise possible security risks. A formal disciplinary process for handling security breaches shall be established for employees.

Responsibilities shall be in place to ensure that an employee’s, contractor’s or third-party user’s exit from or transfer within the organisation is managed, and that the return of all equipment and the removal of all access rights are completed.

Requirement 1.7: Physical and environmental security

Critical or sensitive information processing facilities shall be housed in secure areas, protected by defined security perimeters, with appropriate security barriers and entry controls. They shall be physically protected from unauthorised access, damage and interference. Access shall be granted only to individuals who fall within the scope of Requirement 1.6. Procedures and standards shall be established to protect physical media containing information assets when in transit.

Equipment shall be protected from physical and environmental threats. Protection of equipment (including equipment used off-site) and against the removal of property is necessary to reduce the risk of unauthorised access to information and to guard against loss or damage of equipment or information.

Special measures may be required to protect against physical threats and to safeguard supporting facilities such as the electrical supply and cabling infrastructure.

Requirement 1.8: Operations management

Responsibilities and procedures shall be established for the management and operation of information processing facilities covering all the underlying systems in the Payment Transaction Chain end-to-end. As regards operating procedures, including technical administration of IT systems, segregation of duties shall be implemented, where appropriate, to reduce the risk of negligent or deliberate system misuse.

Where segregation of duties cannot be implemented due to documented objective reasons, compensatory controls shall be implemented following a formal risk analysis. Controls shall be established to prevent and detect the introduction of malicious code for systems in the Payment Transaction Chain. Controls shall be also established (including user awareness) to prevent, detect and remove malicious code. Mobile code shall be used only from trusted sources (e.g. signed Microsoft COM components and Java Applets). The configuration of the browser (e.g. the use of extensions and plugins) shall be strictly controlled.

Data backup and recovery policies shall be implemented by the management; those recovery policies shall include a plan of the restoration process which is tested at regular intervals at least annually.

Systems that are critical for the security of payments shall be monitored and events relevant to information security shall be recorded. Operator logs shall be used to ensure that information system problems are identified. Operator logs shall be regularly reviewed on a sample basis, based on the criticality of the operations. System monitoring shall be used to check the effectiveness of controls which are identified as critical for the security of payments and to verify conformity to an access policy model.

Exchanges of information between organisations shall be based on a formal exchange policy, carried out in line with exchange agreements among the involved parties and shall be compliant with any relevant legislation. Third party software components employed in the exchange of information with TARGET (e.g. software received from a Service Bureau) must be used under a formal agreement with the third party.

Requirement 1.9: Access control

Access to information assets shall be justified on the basis of business requirements (need-to-know (1)) and according to the established framework of corporate policies (including the information security policy). Clear access control rules shall be defined based on the principle of least privilege (2) to reflect closely the needs of the corresponding business and IT processes. Where relevant, (e.g. for backup management) logical access control should be consistent with physical access control unless there are adequate compensatory controls in place (e.g. encryption, personal data anonymisation).

Formal and documented procedures shall be in place to control the allocation of access rights to information systems and services that fall within the scope of the Payment Transaction Chain. The procedures shall cover all stages in the lifecycle of user access, from the initial registration of new users to the final deregistration of users that no longer require access.

Special attention shall be given, where appropriate, to the allocation of access rights of such criticality that the abuse of those access rights could lead to a severe adverse impact on the operations of the participant (e.g. access rights allowing system administration, override of system controls, direct access to business data). Appropriate controls shall be put in place to identify, authenticate and authorise users at specific points in the organisation’s network, e.g. for local and remote access to systems in the Payment Transaction Chain. Personal accounts shall not be shared in order to ensure accountability.

For passwords, rules shall be established and enforced by specific controls to ensure that passwords cannot be easily guessed, e.g. complexity rules and limited-time validity. A safe password recovery and/or reset protocol shall be established.

A policy shall be developed and implemented on the use of cryptographic controls to protect the confidentiality, authenticity and integrity of information. A key management policy shall be established to support the use of cryptographic controls.

There shall be policy for viewing confidential information on screen or in print (e.g. a clear screen, a clear desk policy) to reduce the risk of unauthorised access.

When working remotely, the risks of working in an unprotected environment shall be considered and appropriate technical and organisational controls shall be applied.

Requirement 1.10: Information systems acquisition, development and maintenance

Security requirements shall be identified and agreed prior to the development and/or implementation of information systems.

Appropriate controls shall be built into applications, including user-developed applications, to ensure correct processing. These controls shall include the validation of input data, internal processing and output data. Additional controls may be required for systems that process, or have an impact on, sensitive, valuable or critical information. Such controls shall be determined on the basis of security requirements and risk assessment according to the established policies (e.g. information security policy, cryptographic control policy).

The operational requirements of new systems shall be established, documented and tested prior to their acceptance and use. As regards network security, appropriate controls, including segmentation and secure management, should be implemented based on the criticality of data flows and the level of risk of the network zones in the organisation. There shall be specific controls to protect sensitive information passing over public networks.

Access to system files and program source code shall be controlled and IT projects and support activities conducted in a secure manner. Care shall be taken to avoid exposure of sensitive data in test environments. Project and support environments shall be strictly controlled. Deployment of changes in production shall be strictly controlled. A risk assessment of the major changes to be deployed in production shall be conducted.

Regular security testing activities of systems in production shall also be conducted according to a predefined plan based on the outcome of a risk-assessment, and security testing shall include, at least, vulnerability assessments. All of the shortcomings highlighted during the security testing activities shall be assessed and action plans to close any identified gap shall be prepared and followed-up in a timely fashion.

Requirement 1.11: Information security in supplier
   (3)
  relationships

To ensure protection of the participant’s internal information systems that are accessible by suppliers, information security requirements for mitigating the risks associated with supplier’s access shall be documented and formally agreed upon with the supplier.

Requirement 1.12: Management of information security incidents and improvements

To ensure a consistent and effective approach to the management of information security incidents, including communication on security events and weaknesses, roles, responsibilities and procedures, at business and technical level, shall be established and tested to ensure a quick, effective and orderly and safely recover from information security incidents including scenarios related to a cyberrelated cause (e.g. a fraud pursued by an external attacker or by an insider). Personnel involved in these procedures shall be adequately trained.

Requirement 1.13: Technical compliance review

A participant’s internal information systems (e.g. back office systems, internal networks and external network connectivity) shall be regularly assessed for compliance with the organisation’s established framework of policies (e.g. information security policy, cryptographic control policy).

Requirement 1.14: Virtualisation

Guest virtual machines shall comply with all the security controls that are set for physical hardware and systems (e.g. hardening, logging). Controls relating to hypervisors must include: hardening of the hypervisor and the hosting operating system, regular patching, strict separation of different environments (e.g. production and development). Centralised management, logging and monitoring as well as managing of access rights, in particular for high privileged accounts, shall be implemented based on a risk assessment. Guest virtual machines managed by the same hypervisor shall have a similar risk profile.

Requirement 1.15: Cloud computing

The usage of public and/or hybrid cloud solutions in the Payment Transaction Chain must be based on a formal risk assessment, taking into account the technical controls and the contractual clauses related to the cloud solution.

If hybrid cloud solutions are used, it is understood that the criticality level of the overall system is the highest one of the connected systems. All on-premises components of the hybrid solutions must be segregated from the other on-premises systems.

2.   Business Continuity Management

The following requirements relate to business continuity management. Each TARGET participant designated by the Eurosystem as being critical for the smooth functioning of the TARGET system shall have a business continuity strategy in place that complies with the following requirements.

Requirement 2.1:

Business continuity plans shall be developed and procedures for maintaining them are in place.

Requirement 2.2:

An alternate operational site shall be available.

Requirement 2.3:

The risk profile of the alternate site shall be different from that of the primary site, in order to avoid that both sites are affected by the same event at the same time. For example, the alternate site shall be on a different power grid and central telecommunication circuit from those of the primary business location.

Requirement 2.4:

In the event of a major operational disruption rendering the primary site inaccessible and/or critical staff unavailable, the critical participant shall be able to resume normal operations from the alternate site, where it shall be possible to properly close the business day and open the following business day(s).

Requirement 2.5:

Procedures shall be in place to ensure that the processing of transactions is resumed from the alternate site within a reasonable timeframe after the initial disruption of service and commensurate to the criticality of the business that was disrupted.

Requirement 2.6:

The ability to cope with operational disruptions shall be tested at least once a year and critical staff shall be aptly trained. The maximum period between tests shall not exceed one year.

---

(1)  The need-to-know principle refers to the identification of the set of information that an individual needs access to in order to carry out her/his duties.

(2)  The principle of least privilege refers to the tailoring a subject’s access profile to an IT system to match the corresponding business role.

(3)  A supplier in the context of this exercise should be understood as any third party (and its personnel) which is under contract (agreement), with the institution, to provide a service and under the service agreement the third party (and its personnel) is granted access, either remotely or on site, to information and/or information systems and/or information processing facilities of the institution in scope or associated to the scope covered under the exercise of the TARGET self-certification.

---

ANNEX II

TARGET GOVERNANCE ARRANGEMENTS

| Level 1 — Governing Council | Level 2 — Technical and operational management body | Level 3 — Level 3 NCBs |
| --- | --- | --- |
| 1. | General provisions |

Level 1 — Governing Council

Level 2 — Technical and operational management body

Level 3 — Level 3 NCBs

1.

Final competence in relation to all TARGET issues, in particular the rules for the decision making in TARGET, and responsible for safeguarding the public function of TARGET

Conducting technical, functional, operational and financial management tasks in relation to TARGET and implementing the rules on governance decided by Level 1

Taking decisions on the daily running of TARGET based on the service levels defined in the agreement referred to in Article 7(6) of Guideline ECB/2022/8

| 2. | Pricing policy |
| --- | --- |

2.

| — | Deciding on pricing structure/pricing policy |
| --- | --- |

—

Deciding on pricing structure/pricing policy

| — | Deciding on the pricing envelopes |
| --- | --- |

—

Deciding on the pricing envelopes

| — | Regular review of pricing structure/ pricing policy |
| --- | --- |

—

Regular review of pricing structure/ pricing policy

| — | Drafting and monitoring of pricing envelopes |
| --- | --- |

—

Drafting and monitoring of pricing envelopes

(Not applicable)

| 3. | Financing |
| --- | --- |

3.

| — | Deciding on rules for the financial regime of TARGET |
| --- | --- |

—

Deciding on rules for the financial regime of TARGET

| — | Deciding on the financial envelopes |
| --- | --- |

—

Deciding on the financial envelopes

| — | Drafting proposals for the main features of the financial regime as decided by Level 1. |
| --- | --- |

—

Drafting proposals for the main features of the financial regime as decided by Level 1.

| — | Drafting and monitoring of financial envelopes |
| --- | --- |

—

Drafting and monitoring of financial envelopes

| — | Approval and/or initiation of instalments payed by Eurosystem CBs to Level 3 for provision of services |
| --- | --- |

—

Approval and/or initiation of instalments payed by Eurosystem CBs to Level 3 for provision of services

| — | Approval and/or initiation of reimbursement of fees to the Eurosystem CBs |
| --- | --- |

—

Approval and/or initiation of reimbursement of fees to the Eurosystem CBs

Providing cost figures to Level 2 for the service provision

| 4. | Service level |
| --- | --- |

4.

Deciding on the level of service

Verifying that the service was delivered in accordance with the agreed Service level

Delivering the service in accordance with the agreed Service level

| 5. | Operation |
| --- | --- |

5.

| — | Deciding on the rules applicable to incidents and crisis situations |
| --- | --- |

—

Deciding on the rules applicable to incidents and crisis situations

| — | Monitoring business developments |
| --- | --- |

—

Monitoring business developments

Managing the system based on the agreement referred to in Article 7(6) of Guideline ECB/2022/8

| 6. | Change and release management |
| --- | --- |

6.

Deciding in case of escalation

| — | Approving the Change requests |
| --- | --- |

—

Approving the Change requests

| — | Approving the release scoping |
| --- | --- |

—

Approving the release scoping

| — | Approving the release plan and its execution |
| --- | --- |

—

Approving the release plan and its execution

Assessing the Change Requests

Implementing the Change requests in line with the agreed plan

| 7. | Risk management |
| --- | --- |

7.

| — | approving the TARGET Risk Management Framework and the risk tolerance for TARGET as well as accepting remaining risks. |
| --- | --- |

—

approving the TARGET Risk Management Framework and the risk tolerance for TARGET as well as accepting remaining risks.

| — | assuming ultimate responsibility for the activities of the first and second lines of defence. |
| --- | --- |

—

assuming ultimate responsibility for the activities of the first and second lines of defence.

| — | establishing the organisational structure for roles and responsibilities related to risk and control |
| --- | --- |

—

establishing the organisational structure for roles and responsibilities related to risk and control

| — | Conducting the actual risk management |
| --- | --- |

—

Conducting the actual risk management

| — | Conducting risk analysis and follow-up |
| --- | --- |

—

Conducting risk analysis and follow-up

| — | ensuring that all risk management arrangements are maintained and kept-up-to date |
| --- | --- |

—

ensuring that all risk management arrangements are maintained and kept-up-to date

| — | approving and reviewing the business continuity plan as outlined in the relevant operational documentation |
| --- | --- |

—

approving and reviewing the business continuity plan as outlined in the relevant operational documentation

Providing the necessary information for risk analysis according to Level 1/Level 2 requests

| 8. | System rules |
| --- | --- |

8.

| — | Establishing and ensuring adequate implementation of the European System of Central Bank's legal framework for TARGET including the Conditions for participation in TARGET |
| --- | --- |

—

Establishing and ensuring adequate implementation of the European System of Central Bank's legal framework for TARGET including the Conditions for participation in TARGET

(Not applicable)

(Not applicable)

---

ANNEX III

DEFINITIONS

| (1) | ‘account monitoring group’
  means a group of two or more MCAs and/or DCAs in respect of which one participant, the leader party, has a view over the balance on each of the TARGET accounts in the group; |
| --- | --- |

(1)

‘account monitoring group’
  means a group of two or more MCAs and/or DCAs in respect of which one participant, the leader party, has a view over the balance on each of the TARGET accounts in the group;

| (2) | ‘addressable BIC holder’
  means an entity which: (a) holds a Business Identifier Code (BIC); and (b) is a correspondent or customer of a RTGS DCA holder or a branch of a RTGS DCA holder, and is able to submit payment orders to and receive payments from a TARGET component system via that RTGS DCA holder; |
| --- | --- |

(2)

‘addressable BIC holder’
  means an entity which: (a) holds a Business Identifier Code (BIC); and (b) is a correspondent or customer of a RTGS DCA holder or a branch of a RTGS DCA holder, and is able to submit payment orders to and receive payments from a TARGET component system via that RTGS DCA holder;

| (3) | ‘ancillary system’
  (AS) means a system operated by an entity established in the Union or the EEA that is subject to supervision and/or oversight by a competent authority and complies with the oversight requirements for the location of infrastructures offering services in euro, as amended from time to time and published on the ECB's website, in which payments and/or financial instruments are exchanged and/or cleared or recorded with (a) the monetary obligations resulting in cash transfer orders which are settled in TARGET and/or (b) funds held in TARGET, in accordance with Guideline ECB/2022/8; |
| --- | --- |

(3)

‘ancillary system’
  (AS) means a system operated by an entity established in the Union or the EEA that is subject to supervision and/or oversight by a competent authority and complies with the oversight requirements for the location of infrastructures offering services in euro, as amended from time to time and published on the ECB's website, in which payments and/or financial instruments are exchanged and/or cleared or recorded with (a) the monetary obligations resulting in cash transfer orders which are settled in TARGET and/or (b) funds held in TARGET, in accordance with Guideline ECB/2022/8;

| (4) | ‘ancillary system guarantee funds account’ (AS guarantee funds account) means a technical account used for the purpose of holding guarantee funds to support RTGS AS settlement procedures A and B; |
| --- | --- |

(4)

‘ancillary system guarantee funds account’ (AS guarantee funds account) means a technical account used for the purpose of holding guarantee funds to support RTGS AS settlement procedures A and B;

| (5) | ancillary system settlement procedure’
  (AS settlement procedure) means any TIPS AS settlement procedure or RTGS AS settlement procedure; |
| --- | --- |

(5)

ancillary system settlement procedure’
  (AS settlement procedure) means any TIPS AS settlement procedure or RTGS AS settlement procedure;

| (6) | ‘ancillary system transfer order’
  (AS transfer order) means any cash transfer order that is initiated by an ancillary system for the purpose of an RTGS ancillary system settlement procedure; |
| --- | --- |

(6)

‘ancillary system transfer order’
  (AS transfer order) means any cash transfer order that is initiated by an ancillary system for the purpose of an RTGS ancillary system settlement procedure;

| (7) | ‘auto-collateralisation’
  means intraday credit granted by a euro area national central bank (NCB) in central bank money triggered when a T2S DCA holder has insufficient funds to settle securities transactions, whereby such intraday credit is collateralised either with the securities being purchased (collateral on flow), or with securities held by the T2S DCA holder in favour of the euro area NCB (collateral on stock). An auto collateralisation transaction consists of two distinct transactions, one for the granting of auto-collateralisation and one for its reimbursement. It may also include a third transaction for any eventual relocation of collateral. For the purposes of Annex I, Part I, Article 17 all three transactions are deemed to have been entered into the system and deemed to be irrevocable at the same time as the transaction for the granting of the auto-collateralisation; |
| --- | --- |

(7)

‘auto-collateralisation’
  means intraday credit granted by a euro area national central bank (NCB) in central bank money triggered when a T2S DCA holder has insufficient funds to settle securities transactions, whereby such intraday credit is collateralised either with the securities being purchased (collateral on flow), or with securities held by the T2S DCA holder in favour of the euro area NCB (collateral on stock). An auto collateralisation transaction consists of two distinct transactions, one for the granting of auto-collateralisation and one for its reimbursement. It may also include a third transaction for any eventual relocation of collateral. For the purposes of Annex I, Part I, Article 17 all three transactions are deemed to have been entered into the system and deemed to be irrevocable at the same time as the transaction for the granting of the auto-collateralisation;

| (8) | ‘automated liquidity transfer order’
  means a liquidity transfer order generated automatically to transfer funds from a designated RTGS DCA to the participant’s MCA in the event there are insufficient funds on that MCA for the settlement of central bank operations; |
| --- | --- |

(8)

‘automated liquidity transfer order’
  means a liquidity transfer order generated automatically to transfer funds from a designated RTGS DCA to the participant’s MCA in the event there are insufficient funds on that MCA for the settlement of central bank operations;

| (9) | ‘available liquidity’
  means a credit balance on a participant's account and, if applicable, any intraday credit line granted on the MCA by the relevant euro area NCB in relation to such account but not yet drawn upon, or if applicable, decreased by the amount of any processed reservations of liquidity or blocking of funds on MCAs or DCAs; |
| --- | --- |

(9)

‘available liquidity’
  means a credit balance on a participant's account and, if applicable, any intraday credit line granted on the MCA by the relevant euro area NCB in relation to such account but not yet drawn upon, or if applicable, decreased by the amount of any processed reservations of liquidity or blocking of funds on MCAs or DCAs;

| (10) | ‘banking group’
  means:






  a) | a composition of credit institutions included in the consolidated financial statements of a parent company where the parent company is obliged to present consolidated financial statements under International Accounting Standard 27 (IAS 27), adopted pursuant to Commission Regulation (EC) No 1126/2008 (1) and consisting of either: (i) a parent company and one or more subsidiaries; or (ii) two or more subsidiaries of a parent company; or |
| --- | --- | --- |

(10)

‘banking group’
  means:

a)

a composition of credit institutions included in the consolidated financial statements of a parent company where the parent company is obliged to present consolidated financial statements under International Accounting Standard 27 (IAS 27), adopted pursuant to Commission Regulation (EC) No 1126/2008 (1) and consisting of either: (i) a parent company and one or more subsidiaries; or (ii) two or more subsidiaries of a parent company; or

| b) | a composition of credit institutions as referred to in subparagraph (a)(i) or (ii), where a parent company does not present consolidated financial statements in accordance with IAS 27, but may be able to satisfy the criteria defined in IAS 27 for inclusion in consolidated financial statements, subject to the verification of the CB of the participant; |
| --- | --- |

b)

a composition of credit institutions as referred to in subparagraph (a)(i) or (ii), where a parent company does not present consolidated financial statements in accordance with IAS 27, but may be able to satisfy the criteria defined in IAS 27 for inclusion in consolidated financial statements, subject to the verification of the CB of the participant;

| c) | a bilateral or multilateral network of credit institutions that is: (i) organised through a statutory framework determining the affiliation of credit institutions to such a network; or (ii) characterised by self-organised mechanisms of cooperation (promoting, supporting and representing the business interests of its members) and/or economic solidarity going beyond the ordinary cooperation usual between credit institutions whereby such cooperation and solidarity are permitted by credit institutions’ by-laws or articles of incorporation or established by virtue of separate agreements and in each cases referred to in points (c)(i) and (c)(ii) the ECB’s Governing Council has approved an application to be considered as constituting a banking group; |
| --- | --- |

c)

a bilateral or multilateral network of credit institutions that is: (i) organised through a statutory framework determining the affiliation of credit institutions to such a network; or (ii) characterised by self-organised mechanisms of cooperation (promoting, supporting and representing the business interests of its members) and/or economic solidarity going beyond the ordinary cooperation usual between credit institutions whereby such cooperation and solidarity are permitted by credit institutions’ by-laws or articles of incorporation or established by virtue of separate agreements and in each cases referred to in points (c)(i) and (c)(ii) the ECB’s Governing Council has approved an application to be considered as constituting a banking group;

| (11) | ‘branch’
  means a branch within the meaning of point (17) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parleament and of the Council (2) or point (30) of Article 4(1) of Directive 2014/65/EU of the European Parleament and of the Council (3); |
| --- | --- |

(11)

‘branch’
  means a branch within the meaning of point (17) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parleament and of the Council (2) or point (30) of Article 4(1) of Directive 2014/65/EU of the European Parleament and of the Council (3);

| (12) | ‘broadcast message’
  means information made simultaneously available to all or a selected group of participants; |
| --- | --- |

(12)

‘broadcast message’
  means information made simultaneously available to all or a selected group of participants;

| (13) | ‘business day’ or ‘TARGET business day’
  means any day on which MCAs, RTGS DCAs, or T2S DCAs are available for the settlement of cash transfer orders; |
| --- | --- |

(13)

‘business day’ or ‘TARGET business day’
  means any day on which MCAs, RTGS DCAs, or T2S DCAs are available for the settlement of cash transfer orders;

| (14) | ‘Business Identifier Code’
  (BIC) means a code as defined by ISO Standard No 9362; |
| --- | --- |

(14)

‘Business Identifier Code’
  (BIC) means a code as defined by ISO Standard No 9362;

| (15) | ‘capacity opinion’
  means a participant-specific opinion that contains an assessment of a participant’s legal capacity to enter into and carry out its obligations; |
| --- | --- |

(15)

‘capacity opinion’
  means a participant-specific opinion that contains an assessment of a participant’s legal capacity to enter into and carry out its obligations;

| (16) | ‘cash transfer order’
  means any instruction by a participant or a party acting on its behalf to place at the disposal of a recipient an amount of money from one account by means of a book entry onto another account and which is an ancillary system transfer order, a liquidity transfer order, an instant payment order, a positive recall answer or a payment order; |
| --- | --- |

(16)

‘cash transfer order’
  means any instruction by a participant or a party acting on its behalf to place at the disposal of a recipient an amount of money from one account by means of a book entry onto another account and which is an ancillary system transfer order, a liquidity transfer order, an instant payment order, a positive recall answer or a payment order;

| (17) | ‘central bank’
  (CB) means a Eurosystem CB and/or a connected NCB; |
| --- | --- |

(17)

‘central bank’
  (CB) means a Eurosystem CB and/or a connected NCB;

| (18) | ‘central bank operation’
  means any payment order or liquidity transfer order initiated by a CB on an MCA opened in any TARGET component system; |
| --- | --- |

(18)

‘central bank operation’
  means any payment order or liquidity transfer order initiated by a CB on an MCA opened in any TARGET component system;

| (19) | ‘connected NCB’
  means an NCB, other than a euro area NCB, which is connected to TARGET pursuant to a specific agreement; |
| --- | --- |

(19)

‘connected NCB’
  means an NCB, other than a euro area NCB, which is connected to TARGET pursuant to a specific agreement;

| (20) | ‘Contingency Solution’
  means the functionality that allows CBs and participants to process cash transfer orders in the event that the normal operation of MCAs and/or RTGS DCAs and/or RTGS AS technical accounts is not possible; |
| --- | --- |

(20)

‘Contingency Solution’
  means the functionality that allows CBs and participants to process cash transfer orders in the event that the normal operation of MCAs and/or RTGS DCAs and/or RTGS AS technical accounts is not possible;

| (21) | ‘credit institution’
  means either: (a) a credit institution within the meaning of point (1) of Article 4(1) of Regulation (EU) No 575/2013 (and Article 2(5) of Directive 2013/36/EU of the European Parliament and of the Council (4) as applicable to the credit institution) that is subject to supervision by a competent authority; or (b) another credit institution within the meaning of Article 123(2) of the Treaty that is subject to scrutiny of a standard comparable to supervision by a competent authority; |
| --- | --- |

(21)

‘credit institution’
  means either: (a) a credit institution within the meaning of point (1) of Article 4(1) of Regulation (EU) No 575/2013 (and Article 2(5) of Directive 2013/36/EU of the European Parliament and of the Council (4) as applicable to the credit institution) that is subject to supervision by a competent authority; or (b) another credit institution within the meaning of Article 123(2) of the Treaty that is subject to scrutiny of a standard comparable to supervision by a competent authority;

| (22) | ‘credit memorandum balance’
  (CMB) means a limit set by the TIPS DCA holder for the use of liquidity on the TIPS DCA by a specific reachable party; |
| --- | --- |

(22)

‘credit memorandum balance’
  (CMB) means a limit set by the TIPS DCA holder for the use of liquidity on the TIPS DCA by a specific reachable party;

| (23) | ‘cross-system settlement’
  means the settlement of AS transfer orders debiting the RTGS AS technical account or a sub-account of a settlement bank of one AS using AS settlement procedure C or D and crediting the RTGS AS technical account or a sub-account of a settlement bank of another AS using AS settlement procedure C or D; |
| --- | --- |

(23)

‘cross-system settlement’
  means the settlement of AS transfer orders debiting the RTGS AS technical account or a sub-account of a settlement bank of one AS using AS settlement procedure C or D and crediting the RTGS AS technical account or a sub-account of a settlement bank of another AS using AS settlement procedure C or D;

| (24) | ‘dedicated cash account’
  (DCA) means an RTGS DCA, a T2S DCA or a TIPS DCA; |
| --- | --- |

(24)

‘dedicated cash account’
  (DCA) means an RTGS DCA, a T2S DCA or a TIPS DCA;

| (25) | ‘deposit facility rate’
  means ‘deposit facility rate’ as defined in point (22) of Article 2 of Guideline (EU) 2015/510 (ECB/2014/60); |
| --- | --- |

(25)

‘deposit facility rate’
  means ‘deposit facility rate’ as defined in point (22) of Article 2 of Guideline (EU) 2015/510 (ECB/2014/60);

| (26) | ‘deposit facility’
  means ‘deposit facility’ as defined in point (21) of Article 2 of Guideline (EU) 2015/510 (ECB/2014/60); |
| --- | --- |

(26)

‘deposit facility’
  means ‘deposit facility’ as defined in point (21) of Article 2 of Guideline (EU) 2015/510 (ECB/2014/60);

| (27) | ‘euro area NCB’
  means the national central bank (NCB) of a Member State whose currency is the euro; |
| --- | --- |

(27)

‘euro area NCB’
  means the national central bank (NCB) of a Member State whose currency is the euro;

| (28) | ‘European Payments Council’s SEPA Instant Credit Transfer (SCT Inst) scheme’ or ‘SCT Inst Scheme’
  means an automated, open standards scheme providing a set of interbank rules to be complied with by SCT Inst participants, allowing payment services providers in the Single Euro Payments Area (SEPA) to offer an automated SEPA-wide euro instant credit transfer product; |
| --- | --- |

(28)

‘European Payments Council’s SEPA Instant Credit Transfer (SCT Inst) scheme’ or ‘SCT Inst Scheme’
  means an automated, open standards scheme providing a set of interbank rules to be complied with by SCT Inst participants, allowing payment services providers in the Single Euro Payments Area (SEPA) to offer an automated SEPA-wide euro instant credit transfer product;

| (29) | ‘Eurosystem CB’
  means the ECB or a euro area NCB; |
| --- | --- |

(29)

‘Eurosystem CB’
  means the ECB or a euro area NCB;

| (30) | ‘event of default’
  means any impending or existing event, the occurrence of which may threaten the performance by a participant of its obligations under the Conditions contained in Annex I, Part I or any other rules applying to the relationship between that participant and the participant’s CB or any other CB, including:






  (a) | where the participant no longer meets the access criteria laid down in the national implementation of Part I, Annex I, Article 4 or the requirements laid down in Part I, Annex I, Article 5(1), point (a); |
| --- | --- | --- |

(30)

‘event of default’
  means any impending or existing event, the occurrence of which may threaten the performance by a participant of its obligations under the Conditions contained in Annex I, Part I or any other rules applying to the relationship between that participant and the participant’s CB or any other CB, including:

(a)

where the participant no longer meets the access criteria laid down in the national implementation of Part I, Annex I, Article 4 or the requirements laid down in Part I, Annex I, Article 5(1), point (a);

| (b) | the opening of insolvency proceedings in relation to the participant; |
| --- | --- |

(b)

the opening of insolvency proceedings in relation to the participant;

| (c) | the submission of an application relating to the proceedings referred to in point (b); |
| --- | --- |

(c)

the submission of an application relating to the proceedings referred to in point (b);

| (d) | the issue by the participant of a written declaration of its inability to pay all or any part of its debts or to meet its obligations arising in relation to intraday credit; |
| --- | --- |

(d)

the issue by the participant of a written declaration of its inability to pay all or any part of its debts or to meet its obligations arising in relation to intraday credit;

| (e) | the entry of the participant into a voluntary general agreement or arrangement with its creditors; |
| --- | --- |

(e)

the entry of the participant into a voluntary general agreement or arrangement with its creditors;

| (f) | where the participant is, or is deemed by its CB to be, insolvent or unable to pay its debts; |
| --- | --- |

(f)

where the participant is, or is deemed by its CB to be, insolvent or unable to pay its debts;

| (g) | where the participant's credit balance on any of its TARGET accounts, or all or a substantial part of the participant's assets are subject to a freezing order, attachment, seizure or any other procedure that is intended to protect the public interest or the rights of the participant's creditors; |
| --- | --- |

(g)

where the participant's credit balance on any of its TARGET accounts, or all or a substantial part of the participant's assets are subject to a freezing order, attachment, seizure or any other procedure that is intended to protect the public interest or the rights of the participant's creditors;

| (h) | where participation of the participant in another TARGET component system and/or in an AS has been suspended or terminated; |
| --- | --- |

(h)

where participation of the participant in another TARGET component system and/or in an AS has been suspended or terminated;

| (i) | where any material representation or pre-contractual statement made by the participant or which is implied to have been made by the participant under the applicable law is incorrect or untrue; |
| --- | --- |

(i)

where any material representation or pre-contractual statement made by the participant or which is implied to have been made by the participant under the applicable law is incorrect or untrue;

| (j) | the assignment of all or a substantial part of the participant's assets; |
| --- | --- |

(j)

the assignment of all or a substantial part of the participant's assets;

| (31) | ‘guarantee funds’
  means funds provided by participants of an AS, to be used in the event of the failure, for whatever reason, of one or more participants to meet their payment obligations in the AS; |
| --- | --- |

(31)

‘guarantee funds’
  means funds provided by participants of an AS, to be used in the event of the failure, for whatever reason, of one or more participants to meet their payment obligations in the AS;

| (32) | ‘insolvency proceedings’
  means insolvency proceedings within the meaning of Article 2(j) of Directive 98/26/EC; |
| --- | --- |

(32)

‘insolvency proceedings’
  means insolvency proceedings within the meaning of Article 2(j) of Directive 98/26/EC;

| (33) | ‘instant payment order’
  means, in line with the European Payments Council’s SEPA Instant Credit Transfer (SCT Inst) scheme, a cash transfer order which can be executed 24 hours a day any calendar day of the year, with immediate or close to immediate settlement and notification to the payer, and which includes: (i) TIPS DCA to TIPS DCA instant payment orders; (ii) TIPS DCA to TIPS AS technical account instant payment orders; (iii) TIPS AS technical account to TIPS DCA instant payment orders; and (iv) TIPS AS technical account to TIPS AS technical account instant payment orders; |
| --- | --- |

(33)

‘instant payment order’
  means, in line with the European Payments Council’s SEPA Instant Credit Transfer (SCT Inst) scheme, a cash transfer order which can be executed 24 hours a day any calendar day of the year, with immediate or close to immediate settlement and notification to the payer, and which includes: (i) TIPS DCA to TIPS DCA instant payment orders; (ii) TIPS DCA to TIPS AS technical account instant payment orders; (iii) TIPS AS technical account to TIPS DCA instant payment orders; and (iv) TIPS AS technical account to TIPS AS technical account instant payment orders;

| (34) | ‘instructing party’
  means an entity which has been designated as such by a TIPS DCA holder or the holder of a TIPS AS technical account, and which is allowed to send instant payment orders or liquidity transfer orders and/or receive instant payment orders or liquidity transfer orders on behalf of that account holder or a reachable party of that account holder; |
| --- | --- |

(34)

‘instructing party’
  means an entity which has been designated as such by a TIPS DCA holder or the holder of a TIPS AS technical account, and which is allowed to send instant payment orders or liquidity transfer orders and/or receive instant payment orders or liquidity transfer orders on behalf of that account holder or a reachable party of that account holder;

| (35) | ‘intraday credit’
  means credit extended for a period of less than one business day; |
| --- | --- |

(35)

‘intraday credit’
  means credit extended for a period of less than one business day;

| (36) | ‘investment firm’
  means an investment firm within the meaning of Article 4(1)(1) of Directive 2014/65/EU, excluding the institutions specified in Article 2(1) of Directive 2014/65/EU as applicable to the investment firm, provided that the investment firm in question is:






  a) | authorised and supervised by a recognised competent authority, which has been designated as such under Directive 2014/65/EU; and |
| --- | --- | --- |

(36)

‘investment firm’
  means an investment firm within the meaning of Article 4(1)(1) of Directive 2014/65/EU, excluding the institutions specified in Article 2(1) of Directive 2014/65/EU as applicable to the investment firm, provided that the investment firm in question is:

a)

authorised and supervised by a recognised competent authority, which has been designated as such under Directive 2014/65/EU; and

| b) | entitled to carry out the activities referred to under items 2, 3, 6 and 7 of Section A of Annex I to Directive 2014/65/EU as applicable to the investment firm; |
| --- | --- |

b)

entitled to carry out the activities referred to under items 2, 3, 6 and 7 of Section A of Annex I to Directive 2014/65/EU as applicable to the investment firm;

| (37) | ‘Level 3 NCBs’
  means the Deutsche Bundesbank, the Banque de France, the Banca d’Italia and the Banco de España in their capacity as the CBs developing and operating TARGET for the Eurosystem’s benefit; |
| --- | --- |

(37)

‘Level 3 NCBs’
  means the Deutsche Bundesbank, the Banque de France, the Banca d’Italia and the Banco de España in their capacity as the CBs developing and operating TARGET for the Eurosystem’s benefit;

| (38) | ‘liquidity transfer order’
  means a cash transfer order to transfer a specified amount of funds for the purpose of liquidity management; |
| --- | --- |

(38)

‘liquidity transfer order’
  means a cash transfer order to transfer a specified amount of funds for the purpose of liquidity management;

| (39) | ‘marginal lending facility rate’
  means ‘marginal lending facility rate’ as defined in point (57) of Article 2 of Guideline (EU) 2015/510 (ECB/2014/60); |
| --- | --- |

(39)

‘marginal lending facility rate’
  means ‘marginal lending facility rate’ as defined in point (57) of Article 2 of Guideline (EU) 2015/510 (ECB/2014/60);

| (40) | ‘marginal lending facility’
  means ‘marginal lending facility’ as defined in point (56) of Article 2 of Guideline (EU) 2015/510 (ECB/2014/60); |
| --- | --- |

(40)

‘marginal lending facility’
  means ‘marginal lending facility’ as defined in point (56) of Article 2 of Guideline (EU) 2015/510 (ECB/2014/60);

| (41) | ‘mobile proxy look-up (MPL) service’
  means a service which enables TIPS DCA holders, AS using TIPS AS technical accounts and reachable parties, who receive from their customers a request to execute an instant payment order in favour of a beneficiary identified with a proxy (e.g. a mobile number), to retrieve from the central MPL repository the corresponding beneficiary IBAN and the BIC to be used to credit the relevant TARGET Instant Payment Settlement (TIPS) account; |
| --- | --- |

(41)

‘mobile proxy look-up (MPL) service’
  means a service which enables TIPS DCA holders, AS using TIPS AS technical accounts and reachable parties, who receive from their customers a request to execute an instant payment order in favour of a beneficiary identified with a proxy (e.g. a mobile number), to retrieve from the central MPL repository the corresponding beneficiary IBAN and the BIC to be used to credit the relevant TARGET Instant Payment Settlement (TIPS) account;

| (42) | ‘near instant payment’
  means a transfer of cash order which complies with the European Payments Council’s SEPA Credit Transfer Additional Optional Services (SCT AOS) NL Standard for instant processing of SEPA credit transfers; |
| --- | --- |

(42)

‘near instant payment’
  means a transfer of cash order which complies with the European Payments Council’s SEPA Credit Transfer Additional Optional Services (SCT AOS) NL Standard for instant processing of SEPA credit transfers;

| (43) | ‘network service provider’
  (NSP) means an undertaking that has been awarded a concession with the Eurosystem to provide connectivity services via the Eurosystem Single Market Infrastructure Gateway to the TARGET services; |
| --- | --- |

(43)

‘network service provider’
  (NSP) means an undertaking that has been awarded a concession with the Eurosystem to provide connectivity services via the Eurosystem Single Market Infrastructure Gateway to the TARGET services;

| (44) | ‘non-settled cash transfer order’
  means a cash transfer order that is not settled on the business day on which it is accepted; |
| --- | --- |

(44)

‘non-settled cash transfer order’
  means a cash transfer order that is not settled on the business day on which it is accepted;

| (45) | ‘participant’
  means; a) an entity that holds at least one MCA and may additionally hold one or more DCAs in TARGET; or b) an AS; |
| --- | --- |

(45)

‘participant’
  means; a) an entity that holds at least one MCA and may additionally hold one or more DCAs in TARGET; or b) an AS;

| (46) | ‘payee’
  means, except where used in Article 29, Part I of Annex I, a participant whose MCA or DCA, will be credited as a result of a cash transfer order being settled; |
| --- | --- |

(46)

‘payee’
  means, except where used in Article 29, Part I of Annex I, a participant whose MCA or DCA, will be credited as a result of a cash transfer order being settled;

| (47) | ‘payer’
  means, except where used in Article 29, Part I of Annex I, a participant whose MCA or DCA, will be debited as a result of a cash transfer order being settled; |
| --- | --- |

(47)

‘payer’
  means, except where used in Article 29, Part I of Annex I, a participant whose MCA or DCA, will be debited as a result of a cash transfer order being settled;

| (48) | ‘payment order’
  means any instruction by a participant or a party acting on its behalf to place at the disposal of a recipient an amount of money from one account by means of a book entry onto another account and which is not an AS transfer order, a liquidity transfer order, an instant payment order or a positive recall answer; |
| --- | --- |

(48)

‘payment order’
  means any instruction by a participant or a party acting on its behalf to place at the disposal of a recipient an amount of money from one account by means of a book entry onto another account and which is not an AS transfer order, a liquidity transfer order, an instant payment order or a positive recall answer;

| (49) | ‘positive recall answer’
  means, in line with the European Payments Council’s SEPA Instant Credit Transfer (SCT Inst) scheme, a cash transfer order initiated by the receiver of a recall request, in response to a recall request, for the benefit of the sender of that recall request; |
| --- | --- |

(49)

‘positive recall answer’
  means, in line with the European Payments Council’s SEPA Instant Credit Transfer (SCT Inst) scheme, a cash transfer order initiated by the receiver of a recall request, in response to a recall request, for the benefit of the sender of that recall request;

| (50) | ‘public sector body’
  means an entity within the ‘public sector’, the latter term as defined in Article 3 of Council Regulation (EC) No 3603/93 (5); |
| --- | --- |

(50)

‘public sector body’
  means an entity within the ‘public sector’, the latter term as defined in Article 3 of Council Regulation (EC) No 3603/93 (5);

| (51) | ‘reachable party’
  means an entity which: (a) holds a Business Identifier Code (BIC); (b) is designated as such by a TIPS DCA holder or by an ancillary system holding a TIPS AS technical account; (c) is a correspondent, customer, or branch of a TIPS DCA holder or a participant of an ancillary system; or is a correspondent, customer, or branch of a participant of an ancillary system holding a TIPS AS technical account and (d) is addressable through TIPS and is able to submit cash transfer orders and receive cash transfer orders either via the TIPS DCA holder or by an ancillary system holding a TIPS AS technical account, or directly if so authorised by the TIPS DCA holder or by an ancillary system holding a TIPS AS technical account; |
| --- | --- |

(51)

‘reachable party’
  means an entity which: (a) holds a Business Identifier Code (BIC); (b) is designated as such by a TIPS DCA holder or by an ancillary system holding a TIPS AS technical account; (c) is a correspondent, customer, or branch of a TIPS DCA holder or a participant of an ancillary system; or is a correspondent, customer, or branch of a participant of an ancillary system holding a TIPS AS technical account and (d) is addressable through TIPS and is able to submit cash transfer orders and receive cash transfer orders either via the TIPS DCA holder or by an ancillary system holding a TIPS AS technical account, or directly if so authorised by the TIPS DCA holder or by an ancillary system holding a TIPS AS technical account;

| (52) | ‘Real-time gross settlement ancillary system settlement procedure’
  (RTGS AS settlement procedure) means one of the range of special, predefined services for the submission and settlement of AS transfer orders related to settlement of AS on RTGS DCAs, sub-accounts and RTGS AS technical accounts; |
| --- | --- |

(52)

‘Real-time gross settlement ancillary system settlement procedure’
  (RTGS AS settlement procedure) means one of the range of special, predefined services for the submission and settlement of AS transfer orders related to settlement of AS on RTGS DCAs, sub-accounts and RTGS AS technical accounts;

| (53) | ‘Real-time gross settlement ancillary system technical account’
  (RTGS AS technical account) means an account held by an AS or by the CB in its TARGET component system on behalf of the AS and used in the context of an RTGS AS settlement procedure; |
| --- | --- |

(53)

‘Real-time gross settlement ancillary system technical account’
  (RTGS AS technical account) means an account held by an AS or by the CB in its TARGET component system on behalf of the AS and used in the context of an RTGS AS settlement procedure;

| (54) | ‘recall request’
  means a message from an RTGS DCA holder or a TIPS DCA holder requesting reimbursement of a settled payment order or instant payment order respectively; |
| --- | --- |

(54)

‘recall request’
  means a message from an RTGS DCA holder or a TIPS DCA holder requesting reimbursement of a settled payment order or instant payment order respectively;

| (55) | ‘rule-based liquidity transfer order’
  means a liquidity transfer order that is triggered as a result of: (a) the balance on an MCA or RTGS DCA breaching a pre-defined floor or ceiling; or (b) insufficient funds being available to cover queued urgent payment orders, AS transfer orders or high priority payment orders on an RTGS DCA; |
| --- | --- |

(55)

‘rule-based liquidity transfer order’
  means a liquidity transfer order that is triggered as a result of: (a) the balance on an MCA or RTGS DCA breaching a pre-defined floor or ceiling; or (b) insufficient funds being available to cover queued urgent payment orders, AS transfer orders or high priority payment orders on an RTGS DCA;

| (56) | ‘settlement bank account group’
  means a list of RTGS DCAs and/or sub accounts set in the context of the settlement of an ancillary system using RTGS AS settlement procedures; |
| --- | --- |

(56)

‘settlement bank account group’
  means a list of RTGS DCAs and/or sub accounts set in the context of the settlement of an ancillary system using RTGS AS settlement procedures;

| (57) | ‘settlement bank’
  means an RTGS DCA holder whose RTGS DCA or sub-account is used to settle AS transfer orders submitted by an AS using the RTGS AS settlement procedures; |
| --- | --- |

(57)

‘settlement bank’
  means an RTGS DCA holder whose RTGS DCA or sub-account is used to settle AS transfer orders submitted by an AS using the RTGS AS settlement procedures;

| (58) | ‘suspension’
  means the temporary freezing of the rights and obligations of a participant for a period of time to be determined by the participant’s CB; |
| --- | --- |

(58)

‘suspension’
  means the temporary freezing of the rights and obligations of a participant for a period of time to be determined by the participant’s CB;

| (59) | ‘TARGET account’
  means any account opened in a TARGET component system; |
| --- | --- |

(59)

‘TARGET account’
  means any account opened in a TARGET component system;

| (60) | ‘TARGET component system’ means any of the CBs’ systems that form part of TARGET; |
| --- | --- |

(60)

‘TARGET component system’ means any of the CBs’ systems that form part of TARGET;

| (61) | ‘TARGET coordinator’
  means a person appointed by the ECB to ensure the daily operational management of TARGET, to manage and coordinate activity in the event of an abnormal situation occurring and to coordinate the dissemination of information to participants; |
| --- | --- |

(61)

‘TARGET coordinator’
  means a person appointed by the ECB to ensure the daily operational management of TARGET, to manage and coordinate activity in the event of an abnormal situation occurring and to coordinate the dissemination of information to participants;

| (62) | ‘TARGET Instant Payment Settlement (TIPS) ancillary system settlement procedure’
  (TIPS AS settlement procedure) means the predefined service for the submission and settlement of liquidity transfer orders and instant payment orders related to settlement of AS on TIPS DCAs and TIPS AS technical accounts; |
| --- | --- |

(62)

‘TARGET Instant Payment Settlement (TIPS) ancillary system settlement procedure’
  (TIPS AS settlement procedure) means the predefined service for the submission and settlement of liquidity transfer orders and instant payment orders related to settlement of AS on TIPS DCAs and TIPS AS technical accounts;

| (63) | ‘TARGET Instant Payment Settlement (TIPS) ancillary system technical account’
  (TIPS AS technical account) means an account held by an AS or by the CB in its TARGET component system on behalf of the AS for use by the AS for the purpose of settling instant payments or near instant payments in its own books; |
| --- | --- |

(63)

‘TARGET Instant Payment Settlement (TIPS) ancillary system technical account’
  (TIPS AS technical account) means an account held by an AS or by the CB in its TARGET component system on behalf of the AS for use by the AS for the purpose of settling instant payments or near instant payments in its own books;

| (64) | ‘TARGET settlement manager’
  means a person appointed by a Eurosystem CB to monitor the operation of its TARGET component system; |
| --- | --- |

(64)

‘TARGET settlement manager’
  means a person appointed by a Eurosystem CB to monitor the operation of its TARGET component system;

| (65) | ‘TARGET2-Securities’
  (T2S) means the set of hardware, software and other technical infrastructure components through which the Eurosystem provides the services to CSDs and Eurosystem CBs that allow core, neutral and borderless settlement of securities transactions on a delivery-versus-payment basis in central bank money; |
| --- | --- |

(65)

‘TARGET2-Securities’
  (T2S) means the set of hardware, software and other technical infrastructure components through which the Eurosystem provides the services to CSDs and Eurosystem CBs that allow core, neutral and borderless settlement of securities transactions on a delivery-versus-payment basis in central bank money;

| (66) | ‘technical malfunction of TARGET’
  means any defect or failure in the technical infrastructure and/or the computer systems used by the relevant TARGET component system, or any other event that makes it impossible to execute and complete the processing of cash transfer orders according to the relevant parts of this Guideline in the relevant TARGET component system. |
| --- | --- |

(66)

‘technical malfunction of TARGET’
  means any defect or failure in the technical infrastructure and/or the computer systems used by the relevant TARGET component system, or any other event that makes it impossible to execute and complete the processing of cash transfer orders according to the relevant parts of this Guideline in the relevant TARGET component system.

---

(1)  Commission Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council (OJ L 320, 29.11.2008, p. 1).

(2)  Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).

(3)  Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).

(4)  Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).

(5)  Council Regulation (EC) No 3603/93 of 13 December 1993 specifying definitions for the application of the prohibitions referred to in Articles 104 and 104b (1) of the Treaty (OJ L 332, 31.12.1993, p. 1).

---

LINJI GWIDA

| 17.6.2022 | MT | Il-Ġurnal Uffiċjali tal-Unjoni Ewropea | L 163/84 |
| --- | --- | --- | --- |

17.6.2022

MT

Il-Ġurnal Uffiċjali tal-Unjoni Ewropea

L 163/84

---

LINJA GWIDA (UE) 2022/912 TAL-BANK ĊENTRALI EWROPEW

tal-24 ta’ Frar 2022

dwar il-ġenerazzjoni ġdida tas-sistema Trans-European Automated Real-time Gross settlement Express Transfer (TARGET2) u li tħassar il-Linja Gwida 2013/47/UE (BĊE/2012/27) (BĊE/2022/8)

IL-KUNSILL GOVERNATTIV TAL-BANK ĊENTRALI EWROPEW,

Wara li kkunsidra t-Trattat dwar il-Funzjonament tal-Unjoni Ewropea, u b’mod partikolari l-ewwel u r-raba’ inċiżi tal-Artikolu 127(2) tiegħu,

Wara li kkunsidra l-Istatut tas-Sistema Ewropea tal-Banek Ċentrali u tal-Bank Ċentrali Ewropew, u b’mod partikolari l-Artikolu 3.1 u l-Artikoli 17, 18 u 22 tiegħu,

Billi:

| (1) | Is-sistema Trans-European Automated Real-time Gross settlement Express Transfer (TARGET2) hija rregolata mil-Linja Gwida 2013/47/UE tal-Bank Ċentrali Ewropew (BĊE/2012/27) (1). |
| --- | --- |

(1)

Is-sistema Trans-European Automated Real-time Gross settlement Express Transfer (TARGET2) hija rregolata mil-Linja Gwida 2013/47/UE tal-Bank Ċentrali Ewropew (BĊE/2012/27) (1).

| (2) | Fl-20 ta’ Marzu 2018, daħal fis-seħħ il-“Ftehim Kollettiv” iffirmat bejn il-banek ċentrali li joperaw sistemi komponenti tat-TARGET2 u d-depożitorji ċentrali tat-titoli (CSDs) li joperaw fuq il-pjattaforma tat-TARGET2-Securities. Dan il-Ftehim ikopri l-għoti ta’ informazzjoni u r-responsabbiltà fil-każ tal-insolvenza ta’ parteċipant fis-sistemi u jiddefinixxi mument komuni ta’ dħul għal ħlasijiet u ordnijiet ta’ trasferiment ta’ titoli li jiġu saldati f’dawn is-sistemi. |
| --- | --- |

(2)

Fl-20 ta’ Marzu 2018, daħal fis-seħħ il-“Ftehim Kollettiv” iffirmat bejn il-banek ċentrali li joperaw sistemi komponenti tat-TARGET2 u d-depożitorji ċentrali tat-titoli (CSDs) li joperaw fuq il-pjattaforma tat-TARGET2-Securities. Dan il-Ftehim ikopri l-għoti ta’ informazzjoni u r-responsabbiltà fil-każ tal-insolvenza ta’ parteċipant fis-sistemi u jiddefinixxi mument komuni ta’ dħul għal ħlasijiet u ordnijiet ta’ trasferiment ta’ titoli li jiġu saldati f’dawn is-sistemi.

| (3) | Fis-6 ta’ Diċembru 2017, il-Kunsill Governattiv approva l-Proġett ta’ Konsolidazzjoni T2-T2S, li l-għan tiegħu huwa li jikkonsolida u jottimizza t-TARGET2 u t-TARGET2-Securities (T2S), billi jibbenefikaw minn approċċi avvanzati u innovazzjoni teknoloġika, jippermettu tnaqqis fl-ispiża operazzjonali kkombinata tagħhom, u jsaħħu l-ġestjoni tal-likwidità fid-diversi servizzi. Ir-riżultat tal-Proġett ta’ Konsolidazzjoni T2-T2S huwa l-ġenerazzjoni l-ġdida tas-sistema Trans-European Automated Real-time Gross settlement Express Transfer li tissalda f’euro fi flus tal-bank ċentrali (TARGET). |
| --- | --- |

(3)

Fis-6 ta’ Diċembru 2017, il-Kunsill Governattiv approva l-Proġett ta’ Konsolidazzjoni T2-T2S, li l-għan tiegħu huwa li jikkonsolida u jottimizza t-TARGET2 u t-TARGET2-Securities (T2S), billi jibbenefikaw minn approċċi avvanzati u innovazzjoni teknoloġika, jippermettu tnaqqis fl-ispiża operazzjonali kkombinata tagħhom, u jsaħħu l-ġestjoni tal-likwidità fid-diversi servizzi. Ir-riżultat tal-Proġett ta’ Konsolidazzjoni T2-T2S huwa l-ġenerazzjoni l-ġdida tas-sistema Trans-European Automated Real-time Gross settlement Express Transfer li tissalda f’euro fi flus tal-bank ċentrali (TARGET).

| (4) | Mill-21 ta’ Novembru 2022, it-TARGET2 jenħtieġ li tiġi ssostitwita mit-TARGET. Għaldaqstant, il-Linja Gwida 2013/47/UE (BĊE/2012/27) jenħtieġ li tiġi rrevokata. |
| --- | --- |

(4)

Mill-21 ta’ Novembru 2022, it-TARGET2 jenħtieġ li tiġi ssostitwita mit-TARGET. Għaldaqstant, il-Linja Gwida 2013/47/UE (BĊE/2012/27) jenħtieġ li tiġi rrevokata.

| (5) | Bħal fil-każ tat-TARGET2, it-TARGET jenħtieġ li tkun strutturata legalment bħala sistemi ta’ ħlas multipli, fejn is-sistemi komponenti kollha tat-TARGET ikunu armonizzati kemm jista’ jkun. |
| --- | --- |

(5)

Bħal fil-każ tat-TARGET2, it-TARGET jenħtieġ li tkun strutturata legalment bħala sistemi ta’ ħlas multipli, fejn is-sistemi komponenti kollha tat-TARGET ikunu armonizzati kemm jista’ jkun.

| (6) | Bħal fil-każ tat-TARGET2, fit-TARGET jenħtieġ li jkun hemm tliet livelli separati ta’ governanza. Il-Livell 1 (il-Kunsill Governattiv) jenħtieġ li jkollu l-kompetenza finali fir-rigward tat-TARGET u jissalvagwardja l-funzjoni pubblika tagħha. Il-Livell 2 (Korp ta’ ġestjoni teknika u operazzjonali) għandu jkollu kompetenza sussidjarja għall-ġestjoni u t-tmexxija tat-TARGET, filwaqt li l-Livell 3 (il-banek ċentrali nazzjonali fornituri) jenħtieġ li jibni u jopera s-sistemi TARGET għall-benefiċċju tal-Eurosistema. |
| --- | --- |

(6)

Bħal fil-każ tat-TARGET2, fit-TARGET jenħtieġ li jkun hemm tliet livelli separati ta’ governanza. Il-Livell 1 (il-Kunsill Governattiv) jenħtieġ li jkollu l-kompetenza finali fir-rigward tat-TARGET u jissalvagwardja l-funzjoni pubblika tagħha. Il-Livell 2 (Korp ta’ ġestjoni teknika u operazzjonali) għandu jkollu kompetenza sussidjarja għall-ġestjoni u t-tmexxija tat-TARGET, filwaqt li l-Livell 3 (il-banek ċentrali nazzjonali fornituri) jenħtieġ li jibni u jopera s-sistemi TARGET għall-benefiċċju tal-Eurosistema.

| (7) | It-TARGET għandha tipprovdi servizzi ċentrali ta’ ġestjoni tal-likwidità, inkluż is-saldu ta’ operazzjonijiet tal-banek ċentrali permezz ta’ kontijiet ta’ flus ewlenin (MCAs), is-saldu gross f’ħin reali ta’ valur kbir (RTGS) għal ħlasijiet permezz ta’ kontijiet ta’ flus dedikati (DCAs) għal RTGS, ħlasijiet ta’ flus relatati mas-saldu ta’ titoli permezz ta’ kontijiet ta’ flus dedikati għat-T2S (T2S DCAs) u s-saldu ta’ ħlasijiet istantanji permezz ta’ kontijiet ta’ flus dedikati għas-Saldu ta’ Ħlasijiet Istantanji tat-TARGET (TIPS) (TIPS DCAs), u servizzi għas-saldu ta’ sistema anċillari (AS) permezz ta’ subkontijiet, kontijiet tekniċi ta’ RTGS AS, kontijiet ta’ fond ta’ garanzija ta’ AS u kontijiet tekniċi ta’ TIPS AS. |
| --- | --- |

(7)

It-TARGET għandha tipprovdi servizzi ċentrali ta’ ġestjoni tal-likwidità, inkluż is-saldu ta’ operazzjonijiet tal-banek ċentrali permezz ta’ kontijiet ta’ flus ewlenin (MCAs), is-saldu gross f’ħin reali ta’ valur kbir (RTGS) għal ħlasijiet permezz ta’ kontijiet ta’ flus dedikati (DCAs) għal RTGS, ħlasijiet ta’ flus relatati mas-saldu ta’ titoli permezz ta’ kontijiet ta’ flus dedikati għat-T2S (T2S DCAs) u s-saldu ta’ ħlasijiet istantanji permezz ta’ kontijiet ta’ flus dedikati għas-Saldu ta’ Ħlasijiet Istantanji tat-TARGET (TIPS) (TIPS DCAs), u servizzi għas-saldu ta’ sistema anċillari (AS) permezz ta’ subkontijiet, kontijiet tekniċi ta’ RTGS AS, kontijiet ta’ fond ta’ garanzija ta’ AS u kontijiet tekniċi ta’ TIPS AS.

| (8) | Sabiex jiġu żgurati ċ-ċarezza u t-trattament ugwali, huwa xieraq li l-provvista ta’ dawn is-servizzi tkun irregolata minn settijiet armonizzati ta’ kundizzjonijiet għall-parteċipazzjoni fit-TARGET, li jenħtieġ li jiġu konklużi bejn kull parteċipant fit-TARGET u l-bank ċentrali nazzjonali (BĊN) li jopera s-sistema komponenti rispettiva tat-TARGET. |
| --- | --- |

(8)

Sabiex jiġu żgurati ċ-ċarezza u t-trattament ugwali, huwa xieraq li l-provvista ta’ dawn is-servizzi tkun irregolata minn settijiet armonizzati ta’ kundizzjonijiet għall-parteċipazzjoni fit-TARGET, li jenħtieġ li jiġu konklużi bejn kull parteċipant fit-TARGET u l-bank ċentrali nazzjonali (BĊN) li jopera s-sistema komponenti rispettiva tat-TARGET.

| (9) | Sabiex tiżdied il-kompetittività, it-TARGET jenħtieġ li tipprevedi diversi fornituri tas-servizz ta’ network (NSPs) li jkunu responsabbli biex jistabbilixxu l-konnessjoni teknika mat-TARGET. Il-parteċipanti fit-TARGET jenħtieġ li jitħallew jidħlu f’relazzjoni kuntrattwali ma’ NSP tal-għażla tagħhom fil-qafas tal-kuntratt ta’ konċessjoni konkluż bejn il-Banca d’Italia, bħala aġent tal-Eurosistema u l-NSP, jew ma’ sottokuntrattur ta’ dan tal-aħħar. |
| --- | --- |

(9)

Sabiex tiżdied il-kompetittività, it-TARGET jenħtieġ li tipprevedi diversi fornituri tas-servizz ta’ network (NSPs) li jkunu responsabbli biex jistabbilixxu l-konnessjoni teknika mat-TARGET. Il-parteċipanti fit-TARGET jenħtieġ li jitħallew jidħlu f’relazzjoni kuntrattwali ma’ NSP tal-għażla tagħhom fil-qafas tal-kuntratt ta’ konċessjoni konkluż bejn il-Banca d’Italia, bħala aġent tal-Eurosistema u l-NSP, jew ma’ sottokuntrattur ta’ dan tal-aħħar.

| (10) | Is-sistemi komponenti tat-TARGET2 li huma proprjetà tal-BĊi rispettivi tal-Eurosistema u operati minnhom ġew identifikati kollettivament (2) bħala sistema ta’ ħlas sistematikament importanti (SIPS) suġġetta għar-Regolament tal-Bank Ċentrali Ewropew (UE) Nru 795/2014 (BĊE/2014/28) (3). Is-sistemi komponenti rispettivi tat-TARGET, bħala s-sistemi ta’ ħlas li jissostitwixxu dawk is-sistemi komponenti tat-TARGET2, jenħtieġ li bl-istess mod jaqgħu fil-kamp ta’ applikazzjoni tar-Regolament (UE) Nru 795/2014 (BĊE/2014/28) u jikkonformaw mar-rekwiżiti ta’ sorveljanza stabbiliti f’dak ir-Regolament. |
| --- | --- |

(10)

Is-sistemi komponenti tat-TARGET2 li huma proprjetà tal-BĊi rispettivi tal-Eurosistema u operati minnhom ġew identifikati kollettivament (2) bħala sistema ta’ ħlas sistematikament importanti (SIPS) suġġetta għar-Regolament tal-Bank Ċentrali Ewropew (UE) Nru 795/2014 (BĊE/2014/28) (3). Is-sistemi komponenti rispettivi tat-TARGET, bħala s-sistemi ta’ ħlas li jissostitwixxu dawk is-sistemi komponenti tat-TARGET2, jenħtieġ li bl-istess mod jaqgħu fil-kamp ta’ applikazzjoni tar-Regolament (UE) Nru 795/2014 (BĊE/2014/28) u jikkonformaw mar-rekwiżiti ta’ sorveljanza stabbiliti f’dak ir-Regolament.

| (11) | It-TARGET hija essenzjali għat-twettiq ta’ ċerti kompiti bażiċi tal-Eurosistema, jiġifieri l-implimentazzjoni tal-politika monetarja tal-Eurosistema u l-promozzjoni tal-operat bla xkiel ta’ sistemi ta’ ħlas. |
| --- | --- |

(11)

It-TARGET hija essenzjali għat-twettiq ta’ ċerti kompiti bażiċi tal-Eurosistema, jiġifieri l-implimentazzjoni tal-politika monetarja tal-Eurosistema u l-promozzjoni tal-operat bla xkiel ta’ sistemi ta’ ħlas.

| (12) | Is-sistemi komponenti tat-TARGET jikkostitwixxu s-suċċessuri legali tas-sistemi komponenti korrispondenti tat-TARGET2, |
| --- | --- |

(12)

Is-sistemi komponenti tat-TARGET jikkostitwixxu s-suċċessuri legali tas-sistemi komponenti korrispondenti tat-TARGET2,

ADOTTA DIN IL-LINJA GWIDA:

TAQSIMA I

DISPOŻIZZJONIJIET ĠENERALI

Artikolu 1

Suġġett u kamp ta’ applikazzjoni

It-TARGET tipprovdi l-kontijiet li ġejjin għas-saldu f’euro fi flus tal-bank ċentrali,

| (a) | Kontijiet ta’ flus ewlenin (MCAs) għas-saldu ta’ operazzjonijiet ma’ banek ċentrali; |
| --- | --- |

(a)

Kontijiet ta’ flus ewlenin (MCAs) għas-saldu ta’ operazzjonijiet ma’ banek ċentrali;

| (b) | Kontijiet ta’ flus dedikati għas-saldu gross f’ħin reali (RTGS DCAs) u subkontijiet għall-ħlasijiet interbankarji u tal-klijenti f’ħin reali, u s-saldu ta’ tranżazzjonijiet ma’ sistemi anċillari (AS); |
| --- | --- |

(b)

Kontijiet ta’ flus dedikati għas-saldu gross f’ħin reali (RTGS DCAs) u subkontijiet għall-ħlasijiet interbankarji u tal-klijenti f’ħin reali, u s-saldu ta’ tranżazzjonijiet ma’ sistemi anċillari (AS);

| (c) | Kontijiet tekniċi ta’ sistema anċillari tas-saldu gross f’ħin reali (kontijiet tekniċi ta’ RTGS AS), kontijiet tekniċi ta’ sistema anċillari għas-Saldu ta’ Ħlasijiet Istantanji tat-TARGET (TIPS) (kontijiet tekniċi ta’ TIPS AS) u kontijiet ta’ fondi ta’ garanzija tas-sistemi anċillari (kontijiet ta’ fondi ta’ garanzija ta’ AS) għas-saldu ta’ tranżazzjonijiet ma’ AS; |
| --- | --- |

(c)

Kontijiet tekniċi ta’ sistema anċillari tas-saldu gross f’ħin reali (kontijiet tekniċi ta’ RTGS AS), kontijiet tekniċi ta’ sistema anċillari għas-Saldu ta’ Ħlasijiet Istantanji tat-TARGET (TIPS) (kontijiet tekniċi ta’ TIPS AS) u kontijiet ta’ fondi ta’ garanzija tas-sistemi anċillari (kontijiet ta’ fondi ta’ garanzija ta’ AS) għas-saldu ta’ tranżazzjonijiet ma’ AS;

| (d) | Kontijiet ta’ flus dedikati għat-TARGET2-Securities (T2S DCAs) għall-ħlasijiet fi flus relatati ma’ tranżazzjonijiet ta’ titoli; u |
| --- | --- |

(d)

Kontijiet ta’ flus dedikati għat-TARGET2-Securities (T2S DCAs) għall-ħlasijiet fi flus relatati ma’ tranżazzjonijiet ta’ titoli; u

| (e) | Kontijiet ta’ flus dedikati għas-saldu ta’ ħlasijiet istantanji tat-TARGET (TIPS DCAs) għas-saldu ta’ ħlasijiet istantanji. |
| --- | --- |

(e)

Kontijiet ta’ flus dedikati għas-saldu ta’ ħlasijiet istantanji tat-TARGET (TIPS DCAs) għas-saldu ta’ ħlasijiet istantanji.

Artikolu 2

Definizzjonijiet

Għall-finijiet ta’ din il-Linja Gwida, kull wieħed mit-termini li ġejjin għandu jkollha t-tifsira mogħtija lilu fl-Anness III:

| (1) | “grupp ta’ monitoraġġ tal-kontijiet”; |
| --- | --- |

(1)

“grupp ta’ monitoraġġ tal-kontijiet”;

| (2) | “detentur ta’ BIC indirizzabbli”; |
| --- | --- |

(2)

“detentur ta’ BIC indirizzabbli”;

| (3) | “sistema anċillari” (AS); |
| --- | --- |

(3)

“sistema anċillari” (AS);

| (4) | “kont ta’ fondi ta’ garanzija ta’ sistema anċillari” (kont ta’ fondi ta’ garanzija ta’ AS); |
| --- | --- |

(4)

“kont ta’ fondi ta’ garanzija ta’ sistema anċillari” (kont ta’ fondi ta’ garanzija ta’ AS);

| (5) | “proċedura ta’ saldu ta’ sistema anċillari” (proċedura ta’ saldu ta’ AS); |
| --- | --- |

(5)

“proċedura ta’ saldu ta’ sistema anċillari” (proċedura ta’ saldu ta’ AS);

| (6) | “ordni ta’ trasferiment ta’ sistema anċillari” (ordni ta’ trasferiment ta’ AS); |
| --- | --- |

(6)

“ordni ta’ trasferiment ta’ sistema anċillari” (ordni ta’ trasferiment ta’ AS);

| (7) | “awtokollateralizzazzjoni”; |
| --- | --- |

(7)

“awtokollateralizzazzjoni”;

| (8) | “ordni awtomatizzata ta’ trasferiment ta’ likwidità”; |
| --- | --- |

(8)

“ordni awtomatizzata ta’ trasferiment ta’ likwidità”;

| (9) | “likwidità disponibbli”; |
| --- | --- |

(9)

“likwidità disponibbli”;

| (10) | “grupp bankarju”; |
| --- | --- |

(10)

“grupp bankarju”;

| (11) | “fergħa”; |
| --- | --- |

(11)

“fergħa”;

| (12) | “messaġġ imxandar”; |
| --- | --- |

(12)

“messaġġ imxandar”;

| (13) | “jum ta’ negozju” jew “jum ta’ negozju tat-TARGET”; |
| --- | --- |

(13)

“jum ta’ negozju” jew “jum ta’ negozju tat-TARGET”;

| (14) | “Kodiċi għall-Identifikazzjoni tan-Negozju” (BIC); |
| --- | --- |

(14)

“Kodiċi għall-Identifikazzjoni tan-Negozju” (BIC);

| (15) | “opinjoni dwar il-kapaċità”; |
| --- | --- |

(15)

“opinjoni dwar il-kapaċità”;

| (16) | “ordni ta’ trasferiment ta’ flus”; |
| --- | --- |

(16)

“ordni ta’ trasferiment ta’ flus”;

| (17) | “bank ċentrali” (BĊ); |
| --- | --- |

(17)

“bank ċentrali” (BĊ);

| (18) | “operazzjoni tal-bank ċentrali”; |
| --- | --- |

(18)

“operazzjoni tal-bank ċentrali”;

| (19) | “BĊN konness”; |
| --- | --- |

(19)

“BĊN konness”;

| (20) | “Soluzzjoni ta’ Kontinġenza”; |
| --- | --- |

(20)

“Soluzzjoni ta’ Kontinġenza”;

| (21) | “istituzzjoni ta’ kreditu”; |
| --- | --- |

(21)

“istituzzjoni ta’ kreditu”;

| (22) | “bilanċ tal-memorandum ta’ kreditu” (CMB); |
| --- | --- |

(22)

“bilanċ tal-memorandum ta’ kreditu” (CMB);

| (23) | “saldu bejn is-sistemi ”; |
| --- | --- |

(23)

“saldu bejn is-sistemi ”;

| (24) | “Kont ta’ Flus Dedikat” (DCA) |
| --- | --- |

(24)

“Kont ta’ Flus Dedikat” (DCA)

| (25) | “rata tal-faċilità ta’ depożitu”; |
| --- | --- |

(25)

“rata tal-faċilità ta’ depożitu”;

| (26) | “faċilità ta’ depożitu”; |
| --- | --- |

(26)

“faċilità ta’ depożitu”;

| (27) | “BĊN taż-żona tal-euro”; |
| --- | --- |

(27)

“BĊN taż-żona tal-euro”;

| (28) | “L-Iskema ta’ Trasferiment ta’ Kreditu Istantanju (SCT Inst) tas-SEPA tal-Kunsill Ewropew tal-Ħlasijiet” jew “Skema SCT Inst”; |
| --- | --- |

(28)

“L-Iskema ta’ Trasferiment ta’ Kreditu Istantanju (SCT Inst) tas-SEPA tal-Kunsill Ewropew tal-Ħlasijiet” jew “Skema SCT Inst”;

| (29) | “BĊ tal-Eurosistema”; |
| --- | --- |

(29)

“BĊ tal-Eurosistema”;

| (30) | “każ ta’ inadempjenza”; |
| --- | --- |

(30)

“każ ta’ inadempjenza”;

| (31) | “fondi ta’ garanzija”; |
| --- | --- |

(31)

“fondi ta’ garanzija”;

| (32) | “proċedimenti ta’ insolvenza”; |
| --- | --- |

(32)

“proċedimenti ta’ insolvenza”;

| (33) | “ordni ta’ ħlas istantanju”; |
| --- | --- |

(33)

“ordni ta’ ħlas istantanju”;

| (34) | “oriġinatur”; |
| --- | --- |

(34)

“oriġinatur”;

| (35) | “kreditu intraġurnata”; |
| --- | --- |

(35)

“kreditu intraġurnata”;

| (36) | “ditta ta’ investiment”; |
| --- | --- |

(36)

“ditta ta’ investiment”;

| (37) | “BĊNi tal-Livell 3”; |
| --- | --- |

(37)

“BĊNi tal-Livell 3”;

| (38) | “ordni ta’ trasferiment ta’ likwidità”; |
| --- | --- |

(38)

“ordni ta’ trasferiment ta’ likwidità”;

| (39) | “rata tal-faċilità ta’ self marġinali”; |
| --- | --- |

(39)

“rata tal-faċilità ta’ self marġinali”;

| (40) | “faċilità ta’ self marġinali”; |
| --- | --- |

(40)

“faċilità ta’ self marġinali”;

| (41) | “servizz ta’ tiftix bi proxy mobbli (MPL)”; |
| --- | --- |

(41)

“servizz ta’ tiftix bi proxy mobbli (MPL)”;

| (42) | “ħlas kważi istantanju ”; |
| --- | --- |

(42)

“ħlas kważi istantanju ”;

| (43) | “fornitur tas-servizz ta’ network” (NSP); |
| --- | --- |

(43)

“fornitur tas-servizz ta’ network” (NSP);

| (44) | “ordni ta’ trasferiment ta’ flus mhux saldata”; |
| --- | --- |

(44)

“ordni ta’ trasferiment ta’ flus mhux saldata”;

| (45) | “parteċipant”; |
| --- | --- |

(45)

“parteċipant”;

| (46) | “benefiċjarju”; |
| --- | --- |

(46)

“benefiċjarju”;

| (47) | “pagatur”; |
| --- | --- |

(47)

“pagatur”;

| (48) | “ordni ta’ ħlas”; |
| --- | --- |

(48)

“ordni ta’ ħlas”;

| (49) | “risposta pożittiva għall-irtirar”; |
| --- | --- |

(49)

“risposta pożittiva għall-irtirar”;

| (50) | “korp tas-settur pubbliku”; |
| --- | --- |

(50)

“korp tas-settur pubbliku”;

| (51) | “parti aċċessibbli”; |
| --- | --- |

(51)

“parti aċċessibbli”;

| (52) | “Proċedura ta’ saldu ta’ sistema anċillari għas-saldu gross f’ħin reali” (proċedura ta’ saldu ta’ RTGS AS); |
| --- | --- |

(52)

“Proċedura ta’ saldu ta’ sistema anċillari għas-saldu gross f’ħin reali” (proċedura ta’ saldu ta’ RTGS AS);

| (53) | “Kont tekniku ta’ sistema anċillari għas-saldu gross f’ħin reali”; |
| --- | --- |

(53)

“Kont tekniku ta’ sistema anċillari għas-saldu gross f’ħin reali”;

| (54) | “talba għall-irtirar”; |
| --- | --- |

(54)

“talba għall-irtirar”;

| (55) | “ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli”; |
| --- | --- |

(55)

“ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli”;

| (56) | “grupp ta’ kont bankarju tas-saldu”; |
| --- | --- |

(56)

“grupp ta’ kont bankarju tas-saldu”;

| (57) | “bank tas-saldu”; |
| --- | --- |

(57)

“bank tas-saldu”;

| (58) | “sospensjoni”; |
| --- | --- |

(58)

“sospensjoni”;

| (59) | “kont tat-TARGET”; |
| --- | --- |

(59)

“kont tat-TARGET”;

| (60) | “sistema komponenti tat-TARGET”; |
| --- | --- |

(60)

“sistema komponenti tat-TARGET”;

| (61) | “koordinatur tat-TARGET”; |
| --- | --- |

(61)

“koordinatur tat-TARGET”;

| (62) | “proċedura ta’ saldu ta’ sistema anċillari għas-Saldu ta’ Ħlasijiet Istantanji TARGET (TIPS)” (proċedura ta’ saldu ta’ TIPS AS); |
| --- | --- |

(62)

“proċedura ta’ saldu ta’ sistema anċillari għas-Saldu ta’ Ħlasijiet Istantanji TARGET (TIPS)” (proċedura ta’ saldu ta’ TIPS AS);

| (63) | “kont tekniku ta’ sistema anċillari għas-Saldu ta’ Ħlasijiet Istantanji TARGET (TIPS)” (kont tekniku ta’ TIPS AS); |
| --- | --- |

(63)

“kont tekniku ta’ sistema anċillari għas-Saldu ta’ Ħlasijiet Istantanji TARGET (TIPS)” (kont tekniku ta’ TIPS AS);

| (64) | “maniġer tas-saldu tat-TARGET” |
| --- | --- |

(64)

“maniġer tas-saldu tat-TARGET”

| (65) | “TARGET2-Securities” (T2S); |
| --- | --- |

(65)

“TARGET2-Securities” (T2S);

| (66) | “ħsara teknika tat-TARGET”. |
| --- | --- |

(66)

“ħsara teknika tat-TARGET”.

Artikolu 3

Sistemi komponenti tat-TARGET

1.   It-TARGET hija strutturata legalment bħala sistemi ta’ ħlas multipli li jifformaw is-sistemi komponenti tat-TARGET.

2.   Kull BĊ tal-Eurosistema għandu jopera s-sistema komponenti tat-TARGET tiegħu stess.

3.   Kull sistema komponenti tat-TARGET għandha tkun sistema indikata bħala tali taħt il-liġi nazzjonali relevanti li timplimenta d-Direttiva 98/26/KE tal-Parlament Ewropew u tal-Kunsill (4).

4.   L-ismijiet tas-sistemi komponenti tat-TARGET għandhom jinkludu biss “TARGET” u l-isem jew it-taqsira tal-BĊ rilevanti tal-Eurosistema jew tal-Istat Membru ta’ dak il-BĊ tal-Eurosistema. Is-sistema komponenti tat-TARGET tal-BĊE għandha tissejjaħ TARGET-ECB.

Artikolu 4

Konnessjoni tal-BĊNi tal-Istati Membri li l-munita tagħhom ma hijiex l-euro

Il-BĊNi ta’ Stati Membri li l-munita tagħhom ma hijiex l-euro jistgħu jikkollegaw mat-TARGET biss jekk ikunu kkonkludew ftehim mal-BĊi tal-Eurosistema. Dan il-ftehim għandu jispeċifika illi l-BĊNi konnessi se jikkonformaw ma’ din il-Linja Gwida, suġġett għal kwalunkwe speċifikazzjoni u modifika xierqa miftiehma bejn iż-żewġ naħat.

Artikolu 5

Tranżazzjonijiet intra-SEBĊ

It-tranżazzjonijiet fis-Sistema Ewropea ta’ Banek Ċentrali (SEBĊ) iddenominati f’euro għandhom ikunu pproċessati permezz tat-TARGET, bl-eċċezzjoni ta’ ħlasijiet li l-BĊi bilateralment jew multilateralment jiftiehmu li jipproċessaw permezz ta’ kontijiet korrispondenti, fejn xieraq.

Artikolu 6

Obbligi u pretensjonijiet intra-Eurosistema

1.   Kwalunkwe saldu ta’ ordnijiet ta’ trasferiment ta’ flus bejn parteċipanti f’sistemi komponenti differenti tat-TARGET għandu awtomatikament jiġi aggregat u aġġustat biex jifforma parti minn obbligu wieħed jew pretensjoni waħda ta’ kull BĊN taż-żona tal-euro fil-konfront tal-BĊE kif stabbilit fi ftehim bejn il-BĊi tal-Eurosistema. Kwalunkwe obbligu jew pretensjoni ta’ kull BĊN taż-żona tal-euro fil-konfront tal-BĊE għandha tiġi aġġustata għal għanijiet ta’ kontabbiltà kuljum, bl-użu tad-delta tal-bilanċi ta’ tmiem il-jum tal-kontijiet kollha tat-TARGET fil-kotba tal-BĊN rispettiv taż-żona tal-euro.

2.   Għall-finijiet ta’ kontabilità u rappurtar, kull BĊN taż-żona tal-euro għandu jżomm kont biex jirreġistra l-obbligu jew il-pretensjoni tiegħu fil-konfront tal-BĊE, li tirriżulta mis-saldu ta’ ordnijiet ta’ trasferiment ta’ flus bejn is-sistemi komponenti tiegħu u sistemi komponenti oħrajn tat-TARGET.

3.   Il-BĊE għandu jiftaħ kont fil-kotba tiegħu għal kull BĊN taż-żona tal-euro sabiex fi tmiem il-jum jirrifletti l-obbligu jew il-pretensjoni ta’ dak il-BĊN taż-żona tal-euro fil-konfront tal-BĊE.

TAQSIMA II

GOVERNANZA

Artikolu 7

Livelli ta’ governanza

1.   Mingħajr preġudizzju għall-Artikolu 8 tal-Istatut tas-Sistema Ewropea tal-Banek Ċentrali u tal-Bank Ċentrali Ewropew (iktar ’il quddiem l-“Istatut tas-SEBĊ”), il-ġestjoni tat-TARGET għandha tkun ibbażata fuq skema ta’ governanza fuq tliet livelli. Il-kompiti assenjati lill-Kunsill Governattiv (Livell 1), lill-korp ta’ ġestjoni teknika u operazzjonali tal-Livell 2 u lill-BĊNi tal-Livell 3 huma stabbiliti fl-Anness II.

2.   Il-Kunsill Governattiv għandu jkun responsabbli għat-tmexxija, il-ġestjoni u l-kontroll tat-TARGET. Il-kompiti assenjati lil-Livell 1 jaqgħu taħt il-kompetenza esklużiva tal-Kunsill Governattiv.

3.   F’konformità mat-tielet subparagrafu tal-Artikolu 12.1 tal-Istatut tas-SEBĊ, il-BĊi tal-Eurosistema għandhom ikunu responsabbli għall-kompiti assenjati lil-Livell 2, fi ħdan il-qafas ġenerali ddefinit mill-Kunsill Governattiv. Il-Kunsill Governattiv stabbilixxa korp tal-Livell 2 li l-BĊi tal-Eurosistema fdaw b’ċerti kompiti ta’ ġestjoni teknika u operazzjonali relatati mat-TARGET.

4.   Il-BĊi tal-Eurosistema għandhom jorganizzaw lilhom infushom billi jikkonkludu ftehimiet xierqa.

5.   F’konformità mat-tielet subparagrafu tal-Artikolu 12.1 tal-Istatut tas-SEBĊ, il-BĊNi tal-Livell 3 għandhom ikunu responsabbli għall-kompiti assenjati lil-Livell 3, fi ħdan il-qafas ġenerali ddefinit mill-Kunsill Governattiv.

6.   Il-BĊNi tal-Livell 3 għandhom jikkonkludu ftehimiet mal-BĊi tal-Eurosistema li jirregolaw il-provvista tas-servizzi li għandhom jiġu pprovduti mill-BĊNi tal-Livell 3. Dawn il-ftehimiet għandhom jinkludu wkoll, fejn xieraq, il-BĊNi konnessi.

7.   L-Eurosistema, bħala fornitur ta’ servizzi tat-T2S, u l-BĊi tal-Eurosistema bħala operaturi tas-sistemi tal-komponent tat-TARGET nazzjonali rispettivi għandhom jikkonkludu ftehim li jirregola s-servizzi li għandhom jiġu pprovduti minn tal-ewwel lil tal-aħħar fir-rigward tal-operat ta’ T2S DCAs. Dawn il-ftehimiet għandhom jinkludu wkoll, fejn xieraq, il-BĊNi konnessi.

TAQSIMA III

OPERAT TAT-TARGET

Artikolu 8

Servizz ta’ appoġġ għas-Sistema

Kull BĊ tal-Eurosistema għandu jistabbilixxi u jżomm servizz ta’ appoġġ għas-sistema li jipprovdi appoġġ lill-parteċipanti tas-sistema komponenti tat-TARGET nazzjonali rispettiv tiegħu. Is-servizz ta’ appoġġ għandu jkun disponibbli mill-inqas bejn is-07:00 CET u s-18:15 CET. Dan jiġi estiż għas-18:30 CET fl-aħħar jum tal- perjodu ta’ żamma tar-riżerva tal-Eurosistema.

Artikolu 9

Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET

1.   Kull BĊN taż-żona tal-euro għandu jadotta arranġamenti li jimplimentaw il-Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET kif stabbilit fl-Anness I u b’mod li t-termini użati fihom li huma elenkati fl-Anness III għandhom ikollhom it-tifsira mogħtija lilhom fl-Anness III. Dawn l-arranġamenti għandhom jirregolaw b’mod esklużiv ir-relazzjoni bejn il-BĊN rilevanti taż-żona tal-euro u l-parteċipanti tiegħu fir-rigward tal-ftuħ u l-operat tal-kontijiet tat-TARGET.

2.   B’effett mill-20 ta’ Novembru 2023, il-BĊi tal-Eurosistema ma għandhomx jiftħu kontijiet għajr kontijiet tat-TARGET għal parteċipanti eliġibbli biex jipparteċipaw fit-TARGET bl-iskop li jipprovdu servizzi li jaqgħu fil-kamp ta’ applikazzjoni ta’ din il-Linja Gwida, suġġett għall-eċċezzjonijiet li ġejjin:

| (a) | kontijiet għal dawk il-parteċipanti elenkati taħt l-Artikolu 4(2)(a) u (b) tal-Parti I tal-Anness I tal-Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET; |
| --- | --- |

(a)

kontijiet għal dawk il-parteċipanti elenkati taħt l-Artikolu 4(2)(a) u (b) tal-Parti I tal-Anness I tal-Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET;

| (b) | kontijiet fejn il-fondi jinżammu intraġurnata għall-iskop uniku li jitwettqu depożiti u ġbid ta’ flus; |
| --- | --- |

(b)

kontijiet fejn il-fondi jinżammu intraġurnata għall-iskop uniku li jitwettqu depożiti u ġbid ta’ flus;

| (c) | kontijiet użati biex jinżammu fondi sekwestrati jew fondi mirhuna lil kreditur terz jew fondi msemmija fl-Artikolu 3(1)(d) tar-Regolament (UE) 2021/378 tal-Bank Ċentrali Ewropew (BĊE/2021/1) (5); |
| --- | --- |

(c)

kontijiet użati biex jinżammu fondi sekwestrati jew fondi mirhuna lil kreditur terz jew fondi msemmija fl-Artikolu 3(1)(d) tar-Regolament (UE) 2021/378 tal-Bank Ċentrali Ewropew (BĊE/2021/1) (5);

| (d) | kontijiet użati minn parteċipanti f’sistemi operati minn BĊN u użati biex jikklerjaw ħlasijiet istantanji li jikkonformaw mal-iskema SCT Inst. |
| --- | --- |

(d)

kontijiet użati minn parteċipanti f’sistemi operati minn BĊN u użati biex jikklerjaw ħlasijiet istantanji li jikkonformaw mal-iskema SCT Inst.

3.   Il-BĊE għandu jadotta t-Termini u l-Kundizzjonijiet tat-TARGET-ECB billi jimplimenta l-Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET kif stabbilit fl-Anness I ħlief li:

| (a) | it-TARGET-ECB għandha tipprovdi biss servizzi ta’ kklerjar u saldu lil organizzazzjonijiet tal-ikklerjar u tas-saldu, inklużi entitajiet stabbiliti barra ż-Żona Ekonomika Ewropea (ŻEE), jekk ikunu suġġetti għal sorveljanza minn awtorità kompetenti u l-aċċess tagħhom għat-TARGET-ECB ikun ġie approvat mill-Kunsill Governattiv; |
| --- | --- |

(a)

it-TARGET-ECB għandha tipprovdi biss servizzi ta’ kklerjar u saldu lil organizzazzjonijiet tal-ikklerjar u tas-saldu, inklużi entitajiet stabbiliti barra ż-Żona Ekonomika Ewropea (ŻEE), jekk ikunu suġġetti għal sorveljanza minn awtorità kompetenti u l-aċċess tagħhom għat-TARGET-ECB ikun ġie approvat mill-Kunsill Governattiv;

| (b) | It-TARGET-ECB ma għandhiex tipprovdi kreditu intraġurnata jew awtokollateralizzazzjoni. |
| --- | --- |

(b)

It-TARGET-ECB ma għandhiex tipprovdi kreditu intraġurnata jew awtokollateralizzazzjoni.

4.   L-arranġamenti standard adottati mill-BĊi tal-Eurosistema li jimplimentaw il-Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET għandhom jiġu ppubblikati.

5.   Il-BĊi tal-Eurosistema jistgħu jitolbu derogi mill-Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET abbażi ta’ restrizzjonijiet fil-liġi nazzjonali. Il-Kunsill Governattiv għandu jqis dawn it-talbiet fuq bażi ta' każ b’każ u għandu jagħti derogi fejn xieraq.

6.   Suġġett għall-ftehim monetarju rilevanti, il-BĊE jista’ jiddetermina kundizzjonijiet xierqa għall-parteċipazzjoni fit-TARGET mill-entitajiet imsemmija fl-Artikolu 4(2)(e) tal-Parti I tal-Anness I.

7.   Il-BĊi tal-Eurosistema ma għandhomx jippermettu lil xi entità tkun detentriċi ta’ BIC indirizzabbli jew parti aċċessibbli fis-sistema komponenti tat-TARGET tagħhom jekk din l-entità taġixxi permezz ta’ detentur ta’ kont tat-TARGET li jkun BĊN ta’ Stat Membru iżda la jkun BĊ tal-Eurosistema u lanqas BĊN konness.

8.   Il-BĊi tal-Eurosistema ma għandhomx jirreġistraw detenturi ta’ BIC indirizzabbli li jkunu eliġibbli biex jipparteċipaw fit-TARGET kif stabbilit fl-Artikolu 4, tal-Parti I tal-Anness I, bl-eċċezzjoni tal-friegħi tagħhom stess u ta’ dawk l-entitajiet elenkati fil-punti (a) u (b) tal-Artikolu 4(2) tal-Parti I tal-Anness I.

9.   Bl-eċċezzjoni tar-regoli b’rabta ma’ AS, il-BĊi tal-Eurosistema ma għandhomx jimplimentaw regoli addizzjonali b’rabta mal-parteċipazzjoni fit-TARGET għajr dawk stabbiliti fil-Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET. L-ebda tariffa ma għandha tiġi imposta għall-użu tat-TARGET jew b’rabta magħha, għajr dawk stabbiliti fl-Appendiċi VI tal-Anness I, bl-eċċezzjoni ta’ tariffi imposti għal servizzi relatati ma’ BĊN li jiġġestixxi MCA b’mod konġunt (kif stipulat fl-Artikolu 2 tal-Parti II tal-Anness I) jekk dawn is-servizzi jiġu offruti mill-BĊ tal-Eurosistema. BĊ tal-Eurosistema li joffri ġestjoni konġunta ta’ MCA għandu josserva l-prinċipju tal-irkupru tal-kost sħiħ meta jistabbilixxi t-tariffi tiegħu għal dawn is-servizzi u jgħaddi, bħala minimu, il-kostijiet sħaħ li jirriżultaw minn dawn is-servizzi.

10.   B’deroga mill-paragrafu 9, il-BĊi tal-Eurosistema jistgħu jistabbilixxu regoli addizzjonali fir-rigward ta’ kontijiet tat-TARGET miftuħa biex iżommu fondi pprovduti bħala kollateral fi flus jew li jiffurmaw parti minn aggregazzjoni ta’ kopertura.

Artikolu 10

Kreditu intraġurnata — awtokollateralizzazzjoni

1.   Il-BĊNi taż-żona tal-euro jistgħu jagħtu kreditu intraġurnata lil parteċipant. Il-kreditu intraġurnata jista’ jingħata biss fuq l-MCA primarju tiegħu u biss f’konformità mal-arranġamenti li jimplimentaw ir-regoli dwar l-għoti ta’ kreditu intraġurnata stabbiliti fil-Parti II tal-Anness I. Ebda kreditu intraġurnata ma għandu jingħata lil parteċipant li l-eliġibbiltà tiegħu bħala kontroparti għal operazzjonijiet tal-politika monetarja tal-Eurosistema tkun ġiet sospiża jew itterminata.

2.   Fuq talba minn parteċipant b’aċċess għal kreditu intraġurnata, il-BĊNi taż-żona tal-euro għandhom joffru faċilità ta' awtokollateralizzazzjoni fuq T2S DCAs, sakemm dan isir skont il-kundizzjonijiet għall-Operazzjonijiet ta’ Awtokollateralizzazzjoni stabbiliti fil-Parti IV tal-Anness I.

3.   Parteċipanti li huma suġġetti għal miżuri restrittivi adottati mill-Kunsill tal-Unjoni Ewropea jew mill-Istati Membri skont l-Artikolu 65(1)(b), l-Artikolu 75 jew l-Artikolu 215 tat-Trattat, li l-implimentazzjoni tagħhom, fil-fehma tal-BĊN rilevanti taż-żona tal-euro u wara li jinforma lill-BĊE, tkun inkompatibbli mal-funzjonament bla xkiel tat-TARGET, ma għandhomx ikunu eliġibbli għall-kreditu intraġurnata jew għall-awtokollateralizzazzjoni.

4.   Il-BĊNi taż-żona tal-euro jistgħu jagħtu kreditu intraġurnata lil AS kif stabbilit fil-punt (d) tal-Artikolu 10(2) tal-Parti II tal-Anness I sakemm l-arranġamenti jkunu ġew sottomessi lill-Kunsill Governattiv bil-quddiem u jkunu ġew approvati mill-Kunsill Governattiv.

5.   Il-BĊNi taż-żona tal-euro jistgħu jipprovdu kreditu mil-lum għall-għada lil ċerti kontropartijiet ċentrali (CCPs) eliġibbli, skont il-kundizzjonijiet stabbiliti fl-Artikolu 10(5) tal-Parti II tal-Anness I, sakemm it-talba tkun ġiet ippreżentata lill-Kunsill Governattiv minn qabel u tkun ġiet approvata mill-Kunsill Governattiv.

6.   Il-Kunsill Governattiv jista’, fuq proposta mill-BĊN rilevanti taż-żona tal-euro, jeżenta lid-dipartimenti tat-teżor imsemmija fl-Artikolu 10(2)(b) tal-Parti II tal-Anness I, mir-rekwiżit li jipprovdu kollateral adegwat qabel ma jiksbu kreditu intraġurnata.

7.   Fejn BĊN taż-żona tal-euro jiddeċiedi li jissospendi, jillimita jew jittermina l-aċċess ta’ parteċipant għall-kreditu intraġurnata jew għall-awtokollateralizzazzjoni, għal raġunijiet ta’ prudenza kif stabbilit fl-Artikolu 13(1)(c) tal-Parti II tal-Anness I, jew fl-Artikolu 11 tal-Parti IV tal-Anness I, rispettivament, il-BĊN għandu jinnotifika minnufih dan bil-miktub lill-BĊE u lil BĊNi oħra taż-żona tal-euro u BĊNi konnessi. Fejn xieraq, il-Kunsill Governattiv għandu jiddeċiedi dwar l-implimentazzjoni uniformi tal-miżuri meħuda fis-sistemi komponenti tat-TARGET kollha.

8.   Jekk l-aċċess ta’ kontroparti għal strumenti ta’ politika monetarja jiġi sospiż, limitat jew eskluż għal raġunijiet ta’ prudenza jew mod ieħor f’konformità mad-dispożizzjonijiet nazzjonali li jimplimentaw l-Artikolu 158 tal-Linja Gwida (UE) 2015/510 tal-Bank Ċentrali Ewropew (BĊE/2014/60) (6), il-BĊN rilevanti taż-żona tal-euro għandu, fir-rigward tal-aċċess għall-kreditu intraġurnata, jimplimenta dik id-deċiżjoni skont id-dispożizzjonijiet fl-arranġamenti kuntrattwali jew regolatorji applikati mill-BĊN rilevanti taż-żona tal-euro.

9.   Meta BĊN taż-żona tal-euro jiddeċiedi li jissospendi, jillimita jew jittermina l-aċċess ta’ kontroparti tal-politika monetarja tal-Eurosistema għall-faċilitajiet ta’ kreditu intraġurnata jew ta’ awtokollateralizzazzjoni f’konformità mal-Artikolu 13(3) tal-Parti II tal-Anness I jew mal-Artikolu 11 tal-Parti IV tal-Anness I, rispettivament, din id-deċiżjoni ma għandhiex tidħol fis-seħħ qabel ma l-Kunsill Governattiv tal-BĊE jkun approvaha.

10.   B’deroga mill-paragrafu 9, f’ċirkostanzi urġenti, BĊN taż-żona tal-euro jista’ jissospendi l-aċċess ta’ kontroparti tal-politika monetarja tal-Eurosistema għall-faċilitajiet ta’ kreditu intraġurnata u/jew ta’ awtokollateralizzazzjoni b’effett immedjat. F’dawn il-każijiet, il-BĊN taż-żona tal-euro għandu jinnotifika minnufih lill-Kunsill Governattiv tal-BĊE b’dan bil-miktub. Il-Kunsill Governattiv tal-BĊE għandu jkollu s-setgħa li jreġġa’ lura l-azzjoni tal-BĊN taż-żona tal-euro. Madankollu, jekk il-Kunsill Governattiv tal-BĊE ma jibgħatx lill-BĊN taż-żona tal-euro notifika dwar dan it-treġġigħ lura fi żmien għaxart ijiem ta’ negozju minn meta l-BĊE jkun irċieva n-notifika, il-Kunsill Governattiv tal-BĊE għandu jitqies li jkun approva l-azzjoni tal-BĊN taż-żona tal-euro.

11.   Il-Kunsill Governattiv tal-BĊE jista’ jiddeċiedi li jneħħi jew li jnaqqas il-penali stabbiliti fl-Artikolu 12(4) tal-Parti II tal-Anness I jekk il-bilanċ ta’ debitu ta’ tmiem il-jum tal-entità inkwistjoni jkun attribwibbli għal force majeure u/jew ħsara teknika fit-TARGET, din l-aħħar frażi kif iddefinita fl-Anness III.

Artikolu 11

Kundizzjonijiet addizzjonali għal AS

1.   Minbarra d-dispożizzjonijiet tal-Artikolu 9(1) sa (9), dan li ġej għandu japplika għar-relazzjoni bejn il-BĊ rilevanti tal-Eurosistema u l-AS inklużi l-ASs operati mill-BĊi tal-Eurosistema.

2.   Il-BĊi tal-Eurosistema għandhom jipprovdu servizzi ta’ trasferiment ta’ fondi fi flus tal-bank ċentrali lil AS li jaġixxu f’dik il-kapaċità. Dawn is-servizzi għandhom jiġu offruti permezz ta’:

| (a) | il-proċedura ta’ Saldu ta’ TIPS AS biss biex jappoġġaw is-saldu ta’ ħlasijiet istantanji skont l-iskema SCT Inst jew ħlasijiet kważi istantanji fil-kotba tal-AS; jew |
| --- | --- |

(a)

il-proċedura ta’ Saldu ta’ TIPS AS biss biex jappoġġaw is-saldu ta’ ħlasijiet istantanji skont l-iskema SCT Inst jew ħlasijiet kważi istantanji fil-kotba tal-AS; jew

| (b) | il-Proċeduri ta’ Saldu ta’ RTGS AS għall-każijiet ta’ negozju l-oħrajn kollha. |
| --- | --- |

(b)

il-Proċeduri ta’ Saldu ta’ RTGS AS għall-każijiet ta’ negozju l-oħrajn kollha.

3.   Il-BĊi tal-Eurosistema jistgħu, eċċezzjonalment u wara l-approvazzjoni tal-korp tal-Livell 2 kif imsemmi fl-Anness II, japprovaw l-użu ta’ RTGS DCA minn AS ħlief fir-rigward tas-saldu ta’ ħlasijiet istantanji skont l-iskema SCT Inst. Applikazzjoni għal permess għandha tinkludi talba motivata mill-AS. Jekk it-talba tintlaqa’, japplika l-ipprezzar stabbilit fil-paragrafu 4 tal-Appendiċi VI tal-Anness I.

4.   Kull BĊ tal-Eurosistema għandu jiftaħ subkont fuq talba għal kull bank tas-saldu li għalih ikollu RTGS DCA meta l-AS tal-bank tas-saldu tipparteċipa jew fis-sistema komponenti tat-TARGET ta’ dak il-BĊN tal-Eurosistema jew f’sistema komponenti differenti tat-TARGET.

5.   Minbarra dawk il-kundizzjonijiet fl-Anness I, il-BĊi tal-Eurosistema jistgħu jistabbilixxu kundizzjonijiet b’rabta mal-parteċipazzjoni ta’ AS fit-TARGET li jkunu relatati ma’:

| (a) | proċeduri ta’ kontinwità tal-operat u ta’ kontinġenza; |
| --- | --- |

(a)

proċeduri ta’ kontinwità tal-operat u ta’ kontinġenza;

| (b) | in-natura tal-intitolament għal fondi miżmuma f’kont tat-TARGET fejn il-fondi miżmuma ma jkunux jifformaw parti mill-patrimonju tal-AS; |
| --- | --- |

(b)

in-natura tal-intitolament għal fondi miżmuma f’kont tat-TARGET fejn il-fondi miżmuma ma jkunux jifformaw parti mill-patrimonju tal-AS;

| (c) | id-drittijiet ta’ rahan tal-BĊi u paċuti fuq kontijiet tat-TARGET miżmuma minn AS jew f’isimha; |
| --- | --- |

(c)

id-drittijiet ta’ rahan tal-BĊi u paċuti fuq kontijiet tat-TARGET miżmuma minn AS jew f’isimha;

| (d) | il-ġbir u d-distribuzzjoni ta’ imgħax akkumulat; |
| --- | --- |

(d)

il-ġbir u d-distribuzzjoni ta’ imgħax akkumulat;

| (e) | rekwiżiti regolatorji (inkluża s-sorveljanza) fuq AS jew banek tas-saldu ta’ AS (inklużi dawk applikati minn regolaturi barranin); |
| --- | --- |

(e)

rekwiżiti regolatorji (inkluża s-sorveljanza) fuq AS jew banek tas-saldu ta’ AS (inklużi dawk applikati minn regolaturi barranin);

| (f) | skambju ta’ informazzjoni biex tiġi vverifikata l-konformità ma’ politika tal-Eurosistema. |
| --- | --- |

(f)

skambju ta’ informazzjoni biex tiġi vverifikata l-konformità ma’ politika tal-Eurosistema.

6.   Il-BĊi tal-Eurosistema għandhom jiskambjaw informazzjoni dwar kwalunkwe avveniment sinifikanti matul il-proċess ta’ saldu ta’ AS.

Artikolu 12

Metodoloġija tal-finanzjament u tal-kost

1.   Il-Kunsill Governattiv għandu jiddetermina r-regoli applikabbli għall-finanzjament tat-TARGET.

2.   Il-Kunsill Governattiv għandu jiddetermina l-istruttura tal-ipprezzar għat-TARGET bl-użu ta’ metodoloġija komuni tal-kost tal-Eurosistema.

Artikolu 13

Dispożizzjonijiet dwar is-sigurtà

Il-BĊi tal-Eurosistema għandhom jikkonformaw ma’ miżuri speċifikati mill-Kunsill Governattiv li jistabbilixxu l-politika tas-sigurtà u r-rekwiżiti u l-kontrolli tas-sigurtà applikabbli għat-TARGET, inkluż fir-rigward tar-reżiljenza ċibernetika u s-sigurtà tal-informazzjoni.

Artikolu 14

Regoli tal-awditjar

Valutazzjonijiet tal-awditjar għandhom jitwettqu f’konformità mal-prinċipji u l-arranġamenti stipulati fil-Politika tal-Awditjar tas-SEBĊ tal-Kunsill Governattiv.

Artikolu 15

Obbligi f’każ ta’ sospensjoni jew terminazzjoni

1.   Il-BĊi tal-Eurosistema għandhom jitterminaw minnufih mingħajr avviż minn qabel jew jissospendu l-parteċipazzjoni ta’ parteċipant fis-sistema komponenti tat-TARGET rilevanti jekk:

| (a) | jinfetħu proċedimenti ta’ insolvenza fir-rigward ta’ parteċipant; jew |
| --- | --- |

(a)

jinfetħu proċedimenti ta’ insolvenza fir-rigward ta’ parteċipant; jew

| (b) | parteċipant ma jibqax jissodisfa l-kriterji ta’ aċċess għall-parteċipazzjoni fis-sistema komponenti rilevanti tat-TARGET. |
| --- | --- |

(b)

parteċipant ma jibqax jissodisfa l-kriterji ta’ aċċess għall-parteċipazzjoni fis-sistema komponenti rilevanti tat-TARGET.

2.   Jekk BĊ tal-Eurosistema jissospendi jew jittermina l-parteċipazzjoni ta’ parteċipant fit-TARGET f’konformità mal-paragrafu 1 jew għal raġunijiet ta’ prudenza skont l-Artikolu 17, huwa għandu jinnotifika immedjatament lill-BĊi l-oħrajn kollha tal-Eurosistema, filwaqt li jipprovdi dawn kollha li ġejjin:

| (a) | l-isem u l-BIC tal-parteċipant; |
| --- | --- |

(a)

l-isem u l-BIC tal-parteċipant;

| (b) | l-informazzjoni li fuqha l-BĊN taż-żona tal-euro jkun ibbaża d-deċiżjoni tiegħu, inkluż kwalunkwe informazzjoni jew opinjoni miksuba mill-awtorità superviżorja rilevanti; |
| --- | --- |

(b)

l-informazzjoni li fuqha l-BĊN taż-żona tal-euro jkun ibbaża d-deċiżjoni tiegħu, inkluż kwalunkwe informazzjoni jew opinjoni miksuba mill-awtorità superviżorja rilevanti;

| (c) | il-miżura meħuda u perjodu ta’ żmien propost għall-applikazzjoni tagħha. |
| --- | --- |

(c)

il-miżura meħuda u perjodu ta’ żmien propost għall-applikazzjoni tagħha.

Kull BĊ tal-Eurosistema għandu jiskambja l-informazzjoni dwar dak il-parteċipant, inkluża informazzjoni relatata ma’ ordnijiet ta’ trasferiment ta’ flus indirizzati lilu, jekk jintalab jagħmel dan minn BĊ ieħor tal-Eurosistema.

3.   BĊ tal-Eurosistema li jkun ittermina jew li jkun issospenda l-parteċipazzjoni ta’ parteċipant fis-sistema komponenti tat-TARGET tiegħu f’konformità mal-paragrafu 1 għandu jassumi r-responsabbiltà fir-rigward tal-BĊi l-oħrajn tal-Eurosistema jekk:

| (a) | sussegwentement jawtorizza s-saldu ta’ ordnijiet ta’ trasferiment ta’ flus indirizzati lil parteċipanti li jkun issospenda jew ittermina l-parteċipazzjoni tagħhom; jew |
| --- | --- |

(a)

sussegwentement jawtorizza s-saldu ta’ ordnijiet ta’ trasferiment ta’ flus indirizzati lil parteċipanti li jkun issospenda jew ittermina l-parteċipazzjoni tagħhom; jew

| (b) | ma jikkonformax mal-obbligi fil-paragrafi 1 u 2. |
| --- | --- |

(b)

ma jikkonformax mal-obbligi fil-paragrafi 1 u 2.

4.   BĊ tal-Eurosistema li jkun issospenda l-parteċipazzjoni ta’ parteċipant fis-sistema komponenti tat-TARGET tiegħu skont il-paragrafu 1(a) għandu jipproċessa biss ordnijiet ta’ trasferiment ta’ flus minn dak il-parteċipant fuq l-istruzzjonijiet tar-rappreżentanti tagħha, inklużi dawk maħtura minn awtorità kompetenti jew qorti, bħall-amministratur tal-insolvenza tal-parteċipant, jew skont deċiżjoni eżegwibbli ta’ awtorità kompetenti jew qorti li tipprovdi struzzjonijiet dwar kif għandhom jiġu pproċessati l-ħlasijiet. BĊ tal-Eurosistema għandu jiċħad l-ordnijiet kollha ta’ trasferiment ta’ flus ħerġin mit-TIPS DCA(s) ta’ parteċipant sospiż.

Artikolu 16

Proċeduri għar-rifjut ta’ applikazzjoni għall-parteċipazzjoni fit-TARGET għal raġunijiet ta’ prudenza

Fejn, skont l-Artikolu 5(5)(c) ta-Parti I tal-Anness I BĊ tal-Eurosistema jirrifjuta applikazzjoni għal sħubija fit-TARGET għal raġunijiet ta’ prudenza, dak il-BĊ tal-Eurosistema għandu jinforma minnufih lill-BĊi l-oħrajn tal-Eurosistema b’tali rifjut.

Artikolu 17

Proċeduri għas-sospensjoni, il-limitazzjoni jew it-terminazzjoni tal-parteċipazzjoni fit-TARGET għal raġunijiet ta’ prudenza, u l-aċċess għall-kreditu intraġurnata u għall-awtokollateralizzazzjoni

1.   Fejn għal raġunijiet ta’ prudenza, BĊN taż-żona tal-euro jissospendi, jillimita jew jittermina l-aċċess ta’ parteċipant għall-kreditu intraġurnata skont l-Artikolu 13(1)(c) tal-Parti II tal-Anness I, jew għal awtokollateralizzazzjoni skont l-Artikolu 11 tal-Parti IV tal-Anness I jew BĊ tal-Eurosistema jissospendi jew jittermina l-parteċipazzjoni ta’ parteċipant fit-TARGET skont l-Artikolu 25(2)(e) tal-Parti I tal-Anness I, id-deċiżjoni għandha, sa fejn ikun possibbli, tidħol fis-seħħ fl-istess ħin fis-sistemi komponenti kollha tat-TARGET.

2.   Il-BĊN taż-żona tal-euro għandu jipprovdi minnufih l-informazzjoni tal-Artikolu 15(2) lill-awtoritajiet superviżorji rilevanti fl-Istat Membru tal-BĊN taż-żona tal-euro, bit-talba biex l-awtoritajiet superviżorji jaqsmu l-informazzjoni mal-awtoritajiet superviżorji ta’ Stati Membri oħra li fihom il-parteċipant ikollu sussidjarja jew fergħa. Wara li jkunu qiesu d-deċiżjoni skont il-paragrafu 1, BĊNi oħrajn taż-żona tal-euro għandhom jieħdu azzjoni xierqa u jagħtu informazzjoni dwar dan lill-BĊE minnufuh.

3.   Il-Bord Eżekuttiv tal-BĊE jista’ jipproponi lill-Kunsill Governattiv biex jieħu kwalunkwe deċiżjoni sabiex jiżgura implimentazzjoni uniformi tal-miżuri meħuda skont il-paragrafi 1 u 2.

4.   Il-BĊNi taż-żona tal-euro tal-Istati Membri li fihom trid tiġi implimentata d-deċiżjoni għandhom jinformaw lill-parteċipant dwar id-deċiżjoni, u għandhom jieħdu l-miżuri ta’ implimentazzjoni kollha meħtieġa.

Artikolu 18

Proċeduri għall-kooperazzjoni mill-BĊi tal-Eurosistema b’rabta ma’ miżuri amministrattivi jew restrittivi

B’rabta mal-implimentazzjoni tal-Artikolu 29(3) tal-Parti I tal-Anness I:

| 1. | kwalunkwe BĊ tal-Eurosistema għandu jaqsam minnufih mal-BĊi kollha potenzjalment affettwati l-informazzjoni kollha li jirċievi b’rabta ma’ proposta ta’ ordni ta’ trasferiment ta’ flus, bl-eċċezzjoni ta’ ordnijiet ta’ trasferiment ta’ likwidità bejn kontijiet differenti tal-istess parteċipant; |
| --- | --- |

1.

kwalunkwe BĊ tal-Eurosistema għandu jaqsam minnufih mal-BĊi kollha potenzjalment affettwati l-informazzjoni kollha li jirċievi b’rabta ma’ proposta ta’ ordni ta’ trasferiment ta’ flus, bl-eċċezzjoni ta’ ordnijiet ta’ trasferiment ta’ likwidità bejn kontijiet differenti tal-istess parteċipant;

| 2. | kwalunkwe BĊ tal-Eurosistema li jirċievi mingħand parteċipant evidenza li tkun saret notifika lil, jew li jkun ingħata kunsens mingħand, kwalunkwe awtorità kompetenti għandu jibgħat minnufih tali evidenza lil kwalunkwe BĊ ieħor li jaġixxi bħala l-fornitur ta’ servizz ta’ ħlas tal-pagatur jew tal-benefiċjarju kif xieraq; |
| --- | --- |

2.

kwalunkwe BĊ tal-Eurosistema li jirċievi mingħand parteċipant evidenza li tkun saret notifika lil, jew li jkun ingħata kunsens mingħand, kwalunkwe awtorità kompetenti għandu jibgħat minnufih tali evidenza lil kwalunkwe BĊ ieħor li jaġixxi bħala l-fornitur ta’ servizz ta’ ħlas tal-pagatur jew tal-benefiċjarju kif xieraq;

| 3. | il-BĊ tal-Eurosistema li jaġixxi bħala fornitur ta’ servizz ta’ ħlas tal-pagatur għandu mbagħad jinforma minnufih lill-pagatur li jista’ jdaħħal ordni ta’ trasferiment ta’ flus rilevanti fit-TARGET. |
| --- | --- |

3.

il-BĊ tal-Eurosistema li jaġixxi bħala fornitur ta’ servizz ta’ ħlas tal-pagatur għandu mbagħad jinforma minnufih lill-pagatur li jista’ jdaħħal ordni ta’ trasferiment ta’ flus rilevanti fit-TARGET.

Artikolu 19

Proċeduri ta’ kontinwità tal-operat u ta’ kontinġenza

1.   Jekk iseħħ avveniment li jaffettwa l-operat normali tat-TARGET, il-BĊ tal-Eurosistema kkonċernat għandu jinnotifika minnufih lill-koordinatur tat-TARGET, li flimkien mal-maniġer tas-saldu tat-TARGET tal-BĊ tal-Eurosistema kkonċernat għandu jiddeċiedi dwar il-passi ulterjuri li għandhom jittieħdu.

2.   Il-BĊi tal-Eurosistema għandhom jirrapportaw ħsara relatata ma’ parteċipant kif imsemmi fil-paragrafu 2.4, 3.3 jew 4.2 tal-Appendiċi IV tal-Anness I lill-koordinatur tat-TARGET mhux aktar minn 30 minuta wara li tibda l-ħsara jew mal-ewwel opportunità wara li tiġi skoperta l-ħsara jekk din il-ħsara tista’ taffettwa l-operat tat-TARGET jew toħloq riskju sistemiku jew jekk il-parteċipant ikun ġie indikat bħala parteċipant kritiku mill-BĊi tal-Eurosistema fuq il-bażi ta’ kriterji aġġornati perjodikament u ppubblikati fuq is-sit web tal-BĊE.

3.   F’ċirkostanzi eċċezzjonali, il-BĊi tal-Eurosistema jistgħu jiddeċiedu li jibdlu l-iskeda operattiva tat-TARGET għal raġunijiet li jinkludu iżda li ma humiex limitati għal ħsara li taffettwa AS. Din id-deċiżjoni għandha tittieħed kollettivament mill-BĊi tal-Eurosistema.

4.   Fil-każijiet ta’ kwalunkwe avveniment ieħor li għandu l-potenzjal li jaffettwa l-funzjonament normali tat-TARGET, il-BĊ tal-Eurosistema kkonċernat għandu jimmonitorja u jimmaniġġja tali avvenimenti sabiex jipprevjeni kwalunkwe riperkussjoni għall-funzjonament bla xkiel tat-TARGET.

5.   Il-BĊi tal-Eurosistema għandhom iżommu konnessjoni mas-Soluzzjoni ta’ Kontinġenza.

Artikolu 20

Trattament tal-pretensjonijiet skont l-iskema ta’ kumpens tat-TARGET

1.   Sakemm ma jkunx deċiż mod ieħor mill-Kunsill Governattiv, il-proċedura ta’ kumpens stabbilita fl-Appendiċi II tal-Anness I għandha tiġi mmaniġġjata f’konformità ma’ dan l-Artikolu.

2.   Il-BĊ tal-parteċipant li jissottometti l-pretensjoni għall-kumpens għandu jevalwa l-pretensjoni għall-kumpens fuq bażi preliminari u jikkomunika mal-parteċipant fir-rigward ta’ dik l-evalwazzjoni. Fejn meħtieġ għall-evalwazzjoni tal-pretensjonijiet, dan il-BĊ għandu jkun assistit minn BĊi oħrajn ikkonċernati. Il-BĊ rilevanti għandu jinforma lill-BĊE u lill-BĊi l-oħrajn kollha kkonċernati malli jsir jaf bi pretensjonijiet pendenti.

3.   Fi żmien disa’ ġimgħat wara ħsara teknika tat-TARGET, il-BĊ tal-parteċipant li jissottometti l-pretensjoni għandu jħejji rapport ta’ valutazzjoni preliminari li jkun fih il-valutazzjoni tal-BĊ tal-pretensjonijiet riċevuti u jissottomettih lill-BĊE u lill-BĊi l-oħrajn kollha kkonċernati.

4.   Fi żmien ħames ġimgħat wara li jkun irċieva r-rapport ta’ valutazzjoni preliminari, il-Kunsill Governattiv għandu jagħmel il-valutazzjoni finali tal-pretensjonijiet kollha riċevuti, u għandu jiddeċiedi dwar l-offerti ta' kumpens li għandhom isiru lill-parteċipanti kkonċernati. Fi żmien ħamest ijiem ta’ negozju wara li tkun tlestiet il-valutazzjoni finali, il-BĊE għandu jikkomunika l-eżitu tal-valutazzjoni finali lill-BĊi kkonċernati. Dawk il-BĊi għandhom jinformaw lill-parteċipanti tagħhom minnufih bl-eżitu tal-valutazzjoni finali u, fejn applikabbli, bid-dettalji tal-offerta ta’ kumpens, flimkien mal-formola li tikkostitwixxi l-ittra ta’ aċċettazzjoni.

5.   Fi żmien ġimagħtejn mill-iskadenza tal-perjodu msemmi fl-aħħar sentenza tal-paragrafu 4(d) tal-Appendiċi II tal-Anness I, il-BĊ għandu jinforma lill-BĊE u lill-BĊi l-oħrajn kollha kkonċernati dwar liema offerti ta' kumpens ġew aċċettati u liema offerti ta' kumpens ġew miċħuda.

6.   Il-BĊi għandhom jinformaw lill-BĊE dwar kwalunkwe pretensjoni sottomessa mill-parteċipanti tagħhom barra mill-kamp ta’ applikazzjoni tal-iskema ta’ kumpens tat-TARGET, iżda relatata ma’ ħsara teknika tat-TARGET.

Artikolu 21

Trattament tat-telf ikkawżat minn ħsara teknika tat-TARGET

1.   F’każ ta’ ħsara teknika tat-TARGET:

| (a) | Fuq in-naħa tal-pagatur, kwalunkwe BĊ li miegħu pagatur ikun poġġa depożitu jibbenefika minn ċertu qligħ finanzjarju li jammonta għad-differenza bejn ir-rata tal-operazzjonijiet ta’ rifinanzjament ewlenin tal-Eurosistema u r-rata ta’ depożitu applikata għaż-żieda marġinali fl-użu tal-faċilità ta’ depożitu tal-Eurosistema għall-perjodu tal-ħsara teknika tat-TARGET u sal-ammont tal-ordnijiet ta’ trasferiment ta’ flus mhux saldati. Fejn il-pagatur jitħalla b’fondi żejda mhux remunerati, il-qligħ finanzjarju jammonta għar-rata tal-operazzjonijiet ta’ rifinanzjament ewlenin tal-Eurosistema, applikat għall-ammont ta’ fondi żejda li ma jrendux imgħax għall-perjodu tal-ħsara teknika tat-TARGET u sal-ammont tal-ordnijiet ta’ trasferiment ta’ flus mhux saldati. |
| --- | --- |

(a)

Fuq in-naħa tal-pagatur, kwalunkwe BĊ li miegħu pagatur ikun poġġa depożitu jibbenefika minn ċertu qligħ finanzjarju li jammonta għad-differenza bejn ir-rata tal-operazzjonijiet ta’ rifinanzjament ewlenin tal-Eurosistema u r-rata ta’ depożitu applikata għaż-żieda marġinali fl-użu tal-faċilità ta’ depożitu tal-Eurosistema għall-perjodu tal-ħsara teknika tat-TARGET u sal-ammont tal-ordnijiet ta’ trasferiment ta’ flus mhux saldati. Fejn il-pagatur jitħalla b’fondi żejda mhux remunerati, il-qligħ finanzjarju jammonta għar-rata tal-operazzjonijiet ta’ rifinanzjament ewlenin tal-Eurosistema, applikat għall-ammont ta’ fondi żejda li ma jrendux imgħax għall-perjodu tal-ħsara teknika tat-TARGET u sal-ammont tal-ordnijiet ta’ trasferiment ta’ flus mhux saldati.

| (b) | Min-naħa tal-benefiċjarju, il-BĊ li minnu l-benefiċjarju jkun issellef billi uża l-faċilità ta’ self marġinali jibbenefika minn ċertu qligħ finanzjarju li jammonta għad-differenza bejn ir-rata tal-faċilità ta’ self marġinali u r-rata tal-operazzjonijiet ta’ rifinanzjament ewlenin tal-Eurosistema, applikata għaż-żieda marġinali fl-użu tal-faċilità ta’ self marġinali għall-perjodu tal-ħsara teknika tat-TARGET u sal-ammont tal-ordnijiet ta’ trasferiment ta’ flus mhux saldati. |
| --- | --- |

(b)

Min-naħa tal-benefiċjarju, il-BĊ li minnu l-benefiċjarju jkun issellef billi uża l-faċilità ta’ self marġinali jibbenefika minn ċertu qligħ finanzjarju li jammonta għad-differenza bejn ir-rata tal-faċilità ta’ self marġinali u r-rata tal-operazzjonijiet ta’ rifinanzjament ewlenin tal-Eurosistema, applikata għaż-żieda marġinali fl-użu tal-faċilità ta’ self marġinali għall-perjodu tal-ħsara teknika tat-TARGET u sal-ammont tal-ordnijiet ta’ trasferiment ta’ flus mhux saldati.

2.   Il-qligħ finanzjarju tal-BĊE jammonta għal:

| (a) | il-qligħ fir-rigward tal-BĊNi konnessi li jirriżulta mir-remunerazzjoni differenti tal-bilanċi fi tmiem il-jum ta’ dawn il-BĊNi konnessi fir-rigward tal-BĊE; u |
| --- | --- |

(a)

il-qligħ fir-rigward tal-BĊNi konnessi li jirriżulta mir-remunerazzjoni differenti tal-bilanċi fi tmiem il-jum ta’ dawn il-BĊNi konnessi fir-rigward tal-BĊE; u

| (b) | l-ammont ta’ imgħax ta’ penali li jirċievi l-BĊE mingħand BĊNi konnessi kull meta wieħed minn dawk il-BĊNi konnessi jimponi penali fuq parteċipant talli jonqos milli jirrimborża kreditu intraġurnata fil-ħin, kif stipulat fil-ftehim bejn il-BĊi tal-Eurosistema u l-BĊNi konnessi. |
| --- | --- |

(b)

l-ammont ta’ imgħax ta’ penali li jirċievi l-BĊE mingħand BĊNi konnessi kull meta wieħed minn dawk il-BĊNi konnessi jimponi penali fuq parteċipant talli jonqos milli jirrimborża kreditu intraġurnata fil-ħin, kif stipulat fil-ftehim bejn il-BĊi tal-Eurosistema u l-BĊNi konnessi.

3.   Il-qligħ finanzjarju msemmi fil-paragrafi 1 u 2 għandu jkun aggregat mill-BĊi u l-ammont aggregat li jirriżulta għandu jintuża biex jirrimborża lil dawk il-BĊi li jġarrbu l-kost tal-kumpens lill-parteċipanti tagħhom. Kull qligħ finanzjarju jew kost imġarrab mill-BĊi li jifdal mill-kumpens lill-parteċipanti tagħhom għandu jitqassam fost il-BĊi tal-Eurosistema f’konformità mal-kjavi għas-sottoskrizzjoni fil-kapital tal-BĊE.

Artikolu 22

Drittijiet ta’ titolu fir-rigward ta’ fondi fuq subkontijiet u garanzija intra-Eurosistema

1.   Għall-finijiet tas-saldu ta’ ordnijiet ta’ trasferiment ta’ AS relatati mal-proċedura C ta’ saldu ta’ RTGS AS, kwalunkwe BĊ tal-Eurosistema li jkun fetaħ subkontijiet għad-detenturi ta’ RTGS DCA tiegħu għandu jiżgura li l-bilanċi fuq tali subkontijiet (inklużi żidiet jew tnaqqis ta’ dak il-bilanċ li jirriżulta mill-akkreditar jew mill-addebitar tal-ħlasijiet ta’ saldu bejn is-sistemi lejn jew mis-subkont jew mill-akkreditar ta’ trasferimenti ta’ likwidità lis-subkont) fil-mument li l-AS tibda ċiklu ta’ saldu jistgħu jintużaw biss għas-saldu ta’ ordnijiet ta’ trasferiment ta’ AS relatati ma’ dik il-proċedura ta’ saldu C ta’ RTGS AS. Dan huwa minkejja kwalunkwe proċediment ta’ insolvenza fir-rigward tad-detentur ta’ RTGS DCA rilevanti u minkejja kwalunkwe miżura ta’ eżekuzzjoni individwali relatata ma’ tali subkont ta’ dan id-detentur ta’ RTGS DCA.

2.   Kull darba li l-likwidità tiġi ttrasferita lil subkont ta’ detentur ta’ RTGS DCA u fejn il-BĊ tal-Eurosistema ma jkunx il-BĊ tal-AS, dan il-BĊ tal-Eurosistema għandu, wara komunikazzjoni mill-AS (permezz ta’ messaġġ ta’ “bidu taċ-ċiklu”), jikkonferma l-bilanċ fis-subkont lill-AS rilevanti u, meta jagħmel dan, jiggarantixxi lill-BĊ tal-AS ħlas sal-ammont ta’ dan il-bilanċ partikolari. Il-konferma tal-bilanċ lill-AS għandha tinvolvi wkoll dikjarazzjoni legalment vinkolanti tar-rieda tal-BĊ tal-AS li dan tal-aħħar jiggarantixxi lill-AS ħlas sal-ammont tal-bilanċ ikkonfermat. Meta jikkonfermaw iż-żieda jew it-tnaqqis ta’ dak il-bilanċ mal-akkreditar jew l-addebitar ta’ ordnijiet ta’ trasferiment ta’ AS ta’ saldu bejn is-sistemi lis-subkont jew minnu jew l-akkreditar ta’ trasferimenti ta’ likwidità lis-subkont, kemm il-BĊ tal-Eurosistema li ma huwiex il-BĊ tal-AS kif ukoll il-BĊ tal-AS jiddikjaraw żieda jew tnaqqis tal-garanzija fl-ammont tal-ħlas. Iż-żewġ garanziji għandhom ikunu irrevokabbli, inkondizzjonali u pagabbli mal-ewwel talba. Iż-żewġ garanziji għandhom jiskadu mal-komunikazzjoni mill-AS li s-saldu jkun sar (permezz ta’ messaġġ ta’ “tmiem iċ-ċiklu”).

TAQSIMA IV

DISPOŻIZZJONIJIET TRANŻITORJI U FINALI

Artikolu 23

Soluzzjoni tat-tilwim u liġi applikabbli

1.   F’każ ta’ tilwim bejn il-BĊi tal-Eurosistema b’rabta ma’ din il-Linja Gwida, il-partijiet milquta għandhom ifittxu li jsolvu t-tilwima f’konformità mal-Memorandum ta’ Qbil dwar Proċedura għas-Soluzzjoni ta’ Tilwim fi ħdan is-SEBĊ.

2.   B’deroga mill-paragrafu 1, jekk tilwima relatata mat-tqassim tal-kompiti bejn il-Livell 2 u l-Livell 3 ma tkunx tista’ tiġi solvuta bi ftehim bejn il-partijiet affettwati, il-Kunsill Governattiv għandu jsolvi t-tilwima.

3.   Fil-każ ta’ tilwima tat-tip imsemmi fil-paragrafu 1, id-drittijiet u l-obbligi rispettivi tal-partijiet għandhom jiġu ddeterminati primarjament mir-regoli u l-proċeduri stabbiliti f’din il-Linja Gwida. F’tilwim dwar ordnijiet ta’ trasferiment ta’ flus bejn is-sistemi komponenti tat-TARGET, il-liġi tal-Istat Membru fejn tinsab is-sede tal-BĊ tal-Eurosistema tal-benefiċjarju għandha tapplika b’mod supplimentari, sakemm ma tmurx kontra din il-Linja Gwida.

Artikolu 24

Revoka tal-Linja Gwida 2013/47/UE (BĊE/2012/27)

1.   Il-Linja Gwida 2013/47/UE (BĊE/2012/27) hija mħassra b’effett mill-21 ta’ Novembru 2022.

2.   Referenzi għal-Linja Gwida revokata għandhom jinftiehmu bħala referenzi għal din il-Linja Gwida.

Artikolu 25

Dħul fis-seħħ u implimentazzjoni

1.   Din il-Linja Gwida għandha tidħol fis-seħħ fil-jum tan-notifika tagħha lill-banek ċentrali nazzjonali tal-Istati Membri li l-munita tagħhom hija l-euro.

2.   Il-banek ċentrali tal-Eurosistema għandhom jikkonformaw ma’ din il-Linja Gwida mill-21 ta’ Novembru 2022.

3.   Il-banek ċentrali nazzjonali tal-Istati Membri li l-munita tagħhom hija l-euro għandhom jieħdu l-miżuri meħtieġa biex jikkonformaw ma’ din il-Linja Gwida u japplikawhom mill-21 ta’ Novembru 2022. Huma għandhom jinnotifikaw lill-BĊE bit-testi u l-mezzi relatati ma’ dawk il-miżuri sa mhux aktar tard mid-19 ta’ April 2022.

Artikolu 26

Dispożizzjonijiet mixxellanji u tranżitorji

1.   Fid-data speċifikata fl-Artikolu 25(2):

| (a) | il-bilanċi ta’ parteċipant fil-kontijiet PM tat-TARGET2 għandhom jiġu ttrasferiti fl-MCAs rilevanti kif speċifikat mill-parteċipant; |
| --- | --- |

(a)

il-bilanċi ta’ parteċipant fil-kontijiet PM tat-TARGET2 għandhom jiġu ttrasferiti fl-MCAs rilevanti kif speċifikat mill-parteċipant;

| (b) | TARGET2 TIPS DCAs ta’ parteċipant għandhom isiru TIPS DCAs; |
| --- | --- |

(b)

TARGET2 TIPS DCAs ta’ parteċipant għandhom isiru TIPS DCAs;

| (c) | TARGET2 T2S DCAs ta’ parteċipant għandhom isiru T2S DCAs; |
| --- | --- |

(c)

TARGET2 T2S DCAs ta’ parteċipant għandhom isiru T2S DCAs;

| (d) | kontijiet tekniċi tat-TARGET2, kontijiet tekniċi tat-TARGET2 TIPS AS u kontijiet ta’ fondi ta’ garanzija tat-TARGET2 ta’ parteċipant għall-proċeduri ta’ saldu ta’ AS għandhom isiru kontijiet tekniċi ta’ RTGS AS, kontijiet tekniċi ta’ TIPS AS u kontijiet ta’ fondi ta’ garanzija ta’ AS rispettivament; |
| --- | --- |

(d)

kontijiet tekniċi tat-TARGET2, kontijiet tekniċi tat-TARGET2 TIPS AS u kontijiet ta’ fondi ta’ garanzija tat-TARGET2 ta’ parteċipant għall-proċeduri ta’ saldu ta’ AS għandhom isiru kontijiet tekniċi ta’ RTGS AS, kontijiet tekniċi ta’ TIPS AS u kontijiet ta’ fondi ta’ garanzija ta’ AS rispettivament;

| (e) | Il-bilanċi ta’ parteċipant fuq il-Kontijiet Domestiċi għandhom jiġu ttrasferiti fl-MCAs rilevanti kif speċifikat mill-parteċipant. |
| --- | --- |

(e)

Il-bilanċi ta’ parteċipant fuq il-Kontijiet Domestiċi għandhom jiġu ttrasferiti fl-MCAs rilevanti kif speċifikat mill-parteċipant.

2.   Il-parteċipanti la għandhom isofru telf u lanqas jiggwadanjaw qligħ bħala riżultat tat-trasferiment tal-bilanċi skont il-paragrafu 1.

3.   L-obbligi intra-Eurosistema li jirriżultaw mis-saldu ta’ ħlasijiet bejn parteċipanti f’sistemi komponenti differenti tat-TARGET2 skont l-Artikolu 6 tal-Linja Gwida 2013/47/UE (BĊE/2012/27) għandhom ikomplu jiġu rreġistrati fit-TARGET f’konformità mal-Artikolu 6 ta’ din il-Linja Gwida.

4.   Minkejja l-Artikolu 5(1)(d) u (e) tal-Parti I tal-Anness I, l-opinjonijiet dwar il-kapaċità u l-opinjonijiet tal-pajjiż mitluba mill-BĊi tal-Eurosistema skont l-Artikolu 13 tal-Linja Gwida 2013/47/UE (BĊE/2012/27) jew skont l-Artikolu 8(2) tal-Anness II, l-Artikolu 6(2) tal-Anness IIA, u l-Artikolu 6(2) tal-Anness IIB tal-Linja Gwida 2013/47/UE (BĊE/2012/27), rispettivament, għandhom jibqgħu validi għall-finijiet ta’ din il-Linja Gwida.

5.   Minkejja l-Artikolu 10(2)(d) tal-Parti II tal-Anness I, l-aċċess għall-kreditu intraġurnata mogħti mill-Kunsill Governattiv skont it-termini tal-paragrafu (2)(e) tal-Anness III tal-Linja Gwida 2013/47/UE (BĊE/2012/27) għandu jibqa’ validu.

6.   Il-gruppi rikonoxxuti mill-Kunsill Governattiv skont id-definizzjoni ta’ “grupp” fl-Artikolu 1 tal-Anness II tal-Linja Gwida 2013/47/UE (BĊE/2012/27) għandhom jibqgħu jiġu rikonoxxuti u kkunsidrati bħala gruppi bankarji għall-finijiet ta’ din il-Linja Gwida.

Artikolu 27

Destinatarji, miżuri ta’ implimentazzjoni u rapportar lil-livell 1

1.   Din il-Linja Gwida hija indirizzata lill-banek ċentrali kollha tal-Eurosistema.

2.   Il-Kunsill Governattiv għandu jirċievi rapport fuq bażi annwali mil-Livell 2 li jkun fih l-informazzjoni meħtieġa mill-Kunsill Governattiv sabiex iwettaq ir-responsabbiltajiet tiegħu bħala Livell 1.

Magħmul fi Frankfurt am Main, l-24 ta’ Frar 2022.

Għall-Kunsill Governattiv tal-BĊE

Il-President tal-BĊE

Christine LAGARDE

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(1)  Il-Linja Gwida 2013/47/UE tal-Bank Ċentrali Ewropew tal-5 ta’ Diċembru 2012 dwar is-sistema Trans-European Automated Real-time Gross settlement Express Transfer (TARGET2) (BĊE/2012/27) (ĠU L 30, 30.1.2013, p. 1).

1

(2)  Deċiżjoni 2014/533/UE tal-Bank Ċentrali Ewropew tat-13 ta’ Awwissu 2014 dwar l-identifikazzjoni tat-TARGET2 bħala sistema ta' ħlas sistemikament importanti skont ir-Regolament (UE) Nru 795/2014 dwar il-ħtiġijiet tas-sorveljanza għal sistemi ta’ ħlas sistemikament importanti (BĊE/2014/35) (ĠU L 245, 20.2014, p. 5).

2

(3)  Ir-Regolament tal-Bank Ċentrali Ewropew (UE) Nru 795/2014 tat-3 ta’ Lulju 2014 dwar ir-rekwiżiti ta’ sorveljanza għal sistemi ta’ ħlas sistemikament importanti (BĊE/2014/28) (ĠU L 217, 23.7.2014, p. 16).

3

(4)  Id-Direttiva 98/26/KE tal-Parlament Ewropew u tal-Kunsill tad-19 ta’ Mejju 1998 dwar finalità ta’ settlement fis-sistemi ta’ settlement ta’ pagamenti u titoli (ĠU L 166, 11.6.1998, p. 45).

4

(5)  Regolament (UE) 2021/378 tal-Bank Ċentrali Ewropew tat-22 ta’ Jannar 2021 dwar l-applikazzjoni ta’ rekwiżiti ta’ riżervi minimi (BĊE/2021/1) (ĠU L 73, 3.3.2021, p. 1).

5

(6)  Il-Linja Gwida (UE) 2015/510 tal-Bank Ċentrali Ewropew tad-19 ta' Diċembru 2014 dwar l-implimentazzjoni tal-qafas tal-politika monetarja tal-Eurosistema (BĊE/2014/60) (ĠU L 91, 2.4.2015, p. 3).

6

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ANNESS I

KUNDIZZJONIJIET ARMONIZZATI GĦALL-PARTEĊIPAZZJONI FIT-TARGET

PARTI I

Termini u kundizzjonijiet Ġenerali

Artikolu 1

Kamp ta’ applikazzjoni

It-termini u l-kundizzjonijiet stabbiliti f’din il-Parti I jirregolaw ir-relazzjoni bejn [daħħal l-isem tal-BĊ] u l-parteċipanti tiegħu fit-TARGET [daħħal ir-referenza tal-BĊ/pajjiż]. It-termini u l-kundizzjonijiet stabbiliti fil-Partijiet II, III, IV, V, VI u VII li ġejjin japplikaw sakemm il-parteċipanti jagħżlu u jingħataw kont wieħed jew aktar deskritti f’dawn il-Partijiet. It-termini u l-kundizzjonijiet stabbiliti fil-Partijiet I sa VII ta’ dan l-Anness jissejħu f’din il-Linja Gwida kollettivament bħala l-“Kundizzjonijiet Armonizzati” jew il-“Kundizzjonijiet”.

Artikolu 2

Appendiċijiet

1.   L-Appendiċijiet li ġejjin jifformaw parti integrali minn dawn il-Kundizzjonijiet:

| Appendiċi I: | Speċifikazzjonijiet tekniċi għall-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus |
| --- | --- |

Appendiċi I:

Speċifikazzjonijiet tekniċi għall-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus

| Appendiċi II: | Skema ta’ kumpens tat-TARGET |
| --- | --- |

Appendiċi II:

Skema ta’ kumpens tat-TARGET

| Appendiċi III: | Termini ta’ referenza għall-opinjonijiet dwar il-kapaċità u tal-pajjiż |
| --- | --- |

Appendiċi III:

Termini ta’ referenza għall-opinjonijiet dwar il-kapaċità u tal-pajjiż

| Appendiċi IV: | Proċeduri ta’ kontinwità tal-operat u ta’ kontinġenza |
| --- | --- |

Appendiċi IV:

Proċeduri ta’ kontinwità tal-operat u ta’ kontinġenza

| Appendiċi V: | Skeda operattiva tat-TARGET |
| --- | --- |

Appendiċi V:

Skeda operattiva tat-TARGET

| Appendiċi VI: | Skeda tat-tariffi |
| --- | --- |

Appendiċi VI:

Skeda tat-tariffi

| Appendiċi VII: | Rekwiżiti rigward il-ġestjoni tas-sigurtà tal-informazzjoni u l-ġestjoni tal-kontinwità tal-operat |
| --- | --- |

Appendiċi VII:

Rekwiżiti rigward il-ġestjoni tas-sigurtà tal-informazzjoni u l-ġestjoni tal-kontinwità tal-operat

| [Appendiċi VIII: | Daħħal jekk meħtieġ: Lista ta’ definizzjonijiet stabbiliti fl-Anness III tal-Linja Gwida] |
| --- | --- |

[Appendiċi VIII:

Daħħal jekk meħtieġ: Lista ta’ definizzjonijiet stabbiliti fl-Anness III tal-Linja Gwida]

2.   Fil-każ ta’ kwalunkwe kunflitt jew inkonsistenza bejn il-kontenut ta’ kwalunkwe appendiċi u l-kontenut ta’ kwalunkwe dispożizzjoni oħra f’dawn il-Kundizzjonijiet, dan tal-aħħar għandu jipprevali.

Artikolu 3

Deskrizzjoni ġenerali tat-TARGET

1.   It-TARGET hija legalment strutturata bħala sistemi ta’ ħlas multipli magħmula mis-sistemi komponenti kollha tat-TARGET, li kull waħda minnhom hija indikata bħala “sistema” skont il-liġi nazzjonali rilevanti li timplimenta d-Direttiva 98/26/KE.

2.   TARGET tinkludi sistemi ta’ ħlas f’euro li jsaldaw fi flus tal-bank ċentrali u jipprovdu servizzi ċentrali ta’ ġestjoni tal-likwidità, saldu gross f’ħin reali għall-ħlasijiet u servizzi għas-saldu ta’ AS, u jippermettu ħlasijiet fi flus b’rabta mas-saldu ta’ titoli u s-saldu ta’ ħlasijiet istantanji.

3.   TARGET tipprovdi:

| (a) | MCAs għas-saldu ta’ operazzjonijiet tal-bank ċentrali; |
| --- | --- |

(a)

MCAs għas-saldu ta’ operazzjonijiet tal-bank ċentrali;

| (b) | RTGS DCAs għas-saldu gross f’ħin reali ta’ valur kbir ta’ ħlasijiet u subkontijiet jekk ikun meħtieġ għal saldu ta’ AS; |
| --- | --- |

(b)

RTGS DCAs għas-saldu gross f’ħin reali ta’ valur kbir ta’ ħlasijiet u subkontijiet jekk ikun meħtieġ għal saldu ta’ AS;

| (c) | T2S DCAs għal ħlasijiet ta’ flus b’rabta ma’ saldu tat-titoli; |
| --- | --- |

(c)

T2S DCAs għal ħlasijiet ta’ flus b’rabta ma’ saldu tat-titoli;

| (d) | TIPS DCAs għas-saldu ta’ ħlasijiet istantanji; u |
| --- | --- |

(d)

TIPS DCAs għas-saldu ta’ ħlasijiet istantanji; u

| (e) | il-kontijiet li ġejjin għas-saldu ta’ AS: (i) kontijiet tekniċi ta’ RTGS AS; (ii) kontijiet ta’ fondi ta’ garanzija ta’ AS; u (iii) kontijiet tekniċi ta’ TIPS AS. |
| --- | --- |

(e)

il-kontijiet li ġejjin għas-saldu ta’ AS: (i) kontijiet tekniċi ta’ RTGS AS; (ii) kontijiet ta’ fondi ta’ garanzija ta’ AS; u (iii) kontijiet tekniċi ta’ TIPS AS.

Kull kont fit-TARGET-[daħħal l-isem tal-BĊ] għandu jiġi identifikat permezz ta’ numru tal-kont uniku magħmul mill-elementi deskritti fil-paragrafu 2 tal-Appendiċi I.

Artikolu 4

Kriterji ta’ aċċess

1.   It-tipi ta’ entitajiet li ġejjin huma eliġibbli biex isiru parteċipanti fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] fuq talba:

| (a) | istituzzjonijiet ta' kreditu stabbiliti fl-Unjoni jew fiż-ŻEE, inkluż meta jaġixxu permezz ta' fergħa stabbilita fl-Unjoni jew fiż-ŻEE; |
| --- | --- |

(a)

istituzzjonijiet ta' kreditu stabbiliti fl-Unjoni jew fiż-ŻEE, inkluż meta jaġixxu permezz ta' fergħa stabbilita fl-Unjoni jew fiż-ŻEE;

| (b) | istituzzjonijiet ta’ kreditu stabbiliti barra ż-ŻEE, sakemm jaġixxu permezz ta’ fergħa stabbilita fl-Unjoni jew fiż-ŻEE; |
| --- | --- |

(b)

istituzzjonijiet ta’ kreditu stabbiliti barra ż-ŻEE, sakemm jaġixxu permezz ta’ fergħa stabbilita fl-Unjoni jew fiż-ŻEE;

| (c) | BCNi ta’ Stati Membri u l-BCE; |
| --- | --- |

(c)

BCNi ta’ Stati Membri u l-BCE;

sakemm l-entitajiet imsemmijin fil-punti (a) u (b) ma jkunux suġġetti għal miżuri restrittivi adottati mill-Kunsill tal-Unjoni Ewropea jew mill-Istati Membri skont l-Artikolu 65(1)(b), l-Artikolu 75 jew l-Artikolu 215 tat-Trattat, li l-implimentazzjoni tagħhom, fl-opinjoni ta’ [żid isem il-BĊ] wara li informa lill-BĊE, ma tkunx kompatibbli mal-funzjonament bla xkiel tat-TARGET.

2.   Il-[daħħal l-isem tal-BĊ] jista’, fid-diskrezzjoni tiegħu, idaħħal ukoll l-entitajiet li ġejjin bħala parteċipanti:

| (a) | dipartimenti tat-teżor ta’ gvernijiet ċentrali jew reġjonali tal-Istati Membri; |
| --- | --- |

(a)

dipartimenti tat-teżor ta’ gvernijiet ċentrali jew reġjonali tal-Istati Membri;

| (b) | korpi tas-settur pubbliku tal-Istati Membri awtorizzati jżommu kontijiet għall-klijenti; |
| --- | --- |

(b)

korpi tas-settur pubbliku tal-Istati Membri awtorizzati jżommu kontijiet għall-klijenti;

| (c) | (i) | ditti ta’ investiment stabbiliti fl-Unjoni jew fiż-ŻEE, inkluż meta jaġixxu permezz ta’ fergħa stabbilita fl-Unjoni jew fiż-ŻEE; u |
| --- | --- | --- |

(c)

(i)

ditti ta’ investiment stabbiliti fl-Unjoni jew fiż-ŻEE, inkluż meta jaġixxu permezz ta’ fergħa stabbilita fl-Unjoni jew fiż-ŻEE; u

| (ii) | ditti ta’ investiment stabbiliti barra ż-ŻEE, sakemm jaġixxu permezz ta’ fergħa stabbilita fl-Unjoni jew fiż-ŻEE; |
| --- | --- |

(ii)

ditti ta’ investiment stabbiliti barra ż-ŻEE, sakemm jaġixxu permezz ta’ fergħa stabbilita fl-Unjoni jew fiż-ŻEE;

| (d) | entitajiet li jimmaniġġjaw AS u li jaġixxu f’dik il-kapaċità; u |
| --- | --- |

(d)

entitajiet li jimmaniġġjaw AS u li jaġixxu f’dik il-kapaċità; u

| (e) | istituzzjonijiet ta’ kreditu jew kwalunkwe waħda mill-entitajiet tat-tipi elenkati fil-punti (a) sa (d), fiż-żewġ każijiet meta dawn ikunu stabbiliti f’pajjiż li miegħu l-Unjoni tkun daħlet fi ftehim monetarju li jippermetti aċċess minn kwalunkwe waħda minn dawn l-entitajiet għal sistemi ta’ ħlas fl-Unjoni suġġetti għall-kundizzjonijiet stabbiliti fil-ftehim monetarju u dment li r-reġim legali rilevanti li japplika fil-pajjiż ikun ekwivalenti għal-leġiżlazzjoni rilevanti tal-Unjoni. |
| --- | --- |

(e)

istituzzjonijiet ta’ kreditu jew kwalunkwe waħda mill-entitajiet tat-tipi elenkati fil-punti (a) sa (d), fiż-żewġ każijiet meta dawn ikunu stabbiliti f’pajjiż li miegħu l-Unjoni tkun daħlet fi ftehim monetarju li jippermetti aċċess minn kwalunkwe waħda minn dawn l-entitajiet għal sistemi ta’ ħlas fl-Unjoni suġġetti għall-kundizzjonijiet stabbiliti fil-ftehim monetarju u dment li r-reġim legali rilevanti li japplika fil-pajjiż ikun ekwivalenti għal-leġiżlazzjoni rilevanti tal-Unjoni.

Artikolu 5

Proċedura ta’ applikazzjoni

1.   Sabiex tibda tipparteċipa fit-TARGET-[daħħal l-isem tal-BĊ/referenza tal-pajjiż] entità eliġibbli kif deskritt fl-Artikolu 4(1) jew entità li tista’ tiġi ammessa minn [daħħal l-isem tal-BĊ] taħt l-Artikolu 4(2) għandha tissodisfa r-rekwiżiti li ġejjin:

| (a) | tinstalla, iġġestixxi, topera, timmonitorja u tiżgura s-sigurtà tal-infrastruttura tal-IT meħtieġa biex taqbad mat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] u tkun tista’ tissottometilha ordnijiet ta’ trasferiment ta’ flus. Meta jagħmlu hekk, il-parteċipanti applikanti jistgħu jinvolvu lil partijiet terzi, imma jibqgħu unikament responsabbli; |
| --- | --- |

(a)

tinstalla, iġġestixxi, topera, timmonitorja u tiżgura s-sigurtà tal-infrastruttura tal-IT meħtieġa biex taqbad mat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] u tkun tista’ tissottometilha ordnijiet ta’ trasferiment ta’ flus. Meta jagħmlu hekk, il-parteċipanti applikanti jistgħu jinvolvu lil partijiet terzi, imma jibqgħu unikament responsabbli;

| (b) | tkun għaddiet mit-testijiet meħtieġa minn [daħħal l-isem tal-BĊ]; |
| --- | --- |

(b)

tkun għaddiet mit-testijiet meħtieġa minn [daħħal l-isem tal-BĊ];

| (c) | jekk tkun applikat għal RTGS DCA, T2S DCA jew TIPS DCA għandu jkollha wkoll jew tiftaħ MCA ma’ [daħħal l-isem tal-BĊ]; |
| --- | --- |

(c)

jekk tkun applikat għal RTGS DCA, T2S DCA jew TIPS DCA għandu jkollha wkoll jew tiftaħ MCA ma’ [daħħal l-isem tal-BĊ];

| (d) | tipprovdi opinjoni dwar il-kapaċità fil-forma speċifikata fl-Appendiċi III, sakemm l-informazzjoni u r-rappreżentazzjonijiet li għandhom jiġu pprovduti f’din l-opinjoni dwar il-kapaċità ma jkunux diġà nkisbu minn [daħħal l-isem tal-BĊ] f’kuntest ieħor; |
| --- | --- |

(d)

tipprovdi opinjoni dwar il-kapaċità fil-forma speċifikata fl-Appendiċi III, sakemm l-informazzjoni u r-rappreżentazzjonijiet li għandhom jiġu pprovduti f’din l-opinjoni dwar il-kapaċità ma jkunux diġà nkisbu minn [daħħal l-isem tal-BĊ] f’kuntest ieħor;

| (e) | għall-entitajiet imsemmija fl-Artikolu 4(1)(b) u fl-Artikolu 4(2)(c)(ii), jipprovdu opinjoni tal-pajjiż fil-forma speċifikata fl-Appendiċi III, sakemm l-informazzjoni u r-rappreżentazzjonijiet li għandhom jiġu pprovduti f’din l-opinjoni tal-pajjiż ma jkunux diġà nkisbu minn [daħħal l-isem tal-BĊ] f’kuntest ieħor; |
| --- | --- |

(e)

għall-entitajiet imsemmija fl-Artikolu 4(1)(b) u fl-Artikolu 4(2)(c)(ii), jipprovdu opinjoni tal-pajjiż fil-forma speċifikata fl-Appendiċi III, sakemm l-informazzjoni u r-rappreżentazzjonijiet li għandhom jiġu pprovduti f’din l-opinjoni tal-pajjiż ma jkunux diġà nkisbu minn [daħħal l-isem tal-BĊ] f’kuntest ieħor;

| (f) | jekk tkun applikanta għal TIPS DCA, tkun aderixxiet mal-iskema SCT Inst billi ffirmat l-Ftehim ta’ Aderenza dwar it-Trasferiment ta’ Kreditu Istantanju tas-SEPA; |
| --- | --- |

(f)

jekk tkun applikanta għal TIPS DCA, tkun aderixxiet mal-iskema SCT Inst billi ffirmat l-Ftehim ta’ Aderenza dwar it-Trasferiment ta’ Kreditu Istantanju tas-SEPA;

| (g) | jekk tkun applikanta għal kont tekniku TIPS AS, ipprovdiet evidenza li l-ittra ta’ divulgazzjoni li turi l-intenzjoni tagħha li tkun Mekkaniżmu ta’ Kklerjar u Saldu (CSM) konformi mal-SCT Inst ġiet ipprovduta lill-Kunsill Ewropew tal-Ħlasijiet (EPC). |
| --- | --- |

(g)

jekk tkun applikanta għal kont tekniku TIPS AS, ipprovdiet evidenza li l-ittra ta’ divulgazzjoni li turi l-intenzjoni tagħha li tkun Mekkaniżmu ta’ Kklerjar u Saldu (CSM) konformi mal-SCT Inst ġiet ipprovduta lill-Kunsill Ewropew tal-Ħlasijiet (EPC).

2.   L-applikanti għandhom japplikaw ma’ [daħħal l-isem tal-BĊ] u bħala minimu jehmżu l-informazzjoni/id-dokumenti li ġejjin:

| (a) | il-formoli ta’ ġbir ta’ data ta’ referenza mimlija kif ipprovduti minn [daħħal l-isem tal-BĊ]; |
| --- | --- |

(a)

il-formoli ta’ ġbir ta’ data ta’ referenza mimlija kif ipprovduti minn [daħħal l-isem tal-BĊ];

| (b) | l-opinjoni dwar il-kapaċità, jekk meħtieġa minn [daħħal l-isem tal-BĊ], u l-opinjoni tal-pajjiż, jekk meħtieġa minn [daħħal l-isem tal-BĊ]; |
| --- | --- |

(b)

l-opinjoni dwar il-kapaċità, jekk meħtieġa minn [daħħal l-isem tal-BĊ], u l-opinjoni tal-pajjiż, jekk meħtieġa minn [daħħal l-isem tal-BĊ];

| (c) | jekk tkun applikanta għal TIPS DCA, evidenza tal-aderenza tagħha mal-iskema SCT Inst; |
| --- | --- |

(c)

jekk tkun applikanta għal TIPS DCA, evidenza tal-aderenza tagħha mal-iskema SCT Inst;

| (d) | jekk l-applikanta tkun qed tapplika biex tuża l-proċedura ta’ saldu ta’ TIPS AS, evidenza li pprovdiet lill-EPC bl-ittra ta’ divulgazzjoni li turi l-intenzjoni tagħha li tkun CSM konformi mal-SCT Inst. |
| --- | --- |

(d)

jekk l-applikanta tkun qed tapplika biex tuża l-proċedura ta’ saldu ta’ TIPS AS, evidenza li pprovdiet lill-EPC bl-ittra ta’ divulgazzjoni li turi l-intenzjoni tagħha li tkun CSM konformi mal-SCT Inst.

| (e) | jekk l-applikanta ħatret aġent tal-ħlas, l-evidenza li l-aġent tal-ħlas ikun aċċetta li jaġixxi f’dak ir-rwol. |
| --- | --- |

(e)

jekk l-applikanta ħatret aġent tal-ħlas, l-evidenza li l-aġent tal-ħlas ikun aċċetta li jaġixxi f’dak ir-rwol.

3.   L-Applikanti li jkunu diġà parteċipanti fit-TARGET u japplikaw għal kont ġdid kif deskritt fi: (i) il-Parti III (RTGS-DCA); (ii) il-Parti IV (T2S DCA); (iii) il-Parti V (TIPS DCA); (iv) il-Parti VI (kont tekniku ta’ RTGS AS); u/jew (v) il-Parti VII (kont tekniku ta’ TIPS AS), għandhom jikkonformaw mad-dispożizzjonijiet tal-paragrafi 1 u 2 sa fejn ikun rilevanti għall-kont il-ġdid li japplikaw għalih.

4.   Il-[daħħal l-isem tal-BĊ] jista' wkoll jitlob kwalunkwe informazzjoni addizzjonali li jidhirlu meħtieġa biex jiddeċiedi dwar l-applikazzjoni għall-ftuħ ta’ kont tat-TARGET.

5.   Il-[daħħal l-isem tal-BĊ] għandu jirrifjuta l-applikazzjoni għall-parteċipazzjoni jekk:

| (a) | l-applikanta ma tkunx entità eliġibbli kif deskritt fl-Artikolu 4(1) jew entità li tista’ tiġi ammessa minn [daħħal l-isem tal-BĊ] skont l-Artikolu 4(2); |
| --- | --- |

(a)

l-applikanta ma tkunx entità eliġibbli kif deskritt fl-Artikolu 4(1) jew entità li tista’ tiġi ammessa minn [daħħal l-isem tal-BĊ] skont l-Artikolu 4(2);

| (b) | wieħed jew aktar mir-rekwiżiti ta’ parteċipazzjoni msemmija fil-paragrafu 1 ma jiġux issodisfati; u/jew |
| --- | --- |

(b)

wieħed jew aktar mir-rekwiżiti ta’ parteċipazzjoni msemmija fil-paragrafu 1 ma jiġux issodisfati; u/jew

| (c) | skont il-valutazzjoni ta’ [daħħal l-isem tal-BĊ], tali parteċipazzjoni tipperikola l-istabbiltà, is-sodezza u s-sikurezza ġenerali tat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew ta’ kwalunkwe sistema komponenti oħra tat-TARGET, jew tipperikola t-twettiq tal-kompiti tal-[daħħal l-isem tal-BĊ] kif deskritt fi [irreferi għal-liġi nazzjonali rilevanti] u fl-Istatut tas-Sistema Ewropea ta’ Banek Ċentrali u tal-Bank Ċentrali Ewropew, jew toħloq riskji għal raġunijiet ta’ prudenza. |
| --- | --- |

(c)

skont il-valutazzjoni ta’ [daħħal l-isem tal-BĊ], tali parteċipazzjoni tipperikola l-istabbiltà, is-sodezza u s-sikurezza ġenerali tat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew ta’ kwalunkwe sistema komponenti oħra tat-TARGET, jew tipperikola t-twettiq tal-kompiti tal-[daħħal l-isem tal-BĊ] kif deskritt fi [irreferi għal-liġi nazzjonali rilevanti] u fl-Istatut tas-Sistema Ewropea ta’ Banek Ċentrali u tal-Bank Ċentrali Ewropew, jew toħloq riskji għal raġunijiet ta’ prudenza.

6.   Il-[daħħal l-isem tal-BĊ] għandu jikkomunika lill-parteċipant applikant d-deċiżjoni tiegħu dwar l-applikazzjoni tiegħu għall-parteċipazzjoni fit-TARGET-[daħħal l-isem tal-BĊ/referenza tal-pajjiż] fi żmien xahar minn meta l-[daħħal l-isem tal-BĊ] jirċievi l-applikazzjoni. Fejn l-[daħħal l-isem tal-BĊ] jitlob aktar informazzjoni skont il-paragrafu 4, id-deċiżjoni għandha tiġi kkomunikata fi żmien xahar minn meta l-[daħħal l-isem tal-BĊ] jirċievi din l-informazzjoni mingħand l-applikanta. Kwalunkwe deċiżjoni ta’ rifjut għandha tinkludi raġunijiet għal dak ir-rifjut.

Artikolu 6

Parteċipanti

1.   Il-parteċipanti li ma jkunux AS għandu jkollhom mill-inqas MCA wieħed ma’ [daħħal l-isem tal-BĊ] u jista’ jkollhom ukoll RTGS DCA, T2S DCA u/jew TIPS DCA wieħed jew aktar ma’ [daħħal l-isem tal-BĊ].

2.   L-AS li jużaw il-proċeduri ta’ saldu ta’ RTGS AS jew il-proċedura ta’ saldu ta’ TIPS AS għandhom ikunu suġġetti għat-termini u l-kundizzjonijiet stabbiliti f’din il-Parti kif ukoll fil-Parti VI jew il-Parti VII, rispettivament. Huma jista’ jkollhom MCA, T2S DCA u, eċċezzjonalment u jekk approvati minn [daħħal l-isem tal-BĊ], RTGS DCA wieħed jew aktar ħlief fir-rigward tal-ikklerjar ta’ ħlasijiet istantanji skont l-iskema SCT Inst. Jekk AS ikollha RTGS DCA jew T2S DCA hija għandu jkollha wkoll mill-inqas MCA wieħed ma’ [daħħal l-isem tal-BĊ]. Fil-każ li AS ikollha MCA jew RTGS DCA jew T2S DCA wieħed jew aktar, għandhom japplikaw ukoll il-Partijiet rispettivi ta’ dawn il-Kundizzjonijiet.

Artikolu 7

Aċċess għal kont ta’ parteċipant minn entitajiet differenti mill-parteċipant

1.   Sa fejn huwa teknikament possibbli, parteċipant jista’ jagħti aċċess għall-kontijiet TARGET tiegħu lil entità waħda jew aktar li huwa jindika, għall-finijiet tas-sottomissjoni ta’ ordnijiet ta’ trasferiment ta’ flus u tat-twettiq ta’ azzjonijiet oħra.

2.   Ordnijiet ta’ trasferiment ta’ flus sottomessi jew fondi riċevuti mill-entitajiet indikati minn parteċipant kif imsemmi fil-paragrafu 1 għandhom jitqiesu li ġew sottomessi jew riċevuti minn dak il-parteċipant innifisu.

3.   Il-parteċipant għandu jkun marbut b’dawn l-ordnijiet ta’ trasferiment ta’ flus kontanti u kwalunkwe azzjoni oħra meħuda mill-entità jew entitajiet imsemmija fil-paragrafu 1, irrispettivament mill-kontenut ta’, jew kwalunkwe nuqqas ta’ konformità ma’, l-arranġamenti kuntrattwali jew arranġamenti oħra bejn dak il-parteċipant u tali entità.

Artikolu 8

Fatturazzjoni

1.   Il-[daħħal l-isem tal-BĊ] għandu jidentifika entrati fatturabbli skont l-Appendiċi VI u għandu jalloka kull waħda minnhom lill-parteċipant li minnu toriġina dik l-entrata fatturabbli.

2.   Kwalunkwe tariffa pagabbli b’rabta ma’ ordni ta’ trasferiment ta’ flus mibgħuta minn AS jew trasferiment ta’ flus riċevut minn AS, irrispettivament minn jekk tużax il-proċeduri ta’ saldu ta’ RTGS AS jew ta’ RTGS DCA, għandha tiġi imposta esklużivament fuq dik l-AS.

3.   Entrati fatturabbli ġġenerati minn azzjonijiet meħuda mill-entitajiet indikati msemmija fl-Artikolu 7, kif ukoll minn banek ċentrali li jaġixxu f’isem parteċipant, għandhom jiġu allokati lill-parteċipant.

4.   Il-[daħħal l-isem tal-BĊ] għandu joħroġ fatturi separati lill-parteċipant għas-servizzi rilevanti deskritti fi: (i) il-Parti III (RTGS-DCA); (ii) il-Parti IV (T2S DCA); (iii) il-Parti V (TIPS DCA); (iv) il-Parti VI (proċeduri ta’ saldu ta’ RTGS AS); u (v) il-Parti VII (proċedura ta’ saldu ta’ TIPS AS).

5.   Il-[daħħal l-isem tal-BĊ] għandu jsalda kull fattura permezz ta’ debitu dirett ta’ MCA miżmum mill-parteċipant, sakemm il-parteċipant ma jkunx innomina parteċipant ieħor fit-TARGET (li jista’ jkun fit-TARGET- [daħħal l-isem tal-BĊ/ir-referenza tal-pajjiż] jew sistema komponenti oħra) bħala aġent tal-ħlas u jkun ta struzzjonijiet lil [daħħal l-isem tal-BĊ] biex jiddebita l-MCA ta’ dak l-aġent tal-ħlas. Tali struzzjoni ma għandhiex tillibera lill-parteċipant mill-obbligu tiegħu li jħallas kull fattura.

6.   Meta jkun inħatar aġent tal-ħlas, il-parteċipant għandu jipprovdi lill-[daħħal l-isem tal-BĊ] b’evidenza li l-aġent tal-ħlas ikun aċċetta li jaġixxi f’dak ir-rwol.

7.   Għall-finijiet ta’ dan l-Artikolu, kull AS għandha tiġi ttrattata separatament, anki jekk żewġ AS minnhom jew aktar ikunu operati mill-istess entità legali, u irrispettivament minn jekk l-AS tkunx ġiet magħżula skont id-Direttiva 98/26/KE jew le. Fil-każ ta’ AS li ma tkunx ġiet magħżula skont id-Direttiva 98/26/KE, din għandha tiġi identifikata bħala AS b’referenza għall-kriterji li ġejjin: (a) tkun arranġament formali, ibbażat fuq strument kuntrattwali jew leġiżlattiv, eż. ftehim bejn il-parteċipanti u l-operatur tas-sistema; (b) ikollha sħubija multipli; (c) ikollha regoli komuni u arranġamenti standardizzati; u (d) tkun bl-iskop ta’ kklerjar, nettjar u/jew saldu ta’ ħlasijiet u/jew titoli bejn il-parteċipanti.

Artikolu 9

Gruppi ta’ Fatturazzjoni

1.   Fuq talba tal-parteċipant l-[daħħal l-isem tal-BĊ] għandu joħloq grupp ta’ fatturazzjoni biex jippermetti lill-membri tiegħu jibbenefikaw mill-ipprezzar digressiv applikabbli għal RTGS DCAs. Il-grupp ta’ fatturazzjoni jista’ jinkludi biss detenturi ta’ RTGS DCA li jappartjenu għall-istess grupp bankarju, minn sistema komponenti waħda jew aktar tat-TARGET.

2.   Fuq talba ta’ detentur ta’ RTGS DCA il-[daħħal l-isem tal-BĊ] għandu jżid lil dak id-detentur ta’ RTGS DCA ma’ grupp ta’ fatturazzjoni li jista’ jkun fit-TARGET-[daħħal l-isem tal-BĊ/ir-referenza tal-pajjiż] jew f’kull sistema komponenti oħra tat-TARGET jew ineħħieh minnu. Id-detentur ta’ RTGS DCA għandu jinforma lill-membri l-oħra kollha tal-grupp ta’ fatturazzjoni b’tali talba qabel ma jagħmilha.

3.   Id-detenturi ta’ RTGS DCA inklużi fi grupp ta’ fatturazzjoni għandhom jiġu fatturati individwalment kif stipulat fl-Artikolu 8.

Artikolu 10

Obbligi ta’ [daħħal l-isem tal-BĊ] u tal-parteċipant

1.   Il-[daħħal l-isem tal-BĊ] għandu joffri s-servizzi deskritti fil-Partijiet II, III, IV, V, VI u VII ta’ dawn il-Kundizzjonijiet meta parteċipant ikun għażel kont kif imsemmi fihom u jkun ingħata dak il-kont. Ħlief fejn provdut xort'oħra f'dawn il-Kundizzjonijiet jew meħtieġ mil-liġi, il-[daħħal l-isem tal-BĊ] għandu juża l-mezzi raġonevoli kollha fis-setgħa tiegħu biex iwettaq l-obbligi tiegħu taħt dawn il-Kundizzjonijiet, mingħajr ma jiggarantixxi riżultat.

2.   Il-[daħħal l-isem tal-BĊ] huwa l-fornitur tas-servizzi taħt dawn il-Kundizzjonijiet. L-azzjonijiet u l-ommissjonijiet tal-BĊNi tal-Livell 3 għandhom ikunu kkunsidrati bħala azzjonijiet u ommissjonijiet ta’ [daħħal l-isem tal-BĊ], li ghalihom għandu jassumi r-responsabbiltà skont l-Artikolu 22. Il-parteċipazzjoni skont dawn il-Kundizzjonijiet m’għandhiex tohloq relazzjoni kuntrattwali bejn il-parteċipanti u l-BCNi tal-Livell 3 meta kwalunkwe minn dawn tal-aħħar jagixxi fil-kapaċità tiegħu bħala BĊN tal-Livell 3. L-istruzzjonijiet, il-messaġġi jew l-informazzjoni li parteċipant jirċievi mingħand, jew jibgħat lil TARGET b’rabta mas-servizzi pprovduti skont dawn il-Kundizzjonijiet għandhom jitqiesu li ġew irċevuti mingħand, jew intbagħtu lil, [daħħal l-isem tal-BĊ].

3.   Il-parteċipant għandu jħallas it-tariffi lil [daħħal l-isem tal-BĊ] skont l-Artikolu 8.

4.   Il-parteċipant għandu jiżgura li jkollu konnessjoni teknika mat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] f’konformità mal-iskeda operattiva tat-TARGET stabbilita fl-Appendiċi V. Dan l-obbligu jista’ jitwettaq permezz ta’ entità indikata msemmija fl-Artikolu 7.

5.   Il-parteċipant għandu jirrappreżenta u jiggarantixxi lil [daħħal l-isem tal-BĊ] li t-twettiq tal-obbligi tiegħu skont dawn il-Kundizzjonijiet ma jiksrux xi liġi, regolament jew liġi sussidjarja applikabbli għalih jew xi ftehim li bih ikun marbut.

6.   Il-parteċipant għandu jħallas kwalunkwe taxxa tal-boll applikabbli jew taxxi jew dazji dokumentarji oħra, jekk applikabbli, kif ukoll kwalunkwe spiża oħra li l-parteċipant iġarrab biex jiftaħ, iżomm jew jagħlaq il-kont TARGET tiegħu.

Artikolu 11

Kooperazzjoni u skambju ta’ informazzjoni

1.   Fit-twettiq ta-obbligi tagħhom u fl-eżerċizzju tad-drittijiet tagħhom skont dawn il-Kundizzjonijiet, il-[daħħal l-isem tal-BĊ] u l-parteċipanti għandhom jikkooperaw mill-qrib biex jiżguraw l-istabbiltà, is-sodezza u s-sikurezza tat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż]. Għandhom jipprovdu lil xulxin kwalunkwe informazzjoni jew dokument rilevanti għat-twettiq tal-obbligi u d-drittijiet rispettivi tagħhom skont dawn il-Kundizzjonijiet, bla ħsara għall-obbligi tas-segretezza bankarja.

2.   Il-[daħħal l-isem tal-BĊ] għandu jistabbilixxi u jżomm servizz ta’ appoġġ tas-sistema biex jassisti lill-parteċipanti fir-rigward ta’ diffikultajiet li jinqalgħu b’konnessjoni mal-operazzjonijiet tas-sistema.

3.   Informazzjoni aġġornata dwar l-istatus operazzjonali ta’ kull servizz għandha tkun disponibbli fuq Sistema ta' Informazzjoni TARGET (TIS) fuq paġna web apposta fuq is-sit web tal-BĊE.

4.   Il-[daħħal l-isem tal-BĊ] jista’ jikkomunika messaġġi rilevanti għas-sistema lill-parteċipanti permezz ta’ messaġġ imxandar jew, jekk dan il-mezz ma jkunx disponibbli, permezz ta’ kwalunkwe mezz ieħor xieraq ta’ komunikazzjoni.

5.   Il-parteċipanti għandhom jaġġornaw fil-ħin formoli eżistenti għall-ġbir tad-data ta’ referenza u jissottomettu formoli ġodda għall-ġbir tad-data ta’ referenza lil [daħħal l-isem tal-BĊ]. Il-parteċipanti għandhom jivverifikaw l-akkuratezza tal-informazzjoni relatata magħhom li tiddaħħal fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] mill-[daħħal l-isem tal-BĊ].

6.   Il-parteċipant b’dan jawtorizza lil [daħħal isem il-BĊ] biex jikkomunika lill-BĊNi tal-Livell 3 kull informazzjoni relatata mal-parteċipanti li l-BĊNi tal-Livell 3 jista’ jkollhom bżonn, skont il-ftehim bejn il-BĊNi tal-Livell 3 u l-BĊi tal-Eurosistema li jirregolaw il-forniment tas-servizzi li għandhom jiġu pprovduti mill-BĊNi tal-Livell 3.

7.   Il-parteċipanti għandhom jinformaw lil [daħħal l-isem tal-BĊ] mingħajr dewmien żejjed dwar kwalunkwe bidla fil-kapaċità legali tagħhom u dwar bidliet leġiżlattivi rilevanti li jaffettwaw kwistjonijiet koperti mill-opinjoni tal-pajjiż kif stabbilit fit-termini ta’ referenza mogħtija fl-Appendiċi III.

8.   [Daħħal l-isem tal-BĊ] jista’ f’kull ħin jitlob aġġornament jew tiġdid tal-opinjonijiet tal-pajjiż jew dwar il-kapaċità msemmija fl-Artikolu 5(1)(d) u (e).

9.   Il-parteċipanti għandhom immedjatament jinformaw lil [daħħal l-isem tal-BĊ] jekk iseħħ każ ta’ inadempjenza fir-rigward tagħhom stess jew jekk ikunu suġġetti għal miżuri għall-prevenzjoni ta’ kriżijiet jew għal miżuri ta’ mmaniġġjar tal-kriżijiet skont it-tifsira tad-Direttiva 2014/59/UE tal-Parlament Ewropew u tal-Kunsill (1) jew kwalunkwe leġiżlazzjoni ekwivalenti oħra applikabbli.

Artikolu 12

Remunerazzjoni tal-Kontijiet

1.   L-MCAs, id-DCAs u s-subkontijiet għandhom jew jiġu rremunerati b’żero fil-mija jew bir-rata tal-faċilità tad-depożitu, skont liema tkun l-aktar baxxa, sakemm ma jintużawx biex jinżammu kwalunkwe minn dawn li ġejjin:

| (a) | riżervi minimi; |
| --- | --- |

(a)

riżervi minimi;

| (b) | riżervi f’eċċess; |
| --- | --- |

(b)

riżervi f’eċċess;

| (c) | depożiti tal-gvern kif iddefiniti fl-Artikolu 2 il-punt (5) tal-Linja Gwida (UE) 2019/671 tal-Bank Ċentrali Ewropew (BĊE/2019/7) (2). |
| --- | --- |

(c)

depożiti tal-gvern kif iddefiniti fl-Artikolu 2 il-punt (5) tal-Linja Gwida (UE) 2019/671 tal-Bank Ċentrali Ewropew (BĊE/2019/7) (2).

Fil-każ ta’ riżervi minimi, il-kalkolu u l-ħlas tar-remunerazzjoni tal-parteċipazzjonijiet għandhom ikunu rregolati mir-Regolament tal-Kunsill (KE) Nru 2531/98 (3) u mir-Regolament (UE) 2021/378 (BĊE/2021/1).

Fil-każ ta’ riżervi f’eċċess, il-kalkolu u l-ħlas tar-remunerazzjoni tal-parteċipazzjonijiet għandhom ikunu rregolati mid-Deċiżjoni (UE) 2019/1743 tal-Bank Ċentrali Ewropew (BĊE/2019/31) (4).

Fil-każ ta’ depożiti tal-gvern, ir-remunerazzjoni tal-parteċipazzjonijiet għandha tiġi rregolata mid-dispożizzjonijiet relatati ma’ dawk id-depożiti tal-gvern kif stabbiliti fl-Artikolu 4 tal-Linja Gwida (UE) 2019/671 (BĊE/2019/7)

2.   Il-bilanċi mil-lum għall-għada miżmuma f’kont tekniku ta’ TIPS AS jew f’kont tekniku ta’ RTGS AS għall-proċedura ta’ saldu D ta’ AS, u fondi ta’ garanzija, inklużi dawk miżmuma f’kont ta’ fond ta’ garanzija ta’ AS, għandhom jiġu rremunerati bir-rata tal-faċilità tad-depożitu.

Artikolu 13

Ġestjoni tal-Kontijiet

1.   Il-parteċipanti għandhom jimmonitorjaw u jimmaniġġjaw il-likwidità fil-kontijiet tagħhom f’konformità mal-iskeda operattiva tat-TARGET kif stabbilit fl-Appendiċi V u jwettqu rikonċiljazzjoni fil-livell tat-tranżazzjonijiet mill-inqas darba kuljum. Dan l-obbligu jista’ jiġi ssodisfat permezz ta’ entità magħżula msemmija fl-Artikolu 7.

2.   Il-parteċipant għandu jagħmel użu mill-għodod ipprovduti minn [daħħal l-isem tal-BĊ] bl-iskop ta’ rikonċiljazzjoni tal-kont, b’mod partikolari r-rendikont tal-kont ta’ kuljum li jkun magħmul disponibbli għal kull parteċipant. Dan l-obbligu jista’ jiġi ssodisfat permezz ta’ entità magħżula msemmija fl-Artikolu 7.

3.   Il-parteċipanti għandhom jinformaw minnufih lil [daħħal l-isem tal-BĊ] f’każ li jkun hemm nuqqas ta’ qbil fir-rigward ta’ xi wieħed mill-kontijiet tagħhom.

Artikolu 14

Riżervi minimi

1.   Fuq talba ta’ parteċipant suġġett għal rekwiżit ta’ riżerva minima, il-[daħħal l-isem tal-BĊ] għandu jimmarka MCA jew DCA wieħed jew aktar li jappartjenu għal dak il-parteċipant fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] bħala miżmuma bl-iskop li jiġu ssodisfati r-rekwiżiti ta’ riżerva minima.

2.   Għall-finijiet tat-twettiq tar-rekwiżiti ta’ riżerva minima, fejn applikabbli għall-parteċipant, għandha titqies is-somma tal-bilanċi ta’ tmiem il-jum tal-kontijiet kollha miżmuma minn dak il-parteċipant ma’ [daħħal l-isem tal-BĊ] u mmarkati għal dak il-għan.

Artikolu 15

Ammonti minimi u massimi

1.   Il-parteċipant jista’ jiffissa ammonti minimi u massimi fuq l-MCA jew id-DCAs tiegħu.

2.   Il-parteċipant jista’ jagħżel li jirċievi notifika jekk jinkiser l-ammont tal-limitu minimu jew tal-limitu massimu. Barra minn hekk, għal MCAs jew RTGS DCAs, il-parteċipant jista’ jagħżel li l-ksur jiskatta ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli.

3.   Is-saldu ta’ ordni ta’ trasferiment ta’ likwidità ma għandux jiskatta verifika dwar jekk l-ammont minimu jew massimu jkunx inkiser.

Artikolu 16

Grupp ta’ monitoraġġ tal-kontijiet

1.   Detentur ta’ MCA jista’ joħloq grupp wieħed jew aktar ta’ monitoraġġ tal-kontijiet għall-fini ta’ monitoraġġ tal-likwidità fuq diversi MCAs jew DCAs u jsir il-mexxej ta’ kwalunkwe grupp ta’ monitoraġġ tal-kontijiet li joħloq.

2.   Parteċipant jista’ jżid kwalunkwe wieħed mill-MCAs jew DCAs tiegħu miftuħa fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew fi kwalunkwe sistema komponenti oħra tat-TARGET ma’ grupp wieħed jew aktar ta’ monitoraġġ tal-kontijiet u b’hekk isir membru ta’ dak il-grupp ta’ monitoraġġ tal-kontijiet. Membru ta’ grupp ta’ monitoraġġ tal-kontijiet jista’ jniedi t-tneħħija tal-kont tiegħu minn dak il-grupp ta’ monitoraġġ tal-kontijiet fi kwalunkwe ħin. Parteċipant għandu jinforma lill-mexxej ta’ grupp ta’ monitoraġġ tal-kontijiet qabel ma jżid kont ma’ dak il-grupp ta’ monitoraġġ tal-kontijiet jew ineħħih.

3.   Il-mexxej ta’ grupp ta’ monitoraġġ tal-kontijiet biss għandu jkun jista’ jara l-bilanċi tal-kontijiet kollha inklużi f’dak il-grupp ta’ monitoraġġ tal-kontijiet.

4.   Il-mexxej jista’ jħassar il-grupp ta’ monitoraġġ tal-kontijiet u għandu jinforma lill-membri l-oħra tal-grupp ta’ monitoraġġ tal-kontijiet qabel tali tħassir.

Artikolu 17

Aċċettazzjoni u rifjut ta’ ordnijiet ta’ trasferiment ta’ flus

1.   Ordnijiet ta’ trasferiment ta’ flus sottomessi mill-parteċipanti għandhom jitqiesu aċċettati minn [daħħal l-isem tal-BĊ] jekk:

| (a) | il-messaġġ ta’ trasferiment jikkonforma mar-rekwiżiti tekniċi tat-TARGET deskritti fl-Appendiċi I; |
| --- | --- |

(a)

il-messaġġ ta’ trasferiment jikkonforma mar-rekwiżiti tekniċi tat-TARGET deskritti fl-Appendiċi I;

| (b) | il-messaġġ jikkonforma mar-regoli u l-kundizzjonijiet tal-ifformattjar deskritti fl-Appendiċi I; |
| --- | --- |

(b)

il-messaġġ jikkonforma mar-regoli u l-kundizzjonijiet tal-ifformattjar deskritti fl-Appendiċi I;

| (c) | il-messaġġ jgħaddi mir-rikonċiljazzjoni ta’ kontroentrati deskritta fl-Appendiċi I; |
| --- | --- |

(c)

il-messaġġ jgħaddi mir-rikonċiljazzjoni ta’ kontroentrati deskritta fl-Appendiċi I;

| (d) | f’każijiet fejn pagatur ikun ġie sospiż fir-rigward tal-addebitar tal-kont(ijiet) tiegħu jew benefiċjarju jkun ġie sospiż fir-rigward tal-akkreditar tal-kont(ijiet) tiegħu, ikun inkiseb il-kunsens espliċitu tal-BĊ tal-parteċipant sospiż; |
| --- | --- |

(d)

f’każijiet fejn pagatur ikun ġie sospiż fir-rigward tal-addebitar tal-kont(ijiet) tiegħu jew benefiċjarju jkun ġie sospiż fir-rigward tal-akkreditar tal-kont(ijiet) tiegħu, ikun inkiseb il-kunsens espliċitu tal-BĊ tal-parteċipant sospiż;

| (e) | f’każijiet fejn l-ordni ta’ trasferiment ta’ flus issir bħala parti minn proċedura ta’ saldu ta’ RTGS AS, il-kont tal-parteċipant jiġi inkluż fil-grupp tal-kont bankarju tas-saldu mitlub minn dik l-AS kif stabbilit fl-Artikolu 1(7) tal-Parti VI; u |
| --- | --- |

(e)

f’każijiet fejn l-ordni ta’ trasferiment ta’ flus issir bħala parti minn proċedura ta’ saldu ta’ RTGS AS, il-kont tal-parteċipant jiġi inkluż fil-grupp tal-kont bankarju tas-saldu mitlub minn dik l-AS kif stabbilit fl-Artikolu 1(7) tal-Parti VI; u

| (f) | fil-każ ta’ saldu bejn is-sistemi bħala parti minn proċeduri ta’ saldu ta’ RTGS AS, l-AS ikkonċernata tkun parti minn arranġament ta’ saldu bejn is-sistemi kif stabbilit fl-Artikolu 9 tal-Parti VI. |
| --- | --- |

(f)

fil-każ ta’ saldu bejn is-sistemi bħala parti minn proċeduri ta’ saldu ta’ RTGS AS, l-AS ikkonċernata tkun parti minn arranġament ta’ saldu bejn is-sistemi kif stabbilit fl-Artikolu 9 tal-Parti VI.

2.   Il-[daħħal l-isem tal-BĊ] għandu immedjatament jirrifjuta kwalunkwe ordni ta' ħlas li ma tissodisfax il-kundizzjonijiet stabbiliti fil-paragrafu 1. Il-[daħħal l-isem tal-BĊ] għandu jinforma lill-parteċipant bi kwalunkwe rifjut ta’ ordni ta’ trasferiment ta’ flus, kif speċifikat fl-Appendiċi I.

Artikolu 18

Dħul ta’ ordnijiet ta’ trasferiment ta’ flus fis-sistema u l-irrevokabbiltà tagħhom

1.   Għall-finijiet tal-ewwel sentenza tal-Artikolu 3(1) u l-Artikolu 5 tad-Direttiva 98/26/KE u [daħħal dispożizzjonijiet tal-liġi nazzjonali li jimplimentaw dawn l-Artikoli tad-Direttiva 98/26/KE]:

| (a) | l-ordnijiet kollha ta’ trasferiment ta’ flus, ħlief kif previst fil-punti b), c) u d) ta’ dan il-paragrafu, għandhom jitqiesu mdaħħla fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] u irrevokabbli fil-mument li l-kont tat-TARGET tal-parteċipant rilevanti jiġi ddebitat; |
| --- | --- |

(a)

l-ordnijiet kollha ta’ trasferiment ta’ flus, ħlief kif previst fil-punti b), c) u d) ta’ dan il-paragrafu, għandhom jitqiesu mdaħħla fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] u irrevokabbli fil-mument li l-kont tat-TARGET tal-parteċipant rilevanti jiġi ddebitat;

| (b) | l-ordnijiet ta' ħlas istantanju għandhom jitqiesu mdaħħla fit-TARGET2- [daħħal ir-referenza tal-BĊ/pajjiż] u irrevokabbli fil-mument li l-fondi rilevanti fuq it-TIPS DCA tal-parteċipant jew fuq il-kont tekniku ta’ TIPS AS tiegħu jkunu riżervati; |
| --- | --- |

(b)

l-ordnijiet ta' ħlas istantanju għandhom jitqiesu mdaħħla fit-TARGET2- [daħħal ir-referenza tal-BĊ/pajjiż] u irrevokabbli fil-mument li l-fondi rilevanti fuq it-TIPS DCA tal-parteċipant jew fuq il-kont tekniku ta’ TIPS AS tiegħu jkunu riżervati;

| (c) | fil-każ ta’ tranżazzjonijiet li jiġu saldati fuq it-T2S DCAs u li huma suġġetti għat-tqabbil ta’ żewġ ordnijiet ta’ trasferiment separati:






  (i) | dawn l-ordnijiet ta’ trasferiment, ħlief kif previst fil-punt (ii) ta’ dan is-subparagrafu, għandhom jitqiesu mdaħħla fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] fil-mument li fih ikunu ġew iddikjarati konformi mar-regoli tekniċi tat-T2S mill-Pjattaforma T2S u irrevokabbli fil-mument li t-tranżazzjoni tkun ingħatat l-istatus “rikonċiljata” fuq il-Pjattaforma T2S; |
| --- | --- | --- |

(c)

fil-każ ta’ tranżazzjonijiet li jiġu saldati fuq it-T2S DCAs u li huma suġġetti għat-tqabbil ta’ żewġ ordnijiet ta’ trasferiment separati:

(i)

dawn l-ordnijiet ta’ trasferiment, ħlief kif previst fil-punt (ii) ta’ dan is-subparagrafu, għandhom jitqiesu mdaħħla fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] fil-mument li fih ikunu ġew iddikjarati konformi mar-regoli tekniċi tat-T2S mill-Pjattaforma T2S u irrevokabbli fil-mument li t-tranżazzjoni tkun ingħatat l-istatus “rikonċiljata” fuq il-Pjattaforma T2S;

| (ii) | fil-każ ta’ tranżazzjonijiet li jinvolvu CSD parteċipanti wieħed li għandu komponent ta’ rikonċiljazzjoni separat fejn l-ordnijiet ta’ trasferiment jintbagħtu direttament lil dak is-CSD parteċipanti biex jiġu rrikonċiljati fil-komponent ta’ rikonċiljazzjoni separat tiegħu, dawn l-ordnijiet ta’ trasferiment għandhom jitqiesu li ddaħħlu fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] fil-mument li fih ikunu ġew iddikjarati konformi mar-regoli tekniċi tat-T2S minn dak is-CSD parteċipanti u irrevokabbli mill-mument li t-tranżazzjoni tkun ingħatat l-istatus “rikonċiljata” fuq il-Pjattaforma T2S. Lista ta’ CSDs parteċipanti msemmija f’dan il-punt (ii) hija disponibbli fis-sit web tal-BĊE; |
| --- | --- |

(ii)

fil-każ ta’ tranżazzjonijiet li jinvolvu CSD parteċipanti wieħed li għandu komponent ta’ rikonċiljazzjoni separat fejn l-ordnijiet ta’ trasferiment jintbagħtu direttament lil dak is-CSD parteċipanti biex jiġu rrikonċiljati fil-komponent ta’ rikonċiljazzjoni separat tiegħu, dawn l-ordnijiet ta’ trasferiment għandhom jitqiesu li ddaħħlu fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] fil-mument li fih ikunu ġew iddikjarati konformi mar-regoli tekniċi tat-T2S minn dak is-CSD parteċipanti u irrevokabbli mill-mument li t-tranżazzjoni tkun ingħatat l-istatus “rikonċiljata” fuq il-Pjattaforma T2S. Lista ta’ CSDs parteċipanti msemmija f’dan il-punt (ii) hija disponibbli fis-sit web tal-BĊE;

| (d) | ordnijiet ta’ trasferiment ta’ flus b’rabta mal-proċeduri ta’ saldu ta’ RTGS AS għandhom jitqiesu mdaħħla fis-sistema komponenti tat-TARGET tal-kont li għandu jiġi ddebitat fil-mument li fih jiġu aċċettati minn dik is-sistema komponenti tat-TARGET u irrevokabbli f’dak il-mument. |
| --- | --- |

(d)

ordnijiet ta’ trasferiment ta’ flus b’rabta mal-proċeduri ta’ saldu ta’ RTGS AS għandhom jitqiesu mdaħħla fis-sistema komponenti tat-TARGET tal-kont li għandu jiġi ddebitat fil-mument li fih jiġu aċċettati minn dik is-sistema komponenti tat-TARGET u irrevokabbli f’dak il-mument.

2.   Id-dispożizzjonijiet tal-paragrafu 1 ma għandhom jaffettwaw l-ebda regola ta’ AS li tistipula mument ta’ dħul fl-AS u/jew l-irrevokabbiltà tal-ordnijiet ta’ trasferiment sottomessi lilha f’punt ta’ żmien qabel il-mument tad-dħul tal-ordnijiet ta’ trasferiment rispettivi ta’ AS fis-sistema komponenti rilevanti tat-TARGET.

3.   Ordnijiet ta’ trasferiment ta’ flus inklużi f’algoritmu ma jistgħux jiġu rrevokati matul il-perjodu li l-algoritmu jkun qed jaħdem.

Artikolu 19

Proċeduri ta’ kontinwità tal-operat u ta’ kontinġenza

1.   Fil-każ ta’ avveniment estern anormali jew kwalunkwe avveniment ieħor li jaffettwa t-tranżazzjonijiet fuq il-kontijiet tat-TARGET, għandhom japplikaw il-proċeduri ta’ kontinwità tal-operat u ta’ kontinġenza deskritti fl-Appendiċi IV.

2.   F’ċirkostanzi eċċezzjonali, l-iskeda operattiva tat-TARGET tista’ tinbidel, f’liema każ il-parteċipanti jiġu informati minn [daħħal l-isem tal-BĊ].

3.   F’ċirkostanzi eċċezzjonali AS tista’ tagħmel talba lil [daħħal l-isem tal-BĊ] biex jimmodifika l-iskeda operattiva tat-TARGET.

4.   L-Eurosistema tipprovdi l-użu ta’ Soluzzjoni ta’ Kontinġenza jekk l-avvenimenti deskritti fil-paragrafu 1 iseħħu. Il-konnessjoni ma’ u l-użu tas-Soluzzjoni ta’ Kontinġenza għandhom ikunu obbligatorji għall-parteċipanti meqjusa minn [daħħal l-isem tal-BĊ] bħala kritiċi u għall-parteċipanti li jagħmlu saldu ta’ tranżazzjonijiet kritiċi ħafna kif stabbilit fl-Appendiċi IV. Parteċipanti oħra jistgħu, fuq talba, jikkollegaw mas-Soluzzjoni ta’ Kontinġenza.

Artikolu 20

Rekwiżiti ta’ sigurtà

1.   Il-parteċipanti għandhom jimplimentaw kontrolli ta’ sigurtà adegwati biex jipproteġu s-sistemi tagħhom minn aċċess u użu mhux awtorizzat. Il-parteċipanti għandhom ikunu esklużivament responsabbli għall-protezzjoni adegwata tal-kunfidenzjalità, l-integrità u d-disponibbiltà tas-sistemi tagħhom.

2.   Il-parteċipanti għandhom jinformaw minnufih lil [daħħal l-isem tal-BĊ] dwar kwalunkwe inċident relatat mas-sigurtà fl-infrastruttura teknika tagħhom u, fejn xieraq, dwar inċidenti relatati mas-sigurtà li jseħħu fl-infrastruttura teknika tal-fornituri terzi. Il-[daħħal l-isem tal-BĊ] jista’ jitlob aktar informazzjoni dwar l-inċident u, jekk meħtieġ, jitlob biex il-parteċipant jieħu miżuri xierqa biex jevita li jerġa’ jseħħ xi inċident ta’ dak it-tip.

3.   Il-[daħħal l-isem tal-BĊ] jista’ jimponi obbligi ta’ sigurtà addizzjonali, b’mod partikolari fir-rigward taċ-ċibersigurtà jew il-prevenzjoni tal-frodi, fuq il-parteċipanti kollha u/jew fuq il-parteċipanti li huma kkunsidrati kritiċi minn [daħħal l-isem tal-BĊ].

4.   Il-parteċipanti għandhom jipprovdu lil [daħħal l-isem tal-BĊ]: (i) aċċess permanenti għall-attestazzjoni tal-konformità tagħhom mar-rekwiżiti tas-sigurtà tal-punt tat-tmiem tal-NSP magħżul tagħhom; u (ii) fuq bażi annwali, id-dikjarazzjoni ta’ awtoċertifikazzjoni tat-TARGET kif meħtieġa għat-tipi ta’ kontijiet li jkollhom u kif ippubblikati fuq is-sit web tal-[daħħal l-isem tal-BĊ] u fuq is-sit web tal-BĊE bl-Ingliż.

5.   Il-[daħħal l-isem tal-BĊ] għandu jivvaluta d-dikjarazzjoni(jiet) ta’ awtoċertifikazzjoni tal-parteċipant dwar il-livell ta’ konformità tal-parteċipant ma’ kull wieħed mir-rekwiżiti stabbiliti fir-rekwiżiti ta’ awtoċertifikazzjoni tat-TARGET. Dawn ir-rekwiżiti huma elenkati fl-Appendiċi VII.

6.   Il-livell ta’ konformità tal-parteċipant mar-rekwiżiti tal-awtoċertifikazzjoni tat-TARGET għandu jiġi kkategorizzat kif ġej, f’ordni dejjem akbar ta’ severità: “konformità sħiħa”; “nuqqas ta’ konformità minuri”; jew, “nuqqas ta’ konformità maġġuri”. Il-kriterji li ġejjin għandhom japplikaw: tintlaħaq konformità sħiħa meta l-parteċipanti jissodisfaw 100 % tar-rekwiżiti; nuqqas ta’ konformità minuri jseħħ meta parteċipant jissodisfa inqas minn 100% iżda mill-inqas 66% tar-rekwiżiti u nuqqas ta’ konformità maġġuri jseħħ meta parteċipant jissodisfa inqas minn 66% tar-rekwiżiti. Jekk parteċipant juri li rekwiżit speċifiku ma jkunx applikabbli għalih, għandu jitqies bħala konformi mar-rekwiżit rispettiv għall-finijiet tal-kategorizzazzjoni. Parteċipant li jonqos milli jilħaq “konformità sħiħa” għandu jissottometti pjan ta’ azzjoni li juri kif ikun biħsiebu jilħaq konformità sħiħa. Il-[daħħal l-isem tal-BĊ] għandu jinforma lill-awtoritajiet superviżorji rilevanti bl-istatus tal-konformità ta’ dan il-parteċipant.

7.   Jekk il-parteċipant jirrifjuta li jagħti aċċess permanenti għall-attestazzjoni ta’ aderenza mar-rekwiżiti ta’ sigurtà tal-punt tat-tmiem tal-NSPs magħżula tiegħu jew ma jipprovdix l-awtoċertifikazzjoni tat-TARGET, il-livell ta’ konformità tal-parteċipant għandu jiġi kkategorizzat bħala “nuqqas ta’ konformità maġġuri”.

8.   Il-[daħħal l-isem tal-BĊ] għandu jivvaluta mill-ġdid il-konformità tal-parteċipanti fuq bażi annwali.

9.   Il-[daħħal l-isem tal-BĊ] jista’ jimponi l-miżuri ta’ rimedju li ġejjin fuq parteċipanti li l-livell ta’ konformità tagħhom jkun ġie vvalutat bħala nuqqas ta’ konformità minuri jew maġġuri, f’ordni dejjem akbar ta’ severità:

| (a) | monitoraġġ imsaħħaħ: il-parteċipant għandu jipprovdi lill-[daħħal l-isem tal-BĊ] b’rapport fix-xahar dwar il-progress tiegħu fl-indirizzar tan-nuqqas ta’ konformità, iffirmat minn eżekuttiv anzjan. Il-parteċipant għandu jħallas ukoll penali ta’ EUR 1 000 fix-xahar għal kull kont affettwat. Din il-miżura ta’ rimedju tista’ tiġi imposta fil-każ li l-parteċipant jirċievi t-tieni valutazzjoni konsekuttiva ta’ nuqqas ta’ konformità minuri jew valutazzjoni ta’ nuqqas ta’ konformità maġġuri; |
| --- | --- |

(a)

monitoraġġ imsaħħaħ: il-parteċipant għandu jipprovdi lill-[daħħal l-isem tal-BĊ] b’rapport fix-xahar dwar il-progress tiegħu fl-indirizzar tan-nuqqas ta’ konformità, iffirmat minn eżekuttiv anzjan. Il-parteċipant għandu jħallas ukoll penali ta’ EUR 1 000 fix-xahar għal kull kont affettwat. Din il-miżura ta’ rimedju tista’ tiġi imposta fil-każ li l-parteċipant jirċievi t-tieni valutazzjoni konsekuttiva ta’ nuqqas ta’ konformità minuri jew valutazzjoni ta’ nuqqas ta’ konformità maġġuri;

| (b) | sospensjoni: il-parteċipazzjoni fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] tista’ tiġi sospiża fiċ-ċirkostanzi deskritti fl-Artikolu 25(2)(b) u/jew (c). B’deroga mill-Artikolu 25, il-parteċipant għandu jingħata avviż ta’ tliet xhur dwar tali sospensjoni. Il-parteċipant għandu jħallas ukoll penali ta’ EUR 2 000 fix-xahar għal kull kont sospiż. Din il-miżura ta’ rimedju tista’ tiġi imposta f’każ li l-parteċipant jirċievi t-tieni valutazzjoni konsekuttiva ta’ nuqqas ta’ konformità maġġuri; |
| --- | --- |

(b)

sospensjoni: il-parteċipazzjoni fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] tista’ tiġi sospiża fiċ-ċirkostanzi deskritti fl-Artikolu 25(2)(b) u/jew (c). B’deroga mill-Artikolu 25, il-parteċipant għandu jingħata avviż ta’ tliet xhur dwar tali sospensjoni. Il-parteċipant għandu jħallas ukoll penali ta’ EUR 2 000 fix-xahar għal kull kont sospiż. Din il-miżura ta’ rimedju tista’ tiġi imposta f’każ li l-parteċipant jirċievi t-tieni valutazzjoni konsekuttiva ta’ nuqqas ta’ konformità maġġuri;

| (c) | sospensjoni: il-parteċipazzjoni fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] tista’ tiġi sospiża fiċ-ċirkostanzi deskritti fl-Artikolu 25(2)(b) u/jew (c). B’deroga mill-Artikolu 25, il-parteċipant għandu jingħata avviż ta’ tliet xhur. Il-parteċipant għandu jħallas penali addizzjonali ta’ EUR 1 000 għal kull kont itterminat. Din il-miżura ta’ rimedju tista’ tiġi imposta jekk il-parteċipant ma jkunx indirizza n-nuqqas ta' konformità maġġuri għas-sodisfazzjon tal-[daħħal l-isem tal-BĊ] wara sospensjoni ta’ tliet xhur. |
| --- | --- |

(c)

sospensjoni: il-parteċipazzjoni fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] tista’ tiġi sospiża fiċ-ċirkostanzi deskritti fl-Artikolu 25(2)(b) u/jew (c). B’deroga mill-Artikolu 25, il-parteċipant għandu jingħata avviż ta’ tliet xhur. Il-parteċipant għandu jħallas penali addizzjonali ta’ EUR 1 000 għal kull kont itterminat. Din il-miżura ta’ rimedju tista’ tiġi imposta jekk il-parteċipant ma jkunx indirizza n-nuqqas ta' konformità maġġuri għas-sodisfazzjon tal-[daħħal l-isem tal-BĊ] wara sospensjoni ta’ tliet xhur.

10.   Il-parteċipanti li jippermettu aċċess għall-kont tat-TARGET tagħhom minn partijiet terzi kif stabbilit fl-Artikolu 7 u l-parteċipanti li rreġistraw detenturi ta’ BIC indirizzabbli għandhom jindirizzaw ir-riskju li jirriżulta mill-għoti ta’ tali aċċess f’konformità mar-rekwiżiti ta’ sigurtà stabbiliti fil-paragrafi 1 sa 9.

Artikolu 21

Skema ta’ Kumpens

Jekk ordni ta’ trasferiment ta’ flus ma tkunx tista’ tiġi saldata fl-istess jum ta’ negozju li fih ġiet aċċettata minħabba ħsara teknika fit-TARGET, il-[daħħal l-isem tal-BĊ] għandu joffri li jikkumpensa lill-parteċipant ikkonċernat f’konformità mal-proċedura speċjali stabbilita fl-Appendiċi II.

Artikolu 22

Reġim ta’ responsabbiltà

1.   Meta jwettqu l-obbligi tagħhom bis-saħħa ta’ dawn il-Kundizzjonijiet, il-[daħħal l-isem tal-BĊ] u l-parteċipanti għandhom jintrabtu b’obbligu ġenerali ta’ bonus pater familias fil-konfront ta’ xulxin.

2.   Il-[daħħal l-isem tal-BĊ] għandu jkun responsabbli lejn il-parteċipanti tiegħu f’każijiet ta’ frodi (inkluż imma mhux biss imġiba ħażina volontarja) jew negliġenza kbira, għall kull telf li jirriżulta mill-operat tat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż]. Fil-każijiet ta’ negliġenza ordinarja, ir-responsabbiltà ta’ [daħħal l-isem tal-BĊ] għandha tkun limitata għat-telf dirett tal-parteċipant, jiġifieri l-ammont tat-tranżazzjoni inkwistjoni u/jew għat-telf tal-imgħax fuqu, u eskluż kull telf konsegwenti.

3.   Il-[daħħal l-isem tal-BĊ] ma għandux ikun responsabbli għal kwalunkwe telf li jirriżulta minn kwalunkwe ħsara fl-infrastruttura teknika (inkluż iżda mhux limitat għall-infrastruttura tal-kompjuters, il-programmi, id-data, l-applikazzjonijiet jew in-networks tal-[daħħal l-isem tal-BĊ], jekk din il-ħsara tinqala’ minkejja li [daħħal l-isem tal-BĊ] ikun adotta dawk il-miżuri li huma raġonevolment meħtieġa biex tali infrastruttura tiġi protetta mill-ħsara, u biex isolvi l-konsegwenzi ta’ tali ħsara (dawn tal-aħħar jinkludu iżda ma humiex limitati għall-bidu u t-tlestija tal-proċeduri ta’ kontinwità tal-operat u ta’ kontinġenza msemmija fl-Appendiċi IV).

4.   Il-[daħħal l-isem tal-BĊ] ma għandux ikun responsabbli:

| (a) | sa fejn il-ħsara tkun ikkawżata mill-parteċipant; jew |
| --- | --- |

(a)

sa fejn il-ħsara tkun ikkawżata mill-parteċipant; jew

| (b) | jekk it-telf jirriżulta minn avvenimenti esterni lil hinn mill-kontroll raġonevoli ta’ [daħħal l-isem tal-BĊ] (force majeure). |
| --- | --- |

(b)

jekk it-telf jirriżulta minn avvenimenti esterni lil hinn mill-kontroll raġonevoli ta’ [daħħal l-isem tal-BĊ] (force majeure).

5.   Minkejja l-[daħħal id-dispożizzjonijiet tal-liġi nazzjonali applikabbli] il-paragrafi 1 sa 4 għandhom japplikaw sal-punt li r-responsabbiltà ta’ [daħħal l-isem tal-BĊ] tista’ tiġi eskluża.

6.   Il-[daħħal l-isem tal-BĊ] u l-parteċipanti għandhom jieħdu l-miżuri raġonevoli u prattiċi kollha biex itaffu kwalunkwe dannu jew telf imsemmi f’dan l-Artikolu.

7.   Fit-twettiq tal-obbligi kollha tiegħu jew xi wħud minnhom skont dawn il-Kundizzjonijiet, il-[daħħal l-isem tal-BĊ] jista’ jikkummissjona partijiet terzi f’ismu, b’mod partikolari fornituri tat-telekomunikazzjonijiet jew ta’ networks oħra jew entitajiet oħra, jekk dan ikun meħtieġ biex jitwettqu l-obbligi ta’ [daħħal l-isem tal-BĊ] jew jekk dan ikun prassi standard fis-suq. L-obbligu ta’ [daħħal l-isem tal-BĊ] għandu jkun limitat għall-għażla u l-kummissjonar xierqa ta’ kwalunkwe parti terza, u r-responsabbiltà ta’ [daħħal l-isem tal-BĊ] għandha tkun limitata skont dan. Għall-finijiet ta’ dan il-paragrafu, il-BĊNi tal-Livell 3 ma għandhomx jitqiesu bħala partijiet terzi.

Artikolu 23

Evidenza

1.   Sakemm ma jkunx previst mod ieħor f’dawn il-Kundizzjonijiet, l-ordnijiet kollha ta’ trasferiment ta’ flus u l-messaġġi relatati, bħall-konferma tad-debiti jew tal-krediti, jew il-messaġġi ta’ dikjarazzjoni, bejn [daħħal l-isem tal-BĊ] u l-parteċipanti għandhom isiru permezz tal-NSP rilevanti.

2.   Rekords elettroniċi jew bil-miktub tal-messaġġi miżmuma mill-[daħħal l-isem tal-BĊ] jew mill-NSP rilevanti għandhom jiġu aċċettati bħala mezz ta’ evidenza tal-ħlasijiet ipproċessati permezz tal-[daħħal l-isem tal-BĊ]. Il-verżjoni ssejvjata jew stampata tal-messaġġ oriġinali tal-NSP rilevanti għandha tiġi aċċettata bħala mezz ta’ evidenza, irrispettivament mill-forma tal-messaġġ oriġinali.

3.   Jekk tinqata’ l-konnessjoni ta’ parteċipant mal-NSP, il-parteċipant għandu juża l-mezzi alternattivi ta’ trażmissjoni ta’ messaġġi kif miftiehem ma’ [daħħal l-isem tal-BĊ]. F’każijiet bħal dawn, il-verżjoni ssejvjata jew stampata tal-messaġġ prodott minn [daħħal l-isem tal-BĊ] għandu jkollha l-istess valur ta’ evidenza bħall-messaġġ oriġinali, irrispettivament mill-forma tagħha.

4.   Il-[daħħal l-isem tal-BĊ] għandu jżomm rekords kompluti tal-ordnijiet ta’ trasferiment ta’ flus sottomessi u l-ħlasijiet riċevuti mill-parteċipanti għal perjodu ta’ [daħħal il-perjodu meħtieġ mil-liġi nazzjonali rilevanti] mill-mument li fih jiġu sottomessi dawn l-ordnijiet ta’ trasferiment ta’ flus u jiġu riċevuti l-ħlasijiet, dment li tali rekords kompluti għandhom ikopru minimu ta’ ħames snin għal kwalunkwe parteċipant fit-TARGET li jkun soġġett għal viġilanza kontinwa skont miżuri restrittivi adottati mill-Kunsill tal-Unjoni Ewropea jew mill-Istati Membri, jew aktar jekk ikun meħtieġ minn regolamenti speċifiċi.

5.   Il-kotba u r-rekords tal-[daħħal l-isem tal-BĊ] innifsu għandhom jiġu aċċettati bħala mezz ta’ evidenza ta’ kwalunkwe obbligu tal-parteċipanti u ta’ kwalunkwe fatt u avveniment li fuqhom jiddependu l-partijiet.

Artikolu 24

Durata u terminazzjoni ordinarja tal-parteċipazzjoni u għeluq tal-kontijiet

1.   Mingħajr preġudizzju għall-Artikolu 25, il-parteċipazzjoni fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għandha tkun għal perjodu ta’ żmien indefinit.

2.   Parteċipant jista’ jittermina kwalunkwe wieħed minn dawn li ġejjin fi kwalunkwe ħin billi tagħti avviż ta’ 14-il jum ta’ negozju dwar dan, sakemm ma jiftiehemx fuq perjodu ta’ avviż iqsar ma’ [daħħal l-isem tal-BĊ]:

| (a) | il-parteċipazzjoni sħiħa tagħha fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż]; |
| --- | --- |

(a)

il-parteċipazzjoni sħiħa tagħha fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż];

| (b) | wieħed jew aktar mid-DCAs, mill-kontijiet tekniċi ta’ RTGS AS u/jew mill-kontijiet tekniċi ta’ TIPS AS tagħha; |
| --- | --- |

(b)

wieħed jew aktar mid-DCAs, mill-kontijiet tekniċi ta’ RTGS AS u/jew mill-kontijiet tekniċi ta’ TIPS AS tagħha;

| (c) | wieħed jew aktar mill-MCAs tagħha, sakemm tibqa’ tikkonforma mal-Artikolu 5. |
| --- | --- |

(c)

wieħed jew aktar mill-MCAs tagħha, sakemm tibqa’ tikkonforma mal-Artikolu 5.

3.   Il-[daħħal l-isem tal-BĊ] jista’ jittermina kwalunkwe wieħed minn dawn li ġejjin fi kwalunkwe ħin billi jagħti avviż ta’ tliet xhur dwar dan, sakemm ma jiftiehemx fuq perjodu ta’ avviż differenti mal-parteċipant rilevanti:

| (a) | il-parteċipazzjoni sħiħa ta’ parteċipant fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż]; |
| --- | --- |

(a)

il-parteċipazzjoni sħiħa ta’ parteċipant fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż];

| (b) | wieħed jew aktar mid-DCAs, mill-kontijiet tekniċi ta’ RTGS AS jew mill-kontijiet tekniċi ta’ TIPS AS tal-parteċipant; |
| --- | --- |

(b)

wieħed jew aktar mid-DCAs, mill-kontijiet tekniċi ta’ RTGS AS jew mill-kontijiet tekniċi ta’ TIPS AS tal-parteċipant;

| (c) | wieħed jew aktar mill-MCAs ta’ parteċipant, sakemm il-parteċipant jibqa’ jkollu mill-inqas MCA wieħed. |
| --- | --- |

(c)

wieħed jew aktar mill-MCAs ta’ parteċipant, sakemm il-parteċipant jibqa’ jkollu mill-inqas MCA wieħed.

4.   Mat-terminazzjoni tal-parteċipazzjoni, id-dmirijiet ta’ kunfidenzjalità stabbiliti fl-Artikolu 28 għandhom jibqgħu fis-seħħ għal perjodu ta’ ħames snin li jibda fid-data tat-terminazzjoni.

5.   Mat-terminazzjoni tal-parteċipazzjoni, il-[daħħal l-isem tal-BĊ] għandu jagħlaq il-kontijiet tat-TARGET kollha tal-parteċipant ikkonċernata skont l-Artikolu 26.

Artikolu 25

Sospensjoni u terminazzjoni straordinarja tal-parteċipazzjoni

1.   Il-parteċipazzjoni ta’ parteċipant fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għandha tiġi tterminata minnufih mingħajr avviż minn qabel jew sospiża jekk iseħħ wieħed mill-avvenimenti ta’ inadempjenza li ġejjin:

| (a) | il-ftuħ ta’ proċedimenti ta’ insolvenza; u/jew |
| --- | --- |

(a)

il-ftuħ ta’ proċedimenti ta’ insolvenza; u/jew

| (b) | il-parteċipant ma jibqax jissodisfa l-kriterji ta’ aċċess stabbiliti fl-Artikolu 4. |
| --- | --- |

(b)

il-parteċipant ma jibqax jissodisfa l-kriterji ta’ aċċess stabbiliti fl-Artikolu 4.

Għall-finijiet ta’ dan il-paragrafu, it-teħid ta’ miżuri ta’ prevenzjoni tal-kriżijiet jew ta’ miżuri ta’ mmaniġġjar tal-kriżijiet skont it-tifsira tad-Direttiva 2014/59/UE kontra parteċipant ma għandux awtomatikament jikkwalifika bħala l-ftuħ ta’ proċedimenti ta’ insolvenza.

2.   Il-[daħħal l-isem tal-BĊ] jista’ jittermina mingħajr avviż minn qabel jew jissospendi l-parteċipazzjoni tal-parteċipant fit-TARGET-[daħħal il-BĊ/ir-referenza tal-pajjiż] jekk:

| (a) | iseħħ każ ta’ inadempjenza wieħed jew aktar (minbarra dawk imsemmijin fil-paragrafu 1); |
| --- | --- |

(a)

iseħħ każ ta’ inadempjenza wieħed jew aktar (minbarra dawk imsemmijin fil-paragrafu 1);

| (b) | il-parteċipant ikun fi ksur materjali ta’ kwalunkwe waħda minn dawn il-Kundizzjonijiet; |
| --- | --- |

(b)

il-parteċipant ikun fi ksur materjali ta’ kwalunkwe waħda minn dawn il-Kundizzjonijiet;

| (c) | il-parteċipant jonqos milli jwettaq kwalunkwe obbligu materjali lejn il-[daħħal l-isem tal-CB]; |
| --- | --- |

(c)

il-parteċipant jonqos milli jwettaq kwalunkwe obbligu materjali lejn il-[daħħal l-isem tal-CB];

| (d) | il-parteċipant ma jibqax ikollu ftehim validu ma’ NSP biex jipprovdi l-konnessjoni meħtieġa mat-TARGET; |
| --- | --- |

(d)

il-parteċipant ma jibqax ikollu ftehim validu ma’ NSP biex jipprovdi l-konnessjoni meħtieġa mat-TARGET;

| (e) | iseħħ kwalunkwe avveniment ieħor relatat mal-parteċipant li, skont il-valutazzjoni ta’ [daħħal l-isem tal-BĊ], tipperikola l-istabbiltà, is-sodezza u s-sikurezza ġenerali tat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew ta’ kwalunkwe sistema komponenti oħra tat-TARGET, jew tipperikola t-twettiq tal-kompiti tal-[daħħal l-isem tal-BĊ] kif deskritt fi [irreferi għal-liġi nazzjonali rilevanti] u fl-Istatut tas-Sistema Ewropea ta’ Banek Ċentrali u tal-Bank Ċentrali Ewropew, jew toħloq riskji għal raġunijiet ta’ prudenza; |
| --- | --- |

(e)

iseħħ kwalunkwe avveniment ieħor relatat mal-parteċipant li, skont il-valutazzjoni ta’ [daħħal l-isem tal-BĊ], tipperikola l-istabbiltà, is-sodezza u s-sikurezza ġenerali tat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew ta’ kwalunkwe sistema komponenti oħra tat-TARGET, jew tipperikola t-twettiq tal-kompiti tal-[daħħal l-isem tal-BĊ] kif deskritt fi [irreferi għal-liġi nazzjonali rilevanti] u fl-Istatut tas-Sistema Ewropea ta’ Banek Ċentrali u tal-Bank Ċentrali Ewropew, jew toħloq riskji għal raġunijiet ta’ prudenza;

| (f) | BĊN jissospendi jew jittermina l-aċċess tal-parteċipant għall-kreditu intraġurnata, inkluża l-awtokollateralizzazzjoni, skont l-Artikolu 13 tal-Parti II; u/jew |
| --- | --- |

(f)

BĊN jissospendi jew jittermina l-aċċess tal-parteċipant għall-kreditu intraġurnata, inkluża l-awtokollateralizzazzjoni, skont l-Artikolu 13 tal-Parti II; u/jew

| (g) | il-parteċipant ikun eskluż minn jew inkella ma jibqax membru ta’ waħda mill-Grupp ta’ Utenti Magħluq (Closed Group of Users) tal-NSP. |
| --- | --- |

(g)

il-parteċipant ikun eskluż minn jew inkella ma jibqax membru ta’ waħda mill-Grupp ta’ Utenti Magħluq (Closed Group of Users) tal-NSP.

3.   Fl-eżerċizzju tad-diskrezzjoni tiegħu taħt il-paragrafu 2, il-[daħħal l-isem tal-BĊ] għandu jqis, inter alia, is-serjetà tal-każ ta’ inadempjenza jew tal-każijiet imsemmija fil-punti (a) sa (c) tal-paragrafu 2.

4.   Fil-każ li [daħħal l-isem tal-BĊ] jissospendi jew jittermina l-parteċipazzjoni ta’ parteċipant fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] skont il-paragrafi 1 jew 2, il-[daħħal l-isem tal-BĊ] għandu jinforma mingħajr dewmien żejjed – permezz ta’ messaġġ imxandar jew, jekk dan ma jkunx disponibbli, bi kwalunkwe mezz xieraq ieħor ta’ komunikazzjoni – lill-parteċipant rispettiv, lil BĊi oħrajn u lill-parteċipanti fis-sistemi komponenti kollha tat-TARGET dwar tali sospensjoni jew terminazzjoni. Dan il-messaġġ għandu jitqies li nħareġ mill-BĊ domestiku tal-parteċipant rispettiv.

5.   Ladarba messaġġ maħruġ skont il-paragrafu 4 ikun ġie riċevut mill-parteċipanti, dawn għandhom jitqiesu informati bit-terminazzjoni/is-sospensjoni tal-parteċipazzjoni ta’ parteċipant fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew f’sistema komponenti oħra tat-TARGET. Il-parteċipanti għandhom iġorru kwalunkwe telf li jirriżulta mis-sottomissjoni ta’ ordni ta’ trasferiment ta’ flus lil parteċipanti li l-parteċipazzjoni tagħhom tkun ġiet sospiża jew itterminata jekk tali ordni ta’ trasferiment ta’ flus tkun iddaħħlet fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] wara li jirċievu l-messaġġ.

Artikolu 26

Għeluq ta’ kontijiet TARGET minn [daħħal l-isem tal-BĊ] mat-terminazzjoni tal-parteċipazzjoni

Mat-terminazzjoni tal-parteċipazzjoni ta’ parteċipant fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] skont l-Artikolu 24 jew 25, il-[daħħal l-isem tal-BĊ] għandu jagħlaq il-kontijiet fit-TARGET tal-parteċipant ikonċernat, wara li jkun issalda jew irrifjuta kwalunkwe ordni ta’ trasferiment ta’ flus fil-kju, u għamel użu mid-drittijiet tiegħu ta’ rahan u ta’ tpaċija skont l-Artikolu 27.

Artikolu 27

Id-drittijiet ta’ rahan u ta’ tpaċija ta’ [daħħal l-isem tal-BĊ]

1.   [Daħħal jekk applikabbli: Il-[daħħal l-isem tal-BĊ] għandu jkollu rahan fuq il-bilanċi tal-kreditu eżistenti u futuri tal-parteċipant fil-kontijiet tat-TARGET tiegħu, biex b’dan jikkollateralizza kwalunkwe pretensjoni kurrenti jew futura li tirriżulta mir-relazzjoni legali bejn il-partijiet.]

| (a) | [Daħħal jekk applikabbli: Il-pretensjonijiet kurrenti u futuri ta’ parteċipant fir-rigward tal-[daħħal l-isem tal-BĊ] li jirriżultaw minn bilanċ tal-kreditu fil-kontijiet tat-TARGET għandhom jiġu ttrasferiti lill-[daħħal l-isem tal-BĊ] bħala kollateral, jiġifieri bħala trasferiment fiduċjarju, għal kull pretensjoni kurrenti jew futura tal-[daħħal l-isem tal-BĊ] fir-rigward tal-parteċipant li tirriżulta mill-[daħħal ir-referenza għall-arranġament li jimplimenta dawn il-Kundizzjonijiet]. Dan il-kollateral għandu jiġi stabbilit bis-sempliċi fatt illi l-fondi jkunu ġew akkreditati lill-kontijiet tat-TARGET tal-parteċipant.] |
| --- | --- |

(a)

[Daħħal jekk applikabbli: Il-pretensjonijiet kurrenti u futuri ta’ parteċipant fir-rigward tal-[daħħal l-isem tal-BĊ] li jirriżultaw minn bilanċ tal-kreditu fil-kontijiet tat-TARGET għandhom jiġu ttrasferiti lill-[daħħal l-isem tal-BĊ] bħala kollateral, jiġifieri bħala trasferiment fiduċjarju, għal kull pretensjoni kurrenti jew futura tal-[daħħal l-isem tal-BĊ] fir-rigward tal-parteċipant li tirriżulta mill-[daħħal ir-referenza għall-arranġament li jimplimenta dawn il-Kundizzjonijiet]. Dan il-kollateral għandu jiġi stabbilit bis-sempliċi fatt illi l-fondi jkunu ġew akkreditati lill-kontijiet tat-TARGET tal-parteċipant.]

| (b) | [Daħħal jekk applikabbli: Il-[daħħal l-isem tal-BĊ] għandu jkollu imposta flessibbli fuq il-bilanċi tal-kreditu eżistenti u futuri tal-parteċipant fil-kontijiet tat-TARGET tiegħu, biex b’dan jikkollateralizza kwalunkwe pretensjoni kurrenti jew futura li tirriżulta mir-relazzjoni legali bejn il-partijiet.] |
| --- | --- |

(b)

[Daħħal jekk applikabbli: Il-[daħħal l-isem tal-BĊ] għandu jkollu imposta flessibbli fuq il-bilanċi tal-kreditu eżistenti u futuri tal-parteċipant fil-kontijiet tat-TARGET tiegħu, biex b’dan jikkollateralizza kwalunkwe pretensjoni kurrenti jew futura li tirriżulta mir-relazzjoni legali bejn il-partijiet.]

2.   [Daħħal jekk applikabbli: Il-[daħħal l-isem tal-BĊ] għandu jkollu d-dritt imsemmi fil-paragrafu 1 anke jekk il-pretensjonijiet tiegħu jkunu kontinġenti biss jew għadhom mhux dovuti.]

3.   [Daħħal jekk applikabbli: Il-parteċipant, fil-kapaċità tiegħu bħala detentur ta’ kont tat-TARGET, b’dan jirrikonoxxi l-ħolqien ta’ rahan favur [daħħal l-isem tal-BĊ], li miegħu infetaħ dak il-kont; dan ir-rikonoxximent għandu jikkostitwixxi l-provvista ta’ assi mirhuna lill-[daħħal l-isem tal-BĊ] imsemmija fil-liġi [daħħal l-aġġettiv nazzjonali rilevanti]. Kwalunkwe ammont imħallas fil-kontijiet tat-TARGET li l-bilanċ tiegħu jiġi mirhun għandu, bis-sempliċi fatt li jkun totalment imħallas, jiġi mirhun b’mod irrevokabbli, mingħajr l-ebda limitazzjoni, bħala kollateral għat-twettiq sħiħ tal-obbligi garantiti.]

4.   Malli jseħħ:

| (a) | każ ta’ inadempjenza, imsemmi fl-Artikolu 25(1); jew |
| --- | --- |

(a)

każ ta’ inadempjenza, imsemmi fl-Artikolu 25(1); jew

| (b) | kwalunkwe każ ieħor ta’ inadempjenza jew avveniment imsemmi fl-Artikolu 25(2) li jkun wassal għat-terminazzjoni jew għas-sospensjoni tal-parteċipazzjoni tal-parteċipant, minkejja l-bidu ta’ kwalunkwe proċediment ta’ insolvenza fir-rigward ta’ parteċipant u minkejja kwalunkwe ċessjoni, qbid ġudizzjarju jew qbid ieħor jew disponiment ieħor ta’ jew fir-rigward tad-drittijiet tal-parteċipant, |
| --- | --- |

(b)

kwalunkwe każ ieħor ta’ inadempjenza jew avveniment imsemmi fl-Artikolu 25(2) li jkun wassal għat-terminazzjoni jew għas-sospensjoni tal-parteċipazzjoni tal-parteċipant, minkejja l-bidu ta’ kwalunkwe proċediment ta’ insolvenza fir-rigward ta’ parteċipant u minkejja kwalunkwe ċessjoni, qbid ġudizzjarju jew qbid ieħor jew disponiment ieħor ta’ jew fir-rigward tad-drittijiet tal-parteċipant,

l-obbligi kollha tal-parteċipant għandhom jiġu aċċellerati awtomatikament u immedjatament, mingħajr avviż minn qabel u mingħajr il-ħtieġa ta’ approvazzjoni minn qabel ta’ kwalunkwe awtorità, sabiex ikunu dovuti immedjatament. Barra minn dan, l-obbligi reċiproċi tal-parteċipant u l-[daħħal l-isem tal-BĊ] għandhom jiġu paċuti awtomatikament ma' xulxin, u l-parti li għandha tagħti l-ogħla ammont għandha tħallas id-differenza lill-parti l-oħra.

5.   Il-[daħħal l-isem tal-BĊ] għandu minnufih javża lill-parteċipant b’kull tpaċija skont il-paragrafu 4 wara li tkun seħħet din it-tpaċija.

6.   Il-[daħħal l-isem tal-BĊ] jista’ jiddebita mingħajr avviż minn qabel il-kont tat-TARGET ta’ kwalunkwe parteċipant bi kwalunkwe ammont li l-parteċipant ikollu jagħti lill-[daħħal l-isem tal-BĊ] bħala riżultat tar-relazzjoni legali bejn il-parteċipant u l-[daħħal l-isem tal-BĊ].

7.   Id-dispożizzjonijiet ta’ dan l-Artikolu m’għandhomx joħolqu xi dritt, rahan, imposta jew pretensjoni jew tpaċija fir-rigward tal-kontijiet TARGET li ġejjin użati minn AS:

| (a) | kontijiet tat-TARGET użati skont il-proċeduri ta’ saldu ta’ AS skont il-Parti VI jew il-Parti VII; |
| --- | --- |

(a)

kontijiet tat-TARGET użati skont il-proċeduri ta’ saldu ta’ AS skont il-Parti VI jew il-Parti VII;

| (b) | kontijiet tat-TARGET miżmuma minn AS skont il-Partijiet II sa V, fejn il-fondi miżmuma f’tali kontijiet ma jkunux jappartjenu għall-AS iżda jinżammu f’isem il-klijenti tagħhom jew jintużaw biex jiġu saldati ordnijiet ta’ trasferiment ta’ flus f’isem il-klijenti tagħhom. |
| --- | --- |

(b)

kontijiet tat-TARGET miżmuma minn AS skont il-Partijiet II sa V, fejn il-fondi miżmuma f’tali kontijiet ma jkunux jappartjenu għall-AS iżda jinżammu f’isem il-klijenti tagħhom jew jintużaw biex jiġu saldati ordnijiet ta’ trasferiment ta’ flus f’isem il-klijenti tagħhom.

Artikolu 28

Kunfidenzjalità

1.   Il-[daħħal l-isem tal-BĊ] għandu jżomm kunfidenzjali kull informazzjoni sensittiva jew sigrieta, inkluż meta tali informazzjoni tkun tirrigwarda ħlasijiet, informazzjoni teknika jew organizzattiva tal-parteċipant, tal-parteċipanti mill-istess grupp jew tal-klijenti tal-parteċipant, sakemm il-parteċipant jew il-klijent tiegħu ma jkunx ta l-kunsens bil-miktub tiegħu għad-divulgazzjoni [daħħal il-frażi li ġejja jekk applikabbli skont il-liġi nazzjonali] jew tali divulgazzjoni tkun permessa jew meħtieġa skont il-liġi [daħħal l-aġġettiv relatat mal-isem tal-pajjiż].

2.   B'deroga mill-paragrafu 1, il-parteċipant jaqbel li l-informazzjoni dwar kwalunkwe azzjoni meħuda skont l-Artikolu 25 ma għandhiex titqies kunfidenzjali.

3.   B’deroga mill-paragrafu 1, il-parteċipant jaqbel li l-[daħħal l-isem tal-BĊ] jista’ jiżvela informazzjoni dwar il-ħlasijiet, informazzjoni teknika jew organizzattiva rigward il-parteċipant, il-parteċipanti mill-istess grupp bankarju jew il-klijenti tal-parteċipant, miksuba waqt l-operat ta’ TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] lil:

| (a) | BĊi oħrajn jew partijiet terzi li jkunu involuti fl-operat tat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż], sa fejn dan ikun meħtieġ għall-funzjonament effiċjenti tat-TARGET jew għall-monitoraġġ tal-iskopertura tal-parteċipant jew tal-grupp bankarju tiegħu; |
| --- | --- |

(a)

BĊi oħrajn jew partijiet terzi li jkunu involuti fl-operat tat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż], sa fejn dan ikun meħtieġ għall-funzjonament effiċjenti tat-TARGET jew għall-monitoraġġ tal-iskopertura tal-parteċipant jew tal-grupp bankarju tiegħu;

| (b) | BĊi oħrajn sabiex iwettqu l-analiżi meħtieġa għall-operazzjonijiet tas-suq, il-funzjonijiet tal-politika monetarja, l-istabbiltà finanzjarja jew l-integrazzjoni finanzjarja; jew |
| --- | --- |

(b)

BĊi oħrajn sabiex iwettqu l-analiżi meħtieġa għall-operazzjonijiet tas-suq, il-funzjonijiet tal-politika monetarja, l-istabbiltà finanzjarja jew l-integrazzjoni finanzjarja; jew

| (c) | awtoritajiet superviżorji, ta’ riżoluzzjoni u ta’ sorveljanza tal-Istati Membri u tal-Unjoni, inklużi l-BĊi, sal-punt li dan ikun meħtieġ għat-twettiq tal-kompiti pubbliċi tagħhom,
  u dment li fil-każijiet kollha bħal dawn l-iżvelar ma jkunx f’kunflitt mal-liġi applikabbli. |
| --- | --- |

(c)

awtoritajiet superviżorji, ta’ riżoluzzjoni u ta’ sorveljanza tal-Istati Membri u tal-Unjoni, inklużi l-BĊi, sal-punt li dan ikun meħtieġ għat-twettiq tal-kompiti pubbliċi tagħhom,

u dment li fil-każijiet kollha bħal dawn l-iżvelar ma jkunx f’kunflitt mal-liġi applikabbli.

4.   Il-[daħħal l-isem tal-BĊ] ma għandux ikun responsabbli għall-konsegwenzi finanzjarji u kummerċjali ta’ divulgazzjoni magħmula f’konformità mal-paragrafu 3.

5.   B’deroga mill-paragrafu 1 u dment li dan ma jippermettix, direttament jew indirettament, li jiġu identifikati l-parteċipant jew il-klijenti tal-parteċipant, il-[daħħal l-isem tal-BĊ] jista’ juża, jiddivulga jew jippubblika informazzjoni dwar il-ħlasijiet li tirrgwarda lill-parteċipant jew lill-klijenti tal-parteċipant għal finijiet ta’ statistika, storja, xjenza jew oħrajn fl-eżerċizzju tal-funzjonijiet pubbliċi tiegħu jew ta’ funzjonijiet ta’ entitajiet pubbliċi oħra li lilhom l-informazzjoni tiġi ddivulgata.

6.   L-informazzjoni relatata mal-operat tat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] li għaliha l-parteċipanti kellhom aċċess tista’ tintuża biss għall-finijiet stabbiliti f’dawn il-Kundizzjonijiet. Il-parteċipanti għandhom iżommu din l-informazzjoni kunfidenzjali, sakemm il-[daħħal l-isem tal-BĊ] ma jkunx espliċitament ta l-kunsens bil-miktub tiegħu għad-divulgazzjoni. Il-parteċipanti għandhom jiżguraw li kwalunkwe parti terza li lilha jesternalizzaw, jiddelegaw jew jissottokuntrattaw kompiti li jkollhom jew li jista’ jkollhom impatt fuq it-twettiq tal-obbligi tagħhom skont dawn il-Kundizzjonijiet tkun marbuta bir-rekwiżiti ta’ kunfidenzjalità f’dan l-Artikolu.

7.   Il-[daħħal l-isem tal-BĊ] għandu jkun awtorizzat jipproċessa u jittrasferixxi d-data meħtieġa lill-NSP sabiex jissalda ordnijiet ta’ trasferiment ta’ flus.

Artikolu 29

Protezzjoni tad-data, prevenzjoni tal-ħasil tal-flus, miżuri amministrattivi jew restrittivi u kwistjonijiet relatati

1.   Il-parteċipanti għandhom jitqiesu li jafu dwar l-obbligi kollha tagħhom relatati mal-leġiżlazzjoni dwar il-protezzjoni tad-data, għandhom jikkonformaw magħhom, u għandhom ikunu kapaċi juru dik il-konformità lill-awtoritajiet kompetenti rilevanti. Huma għandhom jitqiesu li huma konxji dwar l-obbligi kollha tagħhom relatati mal-leġiżlazzjoni dwar il-prevenzjoni tal-ħasil tal-flus u l-finanzjament tat-terroriżmu, attivitajiet nukleari sensittivi għall-proliferazzjoni u l-iżvilupp ta’ sistemi ta’ twassil ta’ armi nukleari, b’mod partikolari f’termini ta’ implimentazzjoni ta’ miżuri xierqa rigward kwalunkwe ħlas addebitat jew akkreditat lill-kontijiet tat-TARGET tagħhom, u għandhom jikkonformaw ma’ dawk l-obbligi. Il-parteċipanti għandhom jiżguraw li huma informati dwar il-politika għall-irkupru tad-data tal-NSP magħżul tagħhom qabel ma jidħlu fir-relazzjoni kuntrattwali mal-NSP.

2.   Il-parteċipanti jawtorizzaw lil [daħħal l-isem tal-BĊ] biex jikseb kwalunkwe informazzjoni relatata magħhom minn kwalunkwe awtorità finanzjarja jew superviżorja jew korp kummerċjali, kemm jekk nazzjonali kif ukoll jekk barrani, jekk din l-informazzjoni tkun meħtieġa għall-parteċipazzjoni tal-parteċipant fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż].

3.   Il-parteċipanti, meta jaġixxu bħala l-fornitur tas-servizz ta’ ħlas ta’ pagatur jew ta’ benefiċjarju, għandhom jikkonformaw mar-rekwiżiti kollha li jirriżultaw minn miżuri amministrattivi jew restrittivi imposti skont l-Artikolu 75 jew 215 tat-Trattat li għalihom ikunu soġġetti, inkluż fir-rigward tan-notifika u/jew tal-kisba ta’ kunsens minn awtorità kompetenti fir-rigward tal-ipproċessar tat-tranżazzjonijiet. Barra minn dan:

| (a) | meta il-[daħħal l-isem tal-BĊ] ikun il-fornitur tas-servizz ta’ ħlas ta’ parteċipant li jkun pagatur:






  (i) | il-parteċipant għandu jagħmel in-notifika meħtieġa jew jikseb il-kunsens f’isem il-bank ċentrali li jkun meħtieġ primarjament li jagħmel notifika jew li jikseb kunsens, u għandu jipprovdi lill-[daħħal l-isem tal-BĊ] b’evidenza li jkun għamel notifika jew li jkun irċieva l-kunsens; |
| --- | --- | --- |

(a)

meta il-[daħħal l-isem tal-BĊ] ikun il-fornitur tas-servizz ta’ ħlas ta’ parteċipant li jkun pagatur:

(i)

il-parteċipant għandu jagħmel in-notifika meħtieġa jew jikseb il-kunsens f’isem il-bank ċentrali li jkun meħtieġ primarjament li jagħmel notifika jew li jikseb kunsens, u għandu jipprovdi lill-[daħħal l-isem tal-BĊ] b’evidenza li jkun għamel notifika jew li jkun irċieva l-kunsens;

| (ii) | il-parteċipant ma għandu jdaħħal l-ebda ordni ta' trasferiment ta' fondi f'kont miżmum minn entità differenti mill-parteċipant fit-TARGET sakemm ma jkunx kiseb konferma minn [daħħal l-isem tal-BĊ] li n-notifika meħtieġa saret jew li l-kunsens inkiseb minn jew f'isem il-fornitur tas-servizz ta' ħlas tal-benefiċjarju; |
| --- | --- |

(ii)

il-parteċipant ma għandu jdaħħal l-ebda ordni ta' trasferiment ta' fondi f'kont miżmum minn entità differenti mill-parteċipant fit-TARGET sakemm ma jkunx kiseb konferma minn [daħħal l-isem tal-BĊ] li n-notifika meħtieġa saret jew li l-kunsens inkiseb minn jew f'isem il-fornitur tas-servizz ta' ħlas tal-benefiċjarju;

| (b) | meta il-[daħħal l-isem tal-BĊ] ikun fornitur tas-servizz ta’ ħlas ta’ parteċipant li jkun benefiċjarju, il-parteċipant għandu jagħmel in-notifika meħtieġa jew jikseb il-kunsens f’isem il-bank ċentrali li jkun primarjament meħtieġ li jagħmel notifika jew jikseb il-kunsens, u għandu jipprovdi lill-[daħħal l-isem tal-BĊ] b’evidenza li għamel in-notifika jew li rċieva l-kunsens. |
| --- | --- |

(b)

meta il-[daħħal l-isem tal-BĊ] ikun fornitur tas-servizz ta’ ħlas ta’ parteċipant li jkun benefiċjarju, il-parteċipant għandu jagħmel in-notifika meħtieġa jew jikseb il-kunsens f’isem il-bank ċentrali li jkun primarjament meħtieġ li jagħmel notifika jew jikseb il-kunsens, u għandu jipprovdi lill-[daħħal l-isem tal-BĊ] b’evidenza li għamel in-notifika jew li rċieva l-kunsens.

Għall-finijiet ta’ dan il-paragrafu, it-termini “fornitur ta’ servizz ta’ ħlas”, “pagatur” u “benefiċjarju” għandu jkollhom it-tifsira attribwita lilhom fil-miżuri amministrattivi jew restrittivi applikabbli.

Artikolu 30

Avviżi

1.   Ħlief fejn previst mod ieħor f’dawn il-Kundizzjonijiet, l-avviżi kollha meħtieġa jew permessi skont dawn il-Kundizzjonijiet għandhom jintbagħtu bil-posta rreġistrata, [jekk rilevanti – bil-fax] jew b’mezzi elettroniċi oħra jekk ikun hemm ftehim bilaterali dwar dan, jew inkella bil-miktub. L-avviżi lil [daħħal l-isem tal-BĊ] għandhom ikunu sottomessi lill-kap tal-[daħħal id-dipartiment għas-sistemi ta’ ħlas jew it-taqsima rilevanti tal-BĊ] ta’ [daħħal l-isem tal-BĊ], [inkludi l-indirizz rilevanti tal-BĊ] jew lil [daħħal l-indirizz BIC tal-BĊ] jew lil [daħħal jekk rilevanti mezzi elettroniċi oħra li hemm ftehim bilaterali dwarhom]. L-avviżi lill-parteċipant għandhom jintbagħtulu fl-indirizz, [jekk rilevanti - fin-numru tal-fax] jew [daħħal informazzjoni rilevanti jekk mezzi elettroniċi oħra huma miftiehma bilateralment] jew fl-indirizz tal-BIC li l-parteċipant jista’ minn żmien għal żmien jinnotifika lil [daħħal l-isem tal-BĊ].

2.   Sabiex jiġi ppruvat li jkun intbagħat avviż, għandu jkun biżżejjed li jiġi ppruvat li l-avviż intbagħat jew fiżikament jew b’mezzi elettroniċi lid-destinatarju rilevanti.

3.   L-avviżi kollha għandhom jingħataw bil-[daħħal il-lingwa nazzjonali rilevanti u/jew “bl-Ingliż”].

4.   Il-parteċipanti għandhom ikunu marbuta bil-formoli u d-dokumenti kollha tal-[daħħal l-isem tal-BĊ] li l-parteċipanti jkunu mlew u/jew iffirmaw, inkluż iżda mhux limitat għal formoli ta’ ġbir ta’ data ta’ referenza, kif imsemmi fl-Artikolu 5(2)(a), u bl-informazzjoni pprovduta skont l-Artikolu 11(5), li ġew sottomessi f’konformità mal-paragrafi 1 u 2 u li l-[daħħal l-isem tal-BĊ] raġonevolment jemmen li waslet mingħand il-parteċipanti, l-impjegati jew l-aġenti tagħhom.

Artikolu 31

Relazzjoni kuntrattwali ma’ NSP

1.   Sabiex jibagħtu struzzjonijiet u messaġġi lit-TARGET jew jirċevuhom minnha, il-parteċipanti għandhom:

| (a) | jikkonkludu kuntratt ma’ NSP fil-qafas tal-kuntratt ta’ konċessjoni ma’ dak l-NSP sabiex jistabbilixxi konnessjoni teknika mat-TARGET [daħħal referenza tal-pajjiż/BĊ]; jew |
| --- | --- |

(a)

jikkonkludu kuntratt ma’ NSP fil-qafas tal-kuntratt ta’ konċessjoni ma’ dak l-NSP sabiex jistabbilixxi konnessjoni teknika mat-TARGET [daħħal referenza tal-pajjiż/BĊ]; jew

| (b) | jikkollegaw permezz ta’ entità oħra li hija stess tkun ikkonkludiet kuntratt ma’ NSP fil-qafas tal-kuntratt ta’ konċessjoni ma’ dak l-NSP. |
| --- | --- |

(b)

jikkollegaw permezz ta’ entità oħra li hija stess tkun ikkonkludiet kuntratt ma’ NSP fil-qafas tal-kuntratt ta’ konċessjoni ma’ dak l-NSP.

2.   Ir-relazzjoni legali bejn parteċipant u l-NSP għandha tkun regolata esklużivament mit-termini u l-kundizzjonijiet tal-kuntratt konkluż bejniethom.

3.   Is-servizzi li għandhom jiġu pprovduti mill-NSP ma għandhomx jiffurmaw parti mis-servizzi li għandhom jitwettqu minn [daħħal l-isem tal-BĊ] fir-rigward tat-TARGET.

4.   Il-[daħħal l-isem tal-BĊ] ma għandu jkun responsabbli għall-ebda att, żball jew ommissjoni tal-NSP (inklużi d-diretturi, il-persunal u s-sottokuntratturi tiegħu), jew għal kwalunkwe att, żball jew ommissjoni ta’ partijiet terzi magħżula mill-parteċipanti biex jiksbu aċċess għan-network tal-NSP.

Artikolu 32

Proċedura ta’ emenda

Il-[niżżel l-isem tal-BĊ] jista' fi kwalunkwe ħin jemenda unilateralment dawn il-Kundizzjonijiet, inklużi l-Appendiċijiet. L-emendi ta’ dawn il-Kundizzjonijiet, inklużi l-Appendiċijiet tagħhom għandhom jitħabbru permezz ta’ [niżżel il-mezz rilevanti ta’ tħabbir]. L-emendi għandhom jitqiesu li ġew aċċettati sakemm il-parteċipant ma joġġezzjonax b’mod espliċitu fi żmien 14-il jum minn meta jiġi informat b’tali emendi. Jekk parteċipant joġġezzjona għall-emenda, il-[daħħal l-isem tal-BĊ] ikun intitolat itemm minnufih il-parteċipazzjoni ta’ dak il-parteċipant fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] u jagħlaq kwalunkwe kont tat-TARGET tiegħu.

Artikolu 33

Drittijiet ta’ partijiet terzi

1.   Il-parteċipanti ma għandhomx jittrasferixxu, jirahnu jew jassenjaw xi drittijiet, interessi, obbligi, responsabbiltajiet jew talbiet li jirriżultaw minn dawn il-Kundizzjonijiet jew li jkunu relatati magħhom lil kwalunkwe parti terza mingħajr il-kunsens bil-miktub ta’ [daħħal l-isem tal-BĊ].

2.   Dawn il-kundizzjonijiet ma joħolqu l-ebda dritt favur jew obbligu fir-rigward ta’ xi entità għajr il-[daħħal l-isem tal-BĊ] u l-parteċipanti fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż].

Artikolu 34

Il-liġi ta’ governanza, il-ġuriżdizzjoni u l-post tat-twettiq

1.   Ir-relazzjoni bilaterali bejn il-[daħħal l-isem tal-BĊ] u l-parteċipanti fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għandha tkun irregolata bil-liġi [daħħal l-aġġettiv relatat mal-isem tal-pajjiż].

2.   Mingħajr preġudizzju għall-kompetenza tal-Qorti tal-Ġustizzja tal-Unjoni Ewropea, kull tilwima li tirriżulta minn kwistjoni marbuta mar-relazzjoni msemmija fil-paragrafu 1 taqa’ taħt il-kompetenza esklużiva tal-qrati kompetenti ta’ [daħħal il-post tas-sede tal-BĊ].

3.   Il-post tat-twettiq fir-rigward tar-relazzjoni legali bejn [daħħal ir-referenza għall-BĊ] u l-parteċipanti għandu jkun [niżżel il-post tas-sede tal-BĊ].

Artikolu 35

Separabbiltà

Jekk xi dispożizzjoni f’dawn il-Kundizzjonijiet tkun jew issir invalida, dan ma għandux jippreġudika l-applikabbiltà tad-dispożizzjonijiet l-oħra kollha ta’ dawn il-Kundizzjonijiet.

Artikolu 36

Dħul fis-seħħ u natura vinkolanti

1.   Dawn il-Kundizzjonijiet isiru effettivi minn [daħħal id-data rilevanti].

2.   [Daħħal jekk ikun xieraq skont il-liġi nazzjonali rilevanti: Meta jitolbu li jipparteċipaw fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż], il-parteċipanti applikanti jaqblu awtomatikament ma’ dawn il-kundizzjonijiet bejniethom u fir-rigward ta’ [daħħal l-isem tal-BĊ].]

PARTI II

Termini u kundizzjonijiet speċjali għall-kontijiet ta’ flus ewlenin (MCAs)

Termini u kundizzjonijiet speċjali għall-kontijiet ta’ flus ewlenin (MCAs)

Artikolu 1

Ftuħ u mmaniġġjar ta’ MCA

1.   Il-[daħħal l-isem tal-BĊ] għandu jiftaħ u jopera mill-inqas MCA wieħed għal kull parteċipant, ħlief meta l-parteċipant ikun AS li tuża biss proċeduri ta’ saldu ta’ RTGS jew ta’ TIPS AS, f’liema każ l-użu ta’ MCA għandu jkun fid-diskrezzjoni tal-AS

2.   Għall-fini tas-saldu ta’ operazzjonijiet ta’ politika monetarja kif stabbilit fi [daħħal ir-referenza għad-Dokumentazzjoni ġenerali], u s-saldu ta’ imgħax minn tali operazzjonijiet, il-parteċipant għandu jindika MCA primarju miżmum ma’ [daħħal l-isem tal-BĊ].

3.   L-MCA primarju indikat f’konformità mal-paragrafu 2 għandu jintuża wkoll għall-finijiet li ġejjin:

| (a) | ir-remunerazzjoni kif stabbilita fl-Artikolu 12 tal-Parti I, sakemm il-parteċipant ma jkunx indika parteċipant ieħor fit-TARGET-[daħħal il-BĊ/referenza tal-pajjiż] għal dak il-għan; |
| --- | --- |

(a)

ir-remunerazzjoni kif stabbilita fl-Artikolu 12 tal-Parti I, sakemm il-parteċipant ma jkunx indika parteċipant ieħor fit-TARGET-[daħħal il-BĊ/referenza tal-pajjiż] għal dak il-għan;

| (b) | l-għoti ta’ kreditu intraġurnata, fejn applikabbli. |
| --- | --- |

(b)

l-għoti ta’ kreditu intraġurnata, fejn applikabbli.

4.   Kwalunkwe bilanċ negattiv fuq MCA primarju ma għandux ikun inqas mil-linja ta’ kreditu (jekk jingħata). Ma għandu jkun hemm l-ebda bilanċ ta’ debitu fuq MCA li ma jkunx MCA primarju.

Artikolu 2

Ġestjoni konġunta ta’ MCA

1.   Fuq talba ta’ detentur ta’ MCA, il-[daħħal l-isem tal-BĊ] għandu jippermetti li MCA miżmum minn dak id-detentur ta’ MCA jiġi ġestit konġuntament minn wieħed minn dawn li ġejjin:

| (a) | detentur ieħor ta’ MCA fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż]; |
| --- | --- |

(a)

detentur ieħor ta’ MCA fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż];

| (b) | detentur ta’ MCA f’sistema komponenti oħra tat-TARGET; |
| --- | --- |

(b)

detentur ta’ MCA f’sistema komponenti oħra tat-TARGET;

| (c) | [daħħal l-isem tal-BĊ] jekk applikabbli]. |
| --- | --- |

(c)

[daħħal l-isem tal-BĊ] jekk applikabbli].

Jekk id-detentur ta’ MCA jkollu aktar minn MCA wieħed, kull MCA miżmum jista’ jiġi ġestit konġuntament minn ġestjonarju konġunt differenti.

Il-ġestjonarju konġunt għandu jkollu l-istess drittijiet u privileġġi fir-rigward ta’ MCA li jimmaniġġja flimkien ma’ ħaddieħor bħalma jkollu fir-rigward tal-MCA tiegħu stess.

2.   Id-detentur tal-MCA għandu jipprovdi lil [daħħal l-isem tal-BĊ] evidenza tal-kunsens tal-ġestjonarju konġunt biex jaġixxi f’dik il-kapaċità. [għandu jiġi inkluż jekk tintuża 1(c) –] Tali evidenza ta’ kunsens għal azzjoni ma għandhiex tkun meħtieġa meta l-ġestjonarju konġunt ikun [daħħal l-isem tal-BĊ.]

3.   Detentur ta’ MCA li jaġixxi bħala ġestjonarju konġunt għandu jissodisfa l-obbligi tad-detentur tal-MCA tal-MCA ġestit konġuntament skont l-Artikolu 5(1)(a) tal-Parti I, l-Artikolu 10(4) tal-Parti I, u l-Artikolu 31(1) tal-Parti I.

4.   Id-detentur tal-MCA ta’ MCA ġestit konġuntament għandu jissodisfa l-obbligi ta’ parteċipant skont il-Parti I u l-Parti II fir-rigward tal-MCA ġestit konġuntament. Fil-każ li d-detentur tal-MCA ma jkollux konnessjoni teknika diretta mat-TARGET, l-Artikolu 5(1)(a) tal-Parti I, l-Artikolu 10(4) tal-Parti I, u l-Artikolu 31(1) tal-Parti I ma għandhomx japplikaw.

5.   L-Artikolu 7 tal-Parti I għandu japplika għal detentur ta’ MCA li jaħtar entità biex taġixxi bħala ġestjonarju konġunt tal-MCA ta’ detentur ta’ MCA skont dan l-Artikolu.

6.   Id-detentur ta’ MCA għandu jinnotifika [minnufih] lil [daħħal l-isem tal-BĊ] jekk il-ġestjonarju konġunt ma jibqax jaġixxi jew l-arranġament ta’ ġestjoni konġunta bejn id-detentur ta’ MCA u l-ġestjonarju konġunt jiġi tterminat.

L-Artikolu 3

Grupp ta’ trasferiment tal-likwidità ta’ MCA

1.   Fuq talba ta’ detentur ta’ MCA, il-[daħħal l-isem tal-BĊ] għandu joħloq grupp ta’ trasferiment tal-likwidità tal-MCA, bil-għan li jippermetti l-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità minn MCA għal MCA.

2.   Fuq talba ta’ detentur ta’ MCA, il-[daħħal l-isem tal-BĊ] għandu jżid wieħed mill-MCAs tad-detentur tal-MCA ma’ grupp eżistenti ta’ trasferiment ta’ likwidità tal-MCA maħluq fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew ma’ sistema komponenti oħra tat-TARGET, jew ineħħieh minnu jew minnha. Id-detentur ta’ MCA għandu jinforma lid-detenturi l-oħra kollha ta’ MCA f’dak il-grupp ta’ trasferiment ta’ likwidità tal-MCA qabel ma jagħmel tali talba.

Artikolu 4

Tranżazzjonijiet ipproċessati permezz ta’ MCA

1.   It-tranżazzjonijiet li ġejjin għandhom jiġu pproċessati permezz ta’ MCA fit-TARGET-[daħħal l-BĊ/ir-referenza tal-pajjiż]:

| (a) | operazzjonijiet tal-bank ċentrali; |
| --- | --- |

(a)

operazzjonijiet tal-bank ċentrali;

| (b) | ordnijiet ta’ trasferiment ta’ likwidità lejn u minn kontijiet ta’ depożitu mil-lum għall-għada miftuħa minn [daħħal l-isem tal-BĊ] f’isem il-parteċipant; |
| --- | --- |

(b)

ordnijiet ta’ trasferiment ta’ likwidità lejn u minn kontijiet ta’ depożitu mil-lum għall-għada miftuħa minn [daħħal l-isem tal-BĊ] f’isem il-parteċipant;

| (c) | ordnijiet ta’ trasferiment ta’ likwidità lejn MCA ieħor fl-istess grupp ta’ trasferiment ta’ likwidità ta’ MCA; |
| --- | --- |

(c)

ordnijiet ta’ trasferiment ta’ likwidità lejn MCA ieħor fl-istess grupp ta’ trasferiment ta’ likwidità ta’ MCA;

| (d) | ordnijiet ta’ trasferiment ta’ likwidità lejn T2S DCA, TIPS DCA jew RTGS DCA, jew lejn subkont tagħhom. |
| --- | --- |

(d)

ordnijiet ta’ trasferiment ta’ likwidità lejn T2S DCA, TIPS DCA jew RTGS DCA, jew lejn subkont tagħhom.

2.   It-tranżazzjoni li ġejja tista’ tiġi pproċessata permezz ta’ MCA fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż]:

| (a) | [daħħal jekk meħtieġ [ordnijiet ta’ trasferiment ta’ flus li jirriżultaw minn depożiti u ġbid ta’ flus.]] |
| --- | --- |

(a)

[daħħal jekk meħtieġ [ordnijiet ta’ trasferiment ta’ flus li jirriżultaw minn depożiti u ġbid ta’ flus.]]

Artikolu 5

Ordnijiet ta’ trasferiment ta’ likwidità

1.   Detentur ta’ MCA jista’ jissottometti ordni ta’ trasferiment ta’ likwidità bħala waħda minn dawn li ġejjin:

| (a) | ordni ta’ trasferiment ta’ likwidità immedjata, li għandha tkun struzzjoni għall-eżekuzzjoni immedjata; |
| --- | --- |

(a)

ordni ta’ trasferiment ta’ likwidità immedjata, li għandha tkun struzzjoni għall-eżekuzzjoni immedjata;

| (b) | ordni permanenti ta’ trasferiment tal-likwidità, li għandha tkun struzzjoni għall-eżekuzzjoni rikorrenti tat-trasferiment ta’ ammont speċifikat fl-okkorrenza ta’ avveniment predefinit kull jum ta’ negozju. |
| --- | --- |

(b)

ordni permanenti ta’ trasferiment tal-likwidità, li għandha tkun struzzjoni għall-eżekuzzjoni rikorrenti tat-trasferiment ta’ ammont speċifikat fl-okkorrenza ta’ avveniment predefinit kull jum ta’ negozju.

Artikolu 6

Ordnijiet ta’ trasferiment tal-likwidità bbażati fuq ir-regoli

1.   Detentur ta’ MCA jista’ jispeċifika ammont minimu u/jew massimu għall-MCA tiegħu.

2.   Meta jistabbilixxi limitu massimu u jagħżel ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli, jekk, wara s-saldu ta’ ordni ta’ ħlas, jinkiser il-limitu massimu, id-detentur tal-MCA jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] biex jeżegwixxi ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli li takkredita RTGS DCA jew MCA ieħor fl-istess grupp ta’ trasferiment ta’ likwidità ta’ MCA indikat minn dak id-detentur ta’ MCA. L-RTGS DCA jew MCA akkreditat jistgħu jkunu fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew sistema komponenti oħra tat-TARGET.

3.   Bl-istabbiliment ta’ limitu minimu u l-għażla ta’ ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli, jekk, wara s-saldu ta’ ordni ta’ ħlas, jinkiser il-limitu minimu, tinbeda ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli li taddebita RTGS DCA jew MCA ieħor fl-istess grupp ta’ trasferiment ta’ likwidità ta’ MCA indikat minn dak id-detentur ta’ MCA. L-RTGS DCA jew MCA akkreditat jistgħu jkunu fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew sistema komponenti oħra tat-TARGET. Id-detentur tal-RTGS DCA jew tal-MCA li għandu jiġi ddebitat irid jawtorizza li l-kont tiegħu jiġi ddebitat b’dan il-mod.

4.   Detentur ta’ MCA jista’ jawtorizza li l-MCA tiegħu jiġi ddebitat fil-każ li jinkiser limitu minimu f’RTGS DCA jew MCA wieħed jew f’diversi speċifikati fl-istess grupp ta’ trasferiment ta’ likwidità fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew sistema komponenti oħra tat-TARGET. Meta jawtorizza li l-kont tiegħu jiġi ddebitat, id-detentur tal-MCA jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] biex jeżegwixxi ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli li takkredita l-RTGS DCA(s) jew l-MCA(s) kull meta jinkiser il-limitu minimu.

5.   Detentur ta’ MCA jista’ jawtorizza li l-MCA tiegħu jiġi ddebitat f’każ li ma jkunx hemm likwidità biżżejjed f’RTGS DCA indikat għall-fini ta’ ordnijiet ta’ trasferiment ta’ likwidità awtomatizzati skont l-Artikolu 1(5) u (6) tal-Parti III, biex jiġu saldati ordnijiet ta’ ħlas urġenti, ordnijiet ta’ trasferiment ta’ AS jew ordnijiet ta’ ħlas ta’ prijorità għolja. Meta jawtorizza li l-kont tiegħu jiġi ddebitat, id-detentur tal-MCA jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] biex jeżegwixxi ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli li takkredita l-RTGS DCA tiegħu.

Artikolu 7

Proċessar ta’ ordnijiet ta’ trasferiment ta’ flus

1.   L-ordnijiet ta’ trasferiment ta’ flus, ladarba jiġu aċċettati, għandhom jiġu saldati immedjatament sakemm ikun hemm likwidità disponibbli fl-MCA tal-pagatur.

2.   F’każ li ma jkunx hemm fondi biżżejjed fuq MCA sabiex isir is-saldu, għandha tapplika r-regola rilevanti kif stabbilita fil-punti (a) sa (e) [skont it-tip ta’ ordni ta’ trasferiment ta’ flus].

| (a) | Ordni ta’ ħlas fuq l-MCA: l-istruzzjoni għandha tiġi rrifjutata jekk tinbeda minn [daħħal l-isem tal-BĊ] u twassal kemm għal bidla fil-linja ta’ kreditu intraġurnata tal-parteċipant kif ukoll għal debitu jew kreditu korrispondenti tal-MCA tiegħu. L-istruzzjonijiet l-oħra kollha għandhom jinżammu fil-kju. |
| --- | --- |

(a)

Ordni ta’ ħlas fuq l-MCA: l-istruzzjoni għandha tiġi rrifjutata jekk tinbeda minn [daħħal l-isem tal-BĊ] u twassal kemm għal bidla fil-linja ta’ kreditu intraġurnata tal-parteċipant kif ukoll għal debitu jew kreditu korrispondenti tal-MCA tiegħu. L-istruzzjonijiet l-oħra kollha għandhom jinżammu fil-kju.

| (b) | Ordni ta’ trasferiment tal-likwidità immedjata: l-ordni għandha tiġi rrifjutata mingħajr saldu parzjali jew kwalunkwe tentattiv ieħor ta’ saldu. |
| --- | --- |

(b)

Ordni ta’ trasferiment tal-likwidità immedjata: l-ordni għandha tiġi rrifjutata mingħajr saldu parzjali jew kwalunkwe tentattiv ieħor ta’ saldu.

| (c) | Ordni permanenti ta’ trasferiment tal-likwidità: l-ordni għandha tiġi ssaldata parzjalment mingħajr ebda tentattiv ieħor ta’ saldu. |
| --- | --- |

(c)

Ordni permanenti ta’ trasferiment tal-likwidità: l-ordni għandha tiġi ssaldata parzjalment mingħajr ebda tentattiv ieħor ta’ saldu.

| (d) | Ordni ta’ trasferiment tal-likwidità bbażata fuq ir-regoli: l-ordni għandha tiġi ssaldata parzjalment mingħajr ebda tentattiv ieħor ta’ saldu. |
| --- | --- |

(d)

Ordni ta’ trasferiment tal-likwidità bbażata fuq ir-regoli: l-ordni għandha tiġi ssaldata parzjalment mingħajr ebda tentattiv ieħor ta’ saldu.

| (e) | Ordni ta’ trasferiment ta’ likwidità lil kont ta’ depożitu mil-lum għall-għada: l-ordni għandha tiġi rrifjutata mingħajr saldu parzjali jew kwalunkwe tentattiv ieħor ta’ saldu. |
| --- | --- |

(e)

Ordni ta’ trasferiment ta’ likwidità lil kont ta’ depożitu mil-lum għall-għada: l-ordni għandha tiġi rrifjutata mingħajr saldu parzjali jew kwalunkwe tentattiv ieħor ta’ saldu.

3.   L-ordnijiet kollha ta’ trasferiment ta’ flus fil-kju għandhom jiġu pproċessati skont il-prinċipju fejn joħroġ li daħal l-ewwel (FIFO) mingħajr prijoritizzazzjoni jew riordinazzjoni.

4.   L-ordnijiet ta’ trasferiment ta’ flus fil-kju fl-aħħar tal-jum tan-negozju għandhom jiġu rrifjutati.

Artikolu 8

Ordnijiet ta’ riżervazzjoni ta’ likwidità

1.   Detentur ta’ MCA jista’ jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] biex jirriżerva ammont speċifikat ta’ likwidità fuq l-MCA tiegħu għall-finijiet tas-saldu ta’ operazzjonijiet tal-bank ċentrali jew ta’ ordnijiet ta’ trasferiment ta’ likwidità lejn kontijiet ta’ depożitu mil-lum għall-għada permezz ta’ waħda minn dawn:

| (a) | ordni ta’ riżervazzjoni ta’ likwidità kurrenti li għandu jkollha effett immedjat għall-jum ta’ negozju tat-TARGET kurrenti; |
| --- | --- |

(a)

ordni ta’ riżervazzjoni ta’ likwidità kurrenti li għandu jkollha effett immedjat għall-jum ta’ negozju tat-TARGET kurrenti;

| (b) | ordni permanenti ta’ riżervazzjoni tal-likwidità li għandha titwettaq fil-bidu ta’ kull jum ta’ negozju tat-TARGET. |
| --- | --- |

(b)

ordni permanenti ta’ riżervazzjoni tal-likwidità li għandha titwettaq fil-bidu ta’ kull jum ta’ negozju tat-TARGET.

2.   F’każ li l-ammont ta’ likwidità mhux riżervata ma jkunx biżżejjed biex jissodisfa l-ordni ta’ riżervazzjoni ta’ likwidità kurrenti jew permanenti, il-[daħħal l-isem tal-BĊ] għandu jeżegwixxi l-ordni ta’ riżervazzjoni parzjalment. Il-[daħħal l-isem tal-BĊ] jingħata struzzjonijiet biex jeżegwixxi ordnijiet ta’ riżervazzjoni ulterjuri sakemm jintlaħaq l-ammont pendenti li għandu jiġi riżervat. L-ordnijiet ta’ riżervazzjoni pendenti għandhom jiġu rrifjutati fi tmiem il-jum tan-negozju.

3.   L-operazzjonijiet tal-bank ċentrali għandhom jiġu saldati permezz tal-likwidità riżervata kif stabbilit fil-paragrafu 1 u ordnijiet oħra ta’ trasferiment ta’ flus għandhom jiġu saldati biss bl-użu tal-likwidità disponibbli wara li jitnaqqas l-ammont riżervat.

4.   Minkejja l-paragrafu 3, f'każ ta’ likwidità mhux riżervata insuffiċjenti fuq l-MCA primarju tad-detentur tal-MCA sabiex titnaqqas il-linja ta’ kreditu intraġurnata tad-detentur tal-MCA, [daħħal l-isem tal-BĊ] għandu juża l-likwidità riżervata.

Artikolu 9

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus f’każ ta’ sospensjoni jew terminazzjoni

1.   Mat-terminazzjoni tal-parteċipazzjoni ta’ parteċipant fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż], il-[daħħal l-isem tal-BĊ] ma għandu jaċċetta l-ebda ordni ġdida ta’ trasferiment ta’ flus mingħand dik il-parteċipant. Ordnijiet ta’ trasferiment ta’ flus fil-kju, ordnijiet ta’ trasferiment ta’ flus realizzati jew ordnijiet ġodda ta’ trasferiment ta’ flus favur dak il-parteċipant għandhom jiġu rrifjutati.

2.   Jekk parteċipant jiġi sospiż mit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għal raġunijiet li ma humiex dawk speċifikati fl-Artikolu 25(1)(a) tal-Parti I, il-[daħħal l-isem tal-BĊ] għandu jaħżen l-ordnijiet kollha ta’ trasferiment ta’ flus kontanti deħlin u ħerġin ta’ dak il-parteċipant fuq l-MCA tiegħu u jissottomettihom biss għas-saldu wara li jkunu ġew aċċettati b’mod espliċitu mill-BĊ tal-parteċipant sospiż.

3.   Jekk parteċipant jiġi sospiż mit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għar-raġunijiet speċifikati fl-Artikolu 25(1)(a) tal-Parti I, kwalunkwe ordni ta’ trasferiment ta’ flus ħierġa mill-MCA ta’ dak il-parteċipant għandha tiġi pproċessata biss fuq l-istruzzjonijiet tar-rappreżentanti tiegħu, inklużi dawk maħtura minn awtorità kompetenti jew qorti, bħall-amministratur tal-insolvenza tal-parteċipant, jew skont deċiżjoni eżegwibbli ta’ awtorità kompetenti jew qorti li tipprovdi struzzjonijiet dwar kif għandhom jiġu pproċessati l-ordnijiet ta’ trasferiment ta’ flus. L-ordnijiet kollha ta’ trasferiment ta’ flus li jidħlu għandhom jiġu pproċessati f’konformità mal-paragrafu 2.

Artikolu 10

Entitajiet eliġibbli għal kreditu intraġurnata

1.   Il-[daħħal l-isem tal-BĊ] għandu jipprovdi kreditu intraġurnata lil istituzzjonijiet ta’ kreditu stabbiliti fl-Unjoni jew fiż-ŻEE li jkunu kontropartijiet eliġibbli għal operazzjonijiet tal-politika monetarja tal-Eurosistema u li jkollhom aċċess għall-faċilità ta’ self marġinali, inkluż meta dawk l-istituzzjonijiet ta’ kreditu jaġixxu permezz ta’ fergħa stabbilita fl-Unjoni jew fiż-ŻEE u inklużi friegħi stabbiliti fl-Unjoni jew fiż-ŻEE ta’ istituzzjonijiet ta’ kreditu li jkunu stabbiliti barra miż-ŻEE, sakemm tali friegħi ikunu stabbiliti fl-istess pajjiż bħall-BĊN rilevanti taż-żona tal-euro. L-ebda kreditu intraġurnata ma jista’ jiġi pprovdut lil entitajiet li jkunu soġġetti għal miżuri restrittivi adottati mill-Kunsill tal-Unjoni Ewropea jew mill-Istati Membri skont l-Artikolu 65(1)(b), l-Artikolu 75 jew l-Artikolu 215 tat-Trattat, li l-implimentazzjoni tagħhom, fil-fehma ta’ [daħħal l-isem tal-BĊ], tkun inkompatibbli mal-funzjonament bla xkiel tat-TARGET.

2.   [Daħħal l-isem tal-BĊN] jista’ jagħti wkoll kreditu intraġurnata lill-entitajiet li ġejjin:

| (a) | istituzzjonijiet ta’ kreditu stabbiliti fl-Unjoni jew fiż-ŻEE li ma jkunux kontropartijiet eliġibbli għall-operazzjonijiet tal-politika monetarja tal-Eurosistema u/jew li ma jkollhomx aċċess għall-faċilità ta’ self marġinali, inkluż meta jaġixxu permezz ta’ fergħa stabbilita fl-Unjoni jew fiż-ŻEE u inklużi friegħi stabbiliti fl-Unjoni jew fiż-ŻEE ta’ istituzzjonijiet ta’ kreditu li jkunu stabbiliti barra miż-ŻEE; |
| --- | --- |

(a)

istituzzjonijiet ta’ kreditu stabbiliti fl-Unjoni jew fiż-ŻEE li ma jkunux kontropartijiet eliġibbli għall-operazzjonijiet tal-politika monetarja tal-Eurosistema u/jew li ma jkollhomx aċċess għall-faċilità ta’ self marġinali, inkluż meta jaġixxu permezz ta’ fergħa stabbilita fl-Unjoni jew fiż-ŻEE u inklużi friegħi stabbiliti fl-Unjoni jew fiż-ŻEE ta’ istituzzjonijiet ta’ kreditu li jkunu stabbiliti barra miż-ŻEE;

| (b) | dipartimenti tat-teżor ta’ gvernijiet ċentrali jew reġjonali tal-Istati Membri u korpi tas-settur pubbliku tal-Istati Membri awtorizzati jżommu kontijiet għall-klijenti; |
| --- | --- |

(b)

dipartimenti tat-teżor ta’ gvernijiet ċentrali jew reġjonali tal-Istati Membri u korpi tas-settur pubbliku tal-Istati Membri awtorizzati jżommu kontijiet għall-klijenti;

| (c) | ditti tal-investiment stabbiliti fl-Unjoni jew fiż-ŻEE dment li jkunu kkonkludew arranġament ma’ parteċipant b’aċċess għal kreditu intraġurnata kif stabbilit fil-paragrafu 1 hawn fuq biex jiżguraw li kwalunkwe pożizzjoni ta’ debitu residwu fi tmiem il-jum rilevanti tkun koperta; u |
| --- | --- |

(c)

ditti tal-investiment stabbiliti fl-Unjoni jew fiż-ŻEE dment li jkunu kkonkludew arranġament ma’ parteċipant b’aċċess għal kreditu intraġurnata kif stabbilit fil-paragrafu 1 hawn fuq biex jiżguraw li kwalunkwe pożizzjoni ta’ debitu residwu fi tmiem il-jum rilevanti tkun koperta; u

| (d) | entitajiet minbarra dawk li jaqgħu fil-punt (a) li jimmaniġġjaw AS u jaġixxu f’dik il-kapaċità; |
| --- | --- |

(d)

entitajiet minbarra dawk li jaqgħu fil-punt (a) li jimmaniġġjaw AS u jaġixxu f’dik il-kapaċità;

sakemm fil-każijiet speċifikati fil-punti (a) sa (d), l-entità li tirċievi kreditu intraġurnata tkun stabbilita fl-istess ġuriżdizzjoni bħal [daħħal l-isem tal-BĊN].

3.   Il-kreditu intraġurnata għandu jingħata biss fil-jiem tan-negozju tat-TARGET.

4.   Għall-entitajiet imsemmija fil-paragrafu 2(a) sa (d), u f’konformità ma’ [daħħal id-dispożizzjonijiet nazzjonali li jimplimentaw l-Artikolu 19 tal-Linja Gwida (UE) 2015/510 (BĊE/2014/60)], il-kreditu intraġurnata għandu jkun limitat għall-jum li fih jingħata u ma għandha tkun possibbli l-ebda estensjoni għal kreditu mil-lum għall-għada.

5.   [Daħħal l-isem tal-BĊ] jista’ jipprovdi aċċess għall-faċilità ta’ kreditu mil-lum għall-għada għal ċerti CCPs eliġibbli, fil-kamp ta’ applikazzjoni tal-Artikolu 139(2)(c) tat-Trattat flimkien mal-Artikoli 18 u 42 tal-Istatut tas-SEBĊ u [daħħal id-dispożizzjonijiet nazzjonali li jimplimentaw l-Artikolu 1(1) tal-Linja Gwida (UE) 2015/510 (BĊE/2014/60)]. Tali CCPs eliġibbili huma dawk li, fil-ħinijiet rilevanti kollha:

| (a) | ikunu entitajiet eliġibbli għall-finijiet tal-paragrafu 2(d), dment ukoll li dawk l-entitajiet eliġibbli jkunu awtorizzati bħala CCPs f’konformità mal-leġiżlazzjoni applikabbli tal-Unjoni jew nazzjonali; |
| --- | --- |

(a)

ikunu entitajiet eliġibbli għall-finijiet tal-paragrafu 2(d), dment ukoll li dawk l-entitajiet eliġibbli jkunu awtorizzati bħala CCPs f’konformità mal-leġiżlazzjoni applikabbli tal-Unjoni jew nazzjonali;

| (b) | ikunu stabbiliti fiż-żona tal-euro; |
| --- | --- |

(b)

ikunu stabbiliti fiż-żona tal-euro;

| (c) | ikollhom aċċess għal kreditu intraġurnata. |
| --- | --- |

(c)

ikollhom aċċess għal kreditu intraġurnata.

6.   Il-kreditu mil-lum għall-għada kollu mogħti lil CCPs eliġibbli għandu jkun suġġett għat-termini ta’ dan l-Artikolu 10 u għall-Artikoli 11 u 12 (inklużi d-dispożizzjonijiet fir-rigward tal-kollateral eliġibbli).

7.   Is-sanzjonijiet previsti fl-Artikoli 12 u 13 għandhom japplikaw meta s-CCPs eliġibbli jonqsu milli jirrimborżaw il-kreditu mil-lum għall-għada estiż lilhom mill-BĊN tagħhom.

Artikolu 11

Kollateral eliġibbli għal kreditu intraġurnata

Il-kreditu intraġurnata għandu jkun ibbażat fuq kollateral eliġibbli. Il-kollateral eliġibbli għandu jikkonsisti fl-istess assi eliġibbli għall-użu fl-operazzjonijiet tal-politika monetarja tal-Eurosistema, u għandu jkun suġġett għall-istess regoli ta’ valwazzjoni u ta’ kontroll tar-riskju bħal dawk stabbiliti fi [daħħal id-dispożizzjonijiet nazzjonali li jimplimentaw ir-Raba’ Parti tal-Linja Gwida (UE) 2015/510 (BĊE/2014/60)].

Artikolu 12

Proċedura ta’ estensjoni tal-kreditu għal kreditu intraġurnata

1.   Il-kreditu intraġurnata għandu jiġi pprovdut mingħajr imgħax.

2.   In-nuqqas minn entità msemmija fl-Artikolu 10(1) li tħallas lura l-kreditu intraġurnata fi tmiem il-jum għandu jitqies awtomatikament bħala talba minn tali entità għar-rikors għall-faċilità ta’ self marġinali. Jekk entità msemmija fl-Artikolu 10(1) ikollha DCA, kwalunkwe bilanċ ta’ tmiem il-jum fid-DCA(s) tagħha għandu jitqies għall-fini tal-kalkolu tal-ammont tar-rikors tal-entità għall-faċilità ta’ self marġinali awtomatika. Dan ma għandu jiskatta l-ebda rilaxx ekwivalenti ta’ assi depożitati minn qabel bħala kollateral għall-kreditu intraġurnata pendenti sottostanti.

3.   In-nuqqas mill-entità msemmija fl-Artikolu 10(2)(a), (c) jew (d) li tħallas lura l-kreditu intraġurnata fi tmiem il-jum għal kwalunkwe raġuni għandu jagħmel lil dik l-entità responsabbli għall-penali li ġejjin:

| (a) | jekk l-entità inkwistjoni jkollha bilanċ ta’ debitu fil-kont tagħha fi tmiem il-jum għall-ewwel darba fi żmien perjodu ta’ 12-il xahar, allura din l-entità għandha tħallas imgħax ta’ penali kkalkolat b’rata ta’ ħames punti perċentwali ogħla mir-rata ta’ faċilità ta’ self marġinali fuq l-ammont ta’ tali bilanċ ta’ debitu; |
| --- | --- |

(a)

jekk l-entità inkwistjoni jkollha bilanċ ta’ debitu fil-kont tagħha fi tmiem il-jum għall-ewwel darba fi żmien perjodu ta’ 12-il xahar, allura din l-entità għandha tħallas imgħax ta’ penali kkalkolat b’rata ta’ ħames punti perċentwali ogħla mir-rata ta’ faċilità ta’ self marġinali fuq l-ammont ta’ tali bilanċ ta’ debitu;

| (b) | jekk l-entità inkwistjoni jkollha bilanċ ta’ debitu fil-kont tagħha fi tmiem il-jum għal mill-inqas it-tieni darba fl-istess perjodu ta’ 12-il xahar, allura, l-imgħax ta’ penali msemmi fis-subparagrafu (a) għandu jiżdied bi 2.5 punti perċentwali għal kull darba addizzjonali wara l-ewwel darba li tkun seħħet pożizzjoni ta’ debitu f’dan il-perjodu ta’ 12-il xahar. |
| --- | --- |

(b)

jekk l-entità inkwistjoni jkollha bilanċ ta’ debitu fil-kont tagħha fi tmiem il-jum għal mill-inqas it-tieni darba fl-istess perjodu ta’ 12-il xahar, allura, l-imgħax ta’ penali msemmi fis-subparagrafu (a) għandu jiżdied bi 2.5 punti perċentwali għal kull darba addizzjonali wara l-ewwel darba li tkun seħħet pożizzjoni ta’ debitu f’dan il-perjodu ta’ 12-il xahar.

4.   Il-Kunsill Governattiv tal-BĊE jista’ jiddeċiedi li jneħħi jew inaqqas il-penali imposti skont il-paragrafu 3, jekk il-bilanċ ta’ debitu ta’ tmiem il-jum tal-parteċipant inkwistjoni jkun attribwibbli għal force majeure u/jew għal ħsara teknika fit-TARGET, din l-aħħar frażi kif iddefinita fi [daħħal referenza għall-miżuri li jimplimentaw l-Anness III].

Artikolu 13

Sospensjoni, limitazzjoni jew terminazzjoni ta’ kreditu intraġurnata

1.   [Daħħal l-isem tal-BĊN] għandu jissospendi jew jittermina l-aċċess għall-kreditu intraġurnata jekk iseħħ wieħed mill-avvenimenti ta’ inadempjenza li ġejjin:

| (a) | l-MCA primarju tal-parteċipant ma’ [daħħal l-isem tal-BĊN] jiġi sospiż jew itterminat; |
| --- | --- |

(a)

l-MCA primarju tal-parteċipant ma’ [daħħal l-isem tal-BĊN] jiġi sospiż jew itterminat;

| (b) | il-parteċipant ikkonċernat ma jibqax jissodisfa kwalunkwe wieħed mir-rekwiżiti stabbiliti fl-Artikolu 10 għall-forniment ta’ kreditu intraġurnata; |
| --- | --- |

(b)

il-parteċipant ikkonċernat ma jibqax jissodisfa kwalunkwe wieħed mir-rekwiżiti stabbiliti fl-Artikolu 10 għall-forniment ta’ kreditu intraġurnata;

| (c) | tittieħed deċiżjoni minn awtorità ġudizzjarja jew awtorità oħra kompetenti biex tiġi implimentata proċedura għall-istralċ fir-rigward tal-parteċipant jew il-ħatra ta’ likwidatur jew uffiċjal analogu fuq il-parteċipant jew kwalunkwe proċedura oħra analoga; |
| --- | --- |

(c)

tittieħed deċiżjoni minn awtorità ġudizzjarja jew awtorità oħra kompetenti biex tiġi implimentata proċedura għall-istralċ fir-rigward tal-parteċipant jew il-ħatra ta’ likwidatur jew uffiċjal analogu fuq il-parteċipant jew kwalunkwe proċedura oħra analoga;

| (d) | il-parteċipant isir soġġett għall-iffriżar ta’ fondi u/jew miżuri oħra imposti mill-Unjoni li jirrestrinġu l-kapaċità tal-parteċipant li juża l-fondi tiegħu; |
| --- | --- |

(d)

il-parteċipant isir soġġett għall-iffriżar ta’ fondi u/jew miżuri oħra imposti mill-Unjoni li jirrestrinġu l-kapaċità tal-parteċipant li juża l-fondi tiegħu;

| (e) | l-eliġibbiltà tal-parteċipant bħala kontroparti għall-operazzjonijiet tal-politika monetarja tal-Eurosistema tkun ġiet sospiża jew itterminata. |
| --- | --- |

(e)

l-eliġibbiltà tal-parteċipant bħala kontroparti għall-operazzjonijiet tal-politika monetarja tal-Eurosistema tkun ġiet sospiża jew itterminata.

2.   [Daħħal l-isem tal-BĊN] jista’ jissospendi jew jittermina l-aċċess għall-kreditu intraġurnata jekk BĊN jissospendi jew jittermina l-parteċipazzjoni tal-parteċipant fit-TARGET skont l-implimentazzjoni minn dak il-BĊN tal-Artikolu 25(2) tal-Parti I.

3.   [Daħħal l-isem tal-BĊ] jista’ jiddeċiedi li jissospendi, jillimita jew jittermina l-aċċess ta’ parteċipant għall-kreditu intraġurnata jekk il-parteċipant jitqies li joħloq riskji għal raġunijiet ta’ prudenza.

PARTI III

Termini u kundizzjonijiet speċjali għal kontijiet ta’ flus dedikati għas-saldu gross f’ħin reali (RTGS DCAs)

Termini u kundizzjonijiet speċjali għal kontijiet ta’ flus dedikati għas-saldu gross f’ħin reali (RTGS DCAs)

Artikolu 1

Ftuħ u mmaniġġjar ta’ RTGS DCA

1.   Il-[daħħal l-isem tal-BĊ] għandu fuq talba ta’ detentur tal-MCA, jiftaħ u jopera RTGS DCA wieħed jew aktar, u subkont wieħed jew aktar jekk meħtieġ għall-użu għas-saldu ta’ AS. Jekk id-detentur tal-MCA jkun ikkonforma mal-iskema SCT Inst billi ffirma l-Ftehim ta’ Aderenza dwar it-Trasferiment ta’ Kreditu Istantanju tas-SEPA, l-RTGS DCA(s) (u kwalunkwe subkont) ma għandhomx jinfetħu jew jiġu operati sakemm id-detentur tal-MCA ma jkunx u jibqa’ aċċessibbli f’kull ħin, jew bħala detentur ta’ TIPS DCA jew bħala parti aċċessibbli permezz ta’ detentur ta’ TIPS DCA.

2.   Il-[daħħal l-isem tal-BĊ] għandu fuq talba tad-detentur ta’ kont miftuħ skont il-paragrafu 1 (detentur ta’ RTGS DCA) iżid l-RTGS DCA jew is-subkont tiegħu ma’ grupp ta’ kont bankarju għas-saldu ta’ AS. Id-detentur ta’ RTGS DCA għandu jipprovdi [daħħal l-isem tal-BĊ] bi kwalunkwe dokument rilevanti, iffirmat kif xieraq minn dak id-detentur ta’ RTGS DCA u l-AS.

3.   Ma għandu jkun hemm l-ebda bilanċ ta’ debitu f’RTGS DCA jew fis-subkontijiet tiegħu.

4.   Is-subkontijiet għandu jkollhom bilanċ żero mil-lum għall-għada.

5.   Detentur ta’ RTGS DCA għandu jindika wieħed mill-RTGS DCAs tiegħu fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għall-iskop tal-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità awtomatizzati. B’din l-indikazzjoni, id-detentur ta’ RTGS DCA jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] biex jeżegwixxi trasferiment awtomatizzat ta’ likwidità li jakkredita lill-MCA f’każ li ma jkunx hemm fondi suffiċjenti fuq l-MCA primarju tiegħu għas-saldu ta’ ordnijiet ta’ ħlas li jkunu operazzjonijiet tal-bank ċentrali.

6.   Parteċipant li jkollu żewġ RTGS DCAs jew aktar u żewġ MCAs jew aktar għandu jindika wieħed mill-RTGS DCAs tiegħu fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż], li ma jkunx diġà indikat lill-MCA primarju tiegħu, għall-fini tal-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità awtomatizzati f’każ li ma jkunx hemm fondi suffiċjenti f’wieħed mill-MCAs l-oħra tiegħu għas-saldu ta’ ordnijiet ta’ ħlas li huma operazzjonijiet tal-bank ċentrali.

Artikolu 2

Detenturi ta’ BIC indirizzabbli

1.   Id-detenturi ta’ RTGS DCA li huma istituzzjonijiet ta’ kreditu kif stipulat fl-Artikolu 4(1)(a) jew (b) fil-Parti I, jew fl-Artikolu 4(2)(e) tal-Parti I, jistgħu jirreġistraw detenturi ta’ BIC indirizzabbli. Id-detenturi ta’ RTGS DCA jistgħu jirreġistraw detenturi ta’ BIC indirizzabbli li jkunu aderixxew mal-iskema SCT Inst billi ffirmaw il-Ftehim ta’ Aderenza dwar it-Trasferiment ta’ Kreditu Istantanju tas-SEPA biss jekk dawn l-entitajiet ikunu aċċessibbli, jew bħala detentur ta’ TIPS DCA jew bħala parti aċċessibbli permezz ta’ detentur ta’ TIPS DCA.

2.   Id-detenturi ta’ RTGS DCA li huma entitajiet kif stabbilit fl-Artikolu 4(2)(a) sa (d) tal-Parti I jistgħu jirreġistraw biss bħala detentur ta’ BIC indirizzabbli, kwalunkwe BIC li jappartjeni għall-istess entità legali.

3.   Detentur ta’ BIC indirizzabbli jista’ jissottometti ordnijiet ta’ trasferiment ta’ flus lil, u jirċievi ordnijiet ta’ trasferiment ta’ flus permezz ta’, detentur ta’ RTGS DCA.

4.   Detentur ta’ BIC indirizzabbli ma jistax jiġi rreġistrat minn aktar minn detentur wieħed ta’ RTGS DCA.

5.   L-ordnijiet ta’ trasferiment ta’ flus sottomessi jew trasferimenti ta’ flus riċevuti minn detenturi ta’ BIC indirizzabbli għandhom jitqiesu li ġew sottomessi jew riċevuti mill-parteċipant innifsu.

6.   Il-parteċipant għandu jkun marbut b’dawn l-ordnijiet ta’ trasferiment ta’ flus u kwalunkwe azzjoni oħra meħuda mid-detenturi tal-BIC indirizzabbli, irrispettivament mill-kontenut ta’, jew kwalunkwe nuqqas ta’ konformità ma’, l-arranġamenti kuntrattwali jew arranġamenti oħra bejn dak il-parteċipant u dik l-entità.

Artikolu 3

Aċċess għal diversi destinatarji

1.   Detentur ta’ RTGS DCA li jkun istituzzjoni ta’ kreditu kif stipulat fl-Artikolu 4(1)(a) jew (b) tal-Parti I jista’ jagħti awtorizzazzjoni lill-istituzzjonijiet ta’ kreditu u l-friegħi li ġejjin biex jużaw l-RTGS DCA tiegħu sabiex jissottomettu u/jew jirċievu ordnijiet ta’ trasferiment ta’ flus direttament permezz ta’ aċċess għal diversi destinatarji:

| (a) | istituzzjonijiet ta’ kreditu kif stipulat fl-Artikolu 4(1)(a) jew (b) tal-Parti I li jappartjenu għall-istess grupp bankarju bħad-detentur ta’ RTGS DCA; |
| --- | --- |

(a)

istituzzjonijiet ta’ kreditu kif stipulat fl-Artikolu 4(1)(a) jew (b) tal-Parti I li jappartjenu għall-istess grupp bankarju bħad-detentur ta’ RTGS DCA;

| (b) | friegħi ta’ dak id-detentur ta’ RTGS DCA; |
| --- | --- |

(b)

friegħi ta’ dak id-detentur ta’ RTGS DCA;

| (c) | friegħi oħra jew l-uffiċċju prinċipali tal-istess entità legali bħad-detentur ta’ RTGS DCA. |
| --- | --- |

(c)

friegħi oħra jew l-uffiċċju prinċipali tal-istess entità legali bħad-detentur ta’ RTGS DCA.

2.   L-awtorizzazzjoni għall-użu ta’ RTGS DCA permezz ta’ aċċess għal diversi destinatarji kif stabbilit fil-paragrafu 1 għandha tingħata lill-entitajiet imsemmija fil-paragrafu 1(a) li jkunu aderixxew mal-iskema SCT Inst billi ffirmaw il-Ftehim ta’ Aderenza dwar it-Trasferiment ta’ Kreditu Istantanju tas-SEPA biss jekk dawn l-entitajiet ikunu aċċessibbli, jew bħala detentur ta’ TIPS DCA jew bħala parti aċċessibbli permezz ta’ detentur ta’ TIPS DCA.

3.   L-Artikolu 7 tal-Parti I għandu japplika għad-detenturi ta’ RTGS DCA li jagħtu aċċess għall-RTGS DCA tagħhom permezz ta’ aċċess għal diversi destinatarji.

Artikolu 4

Grupp ta’ trasferiment tal-likwidità ta’ RTGS

1.   Fuq talba ta’ detentur ta’ RTGS DCA, il-[daħħal l-isem tal-BĊ] għandu joħloq grupp ta’ trasferiment ta’ likwidità ta’ RTGS, bl-għan li jippermetti l-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità minn RTGS DCA għal RTGS DCA.

2.   Fuq it-talba ta’ detentur ta’ RTGS DCA, il-[daħħal l-isem tal-BĊ] għandu jżid wieħed mill-RTGS DCA tad-detentur ta’ RTGS DCAs ma’ grupp eżistenti ta’ trasferiment ta’ likwidità tal-RTGS maħluq fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew f’sistema komponenti oħra tat-TARGET, jew ineħħih minn dak il-grupp jew minn dik is-sistema. Id-detentur ta’ RTGS DCA għandu jinforma lid-detenturi l-oħra kollha ta’ RTGS DCA f’dak il-grupp ta’ trasferiment ta’ likwidità ta’ RTGS qabel ma jagħmel tali talba.

Artikolu 5

Tranżazzjonijiet ipproċessati fuq RTGS DCA u fis-subkontijiet tiegħu

1.   Ordnijiet ta’ ħlas lil RTGS DCAs oħra u ordnijiet ta’ trasferiment ta’ flus lejn kontijiet ta’ fond ta’ garanzija ta’ AS għandhom jiġu pproċessati permezz ta’ RTGS DCA fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż].

2.   Ordnijiet ta’ trasferiment ta’ flus relatati ma’ proċeduri ta’ saldu ta’ RTGS AS għandhom jiġu saldati permezz ta’ RTGS DCA jew is-subkontijiet tiegħu fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż].

3.   It-tranżazzjonijiet li ġejjin jistgħu jiġu pproċessati permezz ta’ RTGS DCA jew is-subkontijiet tiegħu fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż]:

| (a) | [daħħal jekk meħtieġ [ordnijiet ta’ trasferiment ta’ flus li jirriżultaw minn depożiti u ġbid ta’ flus]; |
| --- | --- |

(a)

[daħħal jekk meħtieġ [ordnijiet ta’ trasferiment ta’ flus li jirriżultaw minn depożiti u ġbid ta’ flus];

| (b) | ordnijiet ta’ trasferiment ta’ likwidità lejn RTGS DCA ieħor fl-istess grupp ta’ trasferiment ta’ likwidità ta’ RTGS: |
| --- | --- |

(b)

ordnijiet ta’ trasferiment ta’ likwidità lejn RTGS DCA ieħor fl-istess grupp ta’ trasferiment ta’ likwidità ta’ RTGS:

| (c) | ordnijiet ta’ trasferiment ta’ likwidità lejn TIPS DCA jew MCA; |
| --- | --- |

(c)

ordnijiet ta’ trasferiment ta’ likwidità lejn TIPS DCA jew MCA;

| (d) | trasferimenti ta’ likwidità lejn kont ta’ depożitu mil-lum għall-għada. |
| --- | --- |

(d)

trasferimenti ta’ likwidità lejn kont ta’ depożitu mil-lum għall-għada.

4.   Ordnijiet ta’ trasferiment ta’ likwidità lejn T2S DCAs jistgħu jiġu pproċessati permezz ta’ RTGS DCA fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż].

Artikolu 6

Ordnijiet ta’ trasferiment ta’ likwidità

1.   Detentur ta’ RTGS DCA jista’ jissottometti ordnijiet ta’ trasferiment ta’ likwidità bħala waħda minn dawn li ġejjin:

| (a) | ordni ta’ trasferiment ta’ likwidità immedjata, li għandha tkun struzzjoni għall-eżekuzzjoni immedjata; |
| --- | --- |

(a)

ordni ta’ trasferiment ta’ likwidità immedjata, li għandha tkun struzzjoni għall-eżekuzzjoni immedjata;

| (b) | ordni permanenti ta’ trasferiment tal-likwidità, li għandha tkun struzzjoni għall-eżekuzzjoni rikorrenti tat-trasferiment ta’ ammont speċifikat fl-okkorrenza ta’ avveniment predefinit kull jum ta’ negozju; |
| --- | --- |

(b)

ordni permanenti ta’ trasferiment tal-likwidità, li għandha tkun struzzjoni għall-eżekuzzjoni rikorrenti tat-trasferiment ta’ ammont speċifikat fl-okkorrenza ta’ avveniment predefinit kull jum ta’ negozju;

2.   Ordni permanenti ta’ trasferiment ta’ likwidità tista’ tiddaħħal jew tiġi modifikata mid-detentur ta’ RTGS DCA fi kwalunkwe ħin matul jum ta’ negozju u għandha ssir effettiva mill-jum ta’ negozju li jmiss.

3.   Ordni ta’ trasferiment ta’ likwidità immedjata tista’ tiddaħħal mid-detentur ta’ RTGS DCA fi kwalunkwe ħin matul jum ta’ negozju. Ordni ta’ trasferiment ta’ likwidità immedjata għall-ipproċessar f’konformità mal-proċeduri C jew D ta’ saldu RTGS AS tista’ wkoll tiddaħħal mill-AS rilevanti f’isem il-bank tas-saldu.

Artikolu 7

Ordnijiet ta’ trasferiment tal-likwidità bbażati fuq ir-regoli

1.   Detentur ta’ RTGS DCA jista’ jispeċifika ammont minimu u/jew massimu għall-RTGS DCA tiegħu.

| (a) | Billi jistabbilixxi limitu massimu u jagħżel ordni ta’ trasferiment tal-likwidità bbażata fuq ir-regoli, jekk, wara s-saldu ta’ ordni ta’ ħlas jew ordni ta’ trasferiment ta’ AS, jinkiser il-limitu massimu, id-detentur ta’ RTGS DCA jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] sabiex jeżegwixxi ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli li takkredita lil MCA indikat minn dak id-detentur ta’ RTGS DCA. L-MCA akkreditat jista’ jappartjeni għal parteċipant ieħor fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew f’sistema komponenti oħra tat-TARGET. |
| --- | --- |

(a)

Billi jistabbilixxi limitu massimu u jagħżel ordni ta’ trasferiment tal-likwidità bbażata fuq ir-regoli, jekk, wara s-saldu ta’ ordni ta’ ħlas jew ordni ta’ trasferiment ta’ AS, jinkiser il-limitu massimu, id-detentur ta’ RTGS DCA jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] sabiex jeżegwixxi ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli li takkredita lil MCA indikat minn dak id-detentur ta’ RTGS DCA. L-MCA akkreditat jista’ jappartjeni għal parteċipant ieħor fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew f’sistema komponenti oħra tat-TARGET.

| (b) | Bl-istabbiliment ta’ limitu minimu, u bl-għażla ta’ ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli, jekk, wara s-saldu ta’ ordni ta’ ħlas jew ordni ta’ trasferiment ta’ AS, jinkiser il-limitu minimu, tinbeda ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli li taddebita MCA awtorizzat mid-detentur ta’ MCA. L-MCA ddebitat jista’ jappartjeni għal parteċipant ieħor fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew f’sistema komponenti oħra tat-TARGET. Id-detentur tal-MCA ddebitat irid jawtorizza li l-MCA tiegħu jiġi ddebitat b’dan il-mod. |
| --- | --- |

(b)

Bl-istabbiliment ta’ limitu minimu, u bl-għażla ta’ ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli, jekk, wara s-saldu ta’ ordni ta’ ħlas jew ordni ta’ trasferiment ta’ AS, jinkiser il-limitu minimu, tinbeda ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli li taddebita MCA awtorizzat mid-detentur ta’ MCA. L-MCA ddebitat jista’ jappartjeni għal parteċipant ieħor fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew f’sistema komponenti oħra tat-TARGET. Id-detentur tal-MCA ddebitat irid jawtorizza li l-MCA tiegħu jiġi ddebitat b’dan il-mod.

2.   Detentur ta’ RTGS DCA jista’ jawtorizza li l-RTGS DCA tiegħu jiġi ddebitat fil-każ li jinkiser limitu minimu f’MCA speċifikat wieħed jew aktar fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew f’sistema komponenti oħra tat-TARGET. Meta jawtorizza li l-RTGS DCA tiegħu jiġi ddebitat, id-detentur tal-RTGS DCA jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] biex jeżegwixxi ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli li takkredita l-MCA(s) kull meta jinkiser il-limitu minimu.

3.   Detentur ta’ RTGS DCA jista’ jawtorizza l-MCA tiegħu indikat għall-fini ta’ ordnijiet ta’ trasferiment ta’ likwidità awtomatizzati skont l-Artikolu 1(5) u (6) biex jiġi ddebitat f’każ li ma jkunx hemm biżżejjed likwidità fuq l-RTGS DCA biex jiġu saldati ordnijiet ta’ ħlas urġenti, ordnijiet ta’ trasferiment ta’ AS jew ordnijiet ta’ ħlas ta’ prijorità għolja fuq l-RTGS DCA tiegħu.

Artikolu 8

Regoli ta’ prijorità

1.   L-ordni ta’ prijorità għall-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus kontanti, f’livell dekrexxenti ta’ urġenza, għandha tkun:

| (a) | urġenti; |
| --- | --- |

(a)

urġenti;

| (b) | għolja; |
| --- | --- |

(b)

għolja;

| (c) | normali. |
| --- | --- |

(c)

normali.

2.   L-ordnijiet li ġejjin għandhom jiġu assenjati awtomatikament il-prijorità “urġenti”:

| (a) | ordnijiet ta’ trasferiment ta’ AS; |
| --- | --- |

(a)

ordnijiet ta’ trasferiment ta’ AS;

| (b) | ordnijiet ta’ trasferiment ta’ likwidità inklużi ordnijiet awtomatizzati ta’ trasferiment ta’ likwidità; |
| --- | --- |

(b)

ordnijiet ta’ trasferiment ta’ likwidità inklużi ordnijiet awtomatizzati ta’ trasferiment ta’ likwidità;

| (c) | ordnijiet ta’ trasferiment ta’ flus f’kont tekniku ta’ AS għall-proċedura D ta’ saldu ta’ RTGS AS. |
| --- | --- |

(c)

ordnijiet ta’ trasferiment ta’ flus f’kont tekniku ta’ AS għall-proċedura D ta’ saldu ta’ RTGS AS.

3.   L-ordnijiet kollha ta’ trasferiment ta’ flus mhux elenkati fil-paragrafu 2 għandhom awtomatikament jiġu assenjati l-prijorità “normali”, ħlief għal ordnijiet ta’ ħlas li d-detentur ta’ RTGS DCA fid-diskrezzjoni tiegħu jkun assenjalhom prijorità “għolja”.

Artikolu 9

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus fuq RTGS DCAs

1.   Ordnijiet ta’ trasferiment ta’ flus fuq RTGS DCAs għandhom jiġu saldati immedjatament malli jiġu aċċettati, jew aktar tard kif indikat mid-detentur ta’ RTGS DCA skont l-Artikolu 16 jew l-Artikolu 17, sakemm fil-każijiet kollha:

| (a) | ikun hemm likwidità disponibbli fuq l-RTGS DCA tal-pagatur; |
| --- | --- |

(a)

ikun hemm likwidità disponibbli fuq l-RTGS DCA tal-pagatur;

| (b) | ma jkun hemm l-ebda ordni ta’ trasferiment ta’ flus ta’ prijorità ugwali jew ogħla fil-kju; u |
| --- | --- |

(b)

ma jkun hemm l-ebda ordni ta’ trasferiment ta’ flus ta’ prijorità ugwali jew ogħla fil-kju; u

| (c) | jiġi osservat kwalunkwe limitu ta’ debitu stabbilit f’konformità mal-Artikolu 15. |
| --- | --- |

(c)

jiġi osservat kwalunkwe limitu ta’ debitu stabbilit f’konformità mal-Artikolu 15.

2.   Jekk xi waħda mill-kundizzjonijiet stabbiliti fil-punti (a) sa (c) tal-paragrafu 1 ma tiġix issodisfata fir-rigward ta’ ordni ta’ trasferiment ta’ flus, għandu japplika dan li ġej.

| (a) | Fil-każ ta’ ordni ta’ trasferiment ta’ likwidità awtomatizzata, il-[daħħal l-isem tal-BĊ] jingħata struzzjonijiet biex jeżegwixxi l-istruzzjoni parzjalment u biex jeżegwixxi trasferimenti ulterjuri ta’ likwidità kull meta l-likwidità tkun disponibbli, sal-ammont tal-ordni inizjali ta’ trasferiment ta’ likwidità awtomatizzata. |
| --- | --- |

(a)

Fil-każ ta’ ordni ta’ trasferiment ta’ likwidità awtomatizzata, il-[daħħal l-isem tal-BĊ] jingħata struzzjonijiet biex jeżegwixxi l-istruzzjoni parzjalment u biex jeżegwixxi trasferimenti ulterjuri ta’ likwidità kull meta l-likwidità tkun disponibbli, sal-ammont tal-ordni inizjali ta’ trasferiment ta’ likwidità awtomatizzata.

| (b) | Fil-każ ta’ ordni ta’ trasferiment ta’ likwidità immedjata, l-ordni għandha tiġi rrifjutata mingħajr saldu parzjali jew kwalunkwe tentattiv ieħor ta’ saldu sakemm l-ordni ma tinbediex minn AS, f’liema każ għandha tiġi saldata parzjalment mingħajr ebda tentattiv ieħor ta’ saldu. |
| --- | --- |

(b)

Fil-każ ta’ ordni ta’ trasferiment ta’ likwidità immedjata, l-ordni għandha tiġi rrifjutata mingħajr saldu parzjali jew kwalunkwe tentattiv ieħor ta’ saldu sakemm l-ordni ma tinbediex minn AS, f’liema każ għandha tiġi saldata parzjalment mingħajr ebda tentattiv ieħor ta’ saldu.

| (c) | Fil-każ ta’ ordni permanenti ta’ trasferiment ta’ likwidità jew ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli, l-ordni għandha tiġi saldata parzjalment mingħajr ebda tentattiv ieħor ta’ saldu. Ordni permanenti ta’ trasferiment ta’ likwidità skattata mill-proċeduri C jew D mandatorji ta’ saldu ta’ RTGS AS u li għaliha ma jkunx hemm biżżejjed fondi fuq l-RTGS DCA għandha tiġi saldata wara tnaqqis pro rata tal-ordnijiet kollha. Ordni permanenti ta’ trasferiment ta’ likwidità skattata minn proċedura C fakultattiva ta’ saldu ta’ RTGS AS u li għaliha ma jkunx hemm biżżejjed fondi fuq l-RTGS DCA għandha tiġi rrifjutata. |
| --- | --- |

(c)

Fil-każ ta’ ordni permanenti ta’ trasferiment ta’ likwidità jew ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli, l-ordni għandha tiġi saldata parzjalment mingħajr ebda tentattiv ieħor ta’ saldu. Ordni permanenti ta’ trasferiment ta’ likwidità skattata mill-proċeduri C jew D mandatorji ta’ saldu ta’ RTGS AS u li għaliha ma jkunx hemm biżżejjed fondi fuq l-RTGS DCA għandha tiġi saldata wara tnaqqis pro rata tal-ordnijiet kollha. Ordni permanenti ta’ trasferiment ta’ likwidità skattata minn proċedura C fakultattiva ta’ saldu ta’ RTGS AS u li għaliha ma jkunx hemm biżżejjed fondi fuq l-RTGS DCA għandha tiġi rrifjutata.

3.   Ordnijiet ta’ trasferiment ta’ flus fuq RTGS DCAs, minbarra dawk l-ordnijiet imsemmija fil-paragrafu 2 għandhom jitħallew fil-kju u jiġu pproċessati f’konformità mar-regoli stabbiliti fl-Artikolu 10.

Artikolu 10

Immaniġġjar tal-kju u ottimizzazzjoni tas-saldu

1.   L-ordnijiet ta’ trasferiment ta’ flus fuq RTGS DCAs li jitħallew fil-kju f’konformità mal-Artikolu 9(3) għandhom jiġu pproċessati skont il-prijorità tagħhom. Soġġett għall-paragrafu 2 sa 5, il-prinċipju “joħroġ li daħal l-ewwel” (first in first out, FIFO) għandu japplika f’kull kategorija jew subkategorija ta’ ordnijiet ta’ trasferiment ta’ flus bi prijorità kif ġej:

| (a) | ordnijiet urġenti ta’ trasferiment ta’ flus: l-ordnijiet awtomatizzati ta’ trasferiment ta’ likwidità għandhom jitqiegħdu l-ewwel fil-kju. Ordnijiet ta’ trasferiment ta’ AS u ordnijiet urġenti oħra ta’ trasferiment ta’ flus għandhom jitqiegħdu t-tieni fil-kju; |
| --- | --- |

(a)

ordnijiet urġenti ta’ trasferiment ta’ flus: l-ordnijiet awtomatizzati ta’ trasferiment ta’ likwidità għandhom jitqiegħdu l-ewwel fil-kju. Ordnijiet ta’ trasferiment ta’ AS u ordnijiet urġenti oħra ta’ trasferiment ta’ flus għandhom jitqiegħdu t-tieni fil-kju;

| (b) | ordnijiet ta’ trasferiment ta’ flus ta’ prijorità għolja ma għandhomx jiġu saldati waqt li ordnijiet urġenti ta’ trasferiment ta’ flus jkunu fil-kju; |
| --- | --- |

(b)

ordnijiet ta’ trasferiment ta’ flus ta’ prijorità għolja ma għandhomx jiġu saldati waqt li ordnijiet urġenti ta’ trasferiment ta’ flus jkunu fil-kju;

| (c) | ordnijiet ta’ trasferiment ta’ flus ta’ prijorità normali ma għandhomx jiġu saldati waqt li ordnijiet urġenti ta’ trasferiment ta’ flus ikunu fil-kju. |
| --- | --- |

(c)

ordnijiet ta’ trasferiment ta’ flus ta’ prijorità normali ma għandhomx jiġu saldati waqt li ordnijiet urġenti ta’ trasferiment ta’ flus ikunu fil-kju.

2.   Il-pagatur jista’ jibdel il-prijorità tal-ordnijiet ta’ trasferiment ta’ flus tiegħu minbarra l-ordnijiet urġenti ta’ trasferiment ta’ flus.

3.   Il-pagatur jista’ jibdel il-pożizzjoni tal-ordnijiet ta’ trasferiment ta’ flus tiegħu fil-kju. Il-pagatur jista’ jċaqlaq ordnijiet ta’ trasferiment ta’ flus bħal dawn jew wara l-ordnijiet ta’ trasferiment ta’ likwidità awtomatizzati fil-kju jew lejn l-aħħar tal-kju rispettiv b’effett immedjat fi kwalunkwe ħin waqt il-perjodu għas-saldu għal ħlasijiet tal-klijenti u interbankarji kif speċifikat fl-Appendiċi V.

4.   Sabiex jottimizza s-saldu ta’ ordnijiet ta’ trasferiment ta’ flus fil-kju, il-[daħħal l-isem tal-BĊ] jista’:

| (a) | juża l-proċeduri ta’ ottimizzazzjoni deskritti fl-Appendiċi I; |
| --- | --- |

(a)

juża l-proċeduri ta’ ottimizzazzjoni deskritti fl-Appendiċi I;

| (b) | jissalda ordnijiet ta’ trasferiment ta’ flus bi prijorità aktar baxxa (jew tal-istess prijorità iżda aċċettati aktar tard) qabel ordnijiet ta’ trasferiment ta’ flus bi prijorità ogħla (jew tal-istess prijorità aċċettati qabel), jekk l-ordnijiet ta’ trasferiment ta’ flus bi prijorità aktar baxxa jinnettjaw mal-ħlasijiet li għandhom jidħlu u fil-bilanċ jirriżultaw f’żieda ta’ likwidità għall-pagatur; |
| --- | --- |

(b)

jissalda ordnijiet ta’ trasferiment ta’ flus bi prijorità aktar baxxa (jew tal-istess prijorità iżda aċċettati aktar tard) qabel ordnijiet ta’ trasferiment ta’ flus bi prijorità ogħla (jew tal-istess prijorità aċċettati qabel), jekk l-ordnijiet ta’ trasferiment ta’ flus bi prijorità aktar baxxa jinnettjaw mal-ħlasijiet li għandhom jidħlu u fil-bilanċ jirriżultaw f’żieda ta’ likwidità għall-pagatur;

| (c) | jissalda ordnijiet ta’ trasferiment ta’ flus bi prijorità normali qabel ħlasijiet oħra ta’ prijorità normali fil-kju aċċettati qabel, sakemm ikunu disponibbli biżżejjed fondi u minkejja li dan jista’ jikser il-prinċipju FIFO. |
| --- | --- |

(c)

jissalda ordnijiet ta’ trasferiment ta’ flus bi prijorità normali qabel ħlasijiet oħra ta’ prijorità normali fil-kju aċċettati qabel, sakemm ikunu disponibbli biżżejjed fondi u minkejja li dan jista’ jikser il-prinċipju FIFO.

5.   L-ordnijiet ta’ trasferiment ta’ flus fil-kju għandhom jiġu rrifjutati jekk ma jkunux jistgħu jiġu saldati sal-ħinijiet ta’ skadenza għat-tip ta’ messaġġ rilevanti kif speċifikat fl-Appendiċi V.

6.   Għandhom japplikaw id-dispożizzjonijiet dwar is-saldu ta’ ordnijiet ta’ trasferiment ta’ flus kif stabbilit fl-Appendiċi I.

Artikolu 11

Ordnijiet ta’ riżervazzjoni ta’ likwidità

1.   Detentur ta’ RTGS DCA jista’ jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] biex jirriżerva ammont speċifikat ta’ likwidità fuq l-RTGS DCA tiegħu bl-użu ta’ waħda minn dawn li ġejjin:

| (a) | ordni ta’ riżervazzjoni ta’ likwidità kurrenti li għandu jkollha effett immedjat għall-jum ta’ negozju tat-TARGET kurrenti; |
| --- | --- |

(a)

ordni ta’ riżervazzjoni ta’ likwidità kurrenti li għandu jkollha effett immedjat għall-jum ta’ negozju tat-TARGET kurrenti;

| (b) | ordni permanenti ta’ riżervazzjoni tal-likwidità li għandha titwettaq fil-bidu ta’ kull jum ta’ negozju tat-TARGET. |
| --- | --- |

(b)

ordni permanenti ta’ riżervazzjoni tal-likwidità li għandha titwettaq fil-bidu ta’ kull jum ta’ negozju tat-TARGET.

2.   Detentur ta’ RTGS DCA għandu jassenja wieħed mill-istatusijiet li ġejjin lil ordni ta’ riżervazzjoni ta’ likwidità kurrenti jew permanenti:

| (a) | prijorità għolja: tippermetti l-użu tal-likwidità għal ordnijiet ta’ trasferiment ta’ flus ta’ prijorità urġenti jew għolja; |
| --- | --- |

(a)

prijorità għolja: tippermetti l-użu tal-likwidità għal ordnijiet ta’ trasferiment ta’ flus ta’ prijorità urġenti jew għolja;

| (b) | prijorità urġenti: tippermetti l-użu tal-likwidità biss għal ordnijiet urġenti ta’ trasferiment ta’ flus. |
| --- | --- |

(b)

prijorità urġenti: tippermetti l-użu tal-likwidità biss għal ordnijiet urġenti ta’ trasferiment ta’ flus.

3.   F’każ li l-ammont ta’ likwidità mhux riżervata ma jkunx biżżejjed biex jissodisfa l-ordni ta’ riżervazzjoni ta’ likwidità kurrenti jew permanenti, il-[daħħal l-isem tal-BĊ] għandu parzjalment iwettaq l-ordni ta’ riżervazzjoni u jingħata struzzjonijiet biex jiġu eżegwiti ordnijiet ta’ riżervazzjoni ulterjuri sakemm jintlaħaq l-ammont pendenti li għandu jiġi rriżervat. L-ordnijiet ta’ riżervazzjoni pendenti għandhom jiġu rrifjutati fi tmiem il-jum tan-negozju.

4.   Meta jitlob ir-riżervazzjoni ta’ ammont speċifikat ta’ likwidità għall-użu għal ordnijiet urġenti ta’ trasferiment ta’ flus, id-detentur ta’ RTGS DCA jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] biex iħallas biss ordnijiet ta’ prijorità għolja u ordnijiet ta’ trasferiment ta’ flus ta’ prijorità normali jekk ikun hemm likwidità disponibbli wara li jkun tnaqqas l-ammont riżervat għall-użu għal ordnijiet urġenti ta’ trasferiment ta’ flus.

5.   Meta jitlob ir-riżervazzjoni ta’ ammont speċifikat ta’ likwidità għall-użu għal ordnijiet ta’ prijorità għolja ta’ trasferiment ta’ flus, id-detentur ta’ RTGS DCA jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] biex isalda biss ordnijiet ta’ trasferiment ta’ flus ta’ prijorità normali jekk ikun hemm likwidità disponibbli wara li jkun tnaqqas l-ammont riżervat għall-użu għal ordnijiet ta’ trasferiment ta’ flus ta’ prijorità urġenti u għolja.

Artikolu 12

Talba u tweġiba għall-irtirar

1.   Detentur ta’ RTGS DCA jista’ jdaħħal talba għall-irtirar biex jitlob ir-ritorn ta’ ordni ta’ ħlas saldata.

2.   It-talba għall-irtirar għandha tintbagħat lill-benefiċjarju tal-ordni ta’ ħlas saldata li jista’ jwieġeb b’mod pożittiv jew negattiv. Tweġiba pożittiva ma tagħtix bidu għar-ritorn tal-fondi.

Artikolu 13

Direttorju tat-RTGS

1.   Id-direttorju tal-RTGS huwa lista ta’ BICs użati għat-twassil tal-informazzjoni u jinkludi l-BICs ta’:

| (a) | detenturi ta’ RTGS DCA; |
| --- | --- |

(a)

detenturi ta’ RTGS DCA;

| (b) | kwalunkwe entità b’aċċess għal diversi destinatarji; |
| --- | --- |

(b)

kwalunkwe entità b’aċċess għal diversi destinatarji;

| (c) | detenturi ta’ BICs indirizzabbli. |
| --- | --- |

(c)

detenturi ta’ BICs indirizzabbli.

2.   Id-direttorju tat-RTGS għandu jiġi aġġornat kuljum.

3.   Sakemm detentur ta’ RTGS DCA ma jitlobx mod ieħor, il-BICs tiegħu għandhom ikunu ppubblikati fid-direttorju tal-RTGS.

4.   Id-detenturi ta’ RTGS DCA jistgħu jqassmu biss id-direttorju tal-RTGS lill-friegħi u lill-entitajiet tagħhom b’aċċess għal diversi destinatarji.

5.   Id-detenturi ta’ RTGS DCA jirrikonoxxu li [daħħal l-isem tal-BĊ] u BĊi oħrajn jistgħu jippubblikaw l-ismijiet u l-BICs ta’ detenturi ta’ RTGS DCA. Barra minn hekk, l-ismijiet u l-BICs ta’ detenturi ta’ BICs indirizzabbli jew entitajiet b’aċċess għal diversi destinatarji jistgħu jiġu ppubblikati u d-detenturi ta’ RTGS DCA għandhom jiżguraw li d-detenturi ta’ BICs indirizzabbli jew entitajiet b’aċċess għal diversi destinatarji jkunu qablu ma’ din il-pubblikazzjoni.

Artikolu 14

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus f’każ ta’ sospensjoni jew terminazzjoni

1.   Meta tiġi tterminata l-parteċipazzjoni ta’ detentur ta’ RTGS DCA fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż], il-[daħħal l-isem tal-BĊ] ma għandux jaċċetta ordnijiet ġodda ta’ trasferiment ta’ flus mingħand dak id-detentur ta’ RTGS DCA. Ordnijiet ta’ trasferiment ta’ flus fil-kju, ordnijiet ta’ trasferiment ta’ flus realizzati jew ordnijiet ġodda ta’ trasferiment ta’ flus ta’ dak id-detentur ta’ RTGS DCA għandhom jiġu rrifjutati.

2.   Jekk il-parteċipazzjoni ta’ detentur ta’ RTGS DCA fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] tiġi sospiża għal raġunijiet differenti minn dawk speċifikati fl-Artikolu 25(1)(a) tal-Parti I, il-[daħħal l-isem tal-BĊ] għandu jaħżen l-ordnijiet kollha ta’ trasferiment ta’ flus deħlin u ħerġin ta’ dak id-detentur ta’ RTGS DCA fuq l-RTGS DCA tiegħu u jissottomettihom biss għas-saldu wara li jkunu ġew aċċettati b’mod espliċitu mill-BĊ tad-detentur ta’ RTGS DCA sospiż.

3.   Jekk il-parteċipazzjoni ta’ detentur ta’ RTGS DCA fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] tiġi sospiża għar-raġunijiet speċifikati fl-Artikolu 25(1)(a) tal-Parti I, kwalunkwe ordni ta’ trasferiment ta’ flus ħierġa mill-RTGS DCA ta’ dak id-detentur ta’ RTGS DCA għandha tiġi pproċessata biss fuq l-istruzzjonijiet tar-rappreżentanti tiegħu, inklużi dawk maħtura minn awtorità kompetenti jew qorti, bħall-amministratur tal-insolvenza tad-detentur tal-RTGS DCA, jew skont deċiżjoni eżegwibbli ta’ awtorità kompetenti jew qorti li tipprovdi struzzjonijiet dwar kif għandhom jiġu pproċessati l-ordnijiet ta’ trasferiment ta’ flus. L-ordnijiet kollha ta’ trasferiment ta’ flus li jidħlu għandhom jiġu pproċessati f’konformità mal-paragrafu 2.

Artikolu 15

Limiti tad-debitu

1.   Detentur ta’ RTGS DCA jista’ jillimita l-użu tal-likwidità disponibbli għal ordnijiet ta’ ħlas fuq l-RTGS DCAs individwali tiegħu fir-rigward ta’ RTGS DCAs oħra, ħlief għal kwalunkwe wieħed mill-BĊi, billi jispeċifika limiti bilaterali jew multilaterali. Dawn il-limiti jistgħu jiġu definiti biss fir-rigward ta’ ordnijiet ta’ ħlas ta’ prijorità normali.

2.   Meta jispeċifika limitu bilaterali, detentur ta’ RTGS DCA jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] li ordni ta’ ħlas aċċettata ma għandhiex tiġi saldata jekk is-somma tal-ordnijiet ta’ ħlas ta’ prijorità normali ħerġin tiegħu lil detentur ta’ RTGS DCA ieħor nieqes is-somma tal-ħlasijiet kollha ta’ prijorità urġenti, għolja u normali deħlin minn dak l-RTGS DCA (il-pożizzjoni bilaterali netta) taqbeż dan il-limitu bilaterali.

3.   Detentur ta’ RTGS DCA jista’ jispeċifika limitu multilaterali għal kwalunkwe relazzjoni li ma tkunx suġġetta għal limitu bilaterali. Limitu multilaterali jista’ jiġi speċifikat biss jekk id-detentur ta’ RTGS DCA ikun stabbilixxa mill-inqas limitu bilaterali wieħed. Jekk detentur ta’ RTGS DCA jispeċifika limitu multilaterali, huwa jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] li ordni ta’ ħlas aċċettata ma għandhiex tiġi saldata jekk is-somma tal-ordnijiet ta’ ħlas ta’ prijorità normali li jkunu ħerġin lejn l-RTGS DCAs tad-detenturi ta’ RTGS DCA kollha li fir-rigward tagħhom ma jkun ġie speċifikat l-ebda limitu bilaterali nieqes is-somma tal-ħlasijiet kollha ta’ prijorità urġenti, għolja u normali deħlin minn dawk l-RTGS DCAs (il-pożizzjoni multilaterali netta) taqbeż dan il-limitu multilaterali.

4.   Il-limiti jistgħu jinbidlu f’ħin reali b’effett immedjat jew b’effett mill-jum ta’ negozju li jmiss. Jekk limitu jinbidel għal żero, ma għandux ikun possibbli li jerġa’ jinbidel fl-istess jum ta’ negozju. Id-definizzjoni ta’ limitu bilaterali jew multilaterali ġdid għandha tkun effettiva biss mill-jum ta’ negozju li jmiss.

Artikolu 16

Struzzjonijiet tal-parteċipanti fir-rigward tal-ħinijiet tas-saldu

1.   Detentur ta’ RTGS DCA jista’ jindika l-ewwel ħin li qablu ordni ta’ ħlas ma tistax tiġi saldata jew l-aħħar ħin li warajh l-ordni ta’ ħlas tiġi rrifjutata billi juża l-indikatur tal-ewwel ħin ta’ debitu jew l-indikatur tal-aħħar ħin ta’ debitu, rispettivament, jew jista’ jindika medda ta’ ħin li matulha l-ordni ta’ ħlas tissalda billi juża ż-żewġ indikaturi. Detentur ta’ RTGS DCA jista’ juża wkoll l-indikatur tal-aħħar ħin ta’ debitu bħala indikatur ta’ twissija biss. F’każijiet bħal dawn, l-ordni ta’ ħlas ikkonċernata ma għandhiex tiġi rrifjutata.

2.   F’każ li 15-il minuta qabel l-aħħar ħin ta’ debitu indikat, l-ordni ta’ ħlas ma tkunx ġiet saldata, id-detentur ta’ RTGS DCA ikkonċernat għandu jiġi nnotifikat kif xieraq.

Artikolu 17

Ordnijiet għall-ħlas magħmula minn qabel

1.   Ordnijiet għall-ħlas jistgħu jiġu sottomessi sa 10 jum kalendarji qabel id-data tas-saldu speċifikata (ordnijiet ta’ ħlas realizzati).

2.   Ordnijiet għall-ħlas realizzati għandhom jiġu aċċettati u sottomessi għall-ipproċessar fid-data speċifikata mid-detentur ta’ RTGS DCA fil-bidu tal-perjodu ta’ saldu f’dak il-jum għall-ħlasijiet tal-klijenti u interbankarji, kif imsemmi fl-Appendiċi V. Dawn għandhom jitqiegħdu qabel l-ordnijiet għal ħlas tal-istess prijorità.

Artikolu 18

Debitu dirett

1.   Detentur ta’ RTGS DCA (pagatur) jista’ jagħti l-awtorizzazzjoni tiegħu biex detentur ta’ RTGS DCA ieħor (benefiċjarju) fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew f’sistema komponenti oħra tat-TARGET jiddebita l-RTGS DCA tal-pagatur permezz ta’ debitu dirett.

2.   Biex jippermetti dan l-arranġament il-pagatur għandu jipprovdi awtorizzazzjoni minn qabel lil [daħħal l-isem tal-BĊ] li tagħti d-dritt lil [daħħal l-isem tal-BĊ] li jiddebita l-RTGS DCA tal-pagatur meta jirċievi struzzjoni valida ta’ debitu dirett.

3.   Jekk benefiċjarju jirċievi l-awtorizzazzjoni kif deskritt fil-paragrafu 1, huwa jista’ jissottometti struzzjonijiet ta’ debitu dirett biex jiddebita l-RTGS DCA tal-pagatur bl-ammont speċifikat fl-istruzzjoni.

4.   Detentur ta’ RTGS DCA li jitlob li jiġi miżjud ma’ grupp ta’ kontijiet bankarji ta’ saldu ta’ AS għandu jitqies li ta awtorizzazzjoni lil [daħħal l-isem tal-BĊ] li tintitola lil [daħħal l-isem tal-BĊ] jiddebita l-RTGS DCA tad-detentur ta’ RTGS DCA u subkont malli jirċievi struzzjoni valida ta’ debitu dirett minn dik l-AS.

Artikolu 19

Funzjonalità ta’ ħlasijiet ta’ riżerva

Fil-każ ta’ ħsara fl-infrastruttura ta’ ħlas tiegħu, detentur ta’ RTGS DCA jista’ jitlob lil [daħħal l-isem tal-BĊ] sabiex jattiva l-funzjonalità ta’ ħlasijiet ta’ riżerva. Dan jippermetti lid-detentur ta’ RTGS DCA li jdaħħal ċerti ordnijiet ta’ ħlas bl-użu tal-Interfaċċa tal-Utent Grafiku (GUI).

Artikolu 20

Drittijiet ta’ titolu fir-rigward ta’ fondi fuq subkontijiet

1.   Il-[daħħal l-isem tal-BĊ] għandu jkollu [daħħal referenza għal teknika ta’ kollateralizzazzjoni skont is-sistema legali applikabbli] fuq il-bilanċ fuq subkont ta’ detentur ta’ RTGS DCA miftuħ skont l-arranġamenti bejn l-AS rilevanti u l-BĊ tiegħu għas-saldu ta’ struzzjonijiet ta’ ħlas relatati ma’ AS f’konformità mal-proċedura C ta’ saldu ta’ RTGS AS. Dan il-bilanċ għandu jikkollateralizza l-obbligu tad-detentur ta’ RTGS DCA msemmi fil-paragrafu 7 lejn [daħħal l-isem tal-BĊ] fir-rigward ta’ dan is-saldu.

2.   Malli l-[daħħal l-isem tal-BĊ] jirċievi messaġġ ta’ “bidu taċ-ċiklu”, il-[daħħal l-isem tal-BĊ] għandu jiżgura li l-bilanċ fis-subkont tad-detentur ta’ RTGS DCA (inklużi żidiet jew tnaqqis ta’ dak il-bilanċ li jirriżultaw mill-akkreditar jew mill-addebitar tal-ħlasijiet ta’ saldu bejn is-sistemi lis-subkont jew minnu, jew mill-akkreditar ta’ trasferimenti ta’ likwidità lis-subkont) fil-mument li l-AS tibda ċiklu jista’ jintuża biss għas-saldu ta’ ordnijiet ta’ trasferiment ta’ AS relatati ma’ dik il-proċedura ta’ saldu C. Malli [daħħal l-isem tal-BĊ] jirċievi messaġġ ta’ “tmiem iċ-ċiklu”, il-bilanċ fis-subkont għandu jkun disponibbli għall-użu tad-detentur ta’ RTGS DCA.

3.   Meta jikkonferma l-bilanċ fuq is-subkont tad-detentur ta’ RTGS DCA, il-[daħħal l-isem tal-BĊ] jiggarantixxi lill-AS ħlas sal-ammont ta’ dan il-bilanċ partikolari. Bil-konferma, fejn applikabbli, taż-żieda jew tat-tnaqqis tal-bilanċ mal-akkreditar jew l-addebitar bejn is-sistemi lejn is-subkont jew minnu jew l-akkreditar tat-trasferimenti tal-likwidità lis-subkont, il-garanzija tiżdied jew titnaqqas awtomatikament bl-ammont tal-ħlas. Minkejja ż-żieda jew it-tnaqqis tal-garanzija msemmija hawn fuq, il-garanzija għandha tkun irrevokabbli, inkondizzjonata u pagabbli mal-ewwel talba. Jekk il-[daħħal l-isem tal-BĊ] ma jkunx il-BĊ tal-AS, il-[daħħal l-isem tal-BĊ] għandu jitqies li ngħata struzzjonijiet biex joħroġ il-garanzija msemmija hawn fuq lill-BĊ tal-AS.

4.   Fin-nuqqas ta’ kwalunkwe proċediment ta’ insolvenza fir-rigward tad-detentur ta’ RTGS DCA, l-ordnijiet ta’ trasferiment ta’ AS għall-aġġustar tal-obbligu ta’ saldu tad-detentur ta’ RTGS DCA għandhom jiġu saldati mingħajr prelevament mill-garanzija u mingħajr rikors għad-dritt ta’ titolu fuq il-bilanċ fis-subkont tad-detentur ta’ RTGS DCA.

5.   F’każ ta’ insolvenza tad-detentur ta’ RTGS DCA, l-ordnijiet ta’ trasferiment ta’ AS għall-aġġustar tal-obbligu ta' saldu tad-detentur ta’ RTGS DCA għandhom ikunu l-ewwel talba għal ħlas taħt il-garanzija; l-addebitar tal-ammont indikat mis-subkont tad-detentur ta’ RTGS DCA (u l-akkreditar tal-kont tekniku RTGS AS tal-AS) għandu b’hekk jinvolvi bl-istess mod it-twettiq tal-obbligu tal-garanzija mill-[daħħal l-isem tal-BĊ] u r-realizzazzjoni tad-dritt tal-kollateral tiegħu fuq il-bilanċ fis-subkont tad-detentur ta’ RTGS DCA.

6.   Il-garanzija għandha tiskadi malli l-[daħħal l-isem tal-BĊ] jirċievi messaġġ ta’ “tmiem iċ-ċiklu” li jikkonferma li s-saldu tlesta.

7.   Id-detentur ta’ RTGS DCA għandu jkun obbligat jirrimborża lill-[daħħal l-isem tal-BĊ] kull ħlas magħmul minn dan tal-aħħar taħt din il-garanzija.

PARTI IV

Termini u kundizzjonijiet speċjali għal kontijiet ta’ flus dedikati għat-TARGET2-securities (T2S DCAs)

Termini u kundizzjonijiet speċjali għal kontijiet ta’ flus dedikati għat-TARGET2-securities (T2S DCAs)

Artikolu 1

Ftuħ u mmaniġġjar ta’ T2S DCA

1.   Il-[daħħal l-isem tal-BĊ] għandu, fuq talba ta’ detentur ta’ MCA, jiftaħ u jopera T2S DCAs wieħed jew aktar.

2.   Ma għandu jkun hemm l-ebda bilanċ ta’ debitu fuq T2S DCA.

3.   Detentur ta’ T2S DCA għandu jindika MCA wieħed għall-fini tal-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità bejn T2S DCAs kif imsemmi fl-Artikolu 3(1)(c). L-MCA indikat jista’ jinżamm fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jew f’sistema komponenti oħra tat-TARGET u jista’ jappartjeni għal parteċipant differenti.

Artikolu 2

Kollegament bejn il-kontijiet tat-titoli u t-T2S DCAs

1.   Detentur ta’ T2S DCA jista’ jitlob lil [daħħal l-isem tal-BĊ] biex jikkollega t-T2S DCA tiegħu ma’ kont jew ma’ diversi kontijiet tat-titoli miżmuma f’ismu jew f’isem il-klijenti tiegħu li jkollhom kontijiet ta’ titoli f’CSD parteċipant wieħed jew aktar.

2.   Id-detenturi ta’ T2S DCA li jikkollegaw it-T2S DCA tagħhom ma’ kont(ijiet) ta’ titoli f’isem il-klijenti kif stabbilit fil-paragrafu 1 huma responsabbli biex jistabbilixxu u jżommu l-lista ta’ kontijiet ta’ titoli konnessi u, fejn rilevanti, għall-istabbiliment tal-aspett tal-kollateralizzazzjoni tal-klijent.

3.   Bħala riżultat tat-talba skont il-paragrafu 1, id-detentur ta’ T2S DCA jitqies li jkun ta mandat lis-CSD fejn jinżammu tali kontijiet ta’ titoli konnessi biex jiddebita t-T2S DCA bl-ammonti li jirriżultaw minn tranżazzjonijiet ta’ titoli li jseħħu f’dawn il-kontijiet tat-titoli.

4.   Il-paragrafu 3 għandu japplika irrispettivament minn kwalunkwe ftehim li jkollu d-detentur ta’ T2S DCA mas-CSD u/jew mad-detenturi ta’ kontijiet ta’ titoli.

Artikolu 3

Tranżazzjonijiet ipproċessati fuq T2S DCAs

1.   It-tranżazzjonijiet li ġejjin għandhom jiġu pproċessati permezz ta’ T2S DCA fit-TARGET-[daħħal ir-referenza tal-BĊ/tal-pajjiż]:

| (a) | is-saldu ta’ struzzjonijiet ta’ flus li jirriżultaw mit-T2S sakemm id-detentur ta’ T2S DCA jkun indika l-kont(ijiet) tat-titoli rilevanti, kif imsemmi fl-Artikolu 2; |
| --- | --- |

(a)

is-saldu ta’ struzzjonijiet ta’ flus li jirriżultaw mit-T2S sakemm id-detentur ta’ T2S DCA jkun indika l-kont(ijiet) tat-titoli rilevanti, kif imsemmi fl-Artikolu 2;

| (b) | ordnijiet ta’ trasferiment ta’ likwidità lil RTGS DCA, TIPS DCA jew MCA; |
| --- | --- |

(b)

ordnijiet ta’ trasferiment ta’ likwidità lil RTGS DCA, TIPS DCA jew MCA;

| (c) | ordnijiet ta’ trasferiment ta’ likwidità bejn T2S DCAs li jappartjenu għall-istess parteċipant jew li fir-rigward tagħhom ġie indikat l-istess MCA skont l-Artikolu 1(3); |
| --- | --- |

(c)

ordnijiet ta’ trasferiment ta’ likwidità bejn T2S DCAs li jappartjenu għall-istess parteċipant jew li fir-rigward tagħhom ġie indikat l-istess MCA skont l-Artikolu 1(3);

| (d) | ordnijiet ta’ trasferiment ta’ flus bejn it-T2S DCA u t-T2S DCA ta’ [daħħal l-isem tal-BĊ] fil-kuntest partikolari tal-Artikolu 10(2) u (3). |
| --- | --- |

(d)

ordnijiet ta’ trasferiment ta’ flus bejn it-T2S DCA u t-T2S DCA ta’ [daħħal l-isem tal-BĊ] fil-kuntest partikolari tal-Artikolu 10(2) u (3).

2.   Ħlasijiet ta’ azzjonijiet korporattivi jistgħu jiġu pproċessati permezz ta’ T2S DCA.

Artikolu 4

Ordnijiet ta’ trasferiment ta’ likwidità

Detentur ta’ RTGS DCA jista’ jissottometti ordnijiet ta’ trasferiment ta’ likwidità bħala waħda minn dawn li ġejjin:

| (a) | ordni ta’ trasferiment ta’ likwidità immedjata, li għandha tkun struzzjoni għall-eżekuzzjoni immedjata; |
| --- | --- |

(a)

ordni ta’ trasferiment ta’ likwidità immedjata, li għandha tkun struzzjoni għall-eżekuzzjoni immedjata;

| (b) | ordni permanenti ta’ trasferiment tal-likwidità, li għandha tkun struzzjoni għall-eżekuzzjoni rikorrenti ta’ (i) trasferiment ta’ ammont ta’ trasferiment speċifikat jew (ii) trasferiment biex jitnaqqas il-bilanċ tat-T2S DCA għal livell predefinit bl-ammont tat-tnaqqis li jkun qed jiġi ttrasferit lil RTGS DCA, TIPS DCA jew MCA, fl-okkorrenza ta’ avveniment predefinit kull jum ta’ negozju. |
| --- | --- |

(b)

ordni permanenti ta’ trasferiment tal-likwidità, li għandha tkun struzzjoni għall-eżekuzzjoni rikorrenti ta’ (i) trasferiment ta’ ammont ta’ trasferiment speċifikat jew (ii) trasferiment biex jitnaqqas il-bilanċ tat-T2S DCA għal livell predefinit bl-ammont tat-tnaqqis li jkun qed jiġi ttrasferit lil RTGS DCA, TIPS DCA jew MCA, fl-okkorrenza ta’ avveniment predefinit kull jum ta’ negozju.

| (c) | ordni predefinita ta’ trasferiment tal-likwidità, li għandha tkun struzzjoni għall-eżekuzzjoni unika ta’ (i) trasferiment ta’ ammont ta’ trasferiment speċifikat jew (ii) trasferiment biex jitnaqqas il-bilanċ tat-T2S DCA għal livell predefinit bl-ammont tat-tnaqqis li jkun qed jiġi ttrasferit lil RTGS DCA, TIPS DCA jew MCA, fl-okkorrenza ta’ avveniment predefinit kull jum ta’ negozju. |
| --- | --- |

(c)

ordni predefinita ta’ trasferiment tal-likwidità, li għandha tkun struzzjoni għall-eżekuzzjoni unika ta’ (i) trasferiment ta’ ammont ta’ trasferiment speċifikat jew (ii) trasferiment biex jitnaqqas il-bilanċ tat-T2S DCA għal livell predefinit bl-ammont tat-tnaqqis li jkun qed jiġi ttrasferit lil RTGS DCA, TIPS DCA jew MCA, fl-okkorrenza ta’ avveniment predefinit kull jum ta’ negozju.

Artikolu 5

Riżervazzjoni u bblokkar tal-likwidità

1.   Il-parteċipanti jistgħu jirriżervaw jew jibblokkaw likwidità fuq it-T2S DCAs tagħhom. Dan ma jikkostitwixxix garanzija ta’ saldu fil-konfront ta’ kwalunkwe parti terza.

2.   Meta titlob li tirriżerva jew tibblokka ammont ta’ likwidità, parteċipant jagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] biex inaqqas il-likwidità disponibbli b’dan l-ammont.

3.   Talba ta’ riżervazzjoni hija struzzjoni li permezz tagħha, jekk il-likwidità disponibbli tkun daqs jew ogħla mill-ammont li għandu jiġi riżervat, ir-riżervazzjoni tiġi pproċessata. Jekk il-likwidità disponibbli tkun aktar baxxa, din tiġi rriżervata u n-nuqqas jista’ jiġi ssodisfat mil-likwidità dieħla sakemm l-ammont sħiħ tar-riżervazzjoni jkun disponibbli.

4.   Talba ta’ bblokkar hija struzzjoni li permezz tagħha, jekk il-likwidità disponibbli tkun daqs jew ogħla mill-ammont li għandu jiġi bblokkat, it-talba ta’ bblokkar tiġi pproċessata. Jekk il-likwidità disponibbli tkun aktar baxxa, l-ebda ammont ma jiġi bblokkat u t-talba tal-ibblokkar tiġi sottomessa mill-ġdid, sakemm l-ammont sħiħ tat-talba tal-ibblokkar ikun jista’ jiġi ssodisfat mil-likwidità disponibbli.

5.   Il-parteċipant jista’ f’kull ħin matul il-jum tan-negozju li fih tkun ġiet ipproċessata talba għar-riżervazzjoni jew l-ibblokkar tal-likwidità, jagħti struzzjonijiet lill-[daħħal l-isem tal-BĊ] biex jikkanċella r-riżervazzjoni jew l-ibblokkar. Kanċellazzjoni parzjali ma għandhiex tkun permessa.

6.   It-talbiet kollha għal riżervazzjoni jew ibblokkar tal-likwidità skont dan l-artikolu għandhom jiskadu fi tmiem il-jum tan-negozju.

Artikolu 6

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus fuq T2S DCAs

1.   L-ordnijiet ta’ trasferiment ta’ likwidità jiġu allokati kronogramma għall-ipproċessar fis-sekwenza tar-riċevuta tagħhom.

2.   L-ordnijiet kollha ta’ trasferiment ta’ likwidità sottomessi lit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għandhom jiġu pproċessati skont il-prinċipju “joħroġ li daħal l-ewwel” (FIFO) mingħajr prijoritizzazzjoni jew riordinazzjoni.

3.   Wara li ordni ta’ trasferiment ta’ likwidità lil TIPS DCA, MCA, RTGS DCA jew T2S DCA tkun ġiet aċċettata kif stabbilit fl-Artikolu 17 tal-Parti I, it-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għandha tivverifika jekk hemmx biżżejjed fondi disponibbli fuq it-T2S DCA tal-pagatur biex isir is-saldu. Jekk ikun hemm biżżejjed fondi disponibbli, l-ordni ta' trasferiment ta' likwidità għandha tiġi saldata immedjatament. Jekk ma jkunux disponibbli fondi biżżejjed, għandu japplika dan li ġej:-

| (a) | fil-każ ta’ ordni ta’ trasferiment ta’ likwidità immedjata, l-ordni għandha tiġi rrifjutata mingħajr saldu parzjali jew kwalunkwe tentattiv ieħor ta’ saldu sakemm dawn ma jkunux inbdew minn parti terza kif indikat f’konformità mal-Artikolu 7 tal-Parti I, f’liema każ għandhom jiġu saldati parzjalment mingħajr ebda tentattiv ieħor ta’ saldu; |
| --- | --- |

(a)

fil-każ ta’ ordni ta’ trasferiment ta’ likwidità immedjata, l-ordni għandha tiġi rrifjutata mingħajr saldu parzjali jew kwalunkwe tentattiv ieħor ta’ saldu sakemm dawn ma jkunux inbdew minn parti terza kif indikat f’konformità mal-Artikolu 7 tal-Parti I, f’liema każ għandhom jiġu saldati parzjalment mingħajr ebda tentattiv ieħor ta’ saldu;

| (b) | fil-każ ta’ ordni ta’ trasferiment ta’ likwidità predefinita jew permanenti, l-ordni għandha tiġi saldata parzjalment mingħajr ebda tentattiv ieħor ta’ saldu. |
| --- | --- |

(b)

fil-każ ta’ ordni ta’ trasferiment ta’ likwidità predefinita jew permanenti, l-ordni għandha tiġi saldata parzjalment mingħajr ebda tentattiv ieħor ta’ saldu.

Artikolu 7

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus f’każ ta’ sospensjoni jew terminazzjoni

1.   Meta tiġi tterminata l-parteċipazzjoni ta’ detentur ta’ T2S DCA fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż], il-[daħħal l-isem tal-BĊ] ma għandux jaċċetta ordnijiet ġodda ta’ trasferiment ta’ flus mingħand dak id-detentur ta’ T2S DCA.

2.   Jekk detentur ta’ T2S DCA jiġi sospiż mit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għal raġunijiet li ma humiex dawk speċifikati fl-Artikolu 25(1)(a) tal-Parti I, il-[daħħal l-isem tal-BĊ] għandu jaħżen l-ordnijiet kollha ta’ trasferiment ta’ flus deħlin u ħerġin ta’ dak il-parteċipant fuq it-T2S DCA tiegħu u jissottomettihom biss għas-saldu wara li jkunu ġew aċċettati b’mod espliċitu mill-BĊ tad-detentur tat-T2S DCA sospiż.

3.   Jekk detentur ta’ T2S DCA jiġi sospiż mit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għar-raġunijiet speċifikati fl-Artikolu 25(1)(a) tal-Parti I, kwalunkwe ordni ta’ trasferiment ta’ flus ħierġa mit-T2S DCA ta’ dak id-detentur ta’ T2S DCA għandha tiġi pproċessata biss fuq l-istruzzjonijiet tar-rappreżentanti tiegħu, inklużi dawk maħtura minn awtorità kompetenti jew qorti, bħall-amministratur tal-insolvenza tad-detentur ta’ T2S DCA, jew skont deċiżjoni eżegwibbli ta’ awtorità kompetenti jew qorti li tipprovdi struzzjonijiet dwar kif għandhom jiġu pproċessati l-ordnijiet ta’ trasferiment ta’ flus. L-ordnijiet kollha ta’ trasferiment ta’ flus li jidħlu għandhom jiġu pproċessati f’konformità mal-paragrafu 2.

Artikolu 8

Entitajiet eliġibbli għal faċilitajiet ta’ awtokollateralizzazzjoni

1.   Il-[daħħal l-isem tal-BĊ] għandu joffri faċilitajiet ta’ awtokollateralizzazzjoni lil detentur ta’ T2S DCA li lilu jkun qed jipprovdi kreditu intraġurnata f’konformità mal-Artikolu 10 tal-Parti II jekk dak id-detentur ta’ T2S DCA jitlob dan u bil-kundizzjoni li dan il-parteċipant ma jkunx suġġett għal miżuri restrittivi adottati mill-Kunsill tal-Unjoni Ewropea jew mill-Istati Membri skont l-Artikolu 65(1)(b), l-Artikolu 75 jew l-Artikolu 215 tat-Trattat, li l-implimentazzjoni tagħhom, fil-fehma ta’ [daħħal l-isem tal-BĊ] tkun inkompatibbli mal-funzjonament bla xkiel tat-TARGET.

2.   L-awtokollateralizzazzjoni għandha tingħata biss f’jum tan-negozju tat-TARGET, għandha tkun limitata għal dak il-jum u ma għandha tkun possibbli l-ebda estensjoni għal kreditu mil-lum għall-għada.

Artikolu 9

Kollateral eliġibbli għal operazzjonijiet ta’ awtokollateralizzazzjoni

1.   L-awtokollateralizzazzjoni għandha tkun ibbażata fuq kollateral eliġibbli. Il-kollateral eliġibbli għandu jikkonsisti fl-istess assi eliġibbli għall-użu fl-operazzjonijiet tal-politika monetarja tal-Eurosistema, u għandu jkun suġġett għall-istess regoli ta’ valwazzjoni u ta’ kontroll tar-riskju bħal dawk stabbiliti fi [daħħal id-dispożizzjonijiet nazzjonali li jimplimentaw ir-Raba’ Parti tal-Linja Gwida (UE) 2015/510 (BĊE/2014/60).

2.   Barra minn hekk, kollateral eliġibbli għall-awtokollateralizzazzjoni:

| (a) | [daħħal kif rilevanti: jista’ jkun limitat mill-[daħħal l-isem tal-BĊ] permezz ta’ esklużjoni ex ante ta’ kollateral potenzjali b’rabtiet mill-qrib]; |
| --- | --- |

(a)

[daħħal kif rilevanti: jista’ jkun limitat mill-[daħħal l-isem tal-BĊ] permezz ta’ esklużjoni ex ante ta’ kollateral potenzjali b’rabtiet mill-qrib];

| (b) | ikun suġġett għal ċerti għażliet diskrezzjonarji għall-esklużjoni ta’ kollateral eliġibbli kif mogħti lill-BĊNi taż-żona tal-euro permezz ta’ deċiżjonijiet tal-Kunsill Governattiv tal-BĊE. |
| --- | --- |

(b)

ikun suġġett għal ċerti għażliet diskrezzjonarji għall-esklużjoni ta’ kollateral eliġibbli kif mogħti lill-BĊNi taż-żona tal-euro permezz ta’ deċiżjonijiet tal-Kunsill Governattiv tal-BĊE.

Artikolu 10

Għoti ta’ kreditu u proċedura ta’ rkupru

1.   Kreditu miksub permezz ta’ awtokollateralizzazzjoni għandu jiġi pprovdut mingħajr imgħax.

2.   L-awtokollateralizzazzjoni tista’ tiġi rimborżata fi kwalunkwe ħin matul il-jum mid-detentur ta’ T2S DCA.

3.   L-awtokollateralizzazzjoni għandha tiġi rimborżata mhux aktar tard miż-żmien definit fl-Appendiċi V, u f’konformità mal-proċess li ġej:

| (a) | il-[daħħal l-isem tal-BĊ] jirrilaxxa l-istruzzjoni ta’ rimborż li tiġi saldata bil-kundizzjoni li jkunu disponibbli flus biex tiġi rrimborżata l-awtokollateralizzazzjoni pendenti; |
| --- | --- |

(a)

il-[daħħal l-isem tal-BĊ] jirrilaxxa l-istruzzjoni ta’ rimborż li tiġi saldata bil-kundizzjoni li jkunu disponibbli flus biex tiġi rrimborżata l-awtokollateralizzazzjoni pendenti;

| (b) | jekk, wara li jsir il-pass (a), il-bilanċ fuq it-T2S DCA ma jkunx biżżejjed biex jirrimborża l-awtokollateralizzazzjoni pendenti, il-[daħħal l-isem tal-BĊ] jiċċekkja T2S DCAs oħra miftuħa fil-kotba tiegħu għall-istess detentur ta’ T2S DCA u jittrasferixxi flus minn kwalunkwe wieħed minn dawn il-kontijiet jew minnhom kollha lejn it-T2S DCA fejn l-istruzzjonijiet ta’ rimborż ikunu pendenti; |
| --- | --- |

(b)

jekk, wara li jsir il-pass (a), il-bilanċ fuq it-T2S DCA ma jkunx biżżejjed biex jirrimborża l-awtokollateralizzazzjoni pendenti, il-[daħħal l-isem tal-BĊ] jiċċekkja T2S DCAs oħra miftuħa fil-kotba tiegħu għall-istess detentur ta’ T2S DCA u jittrasferixxi flus minn kwalunkwe wieħed minn dawn il-kontijiet jew minnhom kollha lejn it-T2S DCA fejn l-istruzzjonijiet ta’ rimborż ikunu pendenti;

| (c) | jekk, wara li jkunu saru l-passi (a) u (b), il-bilanċ fuq T2S DCA ma jkunx biżżejjed biex jirrimborża l-awtokollateralizzazzjoni pendenti, id-detentur ta’ T2S DCA għandu jitqies li ta struzzjonijiet lil [daħħal l-isem tal-BĊ] biex jittrasferixxi l-kollateral li jkun intuża biex tinkiseb l-awtokollateralizzazzjoni pendenti fil-kont tal-kollateral ta’ [daħħal l-isem tal-BĊ]. Minn hemm ’il quddiem, il-[daħħal l-isem tal-BĊ] għandu jipprovdi l-likwidità għar-rimborż tal-awtokollateralizzazzjoni pendenti u għandu jiddebita mingħajr dewmien l-MCA primarju tad-detentur ta’ T2S DCA. |
| --- | --- |

(c)

jekk, wara li jkunu saru l-passi (a) u (b), il-bilanċ fuq T2S DCA ma jkunx biżżejjed biex jirrimborża l-awtokollateralizzazzjoni pendenti, id-detentur ta’ T2S DCA għandu jitqies li ta struzzjonijiet lil [daħħal l-isem tal-BĊ] biex jittrasferixxi l-kollateral li jkun intuża biex tinkiseb l-awtokollateralizzazzjoni pendenti fil-kont tal-kollateral ta’ [daħħal l-isem tal-BĊ]. Minn hemm ’il quddiem, il-[daħħal l-isem tal-BĊ] għandu jipprovdi l-likwidità għar-rimborż tal-awtokollateralizzazzjoni pendenti u għandu jiddebita mingħajr dewmien l-MCA primarju tad-detentur ta’ T2S DCA.

| (d) | Il-[daħħal l-isem tal-BĊ] għandu japplika penali ta' EUR 1 000 għal kull jum tan-negozju fejn ikun sar rikors jew diversi rikorsi għar-rilokazzjoni ta’ kollateral taħt il-punt (c). Il-penali għandha tiġi ddebitata mill-MCA primarju tad-detentur ta’ T2S DCA imsemmi fil-punt (c). |
| --- | --- |

(d)

Il-[daħħal l-isem tal-BĊ] għandu japplika penali ta' EUR 1 000 għal kull jum tan-negozju fejn ikun sar rikors jew diversi rikorsi għar-rilokazzjoni ta’ kollateral taħt il-punt (c). Il-penali għandha tiġi ddebitata mill-MCA primarju tad-detentur ta’ T2S DCA imsemmi fil-punt (c).

Artikolu 11

Sospensjoni, limitazzjoni jew terminazzjoni ta’ faċilitajiet ta’ awtokollateralizzazzjoni

1.   il-[daħħal l-isem tal-BĊ] għandu jissospendi jew jittermina l-aċċess ta’ detentur ta’ T2S DCA għal faċilitajiet ta’ awtokollateralizzazzjoni jekk jissospendi jew jittermina l-aċċess ta’ dak id-detentur ta’ T2S DCA għall-kreditu intraġurnata skont l-Artikolu 13 tal-Parti II.

2.   Il-[daħħal l-isem tal-BĊ] għandu jillimita l-aċċess ta’ detentur T2S DCA għall-faċilitajiet ta’ awtokollateralizzazzjoni jekk ikun illimita l-aċċess ta’ dak id-detentur T2S DCA għall-kreditu intraġurnata skont l-Artikolu 13 tal-Parti II. F’każ bħal dan, il-limitu stabbilit għandu japplika għat-total tal-faċilitajiet ta’ awtokollateralizzazzjoni u ta’ kreditu intraġurnata kkombinati, u mhux għal kull waħda separatament.

PARTI V

Termini u kundizzjonijiet speċjali għal kontijiet ta’ flus iddedikati għas-saldu ta’ ħlasijiet istantanji tat-TARGET (TIPS) (TIPS DCAs)

Termini u kundizzjonijiet speċjali għal kontijiet ta’ flus iddedikati għas-saldu ta’ ħlasijiet istantanji tat-TARGET (TIPS) (TIPS DCAs)

Artikolu 1

Ftuħ u mmaniġġjar ta’ TIPS DCA

1.   Il-[daħħal l-isem tal-BĊ] għandu, fuq talba ta’ detentur ta’ MCA, jiftaħ u jopera TIPS DCAs wieħed jew aktar.

2.   Ma għandu jkun hemm l-ebda bilanċ ta’ debitu fuq TIPS DCA.

Artikolu 2

Kif jintbagħtu u jiġu riċevuti messaġġi

1.   Detentur ta’ TIPS DCA jista’ jibgħat messaġġi:

| (a) | direttament, u/jew |
| --- | --- |

(a)

direttament, u/jew

| (b) | permezz ta’ oriġinatur wieħed jew diversi. |
| --- | --- |

(b)

permezz ta’ oriġinatur wieħed jew diversi.

2.   Detentur ta’ TIPS DCA għandu jirċievi messaġġi:

| (a) | direttament; jew |
| --- | --- |

(a)

direttament; jew

| (b) | permezz ta’ oriġinatur wieħed. |
| --- | --- |

(b)

permezz ta’ oriġinatur wieħed.

3.   L-Artikolu 7 tal-Parti I għandu japplika għal detentur ta’ TIPS DCA li jibgħat jew jirċievi messaġġi permezz ta’ oriġinatur daqslikieku dak id-detentur ta’ TIPS DCA jibgħat jew jirċievi l-messaġġi direttament.

Artikolu 3

Partijiet aċċessibbli

1.   Detentur ta’ TIPS DCA jista’ jindika parti aċċessibbli waħda jew aktar. Il-partijiet aċċessibbli għandhom ikunu aderixxew mal-iskema SCT Inst billi ffirmaw il-Ftehim ta’ Aderenza dwar it-Trasferiment ta’ Kreditu Istantanju tas-SEPA.

2.   Detentur ta’ TIPS DCA għandu jipprovdi evidenza lill-[daħħal l-isem tal-BĊ] tal-aderenza ta’ kull parti aċċessibbli indikata mal-iskema SCT Inst.

3.   Detentur ta’ TIPS DCA għandu jinforma [daħħal l-isem tal-BĊ] jekk xi parti aċċessibbli indikata ma tibqax taderixxi mal-iskema SCT Inst u għandu, mingħajr dewmien żejjed, jieħu passi biex jipprevjeni lill-parti aċċessibbli milli taċċessa t-TIPS DCA.

4.   Detentur TIPS DCA jista’ jipprovdi l-aċċess lill-partijiet aċċessibbli indikati tiegħu permezz ta’ oriġinatur wieħed jew diversi.

5.   L-Artikolu 7 tal-Parti I għandu japplika għad-detenturi ta’ TIPS DCA li jindikaw partijiet aċċessibbli.

6.   Detentur ta’ TIPS DCA li jkun indika parti aċċessibbli għandu jiżgura li dik il-parti aċċessibbli tkun disponibbli f’kull ħin sabiex tirċievi l-messaġġi.

Artikolu 4

Tranżazzjonijiet ipproċessati fuq TIPS DCAs

1.   It-tranżazzjonijiet li ġejjin għandhom jiġu pproċessati permezz ta’ TIPS DCA fit-TARGET-[daħħal ir-referenza tal-BĊ/tal-pajjiż]:

| (a) | ordnijiet ta' ħlas istantanju; |
| --- | --- |

(a)

ordnijiet ta' ħlas istantanju;

| (b) | risposti pożittivi għall-irtirar; |
| --- | --- |

(b)

risposti pożittivi għall-irtirar;

| (c) | ordnijiet ta’ trasferiment ta’ likwidità lil kontijiet tekniċi ta’ TIPS AS , MCAs, T2S DCAs jew RTGS DCAs; |
| --- | --- |

(c)

ordnijiet ta’ trasferiment ta’ likwidità lil kontijiet tekniċi ta’ TIPS AS , MCAs, T2S DCAs jew RTGS DCAs;

| (d) | ordnijiet ta’ trasferiment ta’ likwidità f’subkontijiet; |
| --- | --- |

(d)

ordnijiet ta’ trasferiment ta’ likwidità f’subkontijiet;

| (e) | ordnijiet ta’ trasferiment ta’ likwidità f’kontijiet ta’ depożitu mil-lum għall-għada. |
| --- | --- |

(e)

ordnijiet ta’ trasferiment ta’ likwidità f’kontijiet ta’ depożitu mil-lum għall-għada.

Artikolu 5

Ordnijiet ta’ trasferiment ta’ likwidità immedjati

Detentur ta’ TIPS DCA jista’ jissottometti ordnijiet ta’ trasferiment ta’ likwidità immedjati.

Artikolu 6

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus fuq TIPS DCAs

1.   L-ordnijiet ta’ trasferiment ta’ flus jiġu allokati kronogramma għall-ipproċessar fis-sekwenza tar-riċevuta tagħhom.

2.   L-ordnijiet kollha ta’ trasferiment ta’ flus sottomessi lit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għandhom jiġu pproċessati skont il-prinċipju “joħroġ li daħal l-ewwel” (FIFO) mingħajr prijoritizzazzjoni jew riordinazzjoni.

3.   Wara li ordni ta’ ħlas istantanju tkun ġiet aċċettata kif stipulat fl-Artikolu 17 tal-Parti I, it-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għandha tivverifika jekk hemmx biżżejjed fondi disponibbli fuq it-TIPS DCA tal-pagatur biex isir is-saldu u dan li ġej għandu japplika:

| (a) | jekk ma jkunux disponibbli fondi suffiċjenti, l-ordni ta’ ħlas istantanju għandha tiġi rrifjutata; |
| --- | --- |

(a)

jekk ma jkunux disponibbli fondi suffiċjenti, l-ordni ta’ ħlas istantanju għandha tiġi rrifjutata;

| (b) | jekk ikunu disponibbli fondi suffiċjenti, l-ammont korrispondenti għandu jiġi rriżervat sakemm tasal it-tweġiba tal-benefiċjarju. Jekk il-benefiċjarju jaċċetta, l-ordni ta’ ħlas istantanju għandha tiġi saldata u r-riżervazzjoni għandha titneħħa fl-istess ħin. Jekk il-benefiċjarju jirrifjuta jew ma tingħatax risposta f’waqtha, skont it-tifsira tal-iskema SCT Inst, l-ordni tal-ħlas istantanju għandha tiġi rrifjutata u r-riżervazzjoni għandha titneħħa fl-istess ħin. |
| --- | --- |

(b)

jekk ikunu disponibbli fondi suffiċjenti, l-ammont korrispondenti għandu jiġi rriżervat sakemm tasal it-tweġiba tal-benefiċjarju. Jekk il-benefiċjarju jaċċetta, l-ordni ta’ ħlas istantanju għandha tiġi saldata u r-riżervazzjoni għandha titneħħa fl-istess ħin. Jekk il-benefiċjarju jirrifjuta jew ma tingħatax risposta f’waqtha, skont it-tifsira tal-iskema SCT Inst, l-ordni tal-ħlas istantanju għandha tiġi rrifjutata u r-riżervazzjoni għandha titneħħa fl-istess ħin.

4.   Il-fondi riżervati skont il-paragrafu 3(b) ma għandhomx ikunu disponibbli għas-saldu ta’ ordnijiet sussegwenti ta’ trasferiment ta’ flus.

5.   Mingħajr preġudizzju għall-paragrafu 3(b), il-[daħħal l-isem tal-BĊ] għandu jirrifjuta ordni ta’ ħlas istantanju jekk l-ammont tal-ordni ta’ ħlas istantanju jaqbeż kwalunkwe bilanċ tal-memorandum ta’ kreditu applikabbli (CMB).

6.   Wara li tkun ġiet aċċettata ordni ta' trasferiment ta' likwidità immedjata kif stipulat fl-Artikolu 17 tal-Parti I, it-TARGET2 [ddaħħal ir-referenza tal-BĊ/pajjiż] għandha tiċċekkja jekk hemmx biżżejjed fondi disponibbli fuq id-TIPS DCA tal-pagatur. Jekk ma jkunx hemm fondi suffiċjenti disponibbli l-ordni tat-trasferiment tal-likwidità għandha tiġi rrifjutata.

7.   Wara li tkun ġiet aċċettata risposta pożittiva għall-irtirar kif stabbilit fl-Artikolu 17 tal-Parti I, it-TARGET2 [daħħal ir-referenza tal-BĊ/pajjiż] għandha tiċċekkja jekk hemmx biżżejjed fondi disponibbli fuq it-TIPS DCA li jrid jiġi ddebitat. Jekk ma jkunx hemm fondi disponibbli, ir-risposta pożittiva għall-irtirar għandha tiġi rrifjutata. Jekk ikunu disponibbli fondi suffiċjenti, ir-risposta pożittiva għall-irtirar għandha tiġi saldata immedjatament.

8.   Mingħajr preġudizzju għall-paragrafu 7, it-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għandha tirrifjuta r-risposti pożittivi għall-irtirar jekk l-ammont tar-risposta pożittiva għall-irtirar jaqbeż kwalunkwe CMB applikabbli.

Artikolu 7

Talba għall-irtirar

1.   Detentur ta’ TIPS DCA jista' jissottometti talba għall-irtirar.

2.   It-talba għall-irtirar għandha tintbagħat lill-benefiċjarju tal-ordni ta’ ħlas istantanju saldata li jista’ jwieġeb bi risposta pożittiva jew negattiva għall-irtirar.

Artikolu 8

Direttorju tat-TIPS

1.   Id-direttorju tal-TIPS huwa lista ta’ BICs użati għat-twassil tal-informazzjoni u jinkludi l-BICs ta’:

| (a) | detenturi ta’ TIPS DCA; |
| --- | --- |

(a)

detenturi ta’ TIPS DCA;

| (b) | partijiet aċċessibbli. |
| --- | --- |

(b)

partijiet aċċessibbli.

2.   Id-direttorju tat-TIPS għandu jiġi aġġornat kuljum.

3.   Id-detenturi tat-TIPS DCA jistgħu jqassmu d-direttorju TIPS lill-friegħi tagħhom, lill-partijiet aċċessibbli indikati tagħhom u lill-oriġinaturi tagħhom biss. Il-partijiet aċċessibbli jistgħu jqassmu d-direttorju tat-TIPS lill-friegħi tagħhom biss.

4.   BIC speċifiku għandu jidher darba biss fid-direttorju tat-TIPS.

5.   Id-detenturi tat-TIPS DCA jirrikonoxxu li [daħħal l-isem tal-BĊ] u BĊi oħrajn jistgħu jippubblikaw isimhom u l-BICs tagħhom. Barra minn hekk, il-[daħħal l-isem tal-BĊ] u BĊi oħrajn jistgħu jippubblikaw l-ismijiet u l-BICs ta' partijiet aċċessibbli indikati minn detenturi ta’ TIPS DCA u d-detenturi ta’ TIPS DCA għandhom jiżguraw li l-partijiet aċċessibbli jkunu qablu dwar din il-pubblikazzjoni.

Artikolu 9

Repożitorju ta’ MPL

1.   Ir-repożitorju ċentrali tat-tiftix bi proxy mobbli (Mobile Proxy Lookup - MPL) fih it-tabella tal-immappjar tal-proxy – IBAN għall-finijiet tas-servizz ta’ MPL.

2.   Kull proxy tista’ tkun konnessa ma’ IBAN wieħed biss. IBAN jista’ jkun konness ma’ proxy waħda jew ma’ diversi proxies.

3.   L-Artikolu 28 tal-Parti I għandu japplika għad-data li tinsab fir-repożitorju tal-MPL.

Artikolu 10

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus f’każ ta’ sospensjoni jew terminazzjoni straordinarja

1.   Meta tiġi tterminata l-parteċipazzjoni ta’ detentur ta’ TIPS DCA fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż], il-[daħħal l-isem tal-BĊ] ma għandux jaċċetta ordnijiet ġodda ta’ trasferiment ta’ flus lil jew mingħand dak id-detentur ta’ TIPS DCA.

2.   Jekk il-parteċipazzjoni ta’ detentur ta’ TIPS DCA fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] tiġi sospiża għal raġunijiet differenti minn dawk speċifikati fl-Artikolu 25(1)(a) tal-Parti I, il-[daħħal l-isem tal-BĊ] għandu:

| (a) | jirrifjuta kull ordni ta’ trasferiment ta’ flus dieħla tiegħu; |
| --- | --- |

(a)

jirrifjuta kull ordni ta’ trasferiment ta’ flus dieħla tiegħu;

| (b) | jirrifjuta kull ordni ta’ trasferiment ta’ flus ħierġa tiegħu; jew |
| --- | --- |

(b)

jirrifjuta kull ordni ta’ trasferiment ta’ flus ħierġa tiegħu; jew

| (c) | jirrifjuta l-ordnijiet ta’ trasferiment ta’ flus li jkunu kemm deħlin kif ukoll ħerġin tiegħu. |
| --- | --- |

(c)

jirrifjuta l-ordnijiet ta’ trasferiment ta’ flus li jkunu kemm deħlin kif ukoll ħerġin tiegħu.

3.   Jekk il-parteċipazzjoni ta’ detentur ta’ TIPS DCA fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] tiġi sospiża għar-raġunijiet speċifikati fl-Artikolu 25(1)(a) tal-Parti I, il-[daħħal l-isem tal-BĊ] għandu jirrifjuta l-ordnijiet kollha ta’ trasferiment ta’ flus deħlin u ħerġin tiegħu.

4.   Il-[daħħal l-isem tal-BĊ] għandu jipproċessa ordnijiet ta' ħlas istantanju ta' detentur ta’ TIPS DCA li l-parteċipazzjoni tiegħu fit-TARGET2- [daħħal ir-referenza tal-BĊ/pajjiż] ġiet sospiża jew itterminata skont l-Artikolu 25(1) jew (2) u li fir-rigward tiegħu [daħħal l-isem tal-BĊ] irriżerva fondi fuq TIPS DCA skont l-Artikolu 6(3)(b) qabel is-sospensjoni jew it-terminazzjoni.

PARTI VI

Termini u kundizzjonijiet speċjali għas-sistemi anċillari (AS) li jużaw proċeduri ta’ saldu ta’ sistema anċillari għas-saldu gross f’ħin reali (RTGS AS)

Termini u kundizzjonijiet speċjali għas-sistemi anċillari (AS) li jużaw proċeduri ta’ saldu ta’ sistema anċillari għas-saldu gross f’ħin reali (RTGS AS)

Artikolu 1

Ftuħ u Mmaniġġjar ta’ kontijiet tekniċi ta’ AS u l-użu ta’ proċeduri ta’ saldu ta’ RTGS AS

1.   Il-[daħħal l-isem tal-BĊ] jista’ fuq it-talba ta’ AS jiftaħ u jopera kont tekniku RTGS AS wieħed jew diversi kontijiet sabiex jappoġġa l-proċeduri ta’ saldu ta’ RTGS AS.

2.   Ma għandu jkun hemm l-ebda bilanċ ta’ debitu f’kont tekniku ta’ RTGS AS.

3.   Il-kontijiet tekniċi ta’ RTGS AS ma għandhomx jiġu ppubblikati fid-direttorju tal-RTGS.

4.   L-AS għandha tagħżel mill-inqas waħda mill-proċeduri ta’ saldu li ġejjin għall-finijiet tal-ipproċessar tal-ordnijiet ta’ trasferiment ta’ AS:

| (a) | il-proċedura ta’ saldu A ta’ RTGS AS; |
| --- | --- |

(a)

il-proċedura ta’ saldu A ta’ RTGS AS;

| (b) | il-proċedura ta’ saldu B ta’ RTGS AS; |
| --- | --- |

(b)

il-proċedura ta’ saldu B ta’ RTGS AS;

| (c) | il-proċedura ta’ saldu C ta’ RTGS AS; |
| --- | --- |

(c)

il-proċedura ta’ saldu C ta’ RTGS AS;

| (d) | il-proċedura ta’ saldu D ta’ RTGS AS; |
| --- | --- |

(d)

il-proċedura ta’ saldu D ta’ RTGS AS;

| (e) | il-proċedura ta’ saldu E ta’ RTGS AS; |
| --- | --- |

(e)

il-proċedura ta’ saldu E ta’ RTGS AS;

5.   Ir-regoli stabbiliti fl-Artikoli 3, 4, 5, 6 u 7 għandhom japplikaw rispettivament għall-proċeduri ta’ saldu A, B, C, D u E ta’ RTGS AS.

6.   Il-proċeduri ta’ saldu ta’ RTGS AS għandhom ikunu operazzjonali matul il-ħinijiet stabbiliti fl-Appendiċi V.

7.   L-AS għandha titlob lil [daħħal l-isem tal-BĊ] joħloq grupp ta’ kontijiet bankarji tas-saldu.

8.   L-AS għandha tibgħat biss ordnijiet ta’ trasferiment ta’ AS lil kontijiet inklużi fil-grupp ta’ kontijiet bankarji tas-saldu msemmi fil-paragrafu 7.

Artikolu 2

Prijorità ta’ ordnijiet ta’ trasferiment ta’ AS

L-ordnijiet kollha ta’ trasferiment ta’ AS għandhom jiġu assenjati awtomatikament il-prijorità “urġenti”.

Artikolu 3

Proċedura ta’ saldu A ta’ RTGS AS

1.   L-AS għandha titlob kont tekniku ta’ RTGS AS iddedikat biex jappoġġa l-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ AS permezz tal-proċedura ta’ saldu A. Il-bilanċ f’dan il-kont għandu jkun żero fl-aħħar tal-jum.

2.   L-AS tista’ titlob il-ftuħ ta’ kont ta’ fond ta’ garanzija ta’ AS biex jappoġġa s-saldu b’rabta mas-servizz tal-“perjodu ta’ saldu”. Il-bilanċi fuq il-kont tal-fond ta’ garanzija ta’ AS għandhom jintużaw għas-saldu ta’ ordnijiet ta’ trasferiment ta’ AS f’każ li ma jkunx hemm disponibbli biżżejjed likwidità fuq l-RTGS DCA ta’ bank tas-saldu. Il-kont tal-fond ta’ garanzija ta’ AS jista’ jinżamm minn [daħħal l-isem tal-BĊ], l-AS jew parteċipant eliġibbli. Il-kont tal-fond ta’ garanzija ta’ AS ma għandux jiġi ppubblikat fid-direttorju tal-RTGS.

3.   L-AS għandha tissottometti ordnijiet ta’ trasferiment ta’ AS bħala lott f’fajl wieħed li fih is-somma tad-debiti għandha tibbilanċja s-somma tal-krediti.

4.   Il-[daħħal l-isem tal-BĊ] għandu l-ewwel jipprova jissalda ordnijiet ta’ trasferiment ta’ AS li jiddebitaw l-RTGS DCAs tal-banek tas-saldu u li jakkreditaw il-kont tekniku ta’ RTGS AS tal-AS. Huwa biss meta jiġu saldati dawn l-ordnijiet ta’ trasferiment ta’ AS kollha (inkluż il-finanzjament possibbli tal-kont tekniku ta’ RTGS AS mill-kont tal-fond ta’ garanzija ta’ AS) li l-[daħħal l-isem tal-BĊ] għandu jipprova jissalda l-ordnijiet ta’ trasferiment ta’ AS li jiddebitaw il-kont tekniku RTGS AS u jakkreditaw l-RTGS DCAs tal-banek tas-saldu.

5.   Jekk ordni ta’ trasferiment ta’ AS biex jiġi ddebitat l-RTGS DCA ta’ bank tas-saldu tkun fil-kju, il-[daħħal l-isem tal-BĊ] għandu jinforma lill-bank tas-saldu permezz ta’ messaġġ imxandar.

6.   Jekk kont ta’ fond ta’ garanzija ta’ AS ikun infetaħ u bank tas-saldu ma jkollux fondi biżżejjed fuq l-RTGS DCA tiegħu, l-AS tista’ tagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] biex jattiva l-mekkaniżmu tal-fond ta’ garanzija permezz ta’ talba biex jiddebita l-kont tal-fond ta’ garanzija ta’ AS u biex jakkredita l-kont tekniku ta’ RTGS AS. Jekk il-kont tal-fond ta’ garanzija ta’ AS ma jkollux biżżejjed fondi biex isir is-saldu, il-proċess tas-saldu għandu jfalli.

7.   Jekk il-proċess tas-saldu jfalli għal kwalunkwe raġuni, inkluż kif imsemmi fil-paragrafu 6, il-[daħħal l-isem tal-BĊ] għandu jirrifjuta l-ordnijiet kollha ta’ trasferiment ta’ AS mhux saldati fil-fajl uniku msemmi fil-paragrafu 3 u għandu jreġġa’ lura kull ordni ta’ trasferiment ta’ AS li tkun diġà ġiet saldata.

8.   L-AS għandha tiġi nnotifikata meta jsir jew ifalli saldu.

9.   L-AS tista’ tagħżel is-servizzi li ġejjin:

| (a) | is-servizz tal-“perjodu ta’ informazzjoni”, kif imsemmi fl-Artikolu 8(1); |
| --- | --- |

(a)

is-servizz tal-“perjodu ta’ informazzjoni”, kif imsemmi fl-Artikolu 8(1);

| (b) | is-servizz tal-“perjodu ta’ saldu”, kif imsemmi fl-Artikolu 8(3). |
| --- | --- |

(b)

is-servizz tal-“perjodu ta’ saldu”, kif imsemmi fl-Artikolu 8(3).

Artikolu 4

Proċedura ta’ saldu B ta’ RTGS AS

1.   L-AS għandha titlob kont tekniku ta’ RTGS AS iddedikat biex jappoġġa l-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ AS permezz tal-proċedura ta’ saldu B. Il-bilanċ f’dan il-kont għandu jkun żero fl-aħħar tal-jum.

2.   L-AS tista’ titlob il-ftuħ ta’ kont ta’ fond ta’ garanzija ta’ AS biex jappoġġa s-saldu b’rabta mas-servizz tal-“perjodu ta’ saldu”. Il-bilanċi fuq il-kont tal-fond ta’ garanzija ta’ AS għandhom jintużaw għas-saldu tal-ordnijiet ta’ trasferiment ta’ AS f’każ li ma jkunx hemm disponibbli biżżejjed likwidità fuq l-RTGS DCA ta’ bank tas-saldu. Il-kont tal-fond ta’ garanzija ta’ AS jista’ jinżamm minn [daħħal l-isem tal-BĊ], l-AS jew parteċipant eliġibbli. Il-kont tal-fond ta’ garanzija ta’ AS ma għandux jiġi ppubblikat fid-direttorju tal-RTGS.

3.   L-AS għandha tissottometti ordnijiet ta’ trasferiment ta’ AS bħala lott f’fajl wieħed li fih is-somma tad-debiti għandha tibbilanċja s-somma tal-krediti.

4.   Il-proċedura ta’ saldu B taħdem fuq bażi ta’ “kollox jew xejn”. Il-[daħħal l-isem tal-BĊ] għandu jipprova jissalda fl-istess ħin l-ordnijiet kollha ta’ trasferiment ta’ AS li jiddebitaw l-RTGS DCAs ta’ banek tas-saldu u jakkreditaw il-kont tekniku ta’ RTGS AS tal-AS, u l-ordnijiet kollha ta’ trasferiment ta’ AS li jiddebitaw il-kont tekniku ta’ RTGS AS u jakkreditaw l-RTGS DCAs ta’ banek tas-saldu. Jekk ordni ta’ trasferiment ta’ AS jew diversi ordnijiet ta’ trasferiment ta’ AS ma jkunux jistgħu jiġu saldati, l-ordnijiet ta’ trasferiment ta’ AS kollha għandhom jinżammu fil-kju u għandu jiġi applikat algoritmu ta’ ottimizzazzjoni, u l-banek tas-saldu għandhom jiġu informati.

5.   Jekk kont ta’ fond ta’ garanzija ta’ AS ikun infetaħ u bank tas-saldu ma jkollux fondi biżżejjed fuq l-RTGS DCA tiegħu, l-AS tista’ tagħti struzzjonijiet lil [daħħal l-isem tal-BĊ] biex jattiva l-mekkaniżmu tal-fond ta’ garanzija permezz ta’ talba biex jiddebita l-kont tal-fond ta’ garanzija ta’ AS u biex jakkredita l-kont tekniku ta’ RTGS AS. Jekk il-kont tal-fond ta’ garanzija ta’ AS ma jkollux biżżejjed fondi biex isir is-saldu, il-proċess tas-saldu għandu jfalli.

6.   Jekk il-proċess tas-saldu jfalli għal kwalunkwe raġuni, inkluż kif imsemmi fil-paragrafu 5, il-[daħħal l-isem tal-BĊ] għandu jirrifjuta l-ordnijiet kollha ta’ trasferiment ta’ AS mhux saldati fil-fajl uniku msemmi fil-paragrafu 3.

7.   L-AS għandha tiġi nnotifikata meta jsir jew ifalli saldu.

8.   L-AS tista’ tagħżel is-servizzi li ġejjin:

| (a) | is-servizz tal-“perjodu ta’ informazzjoni”, kif imsemmi fl-Artikolu 8(1); |
| --- | --- |

(a)

is-servizz tal-“perjodu ta’ informazzjoni”, kif imsemmi fl-Artikolu 8(1);

| (b) | is-servizz tal-“perjodu ta’ saldu”, kif imsemmi fl-Artikolu 8(3). |
| --- | --- |

(b)

is-servizz tal-“perjodu ta’ saldu”, kif imsemmi fl-Artikolu 8(3).

Artikolu 5

Proċedura ta’ saldu C ta’ RTGS AS

1.   Il-proċedura ta’ saldu C tappoġġa s-saldu bl-użu ta’ likwidità dedikata f’subkontijiet. L-AS għandha titlob kont tekniku ta’ RTGS AS iddedikat biex jappoġġa l-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ AS permezz tal-proċedura ta’ saldu C. Il-bilanċ f’dan il-kont għandu jkun żero fl-aħħar tal-jum. Dan il-kont tekniku ta’ RTGS AS jista’ jintuża wkoll biex jappoġġa l-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ AS bl-użu tal-proċedura ta’ saldu E.

2.   L-AS għandha tiżgura li kull bank tas-saldu jiftaħ mill-inqas subkont wieħed li għandu jintuża biss mill-AS għall-finijiet ta’ din il-proċedura ta’ saldu.

3.   Il-[daħħal l-isem tal-BĊ] għandu jibda proċedura ta’ saldu obbligatorju C awtomatikament f’kull jum ta’ negozju tat-TARGET skont l-iskeda stabbilita fl-Appendiċi V, li għandha tiskatta s-saldu ta’ dawk l-ordnijiet permanenti ta’ trasferiment tal-likwidità stabbiliti għall-proċedura ta’ saldu obbligatorju C billi jiddebita l-RTGS DCAs tal-banek tas-saldu u billi jakkredita s-subkont imsemmi fil-paragrafu 2.

4.   Il-proċedura ta’ saldu C għandha tagħlaq permezz ta’ messaġġ ta’ tmiem il-proċedura, li jista’ jintbagħat mill-AS f’kull ħin qabel il-ħin ta’ skadenza għall-ħlasijiet interbankarji kif stabbilit fl-Appendiċi V. Jekk l-AS ma tibgħatx il-messaġġ ta’ tmiem il-proċedura sa dak il-ħin ta’ skadenza, il-[daħħal l-isem tal-BĊ] għandu jagħlaq il-proċedura f’dak il-ħin ta’ skadenza.

5.   L-għeluq tal-proċedura ta’ saldu obbligatorju C iwassal għal trasferiment awtomatiku ta’ likwidità mis-subkont imsemmi fil-paragrafu 2 lill-RTGS DCA.

6.   Jekk il-proċedura ta’ saldu obbligatorju C tingħalaq, l-AS tista’ tibda proċedura fakultattiva fi kwalunkwe ħin qabel il-ħin ta’ skadenza għall-ħlasijiet interbankarji kif stabbilit fl-Appendiċi V, li għandha tiskatta s-saldu ta’ dawk l-ordnijiet permanenti ta’ trasferiment ta’ likwidità stabbiliti għall-proċedura ta’ saldu fakultattiva C billi taddebita l-RTGS DCA tal-bank tas-saldu u takkredita s-subkont tal-RTGS tiegħu. L-AS tista’ tibda u tagħlaq proċedura fakultattiva suċċessiva waħda jew aktar qabel il-ħin ta’ skadenza għall-ħlasijiet interbankarji. L-għeluq ta’ proċedura ta’ saldu fakultattiv C iwassal għal trasferiment awtomatiku ta’ likwidità mis-subkont imsemmi fil-paragrafu 2 lill-RTGS DCA.

7.   Il-proċedura ta’ saldu obbligatorju C u kwalunkwe proċedura ta’ saldu fakultattiv C sussegwenti jistgħu jikkonsistu f’ċiklu wieħed jew aktar.

8.   L-AS tista’, fi kwalunkwe ħin wara l-bidu ta’ proċedura ta’ saldu obbligatorju jew fakultattiv C, tibda ċiklu permezz ta’ messaġġ ta’ “bidu taċ-ċiklu”. Wara l-bidu taċ-ċiklu, ma jistgħux isiru trasferimenti ta’ likwidità mis-subkont imsemmi fil-paragrafu 2 sakemm l-AS ma tibgħatx messaġġ ta’ “tmiem iċ-ċiklu”. Il-bilanċ jista’ jinbidel matul iċ-ċiklu bħala riżultat ta’ ħlasijiet ta’ saldu bejn is-sistemi jew jekk bank tas-saldu jittrasferixxi l-likwidità lis-subkont tiegħu. Il-[daħħal l-isem tal-BĊ] għandu jinnotifika lill-AS bit-tnaqqis jew biż-żieda tal-likwidità fis-subkont bħala riżultat ta’ ħlasijiet ta’ saldu bejn is-sistemi. Jekk l-AS titlob hekk, il-[daħħal l-isem tal-BĊ] għandu jinnotifikaha wkoll biż-żieda fil-likwidità fis-subkont bħala riżultat ta’ ordnijiet ta’ trasferiment tal-likwidità mill-bank tas-saldu.

9.   L-AS tista’ tissottometti ordnijiet ta’ trasferiment ta’ AS bħala lott f’fajl wieħed jew f’diversi fajls waqt li ċ-ċiklu jkun miftuħ. L-ordnijiet ta’ trasferiment ta’ flus jistgħu jkunu għal kwalunkwe waħda mit-tranżazzjonijiet li ġejjin:

| (a) | id-debitu tas-subkontijiet tal-banek tas-saldu u l-kreditu tal-kont tekniku ta’ RTGS AS; |
| --- | --- |

(a)

id-debitu tas-subkontijiet tal-banek tas-saldu u l-kreditu tal-kont tekniku ta’ RTGS AS;

| (b) | id-debitu tal-kont tekniku ta’ RTGS AS u l-kreditu tas-subkontijiet tal-banek tas-saldu; |
| --- | --- |

(b)

id-debitu tal-kont tekniku ta’ RTGS AS u l-kreditu tas-subkontijiet tal-banek tas-saldu;

| (c) | id-debitu tal-kont tekniku ta’ RTGS AS u l-kreditu tal-RTGS DCAs tal-banek tas-saldu. |
| --- | --- |

(c)

id-debitu tal-kont tekniku ta’ RTGS AS u l-kreditu tal-RTGS DCAs tal-banek tas-saldu.

10.   Il-[daħħal l-isem tal-BĊ] għandu jissalda immedjatament dawk l-ordnijiet ta’ trasferiment ta’ AS li jistgħu jiġu saldati. L-ordnijiet ta’ trasferiment ta’ AS li ma jistgħux jiġu saldati immedjatament għandhom jitqiegħdu fil-kju u għandu jiġi applikat algoritmu ta’ ottimizzazzjoni. Kwalunkwe ordni ta’ trasferiment ta’ AS li tibqa’ mhux saldata fil-ħin li jingħalaq iċ-ċiklu għandha tiġi rrifjutata.

11.   L-AS għandha tiġi nnotifikata sa mhux aktar tard minn tmiem iċ-ċiklu dwar l-istatus tal-ordnijiet ta’ trasferiment ta’ AS individwali.

Artikolu 6

Proċedura ta’ saldu D ta’ RTGS AS

1.   Il-proċedura ta’ saldu D ta’ RTGS AS tappoġġa s-saldu bl-użu tal-prefinanzjament. L-AS għandha titlob kont tekniku ta’ RTGS AS iddedikat biex jappoġġa l-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ AS bl-użu tal-proċedura ta’ saldu D.

2.   Il-kontijiet tekniċi ta’ RTGS AS għandu jkollhom biss bilanċ żero jew bilanċ pożittiv. Il-likwidità tista’ tibqa’ fil-kont tekniku ta’ RTGS AS mil-lum għall-għada u mbagħad tkun suġġetta għal remunerazzjoni kif stabbilit fl-Artikolu 12(2) tal-Parti I.

3.   Il-[daħħal l-isem tal-BĊ] għandu jinnotifika lill-AS bit-trasferimenti ta’ likwidità li jiddebitaw l-RTGS DCAs tal-banek tas-saldu u li jakkreditaw il-kont tekniku ta’ RTGS AS. Dawn it-trasferimenti ta’ likwidità jistgħu jsiru f’kull jum tan-negozju tat-TARGET skont l-iskeda stabbilita fl-Appendiċi V. L-AS tista’ ddaħħal ordnijiet ta’ trasferiment ta’ likwidità immedjati li jiddebitaw il-kont tekniku ta’ RTGS AS u jakkreditaw l-RTGS DCAs tal-banek tas-saldu.

Artikolu 7

Proċedura ta’ saldu E ta’ RTGS AS

1.   Il-Proċedura ta’ saldu E ta’ RTGS AS tappoġġa saldu bilaterali u l-ipproċessar individwali ta’ ordnijiet ta’ trasferiment ta’ AS. L-AS tista’ tuża l-Proċedura ta’ Saldu E mingħajr kont tekniku ta’ RTGS AS għal saldu bilaterali. L-AS għandha titlob kont tekniku ta’ RTGS AS biex jappoġġa l-ipproċessar ta’ ordnijiet ta’ trasferiment AS permezz tal-proċedura ta’ saldu E jekk tagħżel l-ipproċessar individwali ta’ ordnijiet ta’ trasferiment ta’ AS. Il-bilanċ fuq dan il-kont tekniku ta’ RTGS AS għandu jkun żero fl-aħħar tal-ġurnata. Dan il-kont tekniku ta’ RTGS AS jista’ jintuża wkoll għall-proċedura ta’ saldu C.

2.   L-AS tista’ tissottometti ordnijiet ta’ trasferiment ta’ AS bħala lott f’fajl wieħed jew aktar bejn:

| (a) | l-RTGS DCAs tal-banek tas-saldu u l-kont tekniku ta’ RTGS AS jekk jintuża; u |
| --- | --- |

(a)

l-RTGS DCAs tal-banek tas-saldu u l-kont tekniku ta’ RTGS AS jekk jintuża; u

| (b) | l-RTGS DCAs tal-banek tas-saldu. |
| --- | --- |

(b)

l-RTGS DCAs tal-banek tas-saldu.

L-AS għandha tkun responsabbli biex tiżgura li l-ordnijiet ta’ trasferiment ta’ AS fil-fajl ikunu f’sekwenza korretta sabiex jiġi żgurat saldu bla xkiel.

3.   Il-[daħħal l-isem tal-BĊ] għandu jissalda immedjatament dawk l-ordnijiet ta’ trasferiment ta’ AS li jistgħu jiġu saldati. L-ordnijiet ta’ trasferiment ta’ AS li ma jistgħux jiġu saldati immedjatament għandhom jinżammu fil-kju. Jekk ordni ta’ trasferiment ta’ AS biex jiġi ddebitat RTGS DCA ta’ bank tas-saldu tinżamm fil-kju, il-bank tas-saldu għandu jiġi informat permezz ta’ messaġġ imxandar.

4.   L-AS tista’ tagħżel is-servizzi li ġejjin:

| (a) | is-servizz tal-“perjodu ta’ informazzjoni”, kif imsemmi fl-Artikolu 8(1); |
| --- | --- |

(a)

is-servizz tal-“perjodu ta’ informazzjoni”, kif imsemmi fl-Artikolu 8(1);

| (b) | is-servizz tal-“perjodu ta’ saldu”, kif imsemmi fl-Artikolu 8(3). |
| --- | --- |

(b)

is-servizz tal-“perjodu ta’ saldu”, kif imsemmi fl-Artikolu 8(3).

5.   L-AS għandha tiġi nnotifikata bl-istatus tal-ordnijiet ta’ trasferiment ta’ AS individwali sottomessi.

Artikolu 8

Perjodu ta’ informazzjoni u perjodu ta’ saldu

1.   Is-servizz tal-“perjodu ta’ informazzjoni” jippermetti lill-AS tinforma lill-banek tas-saldu tagħha bil-likwidità meħtieġa biex jiġi żgurat saldu b’suċċess. Dan is-servizz fakultattiv jippermetti lill-AS tiddefinixxi perjodu qabel il-bidu tas-saldu tal-ordnijiet ta’ trasferiment ta’ AS. Matul dak il-perjodu, u fuq talba tal-bank tas-saldu, l-AS tista’ tirrevoka jew ordnijiet ta’ trasferiment ta’ AS singoli (għall-proċedura ta’ saldu E ta’ RTGS AS) jew fajls (għall-proċeduri ta’ saldu A u B ta’ RTGS AS). L-AS tista’ titlob ukoll lill-[daħħal l-isem tal-BĊ] biex jagħmel din ir-revoka f’isimha.

2.   F’każ li AS, jew il-[daħħal l-isem tal-BĊ] f’isimha, jirrevoka ordnijiet ta’ trasferiment ta’ AS singoli (għall-Proċedura ta’ saldu E ta’ RTGS AS) jew fajls (għall-proċeduri ta’ saldu A u B ta’ RTGS AS) matul il-“perjodu ta’ informazzjoni”, l-ipproċessar tal-ordnijiet ta’ trasferiment ta’ AS għandu jiġi kkanċellat.

3.   Is-servizz tal-“perjodu ta’ saldu” jippermetti lill-AS tiddefinixxi perjodu li fih jista’ jsir is-saldu tal-ordnijiet ta’ trasferiment ta’ AS. Dan is-servizz huwa prerekwiżit għall-użu ta’ kont ta’ fond ta’ garanzija, u huwa fakultattiv għall-użu ta’ kontijiet tekniċi ta’ AS.

4.   Matul il-“perjodu ta’ saldu” l-AS, jew il-[daħħal l-isem tal-BĊ] f’isimha, jista’ jirrevoka jew ordnijiet ta’ trasferiment ta’ AS singoli (għall-proċedura ta’ saldu E ta’ RTGS AS) jew fajls (għall-proċeduri ta’ saldu A u B ta’ RTGS AS) li ma jkollhomx status finali u dan li ġej għandu japplika:

| (a) | jekk il-proċedura ta’ saldu E ta’ RTGS AS tintuża għal saldu bilaterali, l-ordnijiet ta’ trasferiment ta’ AS rilevanti għandhom jitreġġgħu lura; |
| --- | --- |

(a)

jekk il-proċedura ta’ saldu E ta’ RTGS AS tintuża għal saldu bilaterali, l-ordnijiet ta’ trasferiment ta’ AS rilevanti għandhom jitreġġgħu lura;

| (b) | jekk il-proċedura ta’ saldu E ta’ RTGS AS ma tintużax għal saldu bilaterali, jew jekk fil-proċedura ta’ saldu A ta’ RTGS AS ifalli s-saldu kollu, kwalunkwe ordni ta’ trasferiment ta’ AS saldata fil-fajl għandha titreġġa’ lura u l-banek tas-saldu kollha u l-AS għandhom jiġu informati permezz ta’ messaġġ imxandar. |
| --- | --- |

(b)

jekk il-proċedura ta’ saldu E ta’ RTGS AS ma tintużax għal saldu bilaterali, jew jekk fil-proċedura ta’ saldu A ta’ RTGS AS ifalli s-saldu kollu, kwalunkwe ordni ta’ trasferiment ta’ AS saldata fil-fajl għandha titreġġa’ lura u l-banek tas-saldu kollha u l-AS għandhom jiġu informati permezz ta’ messaġġ imxandar.

| (c) | jekk tintuża l-proċedura ta’ saldu B ta’ RTGS AS, is-saldu kollu jfalli u l-banek tas-saldu kollha u l-AS għandhom jiġu informati permezz ta’ messaġġ imxandar. |
| --- | --- |

(c)

jekk tintuża l-proċedura ta’ saldu B ta’ RTGS AS, is-saldu kollu jfalli u l-banek tas-saldu kollha u l-AS għandhom jiġu informati permezz ta’ messaġġ imxandar.

Artikolu 9

Saldu bejn is-sistemi

1.   Is-saldu bejn is-sistemi jippermetti lil AS takkredita l-kont tekniku ta’ RTGS AS ta’ AS oħra jew subkont ta’ bank tas-saldu ta’ AS oħra u jkun disponibbli għal AS bl-użu tal-proċedura ta’ saldu C jew D ta’ RTGS AS.

2.   Il-[daħħal l-isem tal-BĊ] għandu, fuq talba tal-AS, jippermetti s-saldu bejn is-sistemi bejn dik l-AS u AS oħra fit-TARGET-[daħħal ir-referenza tal-pajjiż/l-isem tal-BĊ] jew f’sistema komponenti oħra tat-TARGET. L-AS rikjedenti għandha tipprovdi l-awtorizzazzjoni tal-AS l-oħra lill-[daħħal l-isem tal-BĊ].

3.   Saldu bejn is-sistemi jista’ jinbeda biss jekk iż-żewġ AS ikunu fetħu proċedura ta’ saldu. Barra minn hekk, jekk is-saldu bejn is-sistemi jinbeda minn AS permezz tal-proċedura ta’ saldu C ta’ RTGS AS, irid jinfetaħ ukoll ċiklu ta’ saldu għal dik l-AS.

4.   AS li tuża proċedura ta’ saldu Ċ ta’ RTGS AS fil-kuntest ta’ saldu bejn is-sistemi għandha tissottometti biss ordnijiet ta’ trasferiment ta’ AS individwalment li jiddebitaw is-subkont ta’ wieħed mill-banek tas-saldu ta’ AS tagħha. Dawn l-ordnijiet ta’ trasferiment ta’ AS jakkreditaw is-subkont tal-bank tas-saldu ta’ AS riċeventi jekk dik l-AS riċeventi tkun qed tuża l-proċedura ta’ saldu C ta’ RTGS AS, jew jakkreditaw il-kont tekniku ta’ RTGS AS tal-AS riċeventi jekk dik l-AS tkun qed tuża l-proċedura ta’ saldu D ta’ RTGS AS.

5.   AS li tuża l-proċedura ta’ saldu D ta’ RTGS AS fil-kuntest ta’ saldu bejn is-sistemi għandha tissottometti biss ordnijiet ta’ trasferiment ta’ AS individwalment li jiddebitaw il-kont tekniku ta’ RTGS AS tagħha. Dawn l-ordnijiet ta’ trasferiment ta’ AS jakkreditaw is-subkont tal-bank tas-saldu ta’ AS riċeventi jekk dik l-AS riċeventi tkun qed tuża l-proċedura ta’ saldu C ta’ RTGS AS, jew jakkreditaw il-kont tekniku ta’ RTGS AS tal-AS riċeventi jekk dik l-AS tkun qed tuża l-proċedura ta’ saldu D ta’ RTGS AS.

Iż-żewġ AS li jużaw saldu bejn is-sistemi għandhom jiġu nnotifikati permezz ta’ messaġġ imxandar dwar is-saldu jew ir-rifjut tal-ordnijiet ta’ trasferiment ta’ AS.

Artikolu 10

Effett ta’ sospensjoni jew terminazzjoni

Jekk AS tissospendi jew tittermina l-użu tal-proċeduri ta’ saldu ta’ AS matul iċ-ċiklu ta’ saldu ta’ ordnijiet ta’ trasferiment ta’ AS, il-[daħħal l-isem tal-BĊ] jista’ jlesti ċ-ċiklu tas-saldu.

PARTI VII

Termini u kundizzjonijiet speċjali għal sistemi anċillari li jużaw il-proċedura ta’ saldu ta’ sistema anċillari għas-saldu ta’ ħlasijiet istantanji tat-TARGET (TIPS) (proċedura ta’ saldu ta’ TIPS AS)

Termini u kundizzjonijiet speċjali għal sistemi anċillari li jużaw il-proċedura ta’ saldu ta’ sistema anċillari għas-saldu ta’ ħlasijiet istantanji tat-TARGET (TIPS) (proċedura ta’ saldu ta’ TIPS AS)

Artikolu 1

Ftuħ u mmaniġġjar ta’ kont tekniku TIPS AS

1.   Il-[daħħal l-isem tal-BĊ] jista’ fuq talba ta’ AS li tissalda ħlasijiet istantanji skont l-iskema SCT Inst jew ħlasijiet kważi istantanji fil-kotba tagħha stess, jiftaħ u jħaddem kont tekniku ta’ TIPS AS wieħed jew diversi.

2.   Ma għandu jkun hemm l-ebda bilanċ ta’ debitu f’kont tekniku ta’ TIPS AS.

3.   Is-sistema anċillari għandha tuża kont tekniku ta’ TIPS AS biex tiġbor il-likwidità meħtieġa mwarrba mill-membri tal-ikklerjar tagħha biex jiffinanzjaw il-pożizzjonijiet tagħhom.

4.   Is-sistema anċillari tista’ tagħżel li tirċievi notifiki tal-akkreditar u l-addebitar tal-kont tekniku ta’ TIPS AS tagħha. Jekk is-sistema anċillari tagħżel dan is-servizz tingħata notifika immedjatament mal-addebitar jew l-akkreditar tal-kont tekniku ta’ TIPS AS.

5.   Sistema anċillari tista’ tibgħat ordnijiet ta’ ħlas istantanju, u risposti pożittivi għall-irtirar lil kwalunkwe detentur ta’ TIPS DCA jew ta’ TIPS AS. Sistema anċillari għandha tirċievi u tipproċessa ordnijiet ta’ ħlas istantanju, talbiet għall-irtirar u risposti pożittivi għall-irtirar minn kwalunkwe detentur ta’ TIPS DCA jew ta’ TIPS AS.

Artikolu 2

Kif jintbagħtu u jiġu riċevuti messaġġi

1.   Detentur ta’ kont tekniku ta’ TIPS AS jista’ jibgħat messaġġi:

| (a) | direttament; |
| --- | --- |

(a)

direttament;

| (b) | permezz ta’ oriġinatur wieħed jew diversi. |
| --- | --- |

(b)

permezz ta’ oriġinatur wieħed jew diversi.

2.   Detentur ta’ kont tekniku ta’ TIPS AS għandu jirċievi messaġġi:

| (a) | direttament; jew |
| --- | --- |

(a)

direttament; jew

| (b) | permezz ta’ oriġinatur wieħed. |
| --- | --- |

(b)

permezz ta’ oriġinatur wieħed.

3.   L-Artikolu 7 tal-Parti I għandu japplika għal detentur ta’ kont tekniku ta’ TIPS AS li jibgħat jew jirċievi messaġġi permezz ta’ oriġinatur daqslikieku dak id-detentur ta’ kont tekniku ta’ TIPS AS jibgħat jew jirċievi messaġġi direttament.

Artikolu 3

Ordnijiet ta’ trasferiment ta’ likwidità immedjati

Detentur ta’ kont tekniku ta’ TIPS AS jista’ jissottometti ordnijiet ta’ trasferiment ta’ likwidità immedjati.

Artikolu 4

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus fuq kontijiet tekniċi ta’ TIPS AS

1.   L-ordnijiet ta’ trasferiment ta’ flus jiġu allokati kronogramma għall-ipproċessar fis-sekwenza tar-riċevuta tagħhom.

2.   L-ordnijiet kollha ta’ trasferiment ta’ flus sottomessi lit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] għandhom jiġu pproċessati skont il-prinċipju “joħroġ li daħal l-ewwel” (FIFO) mingħajr prijoritizzazzjoni jew riordinazzjoni.

3.   Wara li ordni ta’ ħlas istantanju tkun ġiet aċċettata kif stipulat fl-Artikolu 17(1) tal-Parti I, il-[daħħal isem il-BĊ] għandha tivverifika jekk hemmx biżżejjed fondi disponibbli fuq il-kont tekniku ta’ TIPS AS tal-pagatur biex isir is-saldu u dan li ġej għandu japplika:

| (a) | jekk ma jkunux disponibbli fondi suffiċjenti, l-ordni ta’ ħlas istantanju għandha tiġi rrifjutata; |
| --- | --- |

(a)

jekk ma jkunux disponibbli fondi suffiċjenti, l-ordni ta’ ħlas istantanju għandha tiġi rrifjutata;

| (b) | jekk ikunu disponibbli fondi suffiċjenti, l-ammont korrispondenti għandu jiġi rriżervat sakemm tasal it-tweġiba tal-benefiċjarju. Jekk il-benefiċjarju jaċċetta, l-ordni ta’ ħlas istantanju għandha tiġi saldata u r-riżervazzjoni għandha titneħħa fl-istess ħin. Jekk il-benefiċjarju jirrifjuta jew ma tingħatax risposta f’waqtha, skont it-tifsira tal-iskema SCT Inst, l-ordni tal-ħlas istantanju għandha tiġi rrifjutata u r-riżervazzjoni għandha titneħħa fl-istess ħin. |
| --- | --- |

(b)

jekk ikunu disponibbli fondi suffiċjenti, l-ammont korrispondenti għandu jiġi rriżervat sakemm tasal it-tweġiba tal-benefiċjarju. Jekk il-benefiċjarju jaċċetta, l-ordni ta’ ħlas istantanju għandha tiġi saldata u r-riżervazzjoni għandha titneħħa fl-istess ħin. Jekk il-benefiċjarju jirrifjuta jew ma tingħatax risposta f’waqtha, skont it-tifsira tal-iskema SCT Inst, l-ordni tal-ħlas istantanju għandha tiġi rrifjutata u r-riżervazzjoni għandha titneħħa fl-istess ħin.

4.   Il-fondi riżervati skont il-paragrafu 3(b) ma għandhomx ikunu disponibbli għas-saldu ta’ ordnijiet sussegwenti ta’ trasferiment ta’ flus.

5.   Mingħajr preġudizzju għall-paragrafu 3(b), il-[daħħal l-isem tal-BĊ] għandu jirrifjuta ordni ta’ ħlas istantanju jekk l-ammont tal-ordni ta’ ħlas istantanju jaqbeż kwalunkwe bilanċ tal-memorandum ta’ kreditu applikabbli (CMB).

6.   Wara li ordni ta’ trasferiment ta’ likwidità minn kont tekniku ta’ TIPS AS lil TIPS DCA tkun ġiet aċċettata kif stabbilit fl-Artikolu 17(1) tal-Parti I, il-[daħħal l-isem tal-BĊ] għandu jivverifika jekk hemmx biżżejjed fondi disponibbli fil-kont tekniku ta’ TIPS AS tal-pagatur. Jekk ma jkunx hemm fondi suffiċjenti disponibbli l-ordni tat-trasferiment tal-likwidità għandha tiġi rrifjutata. Jekk ikunu disponibbli biżżejjed fondi, l-ordni ta' trasferiment ta' likwidità għandha tiġi saldata immedjatament.

7.   Wara li tkun ġiet aċċettata risposta pożittiva għall-irtirar kif stabbilit fl-Artikolu 17 tal-Parti 1, il-[daħħal l-isem tal-BĊ] għandu jiċċekkja jekk hemmx biżżejjed fondi disponibbli fil-kont tekniku ta’ TIPS AS li jrid jiġi ddebitat. Jekk ma jkunx hemm fondi disponibbli, ir-risposta pożittiva għall-irtirar għandha tiġi rrifjutata. Jekk ikunu disponibbli fondi suffiċjenti, ir-risposta pożittiva għall-irtirar għandha tiġi saldata immedjatament.

8.   Mingħajr preġudizzju għall-paragrafu 7, il-[daħħal l-isem tal-BĊ] għandu jirrifjuta risposti pożittivi għall-irtirar jekk l-ammont tar-risposta pożittiva għall-irtirar jaqbeż kwalunkwe CMB applikabbli.

Artikolu 5

Talba għall-irtirar

1.   Detentur ta’ kont tekniku ta’ TIPS AS jista' jissottometti talba għall-irtirar.

2.   It-talba għall-irtirar għandha tintbagħat lill-benefiċjarju tal-ordni ta’ ħlas istantanju saldata li jista’ jwieġeb bi risposta pożittiva jew negattiva għall-irtirar.

Artikolu 6

Proċedura ta’ saldu ta’ TIPS AS

Il-proċedura ta’ saldu ta’ TIPS AS għandha tkun operazzjonali matul il-ħinijiet stabbiliti fl-Appendiċi V.

Artikolu 7

Partijiet aċċessibbli permezz ta’ kont tekniku ta’ TIPS AS

1.   Detentur ta’ kont tekniku ta’ TIPS AS jista’ jindika parti aċċessibbli waħda jew aktar. Il-partijiet aċċessibbli għandhom ikunu aderixxew mal-iskema SCT Inst billi ffirmaw il-Ftehim ta’ Aderenza dwar it-Trasferiment ta’ Kreditu Istantanju tas-SEPA.

2.   Detentur ta’ kont tekniku ta’ TIPS AS għandu jipprovdi evidenza lill-[daħħal l-isem tal-BĊ] tal-aderenza ta’ kull parti aċċessibbli indikata mal-iskema SCT Inst.

3.   Detentur ta’ kont tekniku ta’ TIPS AS għandu jinforma [daħħal l-isem tal-BĊ] jekk xi parti aċċessibbli indikata ma tibqax taderixxi mal-iskema SCT Inst u għandu, mingħajr dewmien żejjed, jieħu passi biex jipprevjeni lill-parti aċċessibbli milli taċċessa l-kont tekniku ta’ TIPS AS.

4.   Detentur ta’ kont tekniku ta’ TIPS AS jista’ jipprovdi l-aċċess lill-partijiet aċċessibbli indikati tiegħu permezz ta’ oriġinatur wieħed jew diversi.

5.   L-Artikolu 7 tal-Parti I għandu japplika għal AS li tkun indikat partijiet aċċessibbli.

6.   Detentur ta’ kont tekniku ta’ TIPS AS li jkun indika parti aċċessibbli għandu jiżgura li dik il-parti aċċessibbli tkun disponibbli f’kull ħin biex tirċievi l-messaġġi.

Artikolu 8

Tranżazzjonijiet ipproċessati fuq il-kontijiet tekniċi ta’ TIPS AS

1.   It-tranżazzjonijiet li ġejjin għandhom jiġu pproċessati permezz ta’ kont tekniku ta’ TIPS AS fit-TARGET-[daħħal ir-referenza tal-BĊ/tal-pajjiż]:

| (a) | ordnijiet ta' ħlas istantanju; |
| --- | --- |

(a)

ordnijiet ta' ħlas istantanju;

| (b) | risposti pożittivi għall-irtirar; |
| --- | --- |

(b)

risposti pożittivi għall-irtirar;

| (c) | ordnijiet ta’ trasferiment ta’ likwidità lil TIPS DCAs. |
| --- | --- |

(c)

ordnijiet ta’ trasferiment ta’ likwidità lil TIPS DCAs.

Artikolu 9

Direttorju tat-TIPS

1.   Id-direttorju tat-TIPS huwa lista ta’ BICs użati għat-twassil tal-informazzjoni u jinkludi l-BICs ta’:

| (a) | detenturi ta’ TIPS DCA; |
| --- | --- |

(a)

detenturi ta’ TIPS DCA;

| (b) | partijiet aċċessibbli. |
| --- | --- |

(b)

partijiet aċċessibbli.

2.   Id-direttorju tat-TIPS għandu jiġi aġġornat kuljum.

3.   Id-detenturi ta’ kont tekniku ta’ TIPS DCA jistgħu jqassmu d-direttorju tat-TIPS lill-partijiet aċċessibbli indikati minnhom u lill-oriġinaturi biss. Il-partijiet aċċessibbli jistgħu jqassmu d-direttorju tat-TIPS lill-friegħi tagħhom biss.

4.   BIC speċifiku għandu jidher darba biss fid-direttorju tat-TIPS.

5.   Id-detenturi ta’ kont tekniku ta’ TIPS AS jirrikonoxxu li [daħħal l-isem tal-BĊ] u BĊi oħrajn jistgħu jippubblikaw l-ismijiet u l-BIC ta’ partijiet aċċessibbli indikati mid-deternturi ta’ kontijiet tekniċi ta’ TIPS AS u d-detenturi ta’ kontijiet tekniċi ta’ TIPS AS għandhom jiżguraw li l-partijiet aċċessibbli jkunu qablu ma’ tali pubblikazzjoni.

Artikolu 10

Repożitorju ta’ MPL

1.   Ir-repożitorju ċentrali tat-tiftix bi proxy mobbli (Mobile Proxy Lookup - MPL) fih it-tabella tal-immappjar tal-proxy – IBAN għall-finijiet tas-servizz ta’ MPL.

2.   Kull proxy tista’ tkun konnessa ma’ IBAN wieħed biss. IBAN jista’ jkun konness ma’ proxy waħda jew ma’ diversi proxies.

3.   L-Artikolu 28 tal-Parti I għandu japplika għad-data li tinsab fir-repożitorju tal-MPL.

Artikolu 11

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus f’każ ta’ sospensjoni jew terminazzjoni straordinarja

1.   Meta tiġi tterminata l-parteċipazzjoni ta’ detentur ta’ kont tekniku ta’ TIPS AS fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż], il-[daħħal l-isem tal-BĊ] ma għandux jaċċetta ordnijiet ġodda ta’ trasferiment ta’ flus lil jew mingħand dak id-detentur ta’ kont tekniku ta’ TIPS AS.

2.   Jekk il-parteċipazzjoni ta’ detentur ta’ kont tekniku TIPS AS fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] tiġi sospiża għal raġunijiet differenti minn dawk speċifikati fl-Artikolu 25(1)(a) tal-Parti I, il-[daħħal l-isem tal-BĊ] għandu:

| (a) | jirrifjuta kull ordni ta’ trasferiment ta’ flus dieħla tiegħu; |
| --- | --- |

(a)

jirrifjuta kull ordni ta’ trasferiment ta’ flus dieħla tiegħu;

| (b) | jirrifjuta kull ordni ta’ trasferiment ta’ flus ħierġa tiegħu; jew |
| --- | --- |

(b)

jirrifjuta kull ordni ta’ trasferiment ta’ flus ħierġa tiegħu; jew

| (c) | jirrifjuta l-ordnijiet ta’ trasferiment ta’ flus li jkunu kemm deħlin kif ukoll ħerġin tiegħu. |
| --- | --- |

(c)

jirrifjuta l-ordnijiet ta’ trasferiment ta’ flus li jkunu kemm deħlin kif ukoll ħerġin tiegħu.

3.   Jekk il-parteċipazzjoni ta’ Detentur ta’ Kont Tekniku ta’ TIPS AS fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] tiġi sospiża għar-raġunijiet speċifikati fl-Artikolu 25(1)(a) tal-Parti I, il-BĊ tad-detentur ta’ kont tekniku ta’ TIPS AS sospiż għandu jirrifjuta l-ordnijiet kollha ta’ trasferiment ta’ flus deħlin u ħerġin tiegħu.

4.   Il-[daħħal l-isem tal-BĊ] għandu jipproċessa ordnijiet ta' ħlas istantanju ta’ detentur ta’ kont tekniku ta’ TIPS AS li l-parteċipazzjoni tiegħu fit-TARGET2- [daħħal ir-referenza tal-BĊ/pajjiż] tkun ġiet sospiża jew itterminata skont l-Artikolu 25(1) jew (2) u li fir-rigward tiegħu [daħħal l-isem tal-BĊ] irriżerva fondi fuq kont tekniku ta’ TIPS AS skont l-Artikolu 4(3)(b) qabel is-sospensjoni jew it-terminazzjoni.

---

(1)  Direttiva 2014/59/UE tal-Parlament Ewropew u tal-Kunsill tal-15 ta’ Mejju 2014 li tistabbilixxi qafas għall-irkupru u r-riżoluzzjoni ta’ istituzzjonijiet ta’ kreditu u ditti ta’ investiment u li temenda d-Direttiva tal-Kunsill 82/891/KE u d-Direttivi 2001/24/KE, 2002/47/KE, 2004/25/KE, 2005/56/KE, 2007/36/KE, 2011/35/KE, 2012/30/UE u 2013/36/UE, u r-Regolamenti (UE) Nru 1093/2010 u (UE) Nru 648/2012, tal-Parlament Ewropew u tal-Kunsill (ĠU L 173, 12.6.2014, p. 190).

1

(2)  Linja Gwida (UE) 2019/671 tal-Bank Ċentrali Ewropew tad-9 ta’ April 2019 dwar operazzjonijiet ta' ġestjoni tal-assi u l-obbligazzjonijiet domestiċi mill-banek ċentrali nazzjonali (BĊE/2019/7) (ĠU L 113, 29.04.2019, p. 11).

2

(3)  Regolament tal-Kunsill (KE) Nru 2531/98 tat-23 ta’ Novembru 1998 li għandu x'jaqsam mal-applikazzjoni ta' riżervi minimi tal-Bank Ċentrali Ewropew (ĠU L 318, 27.11.1998, p. 1).

3

(4)  Deċiżjoni (UE) 2019/1743 tal-Bank Ċentrali Ewropew tal-15 ta’ Ottubru 2019 dwar ir-remunerazzjoni ta’ holdings ta’ eċċess ta’ riżervi u ta’ ċerti depożiti (BĊE/2019/31) (ĠU L 267, 21.10.2019, p. 12).

4

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APPENDIĊI I

SPEĊIFIKAZZJONIJIET TEKNIĊI GĦALL-IPPROĊESSAR TA’ ORDNIJIET TA’ TRASFERIMENT TA’ FLUS

Minbarra l-Kundizzjonijiet Armonizzati, ir-regoli li ġejjin għandhom japplikaw ghall-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus:

1.   Rekwiżiti tal-ittestjar għall-parteċipazzjoni fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż]

Kull parteċipant għandu jagħmel sensiela ta’ testijiet biex jagħti prova tal-kompetenza teknika u operazzjonali tiegħu qabel ma jkun jista’ jipparteċipa fit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż].

2.   Numri tal-kontijiet

Il-kont ta’ kull parteċipant għandu jiġi identifikat b’numru uniku tal-kont magħmul minn massimu ta’ 34 karattru li jikkonsistu f'ħames taqsimiet kif ġej:

| Isem | Numru ta’ Karattri | Kontenut |
| --- | --- | --- |
| Tip ta’ kont | 1 | M = MCA
  R = RTGS DCA
  C = T2S DCA
  I = TIPS DCA
  T = Kont tekniku ta’ RTGS AS
  U = Subkont
  A = Kont tekniku ta’ TIPS AS
  G = Kont ta’ fondi ta’ garanzija ta’ AS
  D = Kont ta’ depożitu mil-lum għall-għada
  X = Kont ta’ Kontinġenza |
| Kodiċi tal-Pajjiż tal-Bank Ċentrali | 2 | Kodiċi ISO tal-pajjiż: 3166-1 |
| Kodiċi tal-munita | 3 | EUR |
| BIC | 11 | BIC tad-detentur tal-kont |
| L-isem tal-kont | Mass. 17 | Test liberu  (1) |

Isem

Numru ta’ Karattri

Kontenut

Tip ta’ kont

1

M = MCA

R = RTGS DCA

C = T2S DCA

I = TIPS DCA

T = Kont tekniku ta’ RTGS AS

U = Subkont

A = Kont tekniku ta’ TIPS AS

G = Kont ta’ fondi ta’ garanzija ta’ AS

D = Kont ta’ depożitu mil-lum għall-għada

X = Kont ta’ Kontinġenza

Kodiċi tal-Pajjiż tal-Bank Ċentrali

2

Kodiċi ISO tal-pajjiż: 3166-1

Kodiċi tal-munita

3

EUR

BIC

11

BIC tad-detentur tal-kont

L-isem tal-kont

Mass. 17

Test liberu  (1)

3.   Regoli dwar il-messaġġi fit-TARGET

| (a) | Kull parteċipant għandu jikkonforma mal-istruttura tal-messaġġi u l-ispeċifikazzjonijiet tal-kampijiet, kif definit fil-Parti 3 tal-Ispeċifikazzjonijiet Funzjonali Dettaljati għall-Utent (UDFS). |
| --- | --- |

(a)

Kull parteċipant għandu jikkonforma mal-istruttura tal-messaġġi u l-ispeċifikazzjonijiet tal-kampijiet, kif definit fil-Parti 3 tal-Ispeċifikazzjonijiet Funzjonali Dettaljati għall-Utent (UDFS).

| (b) | L-intestaturi tal-applikazzjonijiet tan-negozju għandhom jiġu mehmuża mat-tipi kollha ta’ messaġġi pproċessati fuq l-MCAs, l-RTGS DCAs (inklużi s-subkontijiet) kontijiet tekniċi RTGS AS, kontijiet ta’ fondi ta’ garanzija ta’ AS u T2S DCAs kif ġej:






  Tip ta’ Messaġġ | Deskrizzjoni |
| --- | --- | --- |
| head.001 | Intestatura tal-applikazzjoni tan-negozju |
| head.002 | Intestatura tal-fajl tan-negozju |

(b)

L-intestaturi tal-applikazzjonijiet tan-negozju għandhom jiġu mehmuża mat-tipi kollha ta’ messaġġi pproċessati fuq l-MCAs, l-RTGS DCAs (inklużi s-subkontijiet) kontijiet tekniċi RTGS AS, kontijiet ta’ fondi ta’ garanzija ta’ AS u T2S DCAs kif ġej:

Tip ta’ Messaġġ

Deskrizzjoni

head.001

Intestatura tal-applikazzjoni tan-negozju

head.002

Intestatura tal-fajl tan-negozju

4.   Tipi ta’ messaġġi pproċessati fit-TARGET

| (a) | It-tipi ta’ messaġġi li ġejjin huma pproċessati fuq l-MCAs:






  Tip ta’ Messaġġ | Deskrizzjoni |
| --- | --- | --- |
| Amministrazzjoni (admi) | |
| admi.004 | SystemEventNotification |
| admi.005 | ReportQueryRequest |
| admi.007 | ReceiptAcknowledgement |
| Immaniġġjar tal-Flus (camt) | |
| camt.003 | GetAccount |
| camt.004 | ReturnAccount |
| camt.005 | GetTransaction |
| camt.006 | ReturnTransaction |
| camt.018 | GetBusinessDayInformation |
| camt.019 | ReturnBusinessDayInformation |
| camt.025 | Receipt |
| camt.046 | GetReservation |
| camt.047 | ReturnReservation |
| camt.048 | ModifyReservation |
| camt.049 | DeleteReservation |
| camt.050 | LiquidityCreditTransfer |
| camt.053 | BankToCustomerStatement |
| camt.054 | BankToCustomerDebitCreditNotification |
| Ikklerjar u Saldu ta’ Ħlasijiet (pacs) | |
| pacs.009 | FinancialInstitutionCreditTransfer |
| pacs.010 | FinancialInstitutionDirectDebit |

(a)

It-tipi ta’ messaġġi li ġejjin huma pproċessati fuq l-MCAs:

Tip ta’ Messaġġ

Deskrizzjoni

Amministrazzjoni (admi)

admi.004

SystemEventNotification

admi.005

ReportQueryRequest

admi.007

ReceiptAcknowledgement

Immaniġġjar tal-Flus (camt)

camt.003

GetAccount

camt.004

ReturnAccount

camt.005

GetTransaction

camt.006

ReturnTransaction

camt.018

GetBusinessDayInformation

camt.019

ReturnBusinessDayInformation

camt.025

Receipt

camt.046

GetReservation

camt.047

ReturnReservation

camt.048

ModifyReservation

camt.049

DeleteReservation

camt.050

LiquidityCreditTransfer

camt.053

BankToCustomerStatement

camt.054

BankToCustomerDebitCreditNotification

Ikklerjar u Saldu ta’ Ħlasijiet (pacs)

pacs.009

FinancialInstitutionCreditTransfer

pacs.010

FinancialInstitutionDirectDebit

| (b) | It-tipi ta’ messaġġi li ġejjin huma pproċessati fuq RTGS DCAs, u fejn rilevanti fuq il-kontijiet tekniċi ta’ RTGS AS u l-kontijiet tal-fondi ta’ garanzija ta’ AS:







  Amministrazzjoni (admi) | |
| --- | --- | --- |
| admi.004 | SystemEventNotification |
| admi.005 | ReportQueryRequest |
| admi.007 | ReceiptAcknowledgement |
| Immaniġġjar tal-Flus (camt) | |
| camt.003 | GetAccount |
| camt.004 | ReturnAccount |
| camt.005 | GetTransaction |
| camt.006 | ReturnTransaction |
| camt.007 | ModifyTransaction |
| camt.009 | GetLimit |
| camt.010 | ReturnLimit |
| camt.011 | ModifyLimit |
| camt.012 | DeleteLimit |
| camt.018 | GetBusinessDayInformation |
| camt.019 | ReturnBusinessDayInformation |
| camt.021 | ReturnGeneralBusinessInformation |
| camt.025 | Receipt |
| camt.029 | ResolutionOfInvestigation |
| camt.046 | GetReservation |
| camt.047 | ReturnReservation |
| camt.048 | ModifyReservation |
| camt.049 | DeleteReservation |
| camt.050 | LiquidityCreditTransfer |
| camt.053 | BankToCustomerStatement |
| camt.054 | BankToCustomerDebitCreditNotification |
| camt.056 | FIToFIPaymentCancellationRequest |
| | |
| Ikklerjar u Saldu ta’ Ħlasijiet (pacs) | |
| pacs.002 | PaymentStatusReport |
| pacs.004 | PaymentReturn |
| pacs.008 | CustomerCreditTransfer |
| pacs.009 | FinancialInstitutionCreditTransfer |
| pacs.010 | FinancialInstitutionDirectDebit |
| Bidu ta’ Ħlasijiet (pain) | |
| pain.998 | ASInitiationStatus |
| pain.998 | ASTransferNotice |
| pain.998 | ASTransferInitiation |

(b)

It-tipi ta’ messaġġi li ġejjin huma pproċessati fuq RTGS DCAs, u fejn rilevanti fuq il-kontijiet tekniċi ta’ RTGS AS u l-kontijiet tal-fondi ta’ garanzija ta’ AS:

Amministrazzjoni (admi)

admi.004

SystemEventNotification

admi.005

ReportQueryRequest

admi.007

ReceiptAcknowledgement

Immaniġġjar tal-Flus (camt)

camt.003

GetAccount

camt.004

ReturnAccount

camt.005

GetTransaction

camt.006

ReturnTransaction

camt.007

ModifyTransaction

camt.009

GetLimit

camt.010

ReturnLimit

camt.011

ModifyLimit

camt.012

DeleteLimit

camt.018

GetBusinessDayInformation

camt.019

ReturnBusinessDayInformation

camt.021

ReturnGeneralBusinessInformation

camt.025

Receipt

camt.029

ResolutionOfInvestigation

camt.046

GetReservation

camt.047

ReturnReservation

camt.048

ModifyReservation

camt.049

DeleteReservation

camt.050

LiquidityCreditTransfer

camt.053

BankToCustomerStatement

camt.054

BankToCustomerDebitCreditNotification

camt.056

FIToFIPaymentCancellationRequest

Ikklerjar u Saldu ta’ Ħlasijiet (pacs)

pacs.002

PaymentStatusReport

pacs.004

PaymentReturn

pacs.008

CustomerCreditTransfer

pacs.009

FinancialInstitutionCreditTransfer

pacs.010

FinancialInstitutionDirectDebit

Bidu ta’ Ħlasijiet (pain)

pain.998

ASInitiationStatus

pain.998

ASTransferNotice

pain.998

ASTransferInitiation

| (c) | It-tipi ta’ messaġġi li ġejjin huma pproċessati fuq it-T2S DCAs:






  Message Type | Description |
| --- | --- | --- |
| Administration (admi) | |
| admi.005 | ReportQueryRequest |
| admi.006 | ResendRequestSystemEventNotification |
| admi.007 | ReceiptAcknowledgement |
| Cash Management (camt) | |
| camt.003 | GetAccount |
| camt.004 | ReturnAccount |
| camt.005 | GetTransaction |
| camt.006 | ReturnTransaction |
| camt.009 | GetLimit |
| camt.010 | ReturnLimit |
| camt.011 | ModifyLimit |
| camt.012 | DeleteLimit |
| camt.018 | GetBusinessDayInformation |
| camt.019 | ReturnBusinessDayInformation |
| camt.024 | ModifyStandingOrder |
| camt.025 | Receipt |
| camt.050 | LiquidityCreditTransfer |
| camt.051 | LiquidityDebitTransfer |
| camt.052 | BankToCustomerAccountReport |
| camt.053 | BankToCustomerStatement |
| camt.054 | BankToCustomerDebitCreditNotification |
| camt.064 | LimitUtilisationJournalQuery |
| camt.065 | LimitUtilisationJournalReport |
| camt.066 | IntraBalanceMovementInstruction |
| camt.067 | IntraBalanceMovementStatusAdvice |
| camt.068 | IntraBalanceMovementConfirmation |
| camt.069 | GetStandingOrder |
| camt.070 | ReturnStandingOrder |
| camt.071 | DeleteStandingOrder |
| camt.072 | IntraBalanceMovementModificationRequest |
| camt.073 | IntraBalanceMovementModificationRequestStatusAdvice |
| camt.074 | IntraBalanceMovementCancellationRequest |
| camt.075 | IntraBalanceMovementCancellationRequestStatusAdvice |
| camt.078 | IntraBalanceMovementQuery |
| camt.079 | IntraBalanceMovementQueryResponse |
| camt.080 | IntraBalanceModificationQuery |
| camt.081 | IntraBalanceModificationReport |
| camt.082 | IntraBalanceCancellationQuery |
| camt.083 | IntraBalanceCancellationReport |
| camt.084 | IntraBalanceMovementPostingReport |
| camt.085 | IntraBalanceMovementPendingReport |

(c)

It-tipi ta’ messaġġi li ġejjin huma pproċessati fuq it-T2S DCAs:

Message Type

Description

Administration (admi)

admi.005

ReportQueryRequest

admi.006

ResendRequestSystemEventNotification

admi.007

ReceiptAcknowledgement

Cash Management (camt)

camt.003

GetAccount

camt.004

ReturnAccount

camt.005

GetTransaction

camt.006

ReturnTransaction

camt.009

GetLimit

camt.010

ReturnLimit

camt.011

ModifyLimit

camt.012

DeleteLimit

camt.018

GetBusinessDayInformation

camt.019

ReturnBusinessDayInformation

camt.024

ModifyStandingOrder

camt.025

Receipt

camt.050

LiquidityCreditTransfer

camt.051

LiquidityDebitTransfer

camt.052

BankToCustomerAccountReport

camt.053

BankToCustomerStatement

camt.054

BankToCustomerDebitCreditNotification

camt.064

LimitUtilisationJournalQuery

camt.065

LimitUtilisationJournalReport

camt.066

IntraBalanceMovementInstruction

camt.067

IntraBalanceMovementStatusAdvice

camt.068

IntraBalanceMovementConfirmation

camt.069

GetStandingOrder

camt.070

ReturnStandingOrder

camt.071

DeleteStandingOrder

camt.072

IntraBalanceMovementModificationRequest

camt.073

IntraBalanceMovementModificationRequestStatusAdvice

camt.074

IntraBalanceMovementCancellationRequest

camt.075

IntraBalanceMovementCancellationRequestStatusAdvice

camt.078

IntraBalanceMovementQuery

camt.079

IntraBalanceMovementQueryResponse

camt.080

IntraBalanceModificationQuery

camt.081

IntraBalanceModificationReport

camt.082

IntraBalanceCancellationQuery

camt.083

IntraBalanceCancellationReport

camt.084

IntraBalanceMovementPostingReport

camt.085

IntraBalanceMovementPendingReport

| (d) | It-tipi ta’ messaġġi li ġejjin huma pproċessati fuq il-kontijiet tekniċi ta’ TIPS DCAs u TIPS AS:






  Message Type | Description |
| --- | --- | --- |
| Administration (admi) | |
| pacs.002 | FIToFIPayment Status Report |
| pacs.004 | PaymentReturn |
| pacs.008 | FIToFICustomerCreditTransfer |
| pacs.028 | FIToFIPaymentStatusRequest |
| Cash Management (camt) | |
| camt.003 | GetAccount |
| camt.004 | ReturnAccount |
| camt.011 | ModifyLimit |
| camt.019 | ReturnBusinessDayInformation |
| camt.025 | Receipt |
| camt.029 | ResolutionOfInvestigation |
| camt.050 | LiquidityCreditTransfer |
| camt.052 | BankToCustomerAccountReport |
| camt.053 | BankToCustomerStatement |
| camt.054 | BankToCustomerDebitCreditNotification |
| camt.056 | FIToFIPaymentCancellationRequest |
| acmt.010 | AccountRequestAcknowledgement |
| acmt.011 | AccountRequestRejection |
| acmt.015 | AccountExcludedMandateMaintenanceRequest |
| Reference data (reda) | |
| reda.016 | PartyStatusAdviceV01 |
| reda.022 | PartyModificationRequestV01 |

(d)

It-tipi ta’ messaġġi li ġejjin huma pproċessati fuq il-kontijiet tekniċi ta’ TIPS DCAs u TIPS AS:

Message Type

Description

Administration (admi)

pacs.002

FIToFIPayment Status Report

pacs.004

PaymentReturn

pacs.008

FIToFICustomerCreditTransfer

pacs.028

FIToFIPaymentStatusRequest

Cash Management (camt)

camt.003

GetAccount

camt.004

ReturnAccount

camt.011

ModifyLimit

camt.019

ReturnBusinessDayInformation

camt.025

Receipt

camt.029

ResolutionOfInvestigation

camt.050

LiquidityCreditTransfer

camt.052

BankToCustomerAccountReport

camt.053

BankToCustomerStatement

camt.054

BankToCustomerDebitCreditNotification

camt.056

FIToFIPaymentCancellationRequest

acmt.010

AccountRequestAcknowledgement

acmt.011

AccountRequestRejection

acmt.015

AccountExcludedMandateMaintenanceRequest

Reference data (reda)

reda.016

PartyStatusAdviceV01

reda.022

PartyModificationRequestV01

5.   Rikonċiljazzjoni ta’ kontroentrati

L-ordnijiet ta’ trasferiment ta’ flus kollha għandhom jgħaddu minn rikonċiljazzjoni ta’ kontroentrati, li l-għan tagħha huwa li tirrifjuta ordnijiet li jkunu ġew sottomessi aktar minn darba (ordnijiet ta’ trasferiment ta’ flus duplikati). Id-dettalji jinsabu fit-Taqsima 3 tal-Parti I tal-UDFS rilevanti.

6.   Regoli ta’ validazzjoni u kodiċijiet tal-iżbalji

Il-validazzjoni tal-messaġġi titwettaq skont il-linji gwida tal-High Value Payments Plus (HVPS+) dwar il-validazzjonijiet tal-messaġġi speċifikati mill-istandard ISO 20022, u l-validazzjonijiet speċifiċi għat-TARGET. Ir-regoli dwar il-validazzjoni u l-kodiċijiet tal-iżbalji huma deskritti fid-dettall fil-partijiet rispettivi tal-UDFS kif ġej:

| (a) | għall-MCAs, fil-Kapitolu 14 tas-CLM UDFS; |
| --- | --- |

(a)

għall-MCAs, fil-Kapitolu 14 tas-CLM UDFS;

| (b) | għall-RTGS DCAs, fil-Kapitolu 13 tal-RTGS UDFS; |
| --- | --- |

(b)

għall-RTGS DCAs, fil-Kapitolu 13 tal-RTGS UDFS;

| (c) | għat-T2S DCAs, fil-Kapitolu 4.1 tat-T2S UDFS; |
| --- | --- |

(c)

għat-T2S DCAs, fil-Kapitolu 4.1 tat-T2S UDFS;

Jekk ordni ta' ħlas istantanju jew tweġiba għall-irtirar pożittiva tiġi miċħuda għal kwalunkwe raġuni, id-detentur ta’ TIPS DCA għandu jirċievi rapport dwar l-istatus tal-ħlas (pacs.002), kif deskritt fil-Kapitolu 4.2 tat-TIPS UDFS. Jekk ordni ta' trasferiment ta' likwidità tiġi rrifjutata għal kwalunkwe raġuni, id-detentur ta’ TIPS DCA għandu jirċievi rifjut (camt.025), kif deskritt fil-Kapitolu 1.6 tat-TIPS UDFS.

7.   Ħinijiet u avvenimenti ta’ saldu predeterminati

RTGS DCAs

| (a) | Għal ordnijiet ta’ ħlas li jużaw l-Indikatur tal-Ewwel Ħin ta’ Debitu, għandu jintuża l-element tal-messaġġ “/FromTime/”. |
| --- | --- |

(a)

Għal ordnijiet ta’ ħlas li jużaw l-Indikatur tal-Ewwel Ħin ta’ Debitu, għandu jintuża l-element tal-messaġġ “/FromTime/”.

| (b) | Għal ordnijiet ta’ ħlas li jużaw l-Indikatur tal-Aħħar Ħin ta’ Debitu, għandhom ikunu disponibbli żewġ għażliet.






  (i) | L-element tal-messaġġ “RejectTime”: jekk l-ordni ta’ ħlas ma tkunx tista’ tiġi saldata sal-ħin tad-debitu indikat, l-ordni ta’ trasferiment ta’ flus għandha tiġi rrifjutata. |
| --- | --- | --- |

(b)

Għal ordnijiet ta’ ħlas li jużaw l-Indikatur tal-Aħħar Ħin ta’ Debitu, għandhom ikunu disponibbli żewġ għażliet.

(i)

L-element tal-messaġġ “RejectTime”: jekk l-ordni ta’ ħlas ma tkunx tista’ tiġi saldata sal-ħin tad-debitu indikat, l-ordni ta’ trasferiment ta’ flus għandha tiġi rrifjutata.

| (ii) | L-element tal-messaġġ “TillTime”: jekk l-ordni ta’ ħlas ma tkunx tista’ tiġi saldata sal-ħin tad-debitu indikat, l-ordni ta’ trasferiment ta’ flus ma għandhiex tiġi rrifjutata iżda għandha tinżamm fil-kju rilevanti. |
| --- | --- |

(ii)

L-element tal-messaġġ “TillTime”: jekk l-ordni ta’ ħlas ma tkunx tista’ tiġi saldata sal-ħin tad-debitu indikat, l-ordni ta’ trasferiment ta’ flus ma għandhiex tiġi rrifjutata iżda għandha tinżamm fil-kju rilevanti.

Taħt iż-żewġ għażliet, jekk ordni ta’ ħlas b’Indikatur tal-Aħħar Ħin ta’ Debitu ma tiġix saldata 15-il minuta qabel il-ħin indikat fiha, għandha tintbagħat awtomatikament notifika permezz tal-GUI.

T2S DCAs

| (a) | Għal ordnijiet ta’ trasferiment ta’ likwidità immedjati, ma tkun meħtieġa l-ebda XML tag speċifika; |
| --- | --- |

(a)

Għal ordnijiet ta’ trasferiment ta’ likwidità immedjati, ma tkun meħtieġa l-ebda XML tag speċifika;

| (b) | Ordnijiet ta’ trasferiment ta’ likwidità predefiniti u ordnijiet permanenti ta’ trasferiment ta’ likwidità jistgħu jiskattaw permezz ta’ ħin jew avveniment speċifiku fil-jum tas-saldu:






  (i) | għas-saldu f’ħin speċifiku, għandha tintuża l-XML tag “Time(/ExctnTp/Tm/)”, |
| --- | --- | --- |

(b)

Ordnijiet ta’ trasferiment ta’ likwidità predefiniti u ordnijiet permanenti ta’ trasferiment ta’ likwidità jistgħu jiskattaw permezz ta’ ħin jew avveniment speċifiku fil-jum tas-saldu:

(i)

għas-saldu f’ħin speċifiku, għandha tintuża l-XML tag “Time(/ExctnTp/Tm/)”,

| (ii) | għas-saldu malli jseħħ avveniment speċifiku, għandha tintuża l-XML tag “(EventType/ExctnTp/Evt/)”. |
| --- | --- |

(ii)

għas-saldu malli jseħħ avveniment speċifiku, għandha tintuża l-XML tag “(EventType/ExctnTp/Evt/)”.

| (c) | il-perjodu ta’ validità għal ordnijiet permanenti ta’ trasferiment ta’ likwidità għandu jiġi stabbilit bit-tags XML li ġejjin: “FromDate/VldtyPrd/FrDt/” u “ToDate/VldtyPrd/ToDt/”. |
| --- | --- |

(c)

il-perjodu ta’ validità għal ordnijiet permanenti ta’ trasferiment ta’ likwidità għandu jiġi stabbilit bit-tags XML li ġejjin: “FromDate/VldtyPrd/FrDt/” u “ToDate/VldtyPrd/ToDt/”.

8.   Tpaċija ta’ ordnijiet ta’ trasferiment ta’ flus fuq RTGS DCAs

Għandhom isiru kontrolli ta’ tpaċija u, jekk ikun xieraq, kontrolli ta’ tpaċija estiżi (iż-żewġ termini huma ddefiniti fis-subparagrafi a) u (b) fuq ordnijiet ta’ trasferiment ta’ flus sabiex jiġi ffaċilitat is-saldu bla xkiel.

| (a) | Kontroll ta’ tpaċija għandu jiddetermina jekk l-ordnijiet ta’ trasferiment ta’ flus tal-benefiċjarju li jkunu fuq quddiem għall-kju tal-ordnijiet ta’ trasferiment ta’ flus bil-prijorità “urġenti” jew, jekk ma japplikax, “għolja” humiex disponibbli biex jiġu paċuti mal-ordni ta’ trasferiment ta’ flus tal-pagatur (minn hawn’il quddiem “ordnijiet ta’ trasferiment ta’ flus paċuti”). Jekk ordni ta’ trasferiment ta’ flus paċuta ma tipprovdix fondi suffiċjenti għall-ordni ta’ trasferiment ta’ flus tal-pagatur rispettiv, għandu jiġi ddeterminat jekk hemmx likwidità suffijċenti disponibbli fl-RTGS DCA tal-pagatur. |
| --- | --- |

(a)

Kontroll ta’ tpaċija għandu jiddetermina jekk l-ordnijiet ta’ trasferiment ta’ flus tal-benefiċjarju li jkunu fuq quddiem għall-kju tal-ordnijiet ta’ trasferiment ta’ flus bil-prijorità “urġenti” jew, jekk ma japplikax, “għolja” humiex disponibbli biex jiġu paċuti mal-ordni ta’ trasferiment ta’ flus tal-pagatur (minn hawn’il quddiem “ordnijiet ta’ trasferiment ta’ flus paċuti”). Jekk ordni ta’ trasferiment ta’ flus paċuta ma tipprovdix fondi suffiċjenti għall-ordni ta’ trasferiment ta’ flus tal-pagatur rispettiv, għandu jiġi ddeterminat jekk hemmx likwidità suffijċenti disponibbli fl-RTGS DCA tal-pagatur.

| (b) | Jekk il-kontroll ta’ tpaċija ma jirnexxix, il-[daħħal l-isem tal-BĊ] jista’ japplika kontroll ta’ tpaċija estiż. Kontroll ta’ tpaċija estiża jiddetermina jekk ordnijiet ta’ trasferiment ta’ flus paċuti humiex disponibbli fi kwalunkwe wieħed mill-kjuwijiet tal-benefiċjarju irrispettivament minn meta jkunu daħlu fil-kju. Madankollu, jekk fil-kju tal-benefiċjarju jkun hemm ordnijiet ta’ trasferiment ta’ flus ta’ prijorità ogħla indirizzati lil parteċipanti oħra, il-prinċipju FIFO jista’ jinkiser biss jekk is-saldu ta’ tali ordni ta’ trasferiment ta’ flus paċuta jirriżulta f’żieda fil-likwidità għall-benefiċjarju. |
| --- | --- |

(b)

Jekk il-kontroll ta’ tpaċija ma jirnexxix, il-[daħħal l-isem tal-BĊ] jista’ japplika kontroll ta’ tpaċija estiż. Kontroll ta’ tpaċija estiża jiddetermina jekk ordnijiet ta’ trasferiment ta’ flus paċuti humiex disponibbli fi kwalunkwe wieħed mill-kjuwijiet tal-benefiċjarju irrispettivament minn meta jkunu daħlu fil-kju. Madankollu, jekk fil-kju tal-benefiċjarju jkun hemm ordnijiet ta’ trasferiment ta’ flus ta’ prijorità ogħla indirizzati lil parteċipanti oħra, il-prinċipju FIFO jista’ jinkiser biss jekk is-saldu ta’ tali ordni ta’ trasferiment ta’ flus paċuta jirriżulta f’żieda fil-likwidità għall-benefiċjarju.

9.   Algoritmi ta’ ottimizzazzjoni fuq RTGS DCAs u subkontijiet

Għandhom jiġu applikati erba’ algoritmi sabiex jiġi ffaċilitat is-saldu bla xkiel tal-flussi tal-ħlasijiet. Aktar informazzjoni hija disponibbli fil-Parti 2 tal-RTGS UDFS.

| (a) | Taħt l-algoritmu ta’ “ottimizzazzjoni parzjali”, il-[daħħal l-isem tal-BĊ] għandu:






  (i) | jikkalkula u jivverifika l-pożizzjonijiet ta’ likwidità, il-limiti u r-riżervazzjonijiet ta’ kull RTGS DCA rilevanti; u |
| --- | --- | --- |

(a)

Taħt l-algoritmu ta’ “ottimizzazzjoni parzjali”, il-[daħħal l-isem tal-BĊ] għandu:

(i)

jikkalkula u jivverifika l-pożizzjonijiet ta’ likwidità, il-limiti u r-riżervazzjonijiet ta’ kull RTGS DCA rilevanti; u

| (ii) | jekk il-pożizzjoni tal-likwidità totali ta’ RTGS DCA rilevanti waħda jew aktar tkun negattiva, joħroġ ordnijiet ta’ ħlas singoli sakemm il-pożizzjoni tal-likwidità totali ta’ kull RTGS DCA rilevanti tkun pożittiva. |
| --- | --- |

(ii)

jekk il-pożizzjoni tal-likwidità totali ta’ RTGS DCA rilevanti waħda jew aktar tkun negattiva, joħroġ ordnijiet ta’ ħlas singoli sakemm il-pożizzjoni tal-likwidità totali ta’ kull RTGS DCA rilevanti tkun pożittiva.

Minn hemm ’il quddiem, il-[daħħal l-isem tal-BĊ] u l-BĊi l-oħrajn involuti għandhom, sakemm ikun hemm fondi suffiċjenti, jissaldaw l-ordnijiet rilevanti li jifdal ta’ trasferiment ta’ flus (ħlief l-ordnijiet ta’ ħlas estratti deskritti fil-punt (ii)) fl-istess ħin fuq l-RTGS DCAs tal-parteċipanti kkonċernati.

Meta joħroġ ordnijiet ta’ ħlas, il-[daħħal l-isem tal-BĊ] għandu jibda mill-RTGS DCA tal-parteċipant bl-ogħla pożizzjoni ta’ likwidità totali negattiva u mill-ordni ta’ ħlas fl-aħħar tal-kju bl-aktar prijorità baxxa. Il-proċess tal-għażla għandu jaħdem biss għal żmien qasir, li għandu jiġi ddeterminat mill-[daħħal l-isem tal-BĊ] fid-diskrezzjoni tiegħu.

| (b) | Taħt l-algoritmu ta’ “ottimizzazzjoni multipla”, il-[daħħal l-isem tal-BĊ] għandu:






  (i) | iqabbel pari ta’ RTGS DCAs tal-parteċipanti biex jiddetermina jekk ordnijiet ta’ ħlas fil-kju jistgħux jiġu saldati fil-likwidità disponibbli fl-RTGS DCAS taż-żewġ parteċipanti kkonċernati u fil-limiti stabbiliti minnhom (billi jibda mill-par RTGS DCAs bl-iżgħar differenza bejn l-ordnijiet ta’ ħlas indirizzati lil xulxin), u l-BĊi involuti għandhom jirreġistraw dawk il-ħlasijiet simultanjament fuq l-RTGS DCAs taż-żewġ parteċipanti; u |
| --- | --- | --- |

(b)

Taħt l-algoritmu ta’ “ottimizzazzjoni multipla”, il-[daħħal l-isem tal-BĊ] għandu:

(i)

iqabbel pari ta’ RTGS DCAs tal-parteċipanti biex jiddetermina jekk ordnijiet ta’ ħlas fil-kju jistgħux jiġu saldati fil-likwidità disponibbli fl-RTGS DCAS taż-żewġ parteċipanti kkonċernati u fil-limiti stabbiliti minnhom (billi jibda mill-par RTGS DCAs bl-iżgħar differenza bejn l-ordnijiet ta’ ħlas indirizzati lil xulxin), u l-BĊi involuti għandhom jirreġistraw dawk il-ħlasijiet simultanjament fuq l-RTGS DCAs taż-żewġ parteċipanti; u

| (ii) | jekk, fir-rigward ta’ par RTGS DCAs kif deskritt fil-punt (i), il-likwidità ma tkunx biżżejjed biex tiffinanzja l-pożizzjoni bilaterali, joħroġ ordnijiet ta’ ħlas uniċi sakemm ikun hemm likwidità suffiċjenti. F’dan il-każ, il-BĊi involuti għandhom jissaldaw il-ħlasijiet li jifdal, ħlief dawk estratti, simultanjament fuq l-RTGS DCAs taż-żewġ parteċipanti. |
| --- | --- |

(ii)

jekk, fir-rigward ta’ par RTGS DCAs kif deskritt fil-punt (i), il-likwidità ma tkunx biżżejjed biex tiffinanzja l-pożizzjoni bilaterali, joħroġ ordnijiet ta’ ħlas uniċi sakemm ikun hemm likwidità suffiċjenti. F’dan il-każ, il-BĊi involuti għandhom jissaldaw il-ħlasijiet li jifdal, ħlief dawk estratti, simultanjament fuq l-RTGS DCAs taż-żewġ parteċipanti.

Wara li jitwettqu l-kontrolli speċifikati fil-punti (i) sa (ii), il-[daħħal l-isem tal-BĊ] għandu jikkontrolla l-pożizzjonijiet ta’ saldu multilaterali (bejn l-RTGS DCA ta’ parteċipant u l-RTGS DCAs ta’ parteċipanti oħrajn li fir-rigward tagħhom ġie stabbilit limitu multilaterali). Għal dan il-għan, il-proċedura deskritta fis-subparagrafi (i) sa (ii) għandha tapplika mutatis mutandis.

| (c) | Skont l-algoritmu “ottimizzazzjoni parzjali b’AS” li jappoġġa l-proċedura ta’ saldu B, il-[daħħal l-isem tal-BĊ] għandu jsegwi l-istess proċedura bħal dik għall-algoritmu ta’ ottimizzazzjoni parzjali, iżda mingħajr ma joħroġ ordnijiet ta’ trasferiment ta’ AS (għal AS li ssalda fuq bażi multilaterali simultanja, jiġifieri l-proċedura ta’ saldu B ta’ RTGS AS). |
| --- | --- |

(c)

Skont l-algoritmu “ottimizzazzjoni parzjali b’AS” li jappoġġa l-proċedura ta’ saldu B, il-[daħħal l-isem tal-BĊ] għandu jsegwi l-istess proċedura bħal dik għall-algoritmu ta’ ottimizzazzjoni parzjali, iżda mingħajr ma joħroġ ordnijiet ta’ trasferiment ta’ AS (għal AS li ssalda fuq bażi multilaterali simultanja, jiġifieri l-proċedura ta’ saldu B ta’ RTGS AS).

| (d) | L-algoritmu “ottimizzazzjoni fuq is-subkontijiet” jintuża biex jiġi ottimizzat is-saldu ta’ ordnijiet ta’ trasferiment ta’ AS bi prijorità urġenti fuq is-subkontijiet tal-parteċipanti. Meta juża dan l-algoritmu l-[daħħal l-isem tal-BĊ] għandu jikkalkula l-pożizzjoni tal-likwidità totali tas-subkont ta’ kull parteċipant billi jistabbilixxi jekk l-aggregat tal-ordnijiet kollha ta’ trasferiment ta’ AS ħerġin u deħlin li jkunu pendenti fil-kju huwiex negattiv jew pożittiv. Jekk l-eżitu ta’ dawn il-kalkoli u l-kontrolli jkun pożittiv għal kull subkont rilevanti, il-[daħħal l-isem tal-BĊ] u BĊi oħrajn involuti għandhom isaldaw trasferimenti ta’ flus kollha fl-istess ħin fuq is-subkontijiet tal-parteċipanti kkonċernati. Jekk l-eżitu ta’ dawn il-kalkoli u l-kontrolli jkun negattiv, ma għandu jsir l-ebda saldu. Barra minn hekk, dan l-algoritmu ma jqis l-ebda limitu jew riżervazzjoni. Għal kull bank tas-saldu tiġi kkalkolata l-pożizzjoni totali u, jekk il-pożizzjonijiet għall-banek tas-saldu kollha jkunu koperti, għandhom jiġu saldati t-tranżazzjonijiet kollha. It-tranżazzjonijiet li ma jkunux koperti jiġu rritornati fil-kju. |
| --- | --- |

(d)

L-algoritmu “ottimizzazzjoni fuq is-subkontijiet” jintuża biex jiġi ottimizzat is-saldu ta’ ordnijiet ta’ trasferiment ta’ AS bi prijorità urġenti fuq is-subkontijiet tal-parteċipanti. Meta juża dan l-algoritmu l-[daħħal l-isem tal-BĊ] għandu jikkalkula l-pożizzjoni tal-likwidità totali tas-subkont ta’ kull parteċipant billi jistabbilixxi jekk l-aggregat tal-ordnijiet kollha ta’ trasferiment ta’ AS ħerġin u deħlin li jkunu pendenti fil-kju huwiex negattiv jew pożittiv. Jekk l-eżitu ta’ dawn il-kalkoli u l-kontrolli jkun pożittiv għal kull subkont rilevanti, il-[daħħal l-isem tal-BĊ] u BĊi oħrajn involuti għandhom isaldaw trasferimenti ta’ flus kollha fl-istess ħin fuq is-subkontijiet tal-parteċipanti kkonċernati. Jekk l-eżitu ta’ dawn il-kalkoli u l-kontrolli jkun negattiv, ma għandu jsir l-ebda saldu. Barra minn hekk, dan l-algoritmu ma jqis l-ebda limitu jew riżervazzjoni. Għal kull bank tas-saldu tiġi kkalkolata l-pożizzjoni totali u, jekk il-pożizzjonijiet għall-banek tas-saldu kollha jkunu koperti, għandhom jiġu saldati t-tranżazzjonijiet kollha. It-tranżazzjonijiet li ma jkunux koperti jiġu rritornati fil-kju.

| (e) | Ordnijiet ta’ trasferiment ta’ flus imdaħħla wara li l-algoritmu ta’ ottimizzazzjoni multipla, l-algoritmu ta’ ottimizzazzjoni parzjali jew l-algoritmu tal-ottimizzazzjoni parzjali ta’ AS ikun beda, xorta waħda jistgħu jiġu saldati immedjatament jekk il-pożizzjonijiet u l-limiti tal-RTGS DCAs tal-parteċipanti kkonċernati jkunu kompatibbli kemm mas-saldu ta’ dawn l-ordnijiet kif ukoll mas-saldu ta’ ordnijiet ta’ trasferiment ta’ flus fil-proċedura ta’ ottimizzazzjoni attwali. |
| --- | --- |

(e)

Ordnijiet ta’ trasferiment ta’ flus imdaħħla wara li l-algoritmu ta’ ottimizzazzjoni multipla, l-algoritmu ta’ ottimizzazzjoni parzjali jew l-algoritmu tal-ottimizzazzjoni parzjali ta’ AS ikun beda, xorta waħda jistgħu jiġu saldati immedjatament jekk il-pożizzjonijiet u l-limiti tal-RTGS DCAs tal-parteċipanti kkonċernati jkunu kompatibbli kemm mas-saldu ta’ dawn l-ordnijiet kif ukoll mas-saldu ta’ ordnijiet ta’ trasferiment ta’ flus fil-proċedura ta’ ottimizzazzjoni attwali.

| (f) | L-algoritmu ta’ ottimizzazzjoni parzjali u l-algoritmu ta’ ottimizzazzjoni multipla għandhom jitħaddmu b’mod sekwenzjali f’dik l-ordni. Dawn ma għandhomx jitħaddmu jekk il-proċedura ta’ saldu B tkun qed taħdem. |
| --- | --- |

(f)

L-algoritmu ta’ ottimizzazzjoni parzjali u l-algoritmu ta’ ottimizzazzjoni multipla għandhom jitħaddmu b’mod sekwenzjali f’dik l-ordni. Dawn ma għandhomx jitħaddmu jekk il-proċedura ta’ saldu B tkun qed taħdem.

| (g) | L-algoritmi għandhom jaħdmu b’mod flessibbli billi jiġi stabbilit intervall latenti definit minn qabel bejn l-applikazzjoni ta’ algoritmi differenti sabiex jiġi żgurat intervall minimu bejn it-tħaddim ta’ żewġ algoritmi. Is-sekwenza tal-ħin għandha tiġi kkontrollata awtomatikament. L-intervent manwali għandu jkun possibbli. |
| --- | --- |

(g)

L-algoritmi għandhom jaħdmu b’mod flessibbli billi jiġi stabbilit intervall latenti definit minn qabel bejn l-applikazzjoni ta’ algoritmi differenti sabiex jiġi żgurat intervall minimu bejn it-tħaddim ta’ żewġ algoritmi. Is-sekwenza tal-ħin għandha tiġi kkontrollata awtomatikament. L-intervent manwali għandu jkun possibbli.

| (h) | Waqt li tkun inkluża f’algoritmu li jkun qed jaħdem, ordni ta’ ħlas ma għandhiex tiġi riordinata (bidla tal-pożizzjoni fi kju) jew revokata. Talbiet għar-riordinazzjoni jew ir-revoka ta’ ordni ta’ ħlas għandhom jitpoġġew fil-kju sakemm l-algoritmu jkun lest. Jekk l-ordni ta’ ħlas ikkonċernata tiġi ssaldata waqt li l-algoritmu jkun qed jaħdem, kwalunkwe talba għar-riordinazzjoni jew għar-revoka għandha tiġi rrifjutata. Jekk l-ordni ta’ ħlas ma tiġix saldata, it-talbiet tal-parteċipant għandhom jitqiesu immedjatament. |
| --- | --- |

(h)

Waqt li tkun inkluża f’algoritmu li jkun qed jaħdem, ordni ta’ ħlas ma għandhiex tiġi riordinata (bidla tal-pożizzjoni fi kju) jew revokata. Talbiet għar-riordinazzjoni jew ir-revoka ta’ ordni ta’ ħlas għandhom jitpoġġew fil-kju sakemm l-algoritmu jkun lest. Jekk l-ordni ta’ ħlas ikkonċernata tiġi ssaldata waqt li l-algoritmu jkun qed jaħdem, kwalunkwe talba għar-riordinazzjoni jew għar-revoka għandha tiġi rrifjutata. Jekk l-ordni ta’ ħlas ma tiġix saldata, it-talbiet tal-parteċipant għandhom jitqiesu immedjatament.

10.   Konnettività

Il-parteċipanti għandhom jikkollegaw mat-TARGET billi jużaw waħda mill-modalitajiet li ġejjin.

| (a) | Il-modalità utent għal applikazzjoni (U2A): fil-modalità U2A, il-parteċipanti jikkollegaw permezz ta’ GUI li tippermetti lill-utenti jwettqu funzjonijiet tan-negozju abbażi tad-drittijiet ta’ aċċess rispettivi tagħhom. Dan jippermetti lill-utenti jdaħħlu u jżommu data tan-negozju kif ukoll li jirkupraw informazzjoni kummerċjali. Il-Manwal għall-Utenti (UHB) rilevanti jipprovdi informazzjoni eżawrjenti dwar kull funzjoni tan-negozju li tipprovdi l-GUI rispettiva. |
| --- | --- |

(a)

Il-modalità utent għal applikazzjoni (U2A): fil-modalità U2A, il-parteċipanti jikkollegaw permezz ta’ GUI li tippermetti lill-utenti jwettqu funzjonijiet tan-negozju abbażi tad-drittijiet ta’ aċċess rispettivi tagħhom. Dan jippermetti lill-utenti jdaħħlu u jżommu data tan-negozju kif ukoll li jirkupraw informazzjoni kummerċjali. Il-Manwal għall-Utenti (UHB) rilevanti jipprovdi informazzjoni eżawrjenti dwar kull funzjoni tan-negozju li tipprovdi l-GUI rispettiva.

| (b) | Il-modalità applikazzjoni għal applikazzjoni (A2A): fil-modalità A2A l-applikazzjonijiet tas-software jikkomunikaw mat-TARGET billi jiskambjaw messaġġi u fajls singoli bbażati fuq id-drittijiet ta’ aċċess rispettivi tagħhom u l-konfigurazzjoni tal-abbonament u tar-routing tal-messaġġi. Il-komunikazzjoni A2A tiddependi fuq messaġġi XML, bl-użu tal-istandard ISO 20022 fejn applikabbli, kemm għal komunikazzjoni ’l ġewwa kif ukoll ’il barra.
  Il-modalitajiet ta’ konnessjoni huma deskritti f’aktar dettall fl-ESMIG UDFS. |
| --- | --- |

(b)

Il-modalità applikazzjoni għal applikazzjoni (A2A): fil-modalità A2A l-applikazzjonijiet tas-software jikkomunikaw mat-TARGET billi jiskambjaw messaġġi u fajls singoli bbażati fuq id-drittijiet ta’ aċċess rispettivi tagħhom u l-konfigurazzjoni tal-abbonament u tar-routing tal-messaġġi. Il-komunikazzjoni A2A tiddependi fuq messaġġi XML, bl-użu tal-istandard ISO 20022 fejn applikabbli, kemm għal komunikazzjoni ’l ġewwa kif ukoll ’il barra.

Il-modalitajiet ta’ konnessjoni huma deskritti f’aktar dettall fl-ESMIG UDFS.

11.   Il-UDFS u l-Manwal għall-Utent

Aktar dettalji u eżempji li jispjegaw ir-regoli ta’ hawn fuq jinsabu fil-UDFS rispettivi u fil-Manwali għall-Utenti għal kull servizz, kif emendati minn żmien għal żmien u ppubblikati fuq [daħħal kif meħtieġ is-sit web tal-[daħħal l-isem tal-BĊ] u] is-sit web tal-BĊE bl-Ingliż.

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(1)  Għas-subkontijiet din it-taqsima trid tibda bil-kodiċi AS bil-kodiċi ta’ 3 karattri tal-AS kif definit mill-bank ċentrali.

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APPENDIĊI II

SKEMA TA’ KUMPENS TAT-TARGET

1.   Prinċipji ġenerali

| (a) | Jekk ikun hemm ħsara teknika fit-TARGET, il-parteċipanti jistgħu jissottomettu talbiet għal kumpens f’konformità mal-iskema ta’ kumpens tat-TARGET stabbilita f’dan l-Appendiċi. |
| --- | --- |

(a)

Jekk ikun hemm ħsara teknika fit-TARGET, il-parteċipanti jistgħu jissottomettu talbiet għal kumpens f’konformità mal-iskema ta’ kumpens tat-TARGET stabbilita f’dan l-Appendiċi.

| (b) | Sakemm il-Kunsill Governattiv tal-BĊE ma jiddeċidix mod ieħor, l-iskema ta' kumpens tat-TARGET ma għandhiex tapplika jekk il-ħsara teknika tat-TARGET tirriżulta minn avvenimenti barra mill-kontroll raġonevoli tal-BĊi konċernati jew bħala riżultat ta’ atti jew omissjonijiet ta’ partijiet terzi. |
| --- | --- |

(b)

Sakemm il-Kunsill Governattiv tal-BĊE ma jiddeċidix mod ieħor, l-iskema ta' kumpens tat-TARGET ma għandhiex tapplika jekk il-ħsara teknika tat-TARGET tirriżulta minn avvenimenti barra mill-kontroll raġonevoli tal-BĊi konċernati jew bħala riżultat ta’ atti jew omissjonijiet ta’ partijiet terzi.

| (c) | Il-kumpens taħt l-iskema ta’ kumpens tat-TARGET għandu jkun l-unika proċedura ta' kumpens offruta f’każ ta' ħsara teknika tat-TARGET. Il-parteċipanti jistgħu, madankollu, jużaw mezzi legali oħra biex jagħmlu talba għat-telf. Jekk parteċipant jaċċetta offerta ta' kumpens taħt l-iskema ta' kumpens tat-TARGET, dan għandu jikkostitwixxi l-qbil irrevokabbli tal-parteċipant li b'hekk ikun qed jirrinunzja għat-talbiet kollha fir-rigward ta' dawk l-ordnijiet ta' trasferiment ta’ flus li għalihom hija taċċetta kumpens (inkluż kwalunkwe talba għal telf konsegwenzjali) li jista’ jkollu kontra kwalunkwe BĊ, u li l-ħlas ta' kumpens korrispondenti li jirċievi jikkostitwixxi s-saldu sħiħ u finali ta' dawk it-talbiet kollha. Il-parteċipant għandu jindennizza lill-BĊi kkonċernati, sal-massimu tal-ammont irċevut skont l-iskema ta' kumpens tat-TARGET, fir-rigward ta' kwalunkwe talba ulterjuri li titqajjem minn xi parteċipant ieħor jew xi parti terzi oħra fir-rigward tal-ordni ta' trasferiment ta’ flus jew tat-trasferiment ta’ flus ikkonċernat. |
| --- | --- |

(c)

Il-kumpens taħt l-iskema ta’ kumpens tat-TARGET għandu jkun l-unika proċedura ta' kumpens offruta f’każ ta' ħsara teknika tat-TARGET. Il-parteċipanti jistgħu, madankollu, jużaw mezzi legali oħra biex jagħmlu talba għat-telf. Jekk parteċipant jaċċetta offerta ta' kumpens taħt l-iskema ta' kumpens tat-TARGET, dan għandu jikkostitwixxi l-qbil irrevokabbli tal-parteċipant li b'hekk ikun qed jirrinunzja għat-talbiet kollha fir-rigward ta' dawk l-ordnijiet ta' trasferiment ta’ flus li għalihom hija taċċetta kumpens (inkluż kwalunkwe talba għal telf konsegwenzjali) li jista’ jkollu kontra kwalunkwe BĊ, u li l-ħlas ta' kumpens korrispondenti li jirċievi jikkostitwixxi s-saldu sħiħ u finali ta' dawk it-talbiet kollha. Il-parteċipant għandu jindennizza lill-BĊi kkonċernati, sal-massimu tal-ammont irċevut skont l-iskema ta' kumpens tat-TARGET, fir-rigward ta' kwalunkwe talba ulterjuri li titqajjem minn xi parteċipant ieħor jew xi parti terzi oħra fir-rigward tal-ordni ta' trasferiment ta’ flus jew tat-trasferiment ta’ flus ikkonċernat.

| (d) | L-għoti ta’ offerta ta’ kumpens ma għandux jikkostitwixxi ammissjoni ta’ responsabbiltà mill-[daħħal l-isem tal-BĊ] jew minn kwalunkwe BĊ ieħor fir-rigward ta’ ħsara teknika fit-TARGET. |
| --- | --- |

(d)

L-għoti ta’ offerta ta’ kumpens ma għandux jikkostitwixxi ammissjoni ta’ responsabbiltà mill-[daħħal l-isem tal-BĊ] jew minn kwalunkwe BĊ ieħor fir-rigward ta’ ħsara teknika fit-TARGET.

2.   Kundizzjonijiet għall-offerti ta’ kumpens

| (a) | Pagatur jista’ jissottometti talba għall-kumpens ta’ tariffa amministrattiva u tal-imgħax jekk, minħabba ħsara teknika tat-TARGET ordni ta’ trasferiment ta’ flus ma tkunx ġiet saldata fil-jum tan-negozju li fih tkun ġiet aċċettata. |
| --- | --- |

(a)

Pagatur jista’ jissottometti talba għall-kumpens ta’ tariffa amministrattiva u tal-imgħax jekk, minħabba ħsara teknika tat-TARGET ordni ta’ trasferiment ta’ flus ma tkunx ġiet saldata fil-jum tan-negozju li fih tkun ġiet aċċettata.

| (b) | Benefiċjarju jista’ jissottometti talba għal tariffa amministrattiva jekk minħabba ħsara teknika tat-TARGET ma jkunx irċieva trasferiment ta’ flus li kien qed jistenna li jirċievi f’jum ta’ negozju partikolari. Il-benefiċjarju jista’ jissottometti wkoll talba għal kumpens tal-imgħax jekk tiġi ssodisfata waħda jew aktar mill-kundizzjonijiet li ġejjin:






  (i) | fil-każ ta’ parteċipanti li għandhom aċċess għall-faċilità ta’ self marġinali: minħabba ħsara teknika fit-TARGET, benefiċjarju kellu juża l-faċilità ta’ self marġinali; u/jew |
| --- | --- | --- |

(b)

Benefiċjarju jista’ jissottometti talba għal tariffa amministrattiva jekk minħabba ħsara teknika tat-TARGET ma jkunx irċieva trasferiment ta’ flus li kien qed jistenna li jirċievi f’jum ta’ negozju partikolari. Il-benefiċjarju jista’ jissottometti wkoll talba għal kumpens tal-imgħax jekk tiġi ssodisfata waħda jew aktar mill-kundizzjonijiet li ġejjin:

(i)

fil-każ ta’ parteċipanti li għandhom aċċess għall-faċilità ta’ self marġinali: minħabba ħsara teknika fit-TARGET, benefiċjarju kellu juża l-faċilità ta’ self marġinali; u/jew

| (ii) | fil-każ tal-parteċipanti kollha: kien teknikament impossibbli li wieħed jirrikorri għas-suq tal-flus jew tali rifinanzjament kien impossibbli għal raġunijiet oġġettivament raġonevoli oħrajn. |
| --- | --- |

(ii)

fil-każ tal-parteċipanti kollha: kien teknikament impossibbli li wieħed jirrikorri għas-suq tal-flus jew tali rifinanzjament kien impossibbli għal raġunijiet oġġettivament raġonevoli oħrajn.

3.   Kalkolu tal-kumpens

| (a) | Fir-rigward ta' offerta ta' kumpens għal pagatur:






  (i) | it-tariffa amministrattiva għandha tkun ta’ EUR 50 għall-ewwel ordni ta’ trasferiment ta’ flus mhux saldata, EUR 25 għal kull waħda mill-erba’ ordnijiet ta’ trasferiment ta’ flus li jmiss u EUR 12,50 għal kull ordni ta’ trasferiment ta’ flus oħra bħal din. It-tariffa amministrattiva għandha tiġi kkalkulata separatament fir-rigward ta' kull benefiċjarju; |
| --- | --- | --- |

(a)

Fir-rigward ta' offerta ta' kumpens għal pagatur:

(i)

it-tariffa amministrattiva għandha tkun ta’ EUR 50 għall-ewwel ordni ta’ trasferiment ta’ flus mhux saldata, EUR 25 għal kull waħda mill-erba’ ordnijiet ta’ trasferiment ta’ flus li jmiss u EUR 12,50 għal kull ordni ta’ trasferiment ta’ flus oħra bħal din. It-tariffa amministrattiva għandha tiġi kkalkulata separatament fir-rigward ta' kull benefiċjarju;

| (ii) | il-kumpens ta' imgħax għandu jiġi ddeterminat bl-applikazzjoni ta' rata ta' referenza stabbilita minn jum għal jum. Din ir-rata ta’ referenza għandha tkun l-inqas waħda bejn ir-rata ta’ referenza ta’ terminu qasir tal-euro (€STR) u r-rata tal-faċilità ta’ self marġinali. Ir-rata ta’ referenza għandha tiġi applikata għall-ammont tal-ordni ta’ trasferiment ta’ flus mhux saldata bħala riżultat tal-ħsara teknika tat-TARGET għal kull jum fil-perjodu mid-data tas-sottomissjoni attwali jew, fir-rigward tal-ordnijiet ta’ trasferiment ta’ flus imsemmija fil-paragrafu 2(b)(ii), tas-sottomissjoni maħsuba tal-ordni ta’ trasferiment ta’ flus sad-data li fiha l-ordni ta’ trasferiment ta’ flus kienet jew setgħet ġiet saldata b’suċċess. Kwalunkwe imgħax jew imposta li tirriżulta mit-tqegħid ta’ kwalunkwe ordni ta’ trasferiment ta’ flus mhux saldata fuq depożitu mal-Eurosistema għandha titnaqqas minn, jew tiġi imposta fuq, l-ammont ta’ kwalunkwe kumpens, skont il-każ; |
| --- | --- |

(ii)

il-kumpens ta' imgħax għandu jiġi ddeterminat bl-applikazzjoni ta' rata ta' referenza stabbilita minn jum għal jum. Din ir-rata ta’ referenza għandha tkun l-inqas waħda bejn ir-rata ta’ referenza ta’ terminu qasir tal-euro (€STR) u r-rata tal-faċilità ta’ self marġinali. Ir-rata ta’ referenza għandha tiġi applikata għall-ammont tal-ordni ta’ trasferiment ta’ flus mhux saldata bħala riżultat tal-ħsara teknika tat-TARGET għal kull jum fil-perjodu mid-data tas-sottomissjoni attwali jew, fir-rigward tal-ordnijiet ta’ trasferiment ta’ flus imsemmija fil-paragrafu 2(b)(ii), tas-sottomissjoni maħsuba tal-ordni ta’ trasferiment ta’ flus sad-data li fiha l-ordni ta’ trasferiment ta’ flus kienet jew setgħet ġiet saldata b’suċċess. Kwalunkwe imgħax jew imposta li tirriżulta mit-tqegħid ta’ kwalunkwe ordni ta’ trasferiment ta’ flus mhux saldata fuq depożitu mal-Eurosistema għandha titnaqqas minn, jew tiġi imposta fuq, l-ammont ta’ kwalunkwe kumpens, skont il-każ;

| (iii) | l-ebda kumpens tal-imgħax ma għandu jkun pagabbli jekk u sa fejn il-fondi li jirriżultaw minn ordnijiet ta’ trasferiment ta’ flus mhux saldati jkunu tqiegħdu fis-suq jew intużaw biex jissodisfaw ir-rekwiżiti minimi ta’ riżerva. |
| --- | --- |

(iii)

l-ebda kumpens tal-imgħax ma għandu jkun pagabbli jekk u sa fejn il-fondi li jirriżultaw minn ordnijiet ta’ trasferiment ta’ flus mhux saldati jkunu tqiegħdu fis-suq jew intużaw biex jissodisfaw ir-rekwiżiti minimi ta’ riżerva.

| (b) | Fir-rigward ta' offerta ta' kumpens għal benefiċjarju:






  (i) | it-tariffa amministrattiva għandha tkun ta’ EUR 50 għall-ewwel ordni ta’ trasferiment ta’ flus mhux saldata, EUR 25 għal kull waħda mill-erba’ ordnijiet ta’ trasferiment ta’ flus li jmiss u EUR 12,50 għal kull ordni ta’ trasferiment ta’ flus oħra bħal din. It-tariffa amministrattiva għandha tiġi kkalkulata separatament fir-rigward ta’ kull pagatur; |
| --- | --- | --- |

(b)

Fir-rigward ta' offerta ta' kumpens għal benefiċjarju:

(i)

it-tariffa amministrattiva għandha tkun ta’ EUR 50 għall-ewwel ordni ta’ trasferiment ta’ flus mhux saldata, EUR 25 għal kull waħda mill-erba’ ordnijiet ta’ trasferiment ta’ flus li jmiss u EUR 12,50 għal kull ordni ta’ trasferiment ta’ flus oħra bħal din. It-tariffa amministrattiva għandha tiġi kkalkulata separatament fir-rigward ta’ kull pagatur;

| (ii) | il-metodu stabbilit fis-subparagrafu (a)(ii) għall-kalkolu tal-kumpens tal-imgħax għandu japplika ħlief li l-kumpens tal-imgħax għandu jitħallas b’rata ugwali għad-differenza bejn ir-rata tal-faċilità ta’ self marġinali u r-rata ta’ referenza, u għandu jiġi kkalkulat fuq l-ammont ta’ kwalunkwe rikors għall-faċilità ta’ self marġinali li jseħħ bħala riżultat tal-ħsara teknika tat-TARGET. |
| --- | --- |

(ii)

il-metodu stabbilit fis-subparagrafu (a)(ii) għall-kalkolu tal-kumpens tal-imgħax għandu japplika ħlief li l-kumpens tal-imgħax għandu jitħallas b’rata ugwali għad-differenza bejn ir-rata tal-faċilità ta’ self marġinali u r-rata ta’ referenza, u għandu jiġi kkalkulat fuq l-ammont ta’ kwalunkwe rikors għall-faċilità ta’ self marġinali li jseħħ bħala riżultat tal-ħsara teknika tat-TARGET.

4.   Regoli proċedurali

| (a) | Talba għal kumpens għandha tintbagħat fuq il-formola tat-talba li tinsab fuq is-sit web ta' [daħħal l-isem tal-BĊ] bl-Ingliż (ara [daħħal referenza għas-sit web tal-BĊ]). Il-pagaturi għandhom jibagħtu formola tat-talba separata fir-rigward ta' kull benefiċjarju u l-benefiċjarji għandhom jibagħtu formola tat-talba separata fir-rigward ta' kull pagatur. Għandhom jiġu pprovduti biżżejjed informazzjoni u dokumenti addizzjonali insostenn tal-informazzjoni indikata fil-formola tat-talba. Tista' tintbagħat talba waħda biss fir-rigward ta' ħlas speċifiku jew ordni ta' ħlas speċifika. |
| --- | --- |

(a)

Talba għal kumpens għandha tintbagħat fuq il-formola tat-talba li tinsab fuq is-sit web ta' [daħħal l-isem tal-BĊ] bl-Ingliż (ara [daħħal referenza għas-sit web tal-BĊ]). Il-pagaturi għandhom jibagħtu formola tat-talba separata fir-rigward ta' kull benefiċjarju u l-benefiċjarji għandhom jibagħtu formola tat-talba separata fir-rigward ta' kull pagatur. Għandhom jiġu pprovduti biżżejjed informazzjoni u dokumenti addizzjonali insostenn tal-informazzjoni indikata fil-formola tat-talba. Tista' tintbagħat talba waħda biss fir-rigward ta' ħlas speċifiku jew ordni ta' ħlas speċifika.

| (b) | Il-parteċipanti għandhom jissottomettu l-formoli tat-talba tagħhom lil [daħħal l-isem tal-BĊ] fi żmien erba’ ġimgħat minn ħsara teknika fit-TARGET. Kwalunkwe informazzjoni u evidenza addizzjonali mitluba minn [daħħal l-isem tal-BĊ] għandhom jiġu pprovduti fi żmien ġimagħtejn minn meta ssir din it-talba. |
| --- | --- |

(b)

Il-parteċipanti għandhom jissottomettu l-formoli tat-talba tagħhom lil [daħħal l-isem tal-BĊ] fi żmien erba’ ġimgħat minn ħsara teknika fit-TARGET. Kwalunkwe informazzjoni u evidenza addizzjonali mitluba minn [daħħal l-isem tal-BĊ] għandhom jiġu pprovduti fi żmien ġimagħtejn minn meta ssir din it-talba.

| (c) | Il-[daħħal l-isem tal-BC] għandu janalizza t-talbiet u jibgħathom lill-BĊE. Sakemm ma jiġix deċiż mod ieħor mill-Kunsill Governattiv tal-BĊE u kkomunikat lill-parteċipanti, it-talbiet kollha rċevuti għandhom jiġu vvalutati sa mhux aktar tard minn 14-il ġimgħa wara li tkun seħħet il-ħsara teknika fit-TARGET. |
| --- | --- |

(c)

Il-[daħħal l-isem tal-BC] għandu janalizza t-talbiet u jibgħathom lill-BĊE. Sakemm ma jiġix deċiż mod ieħor mill-Kunsill Governattiv tal-BĊE u kkomunikat lill-parteċipanti, it-talbiet kollha rċevuti għandhom jiġu vvalutati sa mhux aktar tard minn 14-il ġimgħa wara li tkun seħħet il-ħsara teknika fit-TARGET.

| (d) | Il-[daħħal l-isem tal-BĊ] għandu jikkomunika r-riżultat tal-valutazzjoni msemmija fis-subparagrafu (c) lill-parteċipanti rilevanti. Jekk il-valutazzjoni tkun tinvolvi offerta ta’ kumpens, il-parteċipanti kkonċernati għandhom, fi żmien erba’ ġimgħat mill-komunikazzjoni ta’ tali offerta, jew jaċċettawha jew jirrifjutawha, fir-rigward ta’ kull ordni ta’ trasferiment ta’ flus inkluża f’kull talba, billi jiffirmaw ittra standard ta’ aċċettazzjoni (fil-formola disponibbli fuq is-sit web ta’ [daħħal l-isem tal-BĊ] (ara [daħħal ir-referenza għas-sit web tal-BĊ]). Jekk il-[daħħal l-isem tal-BĊ] ma jirċevix din l-ittra fi żmien erba' ġimgħat, il-parteċipanti kkonċernati jitqiesu li jkunu rrifjutaw l-offerta ta' kumpens. |
| --- | --- |

(d)

Il-[daħħal l-isem tal-BĊ] għandu jikkomunika r-riżultat tal-valutazzjoni msemmija fis-subparagrafu (c) lill-parteċipanti rilevanti. Jekk il-valutazzjoni tkun tinvolvi offerta ta’ kumpens, il-parteċipanti kkonċernati għandhom, fi żmien erba’ ġimgħat mill-komunikazzjoni ta’ tali offerta, jew jaċċettawha jew jirrifjutawha, fir-rigward ta’ kull ordni ta’ trasferiment ta’ flus inkluża f’kull talba, billi jiffirmaw ittra standard ta’ aċċettazzjoni (fil-formola disponibbli fuq is-sit web ta’ [daħħal l-isem tal-BĊ] (ara [daħħal ir-referenza għas-sit web tal-BĊ]). Jekk il-[daħħal l-isem tal-BĊ] ma jirċevix din l-ittra fi żmien erba' ġimgħat, il-parteċipanti kkonċernati jitqiesu li jkunu rrifjutaw l-offerta ta' kumpens.

| (e) | Il-[daħħal l-isem tal-BĊ] għandu jagħmel ħlasijiet ta' kumpens meta jirċievi l-ittra ta' aċċettazzjoni tal-kumpens tal-parteċipant. L-ebda imgħax ma għandu jitħallas fuq kwalunkwe ħlas ta’ kumpens. |
| --- | --- |

(e)

Il-[daħħal l-isem tal-BĊ] għandu jagħmel ħlasijiet ta' kumpens meta jirċievi l-ittra ta' aċċettazzjoni tal-kumpens tal-parteċipant. L-ebda imgħax ma għandu jitħallas fuq kwalunkwe ħlas ta’ kumpens.

---

APPENDIĊI III

TERMINI TA’ REFERENZA GĦALL-OPINJONIJIET DWAR IL-KAPAĊITÀ U TAL-PAJJIŻ

Termini ta’ referenza għall-opinjonijiet dwar il-kapaċità għal parteċipanti fit-TARGET

[Daħħal l-isem tal-BĊ]

[indirizz]

Parteċipazzjoni fl-[isem tas-sistema]

[post]

[data]

Għażiż Sinjur jew Sinjura,

Aħna nltabna nagħtu din l-Opinjoni bħala konsulenti legali [interni jew esterni] ta’ [speċifika l-isem tal-Parteċipant jew tal-fergħa tal-Parteċipant] fir-rigward ta’ kwistjonijiet li jinħolqu skont il-liġijiet ta’ [ġuriżdizzjoni li fiha huwa stabbilit il-Parteċipant; minn hawn ’il quddiem il-“ġuriżdizzjoni”] b’rabta mal-parteċipazzjoni ta’ [speċifika l-isem tal-Parteċipant] (minn hawn ’il quddiem il-“Parteċipant”) fi [l-isem tas-sistema komponenti tat-TARGET] (minn hawn ’il quddiem is-“Sistema”).

Din l-Opinjoni hija limitata għal-liġijiet ta’ [ġuriżdizzjoni] kif inhuma fis-seħħ fid-data ta’ din l-Opinjoni. Ma għamilna l-ebda stħarriġ dwar il-liġijiet ta’ xi ġuriżdizzjoni oħra bħala bażi għal din l-Opinjoni, u ma nesprimu jew nimplikaw ebda opinjoni f’dan ir-rigward. Kull waħda mill-istqarrijiet u l-opinjonijiet ippreżentati hawn taħt tapplika bl-istess akkuratezza u validità skont il-liġijiet ta’ [ġuriżdizzjoni], kemm jekk il-Parteċipant jaġixxi jew le permezz tal-uffiċċju prinċipali tiegħu jew ta’ fergħa waħda jew aktar stabbiliti ġewwa jew barra [ġuriżdizzjoni] meta jissottometti Ordnijiet ta’ trasferiment ta’ flus u jirċievi Trasferimenti ta’ flus.

I.   DOKUMENTI EŻAMINATI

Għall-finijiet ta’ din l-Opinjoni, eżaminajna:

| (1) | kopja ċċertifikata tal-[speċifika d-dokumenti kostituzzjonali rilevanti] tal-Parteċipant kif hija/huma fis-seħħ fid-data ta’ din l-Opinjoni; |
| --- | --- |

(1)

kopja ċċertifikata tal-[speċifika d-dokumenti kostituzzjonali rilevanti] tal-Parteċipant kif hija/huma fis-seħħ fid-data ta’ din l-Opinjoni;

| (2) | [jekk applikabbli] estratt minn [speċifika r-reġistru tal-kumpaniji rilevanti] u [jekk applikabbli] [reġistru ta' istituzzjonijiet ta' kreditu jew reġistru analogu]; |
| --- | --- |

(2)

[jekk applikabbli] estratt minn [speċifika r-reġistru tal-kumpaniji rilevanti] u [jekk applikabbli] [reġistru ta' istituzzjonijiet ta' kreditu jew reġistru analogu];

| (3) | [sa fejn japplika] kopja tal-liċenzja tal-Parteċipant jew prova oħra ta’ awtorizzazzjoni biex jipprovdi servizzi bankarji, ta’ investiment, trasferiment ta’ fondi jew servizzi finanzjarji oħra f’konformità mal-kriterji ta’ aċċess għall-parteċipazzjoni fit-TARGET fi [ġuriżdizzjoni]; |
| --- | --- |

(3)

[sa fejn japplika] kopja tal-liċenzja tal-Parteċipant jew prova oħra ta’ awtorizzazzjoni biex jipprovdi servizzi bankarji, ta’ investiment, trasferiment ta’ fondi jew servizzi finanzjarji oħra f’konformità mal-kriterji ta’ aċċess għall-parteċipazzjoni fit-TARGET fi [ġuriżdizzjoni];

| (4) | [jekk applikabbli] kopja ta' riżoluzzjoni adottata mill-bord tad-diretturi jew il-korp governattiv rilevanti tal-Parteċipant fi [daħħal id-data], [daħħal is-sena], li turi l-qbil tal-Parteċipant li jaderixxi mad-Dokumenti tas-Sistema, kif definit hawn taħt; u |
| --- | --- |

(4)

[jekk applikabbli] kopja ta' riżoluzzjoni adottata mill-bord tad-diretturi jew il-korp governattiv rilevanti tal-Parteċipant fi [daħħal id-data], [daħħal is-sena], li turi l-qbil tal-Parteċipant li jaderixxi mad-Dokumenti tas-Sistema, kif definit hawn taħt; u

| (5) | [speċifika l-prokuri kollha u dokumenti oħra li jikkostitwixxu jew jixhdu s-setgħa meħtieġa tal-persuna jew persuni li jiffirmaw id-Dokumenti tas-Sistema rilevanti (kif definit hawn taħt) f'isem il-Parteċipant];
  u d-dokumenti l-oħra kollha relatati mal-kostituzzjoni, is-setgħat, u l-awtorizzazzjonijiet tal-Parteċipant meħtieġa jew xierqa għall-għoti ta’ din l-Opinjoni (minn hawn ’il quddiem id-“Dokumenti tal-Parteċipant”). |
| --- | --- |

(5)

[speċifika l-prokuri kollha u dokumenti oħra li jikkostitwixxu jew jixhdu s-setgħa meħtieġa tal-persuna jew persuni li jiffirmaw id-Dokumenti tas-Sistema rilevanti (kif definit hawn taħt) f'isem il-Parteċipant];

u d-dokumenti l-oħra kollha relatati mal-kostituzzjoni, is-setgħat, u l-awtorizzazzjonijiet tal-Parteċipant meħtieġa jew xierqa għall-għoti ta’ din l-Opinjoni (minn hawn ’il quddiem id-“Dokumenti tal-Parteċipant”).

Għall-finijiet ta’ din l-opinjoni, eżaminajna wkoll:

| (1) | il-[daħħal ir-referenza għall-arranġamenti li jimplimentaw il- Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET ] għas-Sistema datata [daħħal id-data] (minn hawn ’il quddiem ir-“Regoli”); u |
| --- | --- |

(1)

il-[daħħal ir-referenza għall-arranġamenti li jimplimentaw il- Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET ] għas-Sistema datata [daħħal id-data] (minn hawn ’il quddiem ir-“Regoli”); u

| (2) | [...].
  Ir-Regoli u l-[...] għandhom jissejħu minn hawn ’il quddiem bħala d-“Dokumenti tas-Sistema” (u kollettivament mad-Dokumenti tal-Parteċipant bħala d-“Dokumenti”). |
| --- | --- |

(2)

[...].

Ir-Regoli u l-[...] għandhom jissejħu minn hawn ’il quddiem bħala d-“Dokumenti tas-Sistema” (u kollettivament mad-Dokumenti tal-Parteċipant bħala d-“Dokumenti”).

II.   ASSUNZJONIJIET

Għall-finijiet ta’ din l-Opinjoni assumejna fir-rigward tad-Dokumenti li:

| (1) | id-Dokumenti tas-Sistema li ngħatajna huma oriġinali jew kopji veri; |
| --- | --- |

(1)

id-Dokumenti tas-Sistema li ngħatajna huma oriġinali jew kopji veri;

| (2) | it-termini tad-Dokumenti tas-Sistema u d-drittijiet u l-obbligi maħluqin minnhom huma validi u jorbtu legalment skont il-liġijiet ta’ [daħħal ir-referenza għall-Istat Membru tas-Sistema] li bihom huma rregolati, u l-għażla tal-liġijiet ta’ [daħħal ir-referenza għall-Istat Membru tas-Sistema] biex jirregolaw id-Dokumenti tas-Sistema hija rikonoxxuta mil-liġijiet ta’ [daħħal ir-referenza għall-Istat Membru tas-Sistema]; |
| --- | --- |

(2)

it-termini tad-Dokumenti tas-Sistema u d-drittijiet u l-obbligi maħluqin minnhom huma validi u jorbtu legalment skont il-liġijiet ta’ [daħħal ir-referenza għall-Istat Membru tas-Sistema] li bihom huma rregolati, u l-għażla tal-liġijiet ta’ [daħħal ir-referenza għall-Istat Membru tas-Sistema] biex jirregolaw id-Dokumenti tas-Sistema hija rikonoxxuta mil-liġijiet ta’ [daħħal ir-referenza għall-Istat Membru tas-Sistema];

| (3) | id-Dokumenti tal-Parteċipant huma fi ħdan il-kapaċità u s-setgħa tal-partijiet rilevanti u ġew awtorizzati, adottati jew eżegwiti b’mod validu u, fejn meħtieġ, mogħtija minnhom; u |
| --- | --- |

(3)

id-Dokumenti tal-Parteċipant huma fi ħdan il-kapaċità u s-setgħa tal-partijiet rilevanti u ġew awtorizzati, adottati jew eżegwiti b’mod validu u, fejn meħtieġ, mogħtija minnhom; u

| (4) | id-Dokumenti tal-Parteċipant jorbtu lill-partijiet destinatarji, u ma kien hemm l-ebda ksur ta’ xi wieħed mit-termini tagħhom. |
| --- | --- |

(4)

id-Dokumenti tal-Parteċipant jorbtu lill-partijiet destinatarji, u ma kien hemm l-ebda ksur ta’ xi wieħed mit-termini tagħhom.

III.   OPINJONIJIET DWAR IL-PARTEĊIPANT

| A. | Il-Parteċipant huwa korporazzjoni stabbilita u rreġistrata regolarment jew inkorporata jew organizzata regolarment mod ieħor skont il-liġijiet ta’ [ġuriżdizzjoni]. |
| --- | --- |

A.

Il-Parteċipant huwa korporazzjoni stabbilita u rreġistrata regolarment jew inkorporata jew organizzata regolarment mod ieħor skont il-liġijiet ta’ [ġuriżdizzjoni].

| B. | Il-Parteċipant għandu s-setgħat korporattivi kollha meħtieġa sabiex jeżegwixxi u jwettaq id-drittijiet u l-obbligi skont id-Dokumenti tas-Sistema li għalihom huwa parti. |
| --- | --- |

B.

Il-Parteċipant għandu s-setgħat korporattivi kollha meħtieġa sabiex jeżegwixxi u jwettaq id-drittijiet u l-obbligi skont id-Dokumenti tas-Sistema li għalihom huwa parti.

| C. | L-adozzjoni jew l-eżekuzzjoni u t-twettiq mill-Parteċipant tad-drittijiet u l-obbligi skont id-Dokumenti tas-Sistema li għalihom il-Parteċipant huwa parti bl-ebda mod ma jiksru kwalunkwe dispożizzjoni tal-liġijiet jew tar-regolamenti ta’ [ġuriżdizzjoni] applikabbli għall-Parteċipant jew għad-Dokumenti tal-Parteċipant. |
| --- | --- |

C.

L-adozzjoni jew l-eżekuzzjoni u t-twettiq mill-Parteċipant tad-drittijiet u l-obbligi skont id-Dokumenti tas-Sistema li għalihom il-Parteċipant huwa parti bl-ebda mod ma jiksru kwalunkwe dispożizzjoni tal-liġijiet jew tar-regolamenti ta’ [ġuriżdizzjoni] applikabbli għall-Parteċipant jew għad-Dokumenti tal-Parteċipant.

| D. | L-ebda awtorizzazzjoni, approvazzjoni, kunsens, iffajljar, reġistrazzjoni, notarizzazzjoni addizzjonali, jew ċertifikazzjoni oħra ta’ jew ma’ kwalunkwe qorti jew awtorità governattiva, ġudizzjarja jew pubblika li hija kompetenti f’[ġuriżdizzjoni] ma hija meħtieġa mill-Parteċipant b’rabta mal-adozzjoni, il-validità jew l-eżegwibbiltà ta’ kwalunkwe Dokument tas-Sistema jew mal-eżekuzzjoni jew it-twettiq tad-drittijiet u l-obbligi tad-Dokumenti tas-Sistema. |
| --- | --- |

D.

L-ebda awtorizzazzjoni, approvazzjoni, kunsens, iffajljar, reġistrazzjoni, notarizzazzjoni addizzjonali, jew ċertifikazzjoni oħra ta’ jew ma’ kwalunkwe qorti jew awtorità governattiva, ġudizzjarja jew pubblika li hija kompetenti f’[ġuriżdizzjoni] ma hija meħtieġa mill-Parteċipant b’rabta mal-adozzjoni, il-validità jew l-eżegwibbiltà ta’ kwalunkwe Dokument tas-Sistema jew mal-eżekuzzjoni jew it-twettiq tad-drittijiet u l-obbligi tad-Dokumenti tas-Sistema.

| E. | Il-Parteċipant ħa l-azzjonijiet korporattivi kollha meħtieġa u passi l-oħra meħtieġa skont il-liġijiet ta’ [ġuriżdizzjoni] biex jiżgura li l-obbligi tiegħu skont id-Dokumenti tas-Sistema jkunu legali, validi u vinkolanti. |
| --- | --- |

E.

Il-Parteċipant ħa l-azzjonijiet korporattivi kollha meħtieġa u passi l-oħra meħtieġa skont il-liġijiet ta’ [ġuriżdizzjoni] biex jiżgura li l-obbligi tiegħu skont id-Dokumenti tas-Sistema jkunu legali, validi u vinkolanti.

Din l-opinjoni hija ddikjarata mid-data tagħha u hija indirizzata biss lil [daħħal l-isem tal-BĊ] u lill-[Parteċipant]. L-ebda persuna oħra ma tista’ tiddependi fuq din l-Opinjoni u l-kontenut ta’ din l-Opinjoni ma jistax jiġi żvelat lil persuni oħra ħlief lir-riċevituri intiżi tagħha u l-konsulent legali tagħha mingħajr il-kunsens minn qabel bil-miktub tagħna, bl-eċċezzjoni tal-Bank Ċentrali Ewropew u l-banek ċentrali nazzjonali tas-Sistema Ewropea tal-Banek Ċentrali [u [il-bank ċentrali nazzjonali/l-awtoritajiet regolatorji rilevanti] ta' [ġuriżdizzjoni]].

Dejjem tiegħek,

[firma]

Termini ta’ referenza għall-opinjonijiet tal-pajjiż għal parteċipanti mhux taż-ŻEE fit-TARGET

[Daħħal l-isem tal-BĊ]

[indirizz]

[isem tas-sistema]

[post],

[data]

Għażiż Sinjur jew Sinjura,

Aħna ntlabna bħala konsulenti legali [esterni] ta’ [speċifika l-isem tal-Parteċipant jew tal-fergħa tal-Parteċipant] (il-“Parteċipant”) fir-rigward ta’ kwistjonijiet li jinħolqu skont il-liġijiet ta’ [ġuriżdizzjoni li fiha huwa stabbilit il-Parteċipant; minn hawn ’il quddiem il-“ġuriżdizzjoni”] biex nagħtu din l-Opinjoni skont il-liġijiet ta’ [ġuriżdizzjoni] b’rabta mal-parteċipazzjoni tal-Parteċipant f’sistema komponenti tat-TARGET (minn hawn ’il quddiem is-“Sistema”). Ir-referenzi hawnhekk għal-liġijiet ta' [ġuriżdizzjoni] jinkludu r-regolamenti applikabbli kollha ta' [ġuriżdizzjoni]. Aħna qegħdin nesprimu opinjoni hawnhekk skont il-liġi ta’ [ġuriżdizzjoni], fir-rigward, b’mod partikolari, tal-Parteċipant stabbilit barra [daħħal ir-referenza għall-Istat Membru tas-Sistema] b’rabta mad-drittijiet u l-obbligi li jirriżultaw mill-parteċipazzjoni fis-Sistema, kif ippreżentati fid-Dokumenti tas-Sistema definiti hawn taħt.

Din l-Opinjoni hija limitata għal-liġijiet ta’ [ġuriżdizzjoni] kif inhuma fis-seħħ fid-data ta’ din l-Opinjoni. Ma għamilna l-ebda stħarriġ dwar il-liġijiet ta’ xi ġuriżdizzjoni oħra bħala bażi għal din l-Opinjoni, u ma nesprimu jew nimplikaw ebda opinjoni f’dan ir-rigward. Aħna nassumu li ma hemm xejn fil-liġijiet ta' ġuriżdizzjoni oħra li taffettwa din l-Opinjoni.

1.   DOKUMENTI EŻAMINATI

Għall-finijiet ta’ din l-Opinjoni, eżaminajna d-dokumenti elenkati hawn taħt u dawk id-dokumenti l-oħra li dehrilna xierqa jew meħtieġa:

| (1) | il-[daħħal ir-referenza għall-arranġamenti li jimplimentaw il- Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET ] għas-Sistema datata [daħħal id-data] (minn hawn ’il quddiem ir-“Regoli”); u |
| --- | --- |

(1)

il-[daħħal ir-referenza għall-arranġamenti li jimplimentaw il- Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET ] għas-Sistema datata [daħħal id-data] (minn hawn ’il quddiem ir-“Regoli”); u

| (2) | kull dokument ieħor li jirregola s-Sistema u/jew ir-relazzjoni bejn il-Parteċipant u parteċipanti oħra fis-Sistema, u bejn il-parteċipanti fis-Sistema u l-[daħħal l-isem tal-BĊ]. |
| --- | --- |

(2)

kull dokument ieħor li jirregola s-Sistema u/jew ir-relazzjoni bejn il-Parteċipant u parteċipanti oħra fis-Sistema, u bejn il-parteċipanti fis-Sistema u l-[daħħal l-isem tal-BĊ].

Ir-Regoli u l-[.] għandhom jissejħu minn hawn ’il quddiem bħala d-“Dokumenti tas-Sistema”.

2.   ASSUNZJONIJIET

Biex nagħtu din l-Opinjoni assumejna fir-rigward tad-Dokumenti tas-Sistema li:

| (1) | id-Dokumenti tas-Sistema huma fil-kapaċità u s-setgħa tal-partijiet rilevanti u ġew awtorizzati, adottati jew eżegwiti b’mod validu u, fejn meħtieġ, mogħtija minnhom; |
| --- | --- |

(1)

id-Dokumenti tas-Sistema huma fil-kapaċità u s-setgħa tal-partijiet rilevanti u ġew awtorizzati, adottati jew eżegwiti b’mod validu u, fejn meħtieġ, mogħtija minnhom;

| (2) | it-termini tad-Dokumenti tas-Sistema u d-drittijiet u l-obbligi maħluqin minnhom huma validi u jorbtu legalment skont il-liġijiet ta’ [daħħal ir-referenza għall-Istat Membru tas-Sistema] li bihom huma rregolati, u l-għażla tal-liġijiet ta’ [daħħal ir-referenza għall-Istat Membru tas-Sistema] biex jirregolaw id-Dokumenti tas-Sistema hija rikonoxxuta mil-liġijiet ta’ [daħħal ir-referenza għall-Istat Membru tas-Sistema]; |
| --- | --- |

(2)

it-termini tad-Dokumenti tas-Sistema u d-drittijiet u l-obbligi maħluqin minnhom huma validi u jorbtu legalment skont il-liġijiet ta’ [daħħal ir-referenza għall-Istat Membru tas-Sistema] li bihom huma rregolati, u l-għażla tal-liġijiet ta’ [daħħal ir-referenza għall-Istat Membru tas-Sistema] biex jirregolaw id-Dokumenti tas-Sistema hija rikonoxxuta mil-liġijiet ta’ [daħħal ir-referenza għall-Istat Membru tas-Sistema];

| (3) | il-parteċipanti fis-Sistema li permezz tagħha tintbagħat kwalunkwe Ordni ta’ trasferiment ta’ flus jew jidħlu Trasferimenti ta’ flus, jew li permezz tagħha jiġi eżegwit jew imwettaq kwalunkwe dritt jew obbligu skont id-Dokumenti tas-Sistema, huma liċenzjati biex jipprovdu servizzi ta’ trasferiment ta’ fondi, fil-ġuriżdizzjonijiet rilevanti kollha; u |
| --- | --- |

(3)

il-parteċipanti fis-Sistema li permezz tagħha tintbagħat kwalunkwe Ordni ta’ trasferiment ta’ flus jew jidħlu Trasferimenti ta’ flus, jew li permezz tagħha jiġi eżegwit jew imwettaq kwalunkwe dritt jew obbligu skont id-Dokumenti tas-Sistema, huma liċenzjati biex jipprovdu servizzi ta’ trasferiment ta’ fondi, fil-ġuriżdizzjonijiet rilevanti kollha; u

| (4) | il-kopji jew il-kampjuni tad-dokumenti sottomessi lilna jikkonformaw mal-oriġinali. |
| --- | --- |

(4)

il-kopji jew il-kampjuni tad-dokumenti sottomessi lilna jikkonformaw mal-oriġinali.

3.   OPINJONI

Fuq il-bażi ta’ u bla ħsara għal dak li ntqal qabel, u fi kwalunkwe każ, suġġett għall-punti msemmija hawn taħt, aħna tal-fehma li:

3.1.   Aspetti legali speċifiċi għall-pajjiż [sa fejn applikabbli]

Il-karatteristiċi li ġejjin tal-leġiżlazzjoni ta’ [ġuriżdizzjoni] huma konsistenti ma’, u bl-ebda mod ma jwarrbu, l-obbligi tal-Parteċipant li jirriżultaw mid-Dokumenti tas-Sistema: [lista ta' aspetti legali speċifiċi għall-pajjiż].

3.2.   Kwistjonijiet ġenerali ta’ insolvenza

3.2.a.   Tipi ta’ proċedimenti ta’ insolvenza

L-uniċi tipi ta’ proċedimenti ta’ insolvenza (inklużi l-kompożizzjoni jew ir-riabilitazzjoni) li, għall-finijiet ta’ din l-Opinjoni, għandhom jinkludu l-proċedimenti kollha fir-rigward tal-assi tal-Parteċipant jew kwalunkwe fergħa li jista’ jkollha f’[ġuriżdizzjoni] li għalihom jista’ jsir soġġett il-Parteċipant f’[ġuriżdizzjoni], huma dawn li ġejjin: [elenka l-proċedimenti bil-lingwa oriġinali u tradotti bl-Ingliż] (flimkien kollettivament imsejħa "Proċedimenti ta’ Insolvenza”).

Minbarra l-proċedimenti ta’ insolvenza, il-Parteċipant, kwalunkwe assi tiegħu, jew kwalunkwe fergħa li jista’ jkollu f’[ġuriżdizzjoni] jistgħu jsiru soġġetti f’[ġuriżdizzjoni] għal [elenka kwalunkwe moratorju, riċevitura applikabbli, jew kwalunkwe proċediment ieħor li b’riżultat tiegħu jistgħu jiġu sospiżi l-ħlasijiet lill-Parteċipant u/jew minnu, jew jistgħu jiġu imposti limitazzjonijiet fir-rigward ta’ tali ħlasijiet, jew proċedimenti simili bil-lingwa oriġinali u tradotti bl-Ingliż] (minn hawn ’il quddiem imsejħa kollettivament “Proċedimenti”).

3.2.b.   Trattati ta’ insolvenza

[ġuriżdizzjoni] jew ċerti suddiviżjonijiet politiċi fi [ġuriżdizzjoni], kif speċifikat, hija/huma parti għat-trattati ta’ insolvenza li ġejjin: [speċifika, jekk japplika dawk li għandhom jew jista’ jkollhom impatt fuq din l-Opinjoni].

3.3.   Eżegwibbiltà tad-Dokumenti tas-Sistema

Suġġett għall-punti stabbiliti hawn taħt, id-dispożizzjonijiet kollha tad-Dokumenti tas-Sistema se jkunu vinkolanti u eżegwibbli f’konformità mat-termini tagħhom skont il-liġijiet ta’ [ġuriżdizzjoni], b’mod partikolari fil-każ tal-ftuħ ta’ kwalunkwe Proċediment ta’ Insolvenza jew Proċedimenti fir-rigward tal-Parteċipant.

B’mod partikolari aħna tal-fehma li:

3.3.a.   Ipproċessar ta’ Ordnijiet ta’ trasferiment ta’ flus

Id-dispożizzjonijiet tar-Regoli dwar l-ipproċessar ta’ Ordnijiet ta’ trasferiment ta’ flus [żid id-dispożizzjonijiet rilevanti li jimplimentaw l-Artikoli 17 u 18 tal-Parti I tal-Anness I, Artikoli 4 sa 7 u 9 tal-Parti II tal-Anness I, Artikolu 5 sa 10 u 14 sa 17 tal-Parti III tal-Anness I, Artikoli 4 u 6 sa 7 tal-Parti IV tal-Anness I, Artikoli 6 u 10 tal-Parti V tal-Anness I] huma validi u eżegwibbli. B’mod partikolari, l-Ordnijiet kollha ta’ trasferiment ta’ flus ipproċessati skont dawn it-taqsimiet se jkunu validi, vinkolanti u se jkunu eżegwibbli skont il-liġijiet ta’ [ġuriżdizzjoni]. Id-dispożizzjoni tar-Regoli li tispeċifika l-punt preċiż ta’ żmien li fih l-Ordnijiet ta’ trasferiment ta’ flus sottomessi mill-Parteċipant lis-Sistema jsiru eżegwibbli u irrevokabbli [żid id-dispożizzjoni rilevanti li timplimenta l-Artikolu 18 tal-Parti I tal-Anness 1] hija valida, vinkolanti u eżegwibbli skont il-liġijiet ta’ [ġuriżdizzjoni].

3.3.b.   L-awtorità ta’ [daħħal l-isem tal-BĊ] biex iwettaq il-funzjonijiet tiegħu

Il-ftuħ ta’ Proċedimenti ta’ Insolvenza jew Proċedimenti fir-rigward tal-Parteċipant ma jaffettwawx l-awtorità u s-setgħat ta’ [daħħal l-isem tal-BĊ] li jirriżultaw mid-Dokumenti tas-Sistema. [Speċifika [sa fejn applikabbli] li: l-istess opinjoni hija applikabbli wkoll fir-rigward ta’ kwalunkwe entità oħra li tipprovdi lill-Parteċipanti b’servizzi direttament u neċessarjament meħtieġa għall-parteċipazzjoni fis-Sistema, eż TARGET NSP].

3.3.c.   Rimedji fil-każ ta’ inadempjenza

[Fejn applikabbli għall-Parteċipant, id-dispożizzjonijiet li jinsabu f’[lista ta’ taqsimiet] tar-Regoli dwar it-twettiq aċċellerat ta’ talbiet li għadhom ma mmaturawx, it-tpaċija ta’ talbiet għall-użu tad-depożiti tal-Parteċipant, l-eżekuzzjoni ta’ rahan, is-sospensjoni u t-terminazzjoni tal-parteċipazzjoni, talbiet għal imgħax ta’ inadempjenza, u t-terminazzjoni ta’ ftehimiet u tranżazzjonijiet ([daħħal klawżoli rilevanti oħra tar-Regoli jew tad-Dokumenti tas-Sistema]) huma validi u eżegwibbli skont il-liġijiet ta’ [ġuriżdizzjoni].]

3.3.d.   Sospensjoni u terminazzjoni

Fejn applikabbli għall-Parteċipant, id-dispożizzjonijiet li jinsabu f’[lista tat-taqsimiet] tar-Regoli (fir-rigward tas-sospensjoni u t-terminazzjoni tal-parteċipazzjoni tal-Parteċipant fis-Sistema mal-ftuħ ta’ Proċedimenti ta’ Insolvenza jew Proċedimenti jew każijiet oħra ta’ inadempjenza, kif definiti fid-Dokumenti tas-Sistema, jew jekk il-Parteċipant jirrappreżenta kwalunkwe tip ta’ riskju sistemiku jew ikollha problemi operazzjonali serji) huma validi u eżegwibbli skont il-liġijiet ta’ [ġuriżdizzjoni].

3.3.e.   Sistema ta’ penali

Fejn applikabbli għall-Parteċipant, id-dispożizzjonijiet li jinsabu f’[lista ta’ taqsimiet] tar-Regoli fir-rigward tal-penali imposti fuq Parteċipant li ma jkunx jista’ jirrimborża kreditu intraġurnata jew kreditu mil-lum għal għada, fejn applikabbli, fil-ħin huma validi u eżegwibbli skont il-liġijiet ta’ [ġuriżdizzjoni].

3.3.f.   Ċessjoni ta’ drittijiet u obbligi

Id-drittijiet u l-obbligi tal-Parteċipant ma jistgħux jiġu ċeduti, mibdula jew ittrasferiti b’xi mod ieħor mill-Parteċipant lil partijiet terzi mingħajr il-kunsens bil-miktub minn qabel tal-[daħħal l-isem tal-BĊ].

3.3.g.   Għażla tal-liġi regolatorja u ġuriżdizzjoni

Id-dispożizzjonijiet li jinsabu fi [lista tat-taqsimiet] tar-Regoli, u b’mod partikolari fir-rigward tal-liġi regolatorja, is-soluzzjoni ta’ xi tilwima, il-qrati kompetenti, u n-notifika tal-proċess huma validi u eżegwibbli skont il-liġijiet ta’ [ġuriżdizzjoni].

3.4.   Preferenzi annullabbli

Aħna tal-fehma li l-ebda obbligu li jirriżulta mid-Dokumenti tas-Sistema, it-twettiq tiegħu, jew il-konformità miegħu qabel il-ftuħ ta’ kwalunkwe Proċediment ta’ Insolvenza jew Proċedimenti fir-rigward tal-Parteċipant ma jista’ jiġi miċħud fi kwalunkwe proċediment bħal dan bħala preferenza, tranżazzjoni annullabbli jew mod ieħor skont il-liġijiet ta’ [ġuriżdizzjoni].

B’mod partikolari, u mingħajr limitazzjoni għal dak li ntqal hawn fuq, nesprimu din l-opinjoni fir-rigward ta’ kull Ordni ta’ trasferiment ta’ flus mibgħuta minn kwalunkwe parteċipant fis-Sistema. B’mod partikolari, aħna tal-fehma li d-dispożizzjonijiet ta’ [lista tat-taqsimiet] tar-Regoli li jistabbilixxu l-eżegwibbiltà u l-irrevokabbiltà tal-Ordnijiet ta’ trasferiment ta’ flus ikunu validi u eżegwibbli, u li Ordnijiet ta’ trasferiment ta’ flus mibgħuta minn kwalunkwe parteċipant u pproċessata skont [lista tat-taqsimiet] tar-Regoli ma jistgħux jiġu miċħuda f’kull Proċediment ta’ Insolvenza jew Proċedimenti bħala preferenza, tranżazzjoni annullabbli jew mod ieħor skont il-liġi tal-insolvenza ta’ [ġuriżdizzjoni].

3.5.   Qbid

Jekk xi kreditur tal-Parteċipant jitlob ordni ta’ qbid (inkluż kwalunkwe ordni ta’ iffriżar, ordni ta’ sekwestru, jew kwalunkwe proċedura oħra tad-dritt pubbliku jew privat li hija maħsuba biex tipproteġi l-interess pubbliku jew id-drittijiet tal-kredituri tal-Parteċipant), minn hawn ’il quddiem imsejħa “Qbid”, skont il-liġijiet ta’ [ġuriżdizzjoni] minn qorti jew awtorità governattiva, ġudizzjarja jew pubblika li hija kompetenti f’[ġuriżdizzjoni], aħna tal-fehma li [daħħal l-analiżi u d-diskussjoni].

3.6.   Kollateral [jekk applikabbli]

3.6.a.   Ċessjoni ta’ drittijiet jew depożitu ta’ assi għall-finijiet ta’ kollateral, rahan u/jew repo

Ċessjonijiet għall-finijiet ta’ kollateral se jkunu validi u eżegwibbli skont il-liġijiet ta’ [ġuriżdizzjoni]. B’mod speċifiku, il-ħolqien u l-eżekuzzjoni ta’ rahan jew repo skont [daħħal ir-referenza għall-arranġament rilevanti mal-BĊ] ikunu validi u eżegwibbli skont il-liġijiet ta’ [ġuriżdizzjoni].

3.6.b.   Prijorità tal-interess ta’ ċessjonarji, ta’ detenturi ta’ rahan jew xerrejja ta’ repos fuq dak ta’ pretendenti oħra

Fil-każ ta’ Proċedimenti ta’ Insolvenza jew Proċedimenti fir-rigward tal-Parteċipant, id-drittijiet jew l-assi ċeduti għal finijiet ta’ kollateral, jew mirhuna mill-Parteċipant lil [daħħal ir-referenza għall-BĊ] jew lil parteċipanti oħra fis-Sistema, jikklassifikaw fil-prijorità ta’ ħlas qabel it-talbiet tal-kredituri l-oħrajn kollha tal-Parteċipant u ma jkunux suġġetti għall-kredituri ta’ prijorità jew preferenzjali.

3.6.c.   L-eżekuzzjoni ta’ titolu ta’ garanzija

Anke fil-każ ta’ Proċedimenti ta’ Insolvenza jew Proċedimenti fir-rigward tal-Parteċipant, parteċipanti oħra fis-Sistema u l-[daħħal l-isem tal-BĊ] bħala [ċessjonarji, detenturi ta’ rahan jew xerrejja ta’ repos skont kif japplika] xorta jkunu liberi li jeżegwixxu u jiġbru d-drittijiet jew l-assi tal-Parteċipant permezz tal-azzjoni ta’ [daħħal l-isem tal-BĊ] skont ir-Regoli.

3.6.d.   Rekwiżiti ta’ formoli u reġistrazzjoni

Ma hemm l-ebda rekwiżit ta’ formoli għaċ-ċessjoni għal finijiet ta’ kollateral ta’, jew għall-ħolqien u l-eżekuzzjoni ta’ rahan jew ta’ repo fuq id-drittijiet jew l-assi tal-Parteċipant u ma huwiex meħtieġ li [iċ-ċessjoni għal finijiet ta’ kollateral, rahan jew repo, kif applikabbli], jew kwalunkwe dettall ta’ tali [ċessjoni, rahan jew repo, kif applikabbli,] jiġi rreġistrat ma’ jew ippreżentat lil kwalunkwe qorti jew awtorità governattiva, ġudizzjarja jew pubblika li hija kompetenti f’[ġuriżdizzjoni].

3.7   Fergħat [safejn japplika]

3.7.a.   L-opinjoni tapplika għal azzjoni permezz tal-friegħi

Kull waħda mid-dikjarazzjonijiet u l-opinjonijiet ippreżentati hawn fuq fir-rigward tal-Parteċipant tapplika bl-istess akkuratezza u validità skont il-liġijiet ta’ [ġuriżdizzjoni] f’sitwazzjonijiet fejn il-Parteċipant jaġixxi permezz ta’ waħda jew aktar mill-friegħi tiegħu stabbiliti barra [ġuriżdizzjoni].

3.7.b.   Konformità mal-liġi

La l-eżekuzzjoni u t-twettiq tad-drittijiet u tal-obbligi skont id-Dokumenti tas-Sistema u lanqas is-sottomissjoni, it-trażmissjoni jew ir-riċevuta ta’ Ordnijiet ta’ trasferiment ta’ flus minn fergħa tal-Parteċipant ma jiksru l-liġijiet ta’ [ġuriżdizzjoni] fi kwalunkwe każ.

3.7.c.   Awtorizzazzjonijiet meħtieġa

La l-eżekuzzjoni u t-twettiq tad-drittijiet u l-obbligi skont id-Dokumenti tas-Sistema, u lanqas is-sottomissjoni, it-trażmissjoni jew l-irċevuta ta’ Ordnijiet ta’ trasferiment ta’ flus minn fergħa ta’ Parteċipant ma jkunu jeħtieġu kwalunkwe awtorizzazzjoni, approvazzjoni, kunsens, iffajljar, reġistrazzjoni, notarizzazzjoni jew ċertifikazzjoni oħra ta’ jew ma’ kwalunkwe qorti jew awtorità governattiva, ġudizzjarja jew pubblika li huma kompetenti fi [ġuriżdizzjoni].

Din l-opinjoni hija ddikjarata mid-data tagħha u hija indirizzata biss lil [daħħal l-isem tal-BĊ] u lill-[Parteċipant]. L-ebda persuna oħra ma tista’ tiddependi fuq din l-Opinjoni u l-kontenut ta’ din l-Opinjoni ma jistax jiġi żvelat lil persuni oħra ħlief lir-riċevituri intiżi tagħha u l-konsulent legali tagħha mingħajr il-kunsens minn qabel bil-miktub tagħna, bl-eċċezzjoni tal-Bank Ċentrali Ewropew u l-banek ċentrali nazzjonali tas-Sistema Ewropea tal-Banek Ċentrali [u [il-bank ċentrali nazzjonali/l-awtoritajiet regolatorji rilevanti] ta' [ġuriżdizzjoni]].

Dejjem tiegħek,

[firma]

---

APPENDIĊI IV

PROĊEDURI TA’ KONTINWITÀ TAL-OPERAT U TA’ KONTINĠENZA

1   DISPOŻIZZJONIJIET ĠENERALI

Dan l-Appendiċi jistabbilixxi l-arranġamenti bejn [daħħal l-isem tal-BĊ] u l-parteċipanti, jekk it-TARGET jew wieħed jew aktar mill-NSPs ikollhom ħsara jew jiġu affettwati minn avveniment estern anormali, jew jekk il-ħsara taffettwa lil xi parteċipant.

Ir-referenzi kollha għal ħinijiet speċifiċi f’dan l-Appendiċi huma għall-ħin lokali fis-sede tal-BĊE.

Id-dispożizzjonijiet stabbiliti f’din it-taqsima 1 għandhom japplikaw għal MCAs, RTGS DCAs u s-subkontijiet tagħhom, kontijiet tekniċi ta’ RTGS AS, T2S DCAs, TIPS DCAs u kontijiet tekniċi ta’ TIPS AS.

1.1.   Miżuri ta’ kontinwità tal-operat u ta’ pproċessar ta’ kontinġenza

| (a) | Fil-każ li jseħħ avveniment estern anormali u/jew ikun hemm ħsara fit-TARGET u/jew ikun hemm ħsara ta’ NSP wieħed jew aktar li jaffettwa l-operat normali tat-TARGET, il-[daħħal l-isem tal-BĊ] għandu jkun intitolat li jadotta miżuri ta’ kontinwità tal-operat u ta’ pproċessar ta’ kontinġenza. |
| --- | --- |

(a)

Fil-każ li jseħħ avveniment estern anormali u/jew ikun hemm ħsara fit-TARGET u/jew ikun hemm ħsara ta’ NSP wieħed jew aktar li jaffettwa l-operat normali tat-TARGET, il-[daħħal l-isem tal-BĊ] għandu jkun intitolat li jadotta miżuri ta’ kontinwità tal-operat u ta’ pproċessar ta’ kontinġenza.

| (b) | Il-miżuri ewlenin ta’ kontinwità tal-operat u ta’ pproċessar ta’ kontinġenza li ġejjin għandhom ikunu disponibbli fit-TARGET:






  (i) | ir-rilokazzjoni tal-operat tat-TARGET għal sit alternattiv; |
| --- | --- | --- |

(b)

Il-miżuri ewlenin ta’ kontinwità tal-operat u ta’ pproċessar ta’ kontinġenza li ġejjin għandhom ikunu disponibbli fit-TARGET:

(i)

ir-rilokazzjoni tal-operat tat-TARGET għal sit alternattiv;

| (ii) | it-tibdil tal-iskeda operattiva tat-TARGET. |
| --- | --- |

(ii)

it-tibdil tal-iskeda operattiva tat-TARGET.

| (c) | Fir-rigward tal-miżuri ta’ kontinwità tal-operat u ta’ pproċessar ta’ kontinġenza, il-[daħħal l-isem tal-BĊ] għandu jkollu diskrezzjoni sħiħa fir-rigward ta’ jekk għandhomx jiġu adottati miżuri u liema. |
| --- | --- |

(c)

Fir-rigward tal-miżuri ta’ kontinwità tal-operat u ta’ pproċessar ta’ kontinġenza, il-[daħħal l-isem tal-BĊ] għandu jkollu diskrezzjoni sħiħa fir-rigward ta’ jekk għandhomx jiġu adottati miżuri u liema.

1.2.   Komunikazzjoni dwar l-inċidenti

Jekk iseħħ avveniment deskritt taħt il-paragrafu 1.1(a), dan għandu jiġi kkomunikat lill-parteċipanti permezz tas-sit web tal-BĊE, jekk disponibbli, permezz tal-GUI(s) u, jekk applikabbli permezz ta’ kanali ta’ komunikazzjoni domestiċi. B’mod partikolari, il-komunikazzjonijiet lill-parteċipanti għandhom jinkludu l-informazzjoni li ġejja:

| (i) | deskrizzjoni tal-avveniment u l-impatt tiegħu fuq it-TARGET; |
| --- | --- |

(i)

deskrizzjoni tal-avveniment u l-impatt tiegħu fuq it-TARGET;

| (ii) | il-ħin li fih tkun mistennija s-soluzzjoni tal-avveniment (jekk ikun magħruf); |
| --- | --- |

(ii)

il-ħin li fih tkun mistennija s-soluzzjoni tal-avveniment (jekk ikun magħruf);

| (iii) | informazzjoni dwar il-miżuri diġà meħuda (jekk ikun hemm); |
| --- | --- |

(iii)

informazzjoni dwar il-miżuri diġà meħuda (jekk ikun hemm);

| (iv) | il-parir lill-parteċipanti (jekk ikun hemm); |
| --- | --- |

(iv)

il-parir lill-parteċipanti (jekk ikun hemm);

| (v) | il-kronogramma tal-komunikazzjoni u indikazzjoni ta’ meta se jiġi pprovdut aġġornament. |
| --- | --- |

(v)

il-kronogramma tal-komunikazzjoni u indikazzjoni ta’ meta se jiġi pprovdut aġġornament.

1.3.   Bidla fis-sigħat tal-operat

| (a) | Meta jibdel l-iskeda operattiva tat-TARGET kif previst fl-Artikolu 19(2) tal-Parti I ta’ dawn il-Kundizzjonijiet, il-[daħħal l-isem tal-BĊ] jista’ jittardja l-ħin ta’ skadenza tat-TARGET għal jum ta’ negozju partikolari jew jittardja l-bidu tal-jum ta’ negozju li jmiss, jew jibdel il-ħin ta’ kwalunkwe avveniment ieħor elenkat fl-Appendiċi V. |
| --- | --- |

(a)

Meta jibdel l-iskeda operattiva tat-TARGET kif previst fl-Artikolu 19(2) tal-Parti I ta’ dawn il-Kundizzjonijiet, il-[daħħal l-isem tal-BĊ] jista’ jittardja l-ħin ta’ skadenza tat-TARGET għal jum ta’ negozju partikolari jew jittardja l-bidu tal-jum ta’ negozju li jmiss, jew jibdel il-ħin ta’ kwalunkwe avveniment ieħor elenkat fl-Appendiċi V.

| (b) | Il-ħinijiet ta’ skadenza tat-TARGET għal jum ta’ negozju partikolari jistgħu jiġu ttardjati jekk tkun seħħet ħsara fit-TARGET matul dak il-jum iżda tkun ġiet solvuta qabel is-18:00. Tali dewmien fil-ħin tal-għeluq ma għandux normalment jaqbeż is-sagħtejn u għandu jiġi mħabbar lill-parteċipanti mill-aktar fis possibbli. |
| --- | --- |

(b)

Il-ħinijiet ta’ skadenza tat-TARGET għal jum ta’ negozju partikolari jistgħu jiġu ttardjati jekk tkun seħħet ħsara fit-TARGET matul dak il-jum iżda tkun ġiet solvuta qabel is-18:00. Tali dewmien fil-ħin tal-għeluq ma għandux normalment jaqbeż is-sagħtejn u għandu jiġi mħabbar lill-parteċipanti mill-aktar fis possibbli.

| (c) | Ladarba jiġi mħabbar dewmien fil-ħinijiet ta’ skadenza tat-TARGET, dan jista’ jiġi ttardjat aktar iżda ma jistax jiġi rtirat. |
| --- | --- |

(c)

Ladarba jiġi mħabbar dewmien fil-ħinijiet ta’ skadenza tat-TARGET, dan jista’ jiġi ttardjat aktar iżda ma jistax jiġi rtirat.

1.4.   Dispożizzjonijiet oħra

| (a) | Fil-każ ta’ ħsara fil-[daħħal l-isem tal-BĊ], uħud mill-funzjonijiet tekniċi jew il-funzjonijiet tekniċi kollha tiegħu fir-rigward tat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jistgħu jitwettqu minn BĊi oħrajn tal-Eurosistema jew mill-BĊNi tal-Livell 3 f’ismu. |
| --- | --- |

(a)

Fil-każ ta’ ħsara fil-[daħħal l-isem tal-BĊ], uħud mill-funzjonijiet tekniċi jew il-funzjonijiet tekniċi kollha tiegħu fir-rigward tat-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] jistgħu jitwettqu minn BĊi oħrajn tal-Eurosistema jew mill-BĊNi tal-Livell 3 f’ismu.

| (b) | Il-[daħħal l-isem tal-BĊ] jista’ jirrikjedi li l-parteċipanti jipparteċipaw f’ittestjar regolari jew ad hoc tal-miżuri ta’ kontinwità tal-operat u ta’ pproċessar ta’ kontinġenza, f’taħriġ jew fi kwalunkwe arranġament preventiv ieħor, kif meqjus meħtieġ mill-[daħħal l-isem tal-BĊ]. Kwalunkwe kost imġarrab mill-parteċipanti bħala riżultat ta’ tali ttestjar jew arranġamenti oħra għandu jiġġarrab biss mill-parteċipanti. |
| --- | --- |

(b)

Il-[daħħal l-isem tal-BĊ] jista’ jirrikjedi li l-parteċipanti jipparteċipaw f’ittestjar regolari jew ad hoc tal-miżuri ta’ kontinwità tal-operat u ta’ pproċessar ta’ kontinġenza, f’taħriġ jew fi kwalunkwe arranġament preventiv ieħor, kif meqjus meħtieġ mill-[daħħal l-isem tal-BĊ]. Kwalunkwe kost imġarrab mill-parteċipanti bħala riżultat ta’ tali ttestjar jew arranġamenti oħra għandu jiġġarrab biss mill-parteċipanti.

2.   PROĊEDURI TA’ KONTINWITÀ TAL-OPERAT U TA’ KONTINGENZA (PROĊEDURI TA’ SALDU TA’ RTGS DCA U TA’ RTGS AS)

Minbarra d-dispożizzjonijiet stabbiliti fit-taqsima 1, id-dispożizzjonijiet stabbiliti f’din it-taqsima 2 għandhom japplikaw speċifikament għad-detenturi ta’ RTGS DCA u għal AS li jużaw il-proċeduri ta’ saldu ta’ RTGS AS.

2.1.   Rilokazzjoni tal-operat tat-TARGET għal sit alternattiv

| (a) | Ir-rilokazzjoni tal-operat tat-TARGET għal sit alternattiv, kif imsemmi fil-paragrafu 1.1(b)(i), tista’ tkun f’post fl-istess reġjun jew f’reġjun ieħor. |
| --- | --- |

(a)

Ir-rilokazzjoni tal-operat tat-TARGET għal sit alternattiv, kif imsemmi fil-paragrafu 1.1(b)(i), tista’ tkun f’post fl-istess reġjun jew f’reġjun ieħor.

| (b) | Fil-każ li l-operat tat-TARGET jiġi rilokat għal reġjun ieħor, il-parteċipanti għandhom: (i) joqogħdu lura milli jibagħtu ordnijiet ġodda ta’ trasferiment ta’ flus lejn it-TARGET; (ii) iwettqu rikonċiljazzjoni fuq talba ta’ [daħħal l-isem tal-BĊ]; (iii) jerġgħu jissottomettu kwalunkwe ordnijiet ta’ trasferiment tal-flus identifikata bħala nieqsa; u (iv) jipprovdu l-informazzjoni rilevanti kollha f’dan ir-rigward lill-[daħħal l-isem tal-BĊ]. |
| --- | --- |

(b)

Fil-każ li l-operat tat-TARGET jiġi rilokat għal reġjun ieħor, il-parteċipanti għandhom: (i) joqogħdu lura milli jibagħtu ordnijiet ġodda ta’ trasferiment ta’ flus lejn it-TARGET; (ii) iwettqu rikonċiljazzjoni fuq talba ta’ [daħħal l-isem tal-BĊ]; (iii) jerġgħu jissottomettu kwalunkwe ordnijiet ta’ trasferiment tal-flus identifikata bħala nieqsa; u (iv) jipprovdu l-informazzjoni rilevanti kollha f’dan ir-rigward lill-[daħħal l-isem tal-BĊ].

| (c) | Il-[daħħal l-isem tal-BĊ] jista’ jieħu kwalunkwe azzjoni oħra inkluż l-addebitar u l-akkreditar tal-kontijiet tal-parteċipanti sabiex jirrestawra l-istatus tal-kontijiet ta’ dawk il-parteċipanti għal kif kien qabel ir-rilokazzjoni. |
| --- | --- |

(c)

Il-[daħħal l-isem tal-BĊ] jista’ jieħu kwalunkwe azzjoni oħra inkluż l-addebitar u l-akkreditar tal-kontijiet tal-parteċipanti sabiex jirrestawra l-istatus tal-kontijiet ta’ dawk il-parteċipanti għal kif kien qabel ir-rilokazzjoni.

2.2.   Bidla fis-sigħat tal-operat

| (a) | Jekk [daħħal l-isem tal-BĊ] jittardja l-għeluq tat-TARGET kif previst fil-paragrafu 1.3 qabel l-16:50, il-perjodu minimu ta’ siegħa bejn il-ħin ta’ skadenza għall-ordnijiet ta’ ħlas tal-klijenti u interbankarji normalment għandu jibqa’ fis-seħħ. |
| --- | --- |

(a)

Jekk [daħħal l-isem tal-BĊ] jittardja l-għeluq tat-TARGET kif previst fil-paragrafu 1.3 qabel l-16:50, il-perjodu minimu ta’ siegħa bejn il-ħin ta’ skadenza għall-ordnijiet ta’ ħlas tal-klijenti u interbankarji normalment għandu jibqa’ fis-seħħ.

| (b) | L-AS għandu jkollha mezzi stabbiliti biex tindirizza l-każijiet fejn il-ħin tal-ftuħ mill-ġdid jiġi ttardjat minħabba ħsara fit-TARGET il-jum ta’ qabel. |
| --- | --- |

(b)

L-AS għandu jkollha mezzi stabbiliti biex tindirizza l-każijiet fejn il-ħin tal-ftuħ mill-ġdid jiġi ttardjat minħabba ħsara fit-TARGET il-jum ta’ qabel.

2.3.   Ipproċessar ta’ kontinġenza

| (a) | Jekk iqis li huwa meħtieġ li jagħmel dan, il-[daħħal l-isem tal-BĊ] għandu jibda l-ipproċessar ta’ kontinġenza ta’ ordnijiet ta’ trasferiment ta’ flus bl-użu tas-Soluzzjoni ta’ Kontinġenza tat-TARGET jew mezzi oħra. F’każijiet bħal dawn, l-ipproċessar ta’ kontinġenza għandu jiġi pprovdut fuq bażi tal-aħjar sforzi. Il-[daħħal l-isem tal-BĊ] għandu jinforma lill-parteċipanti tiegħu bil-bidu tal-ipproċessar ta’ kontinġenza permezz ta’ kwalunkwe mezz ta’ komunikazzjoni disponibbli. |
| --- | --- |

(a)

Jekk iqis li huwa meħtieġ li jagħmel dan, il-[daħħal l-isem tal-BĊ] għandu jibda l-ipproċessar ta’ kontinġenza ta’ ordnijiet ta’ trasferiment ta’ flus bl-użu tas-Soluzzjoni ta’ Kontinġenza tat-TARGET jew mezzi oħra. F’każijiet bħal dawn, l-ipproċessar ta’ kontinġenza għandu jiġi pprovdut fuq bażi tal-aħjar sforzi. Il-[daħħal l-isem tal-BĊ] għandu jinforma lill-parteċipanti tiegħu bil-bidu tal-ipproċessar ta’ kontinġenza permezz ta’ kwalunkwe mezz ta’ komunikazzjoni disponibbli.

| (b) | Fl-ipproċessar ta’ kontinġenza bl-użu tas-Soluzzjoni ta’ Kontinġenza tat-TARGET, l-ordnijiet ta’ trasferiment ta’ flus għandhom jintbagħtu mid-detenturi ta’ RTGS DCA u awtorizzati minn [daħħal l-isem tal-BĊ]. Il-[Daħħal l-isem tal-BĊ] jista’, b’mod eċċezzjonali, idaħħal ukoll l-ordnijiet ta’ trasferiment ta’ flus manwalment f’isem il-parteċipanti. Barra minn hekk, l-AS tista’ tissottometti fajls li jkun fihom struzzjonijiet ta’ ħlas skont il-proċedura ta’ saldu A ta’ RTGS AS, li l-AS tawtorizza lil [daħħal l-isem tal-BĊ] itella’ fis-Soluzzjoni ta’ Kontinġenza. |
| --- | --- |

(b)

Fl-ipproċessar ta’ kontinġenza bl-użu tas-Soluzzjoni ta’ Kontinġenza tat-TARGET, l-ordnijiet ta’ trasferiment ta’ flus għandhom jintbagħtu mid-detenturi ta’ RTGS DCA u awtorizzati minn [daħħal l-isem tal-BĊ]. Il-[Daħħal l-isem tal-BĊ] jista’, b’mod eċċezzjonali, idaħħal ukoll l-ordnijiet ta’ trasferiment ta’ flus manwalment f’isem il-parteċipanti. Barra minn hekk, l-AS tista’ tissottometti fajls li jkun fihom struzzjonijiet ta’ ħlas skont il-proċedura ta’ saldu A ta’ RTGS AS, li l-AS tawtorizza lil [daħħal l-isem tal-BĊ] itella’ fis-Soluzzjoni ta’ Kontinġenza.

| (c) | L-ordnijiet ta’ trasferiment ta’ flus li ġejjin għandhom jitqiesu bħala “kritiċi ħafna” u [daħħal l-isem tal-BĊ] għandu jagħmel l-aħjar sforzi biex jipproċessahom f’kontinġenza mingħajr dewmien żejjed:






  (i) | ħlasijiet relatati mas-saldu tal-operazzjonijiet tas-CLS Bank International ipproċessati fuq CLSSettlement; |
| --- | --- | --- |

(c)

L-ordnijiet ta’ trasferiment ta’ flus li ġejjin għandhom jitqiesu bħala “kritiċi ħafna” u [daħħal l-isem tal-BĊ] għandu jagħmel l-aħjar sforzi biex jipproċessahom f’kontinġenza mingħajr dewmien żejjed:

(i)

ħlasijiet relatati mas-saldu tal-operazzjonijiet tas-CLS Bank International ipproċessati fuq CLSSettlement;

| (ii) | appelli għall-marġni tal-kontropartijiet ċentrali. |
| --- | --- |

(ii)

appelli għall-marġni tal-kontropartijiet ċentrali.

| (d) | L-ordnijiet ta’ trasferiment ta’ flus minbarra dawk elenkati fil-punt (c) u li huma meħtieġa biex jiġi evitat riskju sistemiku għandhom jitqiesu bħala “kritiċi” u l-[daħħal l-isem tal-BĊ] jista’ jiddeċiedi li jibda pproċessar ta’ kontinġenza fir-rigward tagħhom. Ordnijiet kritiċi ta’ trasferiment ta’ flus għandhom jinkludu iżda ma humiex limitati għal:






  (i) | ordnijiet ta’ trasferiment ta’ flus relatati mas-saldu ta’ sistemi oħra ta’ ħlas sistemikament importanti kif iddefiniti fir-Regolament (UE) Nru 795/2014 (BĊE/2014/28); |
| --- | --- | --- |

(d)

L-ordnijiet ta’ trasferiment ta’ flus minbarra dawk elenkati fil-punt (c) u li huma meħtieġa biex jiġi evitat riskju sistemiku għandhom jitqiesu bħala “kritiċi” u l-[daħħal l-isem tal-BĊ] jista’ jiddeċiedi li jibda pproċessar ta’ kontinġenza fir-rigward tagħhom. Ordnijiet kritiċi ta’ trasferiment ta’ flus għandhom jinkludu iżda ma humiex limitati għal:

(i)

ordnijiet ta’ trasferiment ta’ flus relatati mas-saldu ta’ sistemi oħra ta’ ħlas sistemikament importanti kif iddefiniti fir-Regolament (UE) Nru 795/2014 (BĊE/2014/28);

| (ii) | ordnijiet ta’ trasferiment ta’ likwidità lil T2S DCAs jew TIPS DCAs; |
| --- | --- |

(ii)

ordnijiet ta’ trasferiment ta’ likwidità lil T2S DCAs jew TIPS DCAs;

| (iii) | ordnijiet ta’ trasferiment ta’ likwidità li huma indispensabbli għall-eżekuzzjoni ta’ ordnijiet kritiċi ħafna ta’ trasferiment ta’ flus kif stabbilit fil-punt (c) jew għal ordnijiet kritiċi oħra ta’ trasferiment ta’ flus. |
| --- | --- |

(iii)

ordnijiet ta’ trasferiment ta’ likwidità li huma indispensabbli għall-eżekuzzjoni ta’ ordnijiet kritiċi ħafna ta’ trasferiment ta’ flus kif stabbilit fil-punt (c) jew għal ordnijiet kritiċi oħra ta’ trasferiment ta’ flus.

| (e) | Ordnijiet ta’ trasferiment ta’ flus li jkunu ġew sottomessi lit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] qabel l-attivazzjoni tal-ipproċessar ta’ kontinġenza, iżda li jkunu fil-kju, jistgħu wkoll jgħaddu minn ipproċessar ta’ kontinġenza. F’dawn il-każijiet il-[daħħal l-isem tal-BĊ] għandu jipprova jevita bis-sħiħ l-ipproċessar doppju ta’ ordnijiet ta’ trasferiment ta’ flus, imma huma l-parteċipanti li jassumu r-riskju ta’ dan l-ipproċessar doppju jekk dan iseħħ. |
| --- | --- |

(e)

Ordnijiet ta’ trasferiment ta’ flus li jkunu ġew sottomessi lit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] qabel l-attivazzjoni tal-ipproċessar ta’ kontinġenza, iżda li jkunu fil-kju, jistgħu wkoll jgħaddu minn ipproċessar ta’ kontinġenza. F’dawn il-każijiet il-[daħħal l-isem tal-BĊ] għandu jipprova jevita bis-sħiħ l-ipproċessar doppju ta’ ordnijiet ta’ trasferiment ta’ flus, imma huma l-parteċipanti li jassumu r-riskju ta’ dan l-ipproċessar doppju jekk dan iseħħ.

| (f) | Għall-ipproċessar ta’ kontinġenza bl-użu tas-Soluzzjoni ta’ Kontinġenza tat-TARGET, il-parteċipanti għandhom jipprovdu assi eliġibbli bħala kollateral. Matul l-ipproċessar ta’ kontinġenza, l-ordnijiet ta’ trasferiment ta’ flus deħlin jistgħu jintużaw biex jiffinanzjaw ordnijiet ta’ trasferiment ta’ flus ħerġin. |
| --- | --- |

(f)

Għall-ipproċessar ta’ kontinġenza bl-użu tas-Soluzzjoni ta’ Kontinġenza tat-TARGET, il-parteċipanti għandhom jipprovdu assi eliġibbli bħala kollateral. Matul l-ipproċessar ta’ kontinġenza, l-ordnijiet ta’ trasferiment ta’ flus deħlin jistgħu jintużaw biex jiffinanzjaw ordnijiet ta’ trasferiment ta’ flus ħerġin.

2.4.   Ħsara marbuta mal-parteċipanti

| (a) | Fil-każ li parteċipant ikollu kwistjoni jew problema li ma tħallihx jibgħat ordnijiet ta’ trasferiment ta’ flus lit-TARGET, huwa għandu jsolvi l-kwistjoni jew il-problema billi juża l-mezzi tiegħu stess. B’mod partikolari, parteċipant jista’ juża kwalunkwe soluzzjoni interna għad-dispożizzjoni tiegħu, il-funzjonalità tal-GUI biex jipproċessa t-trasferimenti ta’ likwidità u l-ordnijiet ta’ ħlas jew tuża l-funzjonalità ta’ backup permezz tal-GUI. |
| --- | --- |

(a)

Fil-każ li parteċipant ikollu kwistjoni jew problema li ma tħallihx jibgħat ordnijiet ta’ trasferiment ta’ flus lit-TARGET, huwa għandu jsolvi l-kwistjoni jew il-problema billi juża l-mezzi tiegħu stess. B’mod partikolari, parteċipant jista’ juża kwalunkwe soluzzjoni interna għad-dispożizzjoni tiegħu, il-funzjonalità tal-GUI biex jipproċessa t-trasferimenti ta’ likwidità u l-ordnijiet ta’ ħlas jew tuża l-funzjonalità ta’ backup permezz tal-GUI.

| (b) | Jekk il-mezzi ta’ soluzzjoni u/jew is-soluzzjonijiet jew il-funzjonalitajiet użati mill-parteċipant kif imsemmi fil-paragrafu (a) jiġu eżawriti jew jekk ma jkunux biżżejjed, il-parteċipant jista’ mbagħad jitlob appoġġ mingħand [daħħal l-isem tal-BĊ] u [daħħal l-isem tal-BĊ] għandu jipprovdi tali appoġġ fuq bażi tal-aħjar sforzi. Il-[daħħal l-isem tal-BĊ] għandu jiddeċiedi x’appoġġ joffri lill-parteċipant. |
| --- | --- |

(b)

Jekk il-mezzi ta’ soluzzjoni u/jew is-soluzzjonijiet jew il-funzjonalitajiet użati mill-parteċipant kif imsemmi fil-paragrafu (a) jiġu eżawriti jew jekk ma jkunux biżżejjed, il-parteċipant jista’ mbagħad jitlob appoġġ mingħand [daħħal l-isem tal-BĊ] u [daħħal l-isem tal-BĊ] għandu jipprovdi tali appoġġ fuq bażi tal-aħjar sforzi. Il-[daħħal l-isem tal-BĊ] għandu jiddeċiedi x’appoġġ joffri lill-parteċipant.

| (c) | [Daħħal jekk applikabbli, aktar miżuri dettaljati ta’ kontinġenza fir-rigward ta’ AS għandhom jiġu deskritti f’arranġamenti addizzjonali bejn [daħħal l-isem tal-BĊ] u l-AS rilevanti.] |
| --- | --- |

(c)

[Daħħal jekk applikabbli, aktar miżuri dettaljati ta’ kontinġenza fir-rigward ta’ AS għandhom jiġu deskritti f’arranġamenti addizzjonali bejn [daħħal l-isem tal-BĊ] u l-AS rilevanti.]

3.   PROĊEDURI TA’ KONTINWITÀ TAL-OPERAT U TA’ KONTINĠENZA (MCA)

Minbarra d-dispożizzjonijiet stabbiliti fit-taqsima 1, id-dispożizzjonijiet ta’ din it-taqsima 3 għandhom japplikaw speċifikament għad-detenturi ta’ MCA.

3.1.   Rilokazzjoni tal-operat tat-TARGET għal sit alternattiv

| (a) | Ir-rilokazzjoni tal-operat tat-TARGET għal sit alternattiv, kif imsemmi fil-paragrafu 1.1(b)(i), tista’ tkun f’post fl-istess reġjun jew f’reġjun ieħor. |
| --- | --- |

(a)

Ir-rilokazzjoni tal-operat tat-TARGET għal sit alternattiv, kif imsemmi fil-paragrafu 1.1(b)(i), tista’ tkun f’post fl-istess reġjun jew f’reġjun ieħor.

| (b) | Fil-każ li l-operat tat-TARGET jiġi rilokat għal reġjun ieħor, il-parteċipanti għandhom: (i) joqogħdu lura milli jibagħtu ordnijiet ġodda ta’ trasferiment ta’ flus lejn it-TARGET; (ii) fuq talba ta’ [daħħal l-isem tal-BĊ] iwettqu rikonċiljazzjoni; (iii) jerġgħu jissottomettu kwalunkwe ordni ta’ trasferiment tal-flus identifikata bħala nieqsa; u (iv) jipprovdu l-informazzjoni rilevanti kollha f’dan ir-rigward lill-[daħħal l-isem tal-BĊ]. |
| --- | --- |

(b)

Fil-każ li l-operat tat-TARGET jiġi rilokat għal reġjun ieħor, il-parteċipanti għandhom: (i) joqogħdu lura milli jibagħtu ordnijiet ġodda ta’ trasferiment ta’ flus lejn it-TARGET; (ii) fuq talba ta’ [daħħal l-isem tal-BĊ] iwettqu rikonċiljazzjoni; (iii) jerġgħu jissottomettu kwalunkwe ordni ta’ trasferiment tal-flus identifikata bħala nieqsa; u (iv) jipprovdu l-informazzjoni rilevanti kollha f’dan ir-rigward lill-[daħħal l-isem tal-BĊ].

| (c) | Il-[daħħal l-isem tal-BĊ] jista’ jieħu kwalunkwe azzjoni oħra inkluż l-addebitar u l-akkreditar tal-kontijiet tal-parteċipanti sabiex jirrestawra l-istatus tal-kontijiet ta’ dawk il-parteċipanti għal kif kien qabel ir-rilokazzjoni. |
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(c)

Il-[daħħal l-isem tal-BĊ] jista’ jieħu kwalunkwe azzjoni oħra inkluż l-addebitar u l-akkreditar tal-kontijiet tal-parteċipanti sabiex jirrestawra l-istatus tal-kontijiet ta’ dawk il-parteċipanti għal kif kien qabel ir-rilokazzjoni.

3.2.   Ipproċessar ta’ kontinġenza

| (a) | Jekk iqis li huwa meħtieġ li jagħmel dan, il-[daħħal l-isem tal-BĊ] għandu jibda l-ipproċessar ta’ kontinġenza ta’ ordnijiet ta’ trasferiment ta’ flus bl-użu tas-Soluzzjoni ta’ Kontinġenza tat-TARGET jew mezzi oħra. F’każijiet bħal dawn, l-ipproċessar ta’ kontinġenza għandu jiġi pprovdut fuq bażi tal-aħjar sforzi. Il-[daħħal l-isem tal-BĊ] għandu jinforma lill-parteċipanti tiegħu bil-bidu tal-ipproċessar ta’ kontinġenza permezz ta’ kwalunkwe mezz ta’ komunikazzjoni disponibbli. |
| --- | --- |

(a)

Jekk iqis li huwa meħtieġ li jagħmel dan, il-[daħħal l-isem tal-BĊ] għandu jibda l-ipproċessar ta’ kontinġenza ta’ ordnijiet ta’ trasferiment ta’ flus bl-użu tas-Soluzzjoni ta’ Kontinġenza tat-TARGET jew mezzi oħra. F’każijiet bħal dawn, l-ipproċessar ta’ kontinġenza għandu jiġi pprovdut fuq bażi tal-aħjar sforzi. Il-[daħħal l-isem tal-BĊ] għandu jinforma lill-parteċipanti tiegħu bil-bidu tal-ipproċessar ta’ kontinġenza permezz ta’ kwalunkwe mezz ta’ komunikazzjoni disponibbli.

| (b) | Fl-ipproċessar ta’ kontinġenza bl-użu tas-Soluzzjoni ta’ Kontinġenza tat-TARGET, l-ordnijiet ta’ trasferiment ta’ flus għandhom jintbagħtu mid-detenturi ta’ MCA u awtorizzati minn [daħħal l-isem tal-BĊ]. Il-[daħħal l-isem tal-BĊ] jista’, b’mod eċċezzjonali, idaħħal ukoll l-ordnijiet ta’ trasferiment ta’ flus manwalment f’isem il-parteċipanti. |
| --- | --- |

(b)

Fl-ipproċessar ta’ kontinġenza bl-użu tas-Soluzzjoni ta’ Kontinġenza tat-TARGET, l-ordnijiet ta’ trasferiment ta’ flus għandhom jintbagħtu mid-detenturi ta’ MCA u awtorizzati minn [daħħal l-isem tal-BĊ]. Il-[daħħal l-isem tal-BĊ] jista’, b’mod eċċezzjonali, idaħħal ukoll l-ordnijiet ta’ trasferiment ta’ flus manwalment f’isem il-parteċipanti.

| (c) | L-ordnijiet ta’ trasferiment ta’ flus meħtieġa biex jiġi evitat riskju sistemiku għandhom jitqiesu bħala “kritiċi” u [daħħal l-isem tal-BĊ] jista’ jiddeċiedi li jibda pproċessar ta’ kontinġenza fir-rigward tagħhom. |
| --- | --- |

(c)

L-ordnijiet ta’ trasferiment ta’ flus meħtieġa biex jiġi evitat riskju sistemiku għandhom jitqiesu bħala “kritiċi” u [daħħal l-isem tal-BĊ] jista’ jiddeċiedi li jibda pproċessar ta’ kontinġenza fir-rigward tagħhom.

| (d) | Ordnijiet ta’ trasferiment ta’ flus li jkunu ġew sottomessi lit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] qabel l-attivazzjoni tal-ipproċessar ta’ kontinġenza, iżda li jkunu fil-kju, jistgħu wkoll jgħaddu minn ipproċessar ta’ kontinġenza. F’dawn il-każijiet il-[daħħal l-isem tal-BĊ] għandu jipprova jevita bis-sħiħ l-ipproċessar doppju ta’ ordnijiet ta’ trasferiment ta’ flus, imma huma l-parteċipanti li jassumu r-riskju ta’ dan l-ipproċessar doppju jekk dan iseħħ. |
| --- | --- |

(d)

Ordnijiet ta’ trasferiment ta’ flus li jkunu ġew sottomessi lit-TARGET-[daħħal ir-referenza tal-BĊ/pajjiż] qabel l-attivazzjoni tal-ipproċessar ta’ kontinġenza, iżda li jkunu fil-kju, jistgħu wkoll jgħaddu minn ipproċessar ta’ kontinġenza. F’dawn il-każijiet il-[daħħal l-isem tal-BĊ] għandu jipprova jevita bis-sħiħ l-ipproċessar doppju ta’ ordnijiet ta’ trasferiment ta’ flus, imma huma l-parteċipanti li jassumu r-riskju ta’ dan l-ipproċessar doppju jekk dan iseħħ.

| (e) | Għall-ipproċessar ta’ kontinġenza bl-użu tas-Soluzzjoni ta’ Kontinġenza tat-TARGET, il-parteċipanti għandhom jipprovdu assi eliġibbli bħala kollateral. Matul l-ipproċessar ta’ kontinġenza, l-ordnijiet ta’ trasferiment ta’ flus deħlin jistgħu jintużaw biex jiffinanzjaw ordnijiet ta’ trasferiment ta’ flus ħerġin. |
| --- | --- |

(e)

Għall-ipproċessar ta’ kontinġenza bl-użu tas-Soluzzjoni ta’ Kontinġenza tat-TARGET, il-parteċipanti għandhom jipprovdu assi eliġibbli bħala kollateral. Matul l-ipproċessar ta’ kontinġenza, l-ordnijiet ta’ trasferiment ta’ flus deħlin jistgħu jintużaw biex jiffinanzjaw ordnijiet ta’ trasferiment ta’ flus ħerġin.

3.3.   Ħsarat marbuta mal-parteċipanti

| (a) | Fil-każ li parteċipant ikollu kwistjoni jew problema li ma tħallihx jibgħat ordnijiet ta’ trasferiment ta’ flus lit-TARGET, huwa għandu jsolvi l-kwistjoni jew il-problema billi juża l-mezzi tiegħu stess. B’mod partikolari, parteċipant jista’ juża kwalunkwe soluzzjoni interna jew il-funzjonalità tal-GUI biex jipproċessa ordnijiet ta’ trasferimenti ta’ likwidità. |
| --- | --- |

(a)

Fil-każ li parteċipant ikollu kwistjoni jew problema li ma tħallihx jibgħat ordnijiet ta’ trasferiment ta’ flus lit-TARGET, huwa għandu jsolvi l-kwistjoni jew il-problema billi juża l-mezzi tiegħu stess. B’mod partikolari, parteċipant jista’ juża kwalunkwe soluzzjoni interna jew il-funzjonalità tal-GUI biex jipproċessa ordnijiet ta’ trasferimenti ta’ likwidità.

| (b) | Jekk il-mezzi ta’ soluzzjoni u/jew is-soluzzjonijiet jew il-funzjonalitajiet użati mill-parteċipant kif imsemmi fil-paragrafu (a) jiġu eżawriti jew jekk ma jkunux biżżejjed, il-parteċipant jista’ mbagħad jitlob appoġġ mingħand [daħħal l-isem tal-BĊ] u il-[daħħal l-isem tal-BĊ] għandu jipprovdi tali appoġġ fuq bażi tal-aħjar sforzi. Il-[daħħal l-isem tal-BĊ] għandu jiddeċiedi x’appoġġ joffri lill-parteċipant. |
| --- | --- |

(b)

Jekk il-mezzi ta’ soluzzjoni u/jew is-soluzzjonijiet jew il-funzjonalitajiet użati mill-parteċipant kif imsemmi fil-paragrafu (a) jiġu eżawriti jew jekk ma jkunux biżżejjed, il-parteċipant jista’ mbagħad jitlob appoġġ mingħand [daħħal l-isem tal-BĊ] u il-[daħħal l-isem tal-BĊ] għandu jipprovdi tali appoġġ fuq bażi tal-aħjar sforzi. Il-[daħħal l-isem tal-BĊ] għandu jiddeċiedi x’appoġġ joffri lill-parteċipant.

4.   PROĊEDURI TA’ KONTINWITÀ TAL-OPERAT U TA’ KONTINĠENZA (T2S DCA)

Minbarra d-dispożizzjonijiet stabbiliti fit-taqsima 1, id-dispożizzjonijiet ta’ din it-taqsima 4 għandhom japplikaw speċifikament għad-detenturi ta’ T2S DCA.

4.1.   Rilokazzjoni tal-operat tat-TARGET għal sit alternattiv

| (a) | Ir-rilokazzjoni tal-operat tat-TARGET għal sit alternattiv, kif stabbilit fil-paragrafu 1.1(b)(i), tista’ tkun għal post fl-istess reġjun jew f’reġjun ieħor (fejn disponibbli). |
| --- | --- |

(a)

Ir-rilokazzjoni tal-operat tat-TARGET għal sit alternattiv, kif stabbilit fil-paragrafu 1.1(b)(i), tista’ tkun għal post fl-istess reġjun jew f’reġjun ieħor (fejn disponibbli).

| (b) | F’każ li l-operat tat-TARGET jiġi rilokat għal reġjun ieħor, il-parteċipanti għandhom (i) joqogħdu lura milli jibagħtu ordnijiet ta’ trasferiment ta’ flus ġodda lit-TARGET; u (ii) fuq talba ta’ [daħħal l-isem tal-BĊ] iwettqu rikonċiljazzjoni, (iii) jerġgħu jissottomettu kwalunkwe struzzjoni identifikata bħala nieqsa u (iv) jipprovdu l-informazzjoni rilevanti kollha f’dan ir-rigward lill-[daħħal l-isem tal-BĊ]. |
| --- | --- |

(b)

F’każ li l-operat tat-TARGET jiġi rilokat għal reġjun ieħor, il-parteċipanti għandhom (i) joqogħdu lura milli jibagħtu ordnijiet ta’ trasferiment ta’ flus ġodda lit-TARGET; u (ii) fuq talba ta’ [daħħal l-isem tal-BĊ] iwettqu rikonċiljazzjoni, (iii) jerġgħu jissottomettu kwalunkwe struzzjoni identifikata bħala nieqsa u (iv) jipprovdu l-informazzjoni rilevanti kollha f’dan ir-rigward lill-[daħħal l-isem tal-BĊ].

| (c) | Il-[daħħal l-isem tal-BĊ] għandu jitħalla jieħu kwalunkwe azzjoni oħra inkluż l-addebitar u l-akkreditar tal-kontijiet tal-parteċipanti sabiex jirrestawra l-istatus tal-bilanċi tal-kont tal-parteċipanti għal dak li kien qabel ir-rilokazzjoni. |
| --- | --- |

(c)

Il-[daħħal l-isem tal-BĊ] għandu jitħalla jieħu kwalunkwe azzjoni oħra inkluż l-addebitar u l-akkreditar tal-kontijiet tal-parteċipanti sabiex jirrestawra l-istatus tal-bilanċi tal-kont tal-parteċipanti għal dak li kien qabel ir-rilokazzjoni.

4.2.   Ħsara marbuta mal-parteċipanti

| (a) | Fil-każ li detentur ta’ T2S DCA jkollu kwistjoni jew problema li ma tħallihx isalda ordnijiet ta’ trasferiment ta’ flus fit-TARGET-[daħħal l-isem tal-BĊ/referenza tal-pajjiż], huwa għandu jsolvi l-kwistjoni jew il-problema billi juża l-mezzi tiegħu stess. |
| --- | --- |

(a)

Fil-każ li detentur ta’ T2S DCA jkollu kwistjoni jew problema li ma tħallihx isalda ordnijiet ta’ trasferiment ta’ flus fit-TARGET-[daħħal l-isem tal-BĊ/referenza tal-pajjiż], huwa għandu jsolvi l-kwistjoni jew il-problema billi juża l-mezzi tiegħu stess.

| (b) | Jekk il-mezzi ta’ soluzzjoni msemmija fil-paragrafu (a) jiġu eżawriti jew jekk ma jkunux biżżejjed, il-parteċipant jista’ mbagħad jitlob appoġġ mingħand [daħħal l-isem tal-BĊ] u il-[daħħal l-isem tal-BĊ] għandu jipprovdi tali appoġġ fuq bażi tal-aħjar sforzi. Il-[daħħal l-isem tal-BĊ] għandu jiddeċiedi x’appoġġ joffri lill-parteċipant. |
| --- | --- |

(b)

Jekk il-mezzi ta’ soluzzjoni msemmija fil-paragrafu (a) jiġu eżawriti jew jekk ma jkunux biżżejjed, il-parteċipant jista’ mbagħad jitlob appoġġ mingħand [daħħal l-isem tal-BĊ] u il-[daħħal l-isem tal-BĊ] għandu jipprovdi tali appoġġ fuq bażi tal-aħjar sforzi. Il-[daħħal l-isem tal-BĊ] għandu jiddeċiedi x’appoġġ joffri lill-parteċipant.

---

APPENDIĊI V

SKEDA OPERATTIVA TAT-TARGET

1.

Id-data tal-valur għat-tranżazzjonijiet saldati fit-TARGET hija dejjem id-data tal-valur li fiha topera s-sistema.

2.

Il-jiem kollha ħlief is-Sibt, il-Ħadd, l-Ewwel tas-Sena, il-Ġimgħa l-kbira (1), it-Tnejn tal-Għid (2), l-1 ta’ Mejju, Jum il-Milied, u s-26 ta’ Diċembru huma jiem ta’ negozju tat-TARGET u għalhekk jistgħu jkunu dati tal-valur għall-fini tas-saldu fit-TARGET.

3.

Il-kontijiet tekniċi tat-TIPS DCAs u tat-TIPS AS jitħaddmu kuljum. It-tipi l-oħra kollha ta’ kontijiet jitħaddmu fil-ġranet kollha ħlief għas-Sibt, il-Ħadd, l-Ewwel tas-Sena, il-Ġimgħa l-kbira (3), it-Tnejn tal-Għid (4), l-1 ta’ Mejju, Jum il-Milied, u s-26 ta’ Diċembru.

4.

Jum ta’ negozju jinfetaħ matul il-lejla tal-jum ta’ negozju preċedenti.

5.

Il-ħin ta’ referenza għas-sistema huwa l-ħin lokali fis-sede tal-BĊE.

6.

| HH:MM | MCAs | RTGS DCAs (7) | T2S DCAs | TIPS DCAs (8) |
| --- | --- | --- | --- | --- |
| 18:45 (D-1) | Bidu tal-jum ta’ negozju:
  Bidla fid-data tal-valur | Bidu tal-jum ta’ negozju:
  Bidla fid-data tal-valur | Bidu tal-jum ta’ negozju:
  Bidla fid-data tal-valur
  Tħejjija tas-saldu ta’ billejl | Ipproċessar ta’ ordnijiet ta’ ħlas istantanju u ordnijiet ta’ trasferiment ta’ likwidità lil/minn kontijiet tekniċi ta’ TIPS AS.
  L-ebda trasferiment ta’ likwidità bejn TIPS DCAs u kontijiet oħra |
| 19:00 (D-1) | Saldu ta’ CBOs
  Rimborż ta’ self marġinali
  Rifużjoni ta’ depożiti mil-lum għall-għada
  Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità awtomatizzati u bbażati fuq ir-regoli | | Skadenza għall-aċċettazzjoni tal-feeds tad-data tas-CMS
  Tħejjija tas-saldu ta’ billejl | |
| 19:30 (D-1) | Saldu ta’ CBOs Ipproċessar ta’ ordnijiet permanenti ta’ trasferiment ta’ likwidità
  Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità immedjati | Saldu ta’ ordnijiet ta’ trasferiment ta’ AS
  Ipproċessar ta’ ordnijiet permanenti ta’ trasferiment ta’ likwidità
  Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità awtomatizzati, ibbażati fuq ir-regoli u immedjati | | Ipproċessar ta’ ordnijiet ta’ ħlas istantanju u ordnijiet ta’ trasferiment ta’ likwidità minn/lejn MCAs u RTGS DCAs |
| 20:00 (D-1) | | Ċikli ta’ saldu ta’ billejl | Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità minn/lejn T2S DCAs |
| 02:30
  (jum kalendarju wara D-1) | Tieqa ta’ manutenzjoni mhux fakultattiva fi






  — | – il-jiem ta’ negozju wara l-jiem ta’ għeluq inkluż kull jum ta’ negozju it-Tnejn |

HH:MM

MCAs

RTGS DCAs (7)

T2S DCAs

TIPS DCAs (8)

18:45 (D-1)

Bidu tal-jum ta’ negozju:

Bidla fid-data tal-valur

Bidu tal-jum ta’ negozju:

Bidla fid-data tal-valur

Bidu tal-jum ta’ negozju:

Bidla fid-data tal-valur

Tħejjija tas-saldu ta’ billejl

Ipproċessar ta’ ordnijiet ta’ ħlas istantanju u ordnijiet ta’ trasferiment ta’ likwidità lil/minn kontijiet tekniċi ta’ TIPS AS.

L-ebda trasferiment ta’ likwidità bejn TIPS DCAs u kontijiet oħra

19:00 (D-1)

Saldu ta’ CBOs

Rimborż ta’ self marġinali

Rifużjoni ta’ depożiti mil-lum għall-għada

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità awtomatizzati u bbażati fuq ir-regoli

Skadenza għall-aċċettazzjoni tal-feeds tad-data tas-CMS

Tħejjija tas-saldu ta’ billejl

19:30 (D-1)

Saldu ta’ CBOs Ipproċessar ta’ ordnijiet permanenti ta’ trasferiment ta’ likwidità

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità immedjati

Saldu ta’ ordnijiet ta’ trasferiment ta’ AS

Ipproċessar ta’ ordnijiet permanenti ta’ trasferiment ta’ likwidità

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità awtomatizzati, ibbażati fuq ir-regoli u immedjati

Ipproċessar ta’ ordnijiet ta’ ħlas istantanju u ordnijiet ta’ trasferiment ta’ likwidità minn/lejn MCAs u RTGS DCAs

20:00 (D-1)

Ċikli ta’ saldu ta’ billejl

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità minn/lejn T2S DCAs

02:30

(jum kalendarju wara D-1)

Tieqa ta’ manutenzjoni mhux fakultattiva fi

—

– il-jiem ta’ negozju wara l-jiem ta’ għeluq inkluż kull jum ta’ negozju it-Tnejn

Tieqa ta’ manutenzjoni fakultattiva (jekk meħtieġa) minn 03:00-05:00 fil-jiem li jifdal

Tieqa ta’ manutenzjoni mhux fakultattiva fi

| — | il-jiem ta’ negozju wara l-jiem ta’ għeluq inkluż kull jum ta’ negozju it-Tnejn |
| --- | --- |

—

il-jiem ta’ negozju wara l-jiem ta’ għeluq inkluż kull jum ta’ negozju it-Tnejn

Tieqa ta’ manutenzjoni fakultattiva (jekk meħtieġa) minn 03:00-05:00 fil-jiem li jifdal

Tieqa ta’ manutenzjoni mhux fakultattiva fi

| — | il-jiem ta’ negozju wara l-jiem ta’ għeluq inkluż kull jum ta’ negozju it-Tnejn |
| --- | --- |

—

il-jiem ta’ negozju wara l-jiem ta’ għeluq inkluż kull jum ta’ negozju it-Tnejn

Tieqa ta’ manutenzjoni fakultattiva (jekk meħtieġa) minn 03:00-05:00 fil-jiem li jifdal (9)

Ipproċessar ta’ ordnijiet ta’ ħlas istantanju u ordnijiet ta’ trasferiment ta’ likwidità lil/minn kontijiet tekniċi ta’ TIPS AS.

L-ebda ordni ta’ trasferiment ta’ likwidità bejn TIPS DCAs u kontijiet oħra

Ħin ta’ ftuħ mill-ġdid* (D)

Saldu ta’ CBOs

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità

awtomatizzati, ibbażati fuq ir-regoli

ordnijiet ta’ trasferiment ta’ likwidità

Saldu ta’ ordnijiet ta’ trasferiment ta’ AS

Ipproċessar ta’ ordnijiet ta’ trasferiment ta’ likwidità awtomatizzati, ibbażati fuq ir-regoli u immedjati.

Ipproċessar tal-ordnijiet ta’ ħlas tal-klijenti u interbankarji

Ċikli ta’ saldu ta’ billejl

Ipproċessar ta’ ordnijiet ta’ ħlas istantanju u ordnijiet ta’ trasferiment ta’ likwidità lil/minn kontijiet tekniċi ta’ TIPS AS u ordnijiet ta’ trasferiment ta’ likwidità bejn TIPS DCAs u kontijiet oħra.

05:00 (D)

Negozjar tal-ġurnata/Saldu f’ħin reali:

Preparazzjoni ta’ saldu f’ħin reali

Twieqi ta’ saldu parzjali (10)

16:00 (D)

Skadenza għall-ordnijiet ta’ DvP

16:30 (D)

Rimborż awtomatiku tal-awtokollateralizzazzjoni, segwit mill-kinsa fakultattiva tal-flus

17:00 (D)

Skadenza għall-ordnijiet ta’ ħlas lill-klijenti

17:40 (D)

Skadenza għall-operazzjonijiet ta’ mmaniġġjar tat-teżor miftiehma b’mod bilaterali (BATM) u skadenza għas-CBOs

17:45 (D)

Skadenza għall-ordnijiet ta’ trasferiment ta’ likwidità lil T2S-DCAs

Skadenza għall-ordnijiet ta’ trasferiment ta’ likwidità ’l ġewwa

Ibblokkar ta’ ordnijiet ta’ trasferiment ta’ likwidità minn TIPS DCAs għal T2S DCAs. L-ebda ordni ta’ trasferiment ta’ likwidità bejn T2S DCAs u TIPS DCAs ma tiġi pproċessata matul dan il-perjodu

18:00 (D)

Skadenza għal:

| — | l-ordnijiet ta’ trasferiment ta’ likwidità |
| --- | --- |

—

l-ordnijiet ta’ trasferiment ta’ likwidità

| — | CBOs, ħlief faċilitajiet permanenti |
| --- | --- |

—

CBOs, ħlief faċilitajiet permanenti

| — | modifiki fil-linja ta’ kreditu |
| --- | --- |

—

modifiki fil-linja ta’ kreditu

Skadenza għal:

| — | ordnijiet ta’ ħlas interbankarji u |
| --- | --- |

—

ordnijiet ta’ ħlas interbankarji u

| — | ordnijiet ta’ trasferiment ta’ likwidità |
| --- | --- |

—

ordnijiet ta’ trasferiment ta’ likwidità

| — | ordnijiet ta’ trasferiment ta’ AS |
| --- | --- |

—

ordnijiet ta’ trasferiment ta’ AS

Skadenza tal-FOP

Tmiem tal-ipproċessar tas-saldu tat-T2S

Riċiklaġġ u tindif

Rapportar u dikjarazzjonijiet ta’ tmiem il-jum

Ipproċessar ta’ ordnijiet ta’ ħlas istantanju u ordnijiet ta’ trasferiment ta’ likwidità lil/minn kontijiet tekniċi ta’ TIPS AS.

Ibblokkar ta’ ordnijiet ta’ trasferiment ta’ likwidità minn TIPS DCAs lil MCA/RTGS u T2S DCAs. L-ebda ordni ta’ trasferiment ta’ likwidità bejn TIPS DCAs u kontijiet oħra ma tiġi pproċessata matul dan il-perjodu

Ftit wara s-18:00:

Bidla fil-jum tan-negozju (wara li jasal il-messaġġ camt.019 mis-MCA/RTGS)

Ritratt tal-bilanċi tat-TIPS DCAs u r-rappurtar ta’ tmiem il-jum

18:15 (D)

Skadenza għall-użu ta’ faċilitajiet permanenti

18:40 (D)

Skadenza għall-użu ta’ self marġinali (BĊNi biss)

Proċessar ta’ tmiem il-jum

Is-sigħat tal-operat jistgħu jinbidlu f’każ li jiġu adottati miżuri ta’ kontinwità tal-operat skont l-Appendiċi IV. Fl-aħħar jum tal-perjodu ta’ żamma tar-riżerva tal-Eurosistema, il-ħinijiet ta’ skadenza 18:15, 18:40, 18:45, 19:00 u 19:30 għall-MCAs u għall-RTGS DCAs (kif ukoll għall-kontijiet tekniċi ta’ RTGS AS u s-subkontijiet u l-kontijiet ta’ fondi ta’ garanzija ta’ AS) għandhom iseħħu 15-il minuta aktar tard.

Lista ta’ abbrevjazzjonijiet u noti għal din it-tabella:

Lista ta’ abbrevjazzjonijiet u noti għal din it-tabella:

| * | Ħinijiet ta’ ftuħ mill-ġdid: jistgħu jvarjaw skont is-sitwazzjoni. L-informazzjoni hija pprovduta mill-Operatur. |
| --- | --- |

*

Ħinijiet ta’ ftuħ mill-ġdid: jistgħu jvarjaw skont is-sitwazzjoni. L-informazzjoni hija pprovduta mill-Operatur.

| (D-1) | : | jum ta’ negozju preċedenti |
| --- | --- | --- |
| (D) | : | jum kalendarju = jum ta’ negozju = data tal-valur |
| CMS | : | Sistema ta’ Ġestjoni tal-Kollateral |
| Ordnijiet ta’ DVP | : | Ordnijiet ta’ Kunsenja kontra Ħlas. |

(D-1)

:

jum ta’ negozju preċedenti

(D)

:

jum kalendarju = jum ta’ negozju = data tal-valur

CMS

:

Sistema ta’ Ġestjoni tal-Kollateral

Ordnijiet ta’ DVP

:

Ordnijiet ta’ Kunsenja kontra Ħlas.

---

(1)  Skont il-kalendarju applikabbli fis-sede tal-BĊE.

1

(2)  Skont il-kalendarju applikabbli fis-sede tal-BĊE.

2

(3)  Skont il-kalendarju applikabbli fis-sede tal-BĊE.

3

(4)  Skont il-kalendarju applikabbli fis-sede tal-BĊE.

4

(5)  Japplika wkoll għall-kontijiet tekniċi ta’ RTGS AS, għas-subkontijiet u għall-kontijiet ta’ fond ta’ garanzija ta’ AS.

5

(6)  Japplika wkoll għall-kontijiet tekniċi ta’ TIPS AS.

6

(7)  Japplika wkoll għall-kontijiet tekniċi ta’ RTGS AS, għas-subkontijiet u għall-kontijiet ta’ fond ta’ garanzija ta’ AS.

7

(8)  Japplika wkoll għall-kontijiet tekniċi ta’ TIPS AS.

8

(9)  Għat-T2S DCAs: għall-finijiet tal-perjodu ta’ manutenzjoni, l-1 ta’ Mejju għandu jitqies bħala jum ta’ negozju.

9

(10)  It-twieqi ta’ saldu parzjali jseħħu fit-08:00, fl-10:00, f’12:00, fis-14:00 u fit-15:30 (jew 30 minuta qabel il-bidu tal-iskadenza tad-DvP, skont liema jiġi l-ewwel).

10

---

APPENDIĊI VI

SKEDA TAT-TARIFFI

1.   ĠENERALI

| 1. | Is-servizzi li ġejjin ma humiex inklużi fis-servizzi offruti minn [daħħal l-isem tal-BĊ] u għandhom jiġu imposti mill-fornituri ta’ servizzi rilevanti skont it-termini u l-kundizzjonijiet tagħhom:






  (a) | servizzi offruti mill-NSPs; |
| --- | --- | --- |

1.

(a)

servizzi offruti mill-NSPs;

| (b) | servizzi T2S mhux relatati ma’ flus. |
| --- | --- |

(b)

servizzi T2S mhux relatati ma’ flus.

| 2. | Parteċipant li jixtieq jibdel l-għażla tal-iskema tal-ipprezzar tiegħu għandu jikkomunika dan lil [daħħal l-isem tal-BĊ] sal-għoxrin jum kalendarju tax-xahar sabiex ikun jista’ jitqies għax-xahar ta’ wara. |
| --- | --- |

2.

2.   TARIFFI GĦAD-DETENTURI TA’ MCAs

| 1. | MCAs u tranżazzjonijiet saldati fuqhom ma għandhomx iġarrbu tariffi. |
| --- | --- |

1.

| 2. | [daħħal jekk applikabbli: Tariffa/tariffi għall-MCAs ko-immaniġġjati] |
| --- | --- |

2.

3.   TARIFFI GĦAD-DETENTURI TA’ RTGS DCA

| 1. | Id-detenturi ta’ RTGS DCA għandhom jagħżlu waħda miż-żewġ opzjonijiet ta’ pprezzar li ġejjin:






  (a) | tariffa fix-xahar, flimkien ma’ tariffa fissa ta’ tranżazzjoni għal kull ordni ta’ ħlas (entrata ta’ debitu).








  Tariffa fix-xahar | | EUR 150 |
| --- | --- | --- | --- | --- |
| Tariffa ta’ tranżazzjoni għal kull ordni ta’ ħlas | | EUR 0,80 |

1.

(a)

tariffa fix-xahar, flimkien ma’ tariffa fissa ta’ tranżazzjoni għal kull ordni ta’ ħlas (entrata ta’ debitu).

Tariffa fix-xahar

EUR 150

Tariffa ta’ tranżazzjoni għal kull ordni ta’ ħlas

EUR 0,80

| (b) | tariffa fix-xahar, flimkien ma’ tariffa ta’ tranżazzjoni bbażata fuq il-volum ta’ ordnijiet ta’ ħlas (entrata ta’ debitu) u kkalkulata fuq bażi kumulattiva kif stabbilit fit-tabella li ġejja. Għall-parteċipanti fi grupp ta’ fatturazzjoni l-volum fix-xahar ta’ ordnijiet ta’ ħlas (entrata ta’ debitu) għall-parteċipanti kollha f’dak il-grupp għandu jiġi aggregat.









  Tariffa fix-xahar | | EUR 1 875 |
| --- | --- | --- | --- |
| Volum fix-xahar ta’ ordnijiet ta’ ħlas |
| Faxxa | Minn | Għal | Tariffa ta’ tranżazzjoni għal kull ordni ta’ ħlas (EUR) |
| 1. | 1 | 10 000 | 0,60 |
| 2. | 10 001 | 25 000 | 0,50 |
| 3. | 25 001 | 50 000 | 0,40 |
| 4. | 50 001 | 75 000 | 0,20 |
| 5. | 75 001 | 100 000 | 0,125 |
| 6. | 100 001 | 150 000 | 0,08 |
| 7. | Iktar minn EUR 150 000 | | 0,05 |

(b)

tariffa fix-xahar, flimkien ma’ tariffa ta’ tranżazzjoni bbażata fuq il-volum ta’ ordnijiet ta’ ħlas (entrata ta’ debitu) u kkalkulata fuq bażi kumulattiva kif stabbilit fit-tabella li ġejja. Għall-parteċipanti fi grupp ta’ fatturazzjoni l-volum fix-xahar ta’ ordnijiet ta’ ħlas (entrata ta’ debitu) għall-parteċipanti kollha f’dak il-grupp għandu jiġi aggregat.

Tariffa fix-xahar

EUR 1 875

Volum fix-xahar ta’ ordnijiet ta’ ħlas

Faxxa

Minn

Għal

Tariffa ta’ tranżazzjoni għal kull ordni ta’ ħlas (EUR)

1.

1

10 000

0,60

2.

10 001

25 000

0,50

3.

25 001

50 000

0,40

4.

50 001

75 000

0,20

5.

75 001

100 000

0,125

6.

100 001

150 000

0,08

7.

Iktar minn EUR 150 000

0,05

| 2. | Ordnijiet ta’ trasferiment ta’ likwidità minn RTGS DCAs lil subkontijiet, lil MCAs, lil kontijiet ta’ depożitu mil-lum għall-għada jew lil RTGS DCAs miżmuma mill-istess parteċipant jew minn parteċipanti fl-istess grupp bankarju għandhom ikunu mingħajr ħlas. |
| --- | --- |

2.

| 3. | Ordnijiet ta’ trasferiment ta’ likwidità minn RTGS DCAs lil MCAs jew lil RTGS DCAs miżmuma minn parteċipanti li ma jappartjenux għall-istess grupp bankarju għandhom iħallsu imposta ta’ EUR 0.80 għal kull tranżazzjoni (entrata ta’ debitu). |
| --- | --- |

3.

| 4. | Ordnijiet ta’ trasferiment ta’ likwidità minn RTGS DCAs lil T2S DCAs jew lil TIPS DCAs għandhom ikunu mingħajr ħlas. |
| --- | --- |

4.

| 5. | Ordnijiet ta’ trasferiment ta’ flus minn RTGS DCA lil kont AS (1) ma għandhomx jitħallsu mid-detentur ta’ RTGS DCA. |
| --- | --- |

5.

| 6. | It-tariffi li ġejjin għandhom japplikaw għad-detenturi ta’ RTGS DCA:






  Servizz | Tariffa fix-xahar (EUR) |
| --- | --- | --- |
| Detentur ta’ BIC indirizzabbli (korrispondenti (2)) | 20 |
| BIC mhux ippubblikat | 30 |
| Aċċess għal diversi destinatarji (ibbażat fuq BIC 8) | 80 |

6.

Servizz

Tariffa fix-xahar (EUR)

Detentur ta’ BIC indirizzabbli (korrispondenti (2))

20

BIC mhux ippubblikat

30

Aċċess għal diversi destinatarji (ibbażat fuq BIC 8)

80

4.   TARIFFI GĦALL-AS LI JUŻAW IL-PROĊEDURI TA’ SALDU TA’ RTGS AS

It-tariffi jitħallsu għal kull sistema anċillari irrispettivament min-numru u t-tip ta’ kontijiet. L-Operaturi ta’ AS li jħaddmu aktar minn sistema waħda ikollhom iħallsu għal kull sistema.

| 1. | AS li jużaw proċeduri ta’ saldu ta’ RTGS AS jew li jkunu ngħataw eċċezzjoni li tippermettilhom isaldaw fuq RTGS DCA għandhom jagħżlu waħda miż-żewġ opzjonijiet ta’ pprezzar li ġejjin:






  (a) | tariffa fix-xahar, flimkien ma’ tariffa ta’ tranżazzjoni fissa għal kull ordni ta’ trasferiment ta’ flus.








  Tariffa kull xahar | | EUR 300 |
| --- | --- | --- | --- | --- |
| Tariffa ta’ tranżazzjoni għal kull ordni ta’ trasferiment ta’ flus | | EUR 1,60 |

1.

(a)

tariffa fix-xahar, flimkien ma’ tariffa ta’ tranżazzjoni fissa għal kull ordni ta’ trasferiment ta’ flus.

Tariffa kull xahar

EUR 300

Tariffa ta’ tranżazzjoni għal kull ordni ta’ trasferiment ta’ flus

EUR 1,60

| (b) | tariffa fix-xahar, flimkien ma’ tariffa ta’ tranżazzjoni bbażata fuq il-volum ta’ ordnijiet ta’ trasferiment ta’ flus u kkalkulata fuq bażi kumulattiva kif stabbilit fit-tabella li ġejja.









  Tariffa kull xahar | | EUR 3 750 |
| --- | --- | --- | --- |
| Volum fix-xahar ta’ ordnijiet ta’ trasferiment ta’ flus |
| Faxxa | Minn | Għal | Tariffa ta’ tranżazzjoni għal kull ordni ta’ trasferiment ta’ flus (EUR) |
| 1. | 1 | 5 000 | 1,20 |
| 2. | 5 001 | 12 500 | 1,00 |
| 3. | 12 501 | 25 000 | 0,80 |
| 4. | 25 001 | 50 000 | 0,40 |
| 5. | Iktar minn EUR 50 000 | | 0,25 |

(b)

tariffa fix-xahar, flimkien ma’ tariffa ta’ tranżazzjoni bbażata fuq il-volum ta’ ordnijiet ta’ trasferiment ta’ flus u kkalkulata fuq bażi kumulattiva kif stabbilit fit-tabella li ġejja.

Tariffa kull xahar

EUR 3 750

Volum fix-xahar ta’ ordnijiet ta’ trasferiment ta’ flus

Faxxa

Minn

Għal

Tariffa ta’ tranżazzjoni għal kull ordni ta’ trasferiment ta’ flus (EUR)

1.

1

5 000

1,20

2.

5 001

12 500

1,00

3.

12 501

25 000

0,80

4.

25 001

50 000

0,40

5.

Iktar minn EUR 50 000

0,25

Ordnijiet ta’ trasferiment ta’ flus bejn RTGS DCA u kont AS (3) għandhom jitħallsu mill-AS rispettiva skont l-għażla tal-ipprezzar li tkun għamlet l-AS.

| 2. | Minbarra t-tariffi stabbiliti hawn fuq, kull AS għandha tkun suġġetta għal żewġ tariffi fissi kif stabbilit fit-tabella li ġejja.














  A. | Tariffa fissa I |
| --- | --- | --- |

2.

A.

Tariffa fissa I

Tariffa fix-xahar għal kull AS

EUR 2 000

| B. | Tariffa fissa II (ibbażata fuq il-valur gross sottostanti (4)) |
| --- | --- |

B.

Tariffa fissa II (ibbażata fuq il-valur gross sottostanti (4))

Daqs (EUR miljuni/jum)

Tariffa annwali (EUR)

Tariffa fix-xahar (EUR)

minn 0 sa 999,99

10 000

833

minn 1 000 sa 2 499,99

20 000

1 667

minn 2 500 sa 4 999,99

40 000

3 334

minn 5 000 sa 9 999,99

60 000

5 000

minn 10 000 sa 49 999,99

80 000

6 666

minn 50 000 sa 499 999,99

100 000

8 333

500 000 u 'il fuq

200 000

16 667

5.   TARIFFI GĦAD-DETENTURI TA’ T2S DCA

| 1. | It-tariffi li ġejjin għandhom jitħallsu għall-operat tat-T2S DCAs:







  Entrata | Regola applikata | Tariffa għal kull entrata (EUR) |
| --- | --- | --- | --- |
| Ordnijiet ta’ trasferiment ta’ likwidità bejn T2S DCAs | Għal kull trasferiment għat-T2S DCA ddebitat. | 0,141 |
| Movimenti intra-bilanċ | Kwalunkwe moviment intra-bilanċ eżegwit b’suċċess (jiġifieri ibblokkar, żbblokkar, riżervazzjoni ta’ likwidità, eċċ.). | 0,094 |
| Mistoqsijiet A2A | Għal kull entrata ta’ negozju f’kull mistoqsija A2A ġġenerata | 0,007 |
| Rapporti A2A | Għal kull entrata tan-negozju f’kull rapport A2A ġġenerat inklużi rapporti A2A bħala riżultat ta’ mistoqsijiet U2A. | 0,004 |
| Messaġġi raggruppati f'fajl | Għal kull messaġġ f’kull fajl li jkun fih messaġġi raggruppati | 0,004 |
| Trażmissjoni | Kull trażmissjoni għal kull parti tat-T2S (kemm ’il ġewwa kif ukoll ’il barra) tingħadd u tkun trid titħallas (ħlief għal messaġġi ta’ rikonoxximent tekniku). | 0,012 |
| Mistoqsijiet U2A | Kwalunkwe funzjoni ta’ tiftix imwettqa | 0,100 |
| Tariffa għal kull T2S DCA | Kwalunkwe T2S DCA eżistenti fi kwalunkwe ħin matul il-perjodu ta’ fatturazzjoni fix-xahar
  Bħalissa mingħajr ħlas, għandu jiġi rivedut f’intervalli regolari. | 0,000 |
| Awtokollateralizzazzjoni | Ħruġ jew ritorn ta’ awtokollateralizzazzjoni | 0,000 |

1.

Entrata

Regola applikata

Tariffa għal kull entrata (EUR)

Ordnijiet ta’ trasferiment ta’ likwidità bejn T2S DCAs

Għal kull trasferiment għat-T2S DCA ddebitat.

0,141

Movimenti intra-bilanċ

Kwalunkwe moviment intra-bilanċ eżegwit b’suċċess (jiġifieri ibblokkar, żbblokkar, riżervazzjoni ta’ likwidità, eċċ.).

0,094

Mistoqsijiet A2A

Għal kull entrata ta’ negozju f’kull mistoqsija A2A ġġenerata

0,007

Rapporti A2A

Għal kull entrata tan-negozju f’kull rapport A2A ġġenerat inklużi rapporti A2A bħala riżultat ta’ mistoqsijiet U2A.

0,004

Messaġġi raggruppati f'fajl

Għal kull messaġġ f’kull fajl li jkun fih messaġġi raggruppati

0,004

Trażmissjoni

Kull trażmissjoni għal kull parti tat-T2S (kemm ’il ġewwa kif ukoll ’il barra) tingħadd u tkun trid titħallas (ħlief għal messaġġi ta’ rikonoxximent tekniku).

0,012

Mistoqsijiet U2A

Kwalunkwe funzjoni ta’ tiftix imwettqa

0,100

Tariffa għal kull T2S DCA

Kwalunkwe T2S DCA eżistenti fi kwalunkwe ħin matul il-perjodu ta’ fatturazzjoni fix-xahar

Bħalissa mingħajr ħlas, għandu jiġi rivedut f’intervalli regolari.

0,000

Awtokollateralizzazzjoni

Ħruġ jew ritorn ta’ awtokollateralizzazzjoni

0,000

| 2. | Ordnijiet ta’ trasferiment ta’ likwidità minn T2S DCA lil RTGS DCA, TIPS DCA jew MCA għandhom ikunu mingħajr ħlas. |
| --- | --- |

2.

6.   TARIFFI GĦAD-DETENTURI TA’ TIPS DCA

| 1. | It-tariffi għall-operat tat-TIPS DCAs għandhom jitħallsu mill-parti indikata kif muri fit-tabella li ġejja:







  Entrata | Regola applikata | Tariffa għal kull entrata (EUR) |
| --- | --- | --- | --- |
| Ordni ta’ ħlas istantanju saldata | Parti li għandha tħallas: is-sid tat-TIPS DCA li jrid jiġi ddebitat | 0,002 |
| Ordni ta’ ħlas istantanju mhux saldata | Parti li għandha tħallas: is-sid tat-TIPS DCA li jrid jiġi ddebitat | 0,002 |
| Tweġiba pożittiva għall-irtirar saldata | Parti li għandha tħallas: is-sid tat-TIPS DCA li jrid jiġi kkreditat | 0,002 |
| Tweġiba pożittiva għall-irtirar mhux saldata | Parti li għandha tħallas: is-sid tat-TIPS DCA li jrid jiġi kkreditat | 0,002 |

1.

Entrata

Regola applikata

Tariffa għal kull entrata (EUR)

Ordni ta’ ħlas istantanju saldata

Parti li għandha tħallas: is-sid tat-TIPS DCA li jrid jiġi ddebitat

0,002

Ordni ta’ ħlas istantanju mhux saldata

Parti li għandha tħallas: is-sid tat-TIPS DCA li jrid jiġi ddebitat

0,002

Tweġiba pożittiva għall-irtirar saldata

Parti li għandha tħallas: is-sid tat-TIPS DCA li jrid jiġi kkreditat

0,002

Tweġiba pożittiva għall-irtirar mhux saldata

Parti li għandha tħallas: is-sid tat-TIPS DCA li jrid jiġi kkreditat

0,002

| 2. | Ordnijiet ta’ trasferiment ta’ likwidità minn TIPS DCAs lil: MCAs; RTGS DCAs; subkontijiet; kontijiet ta’ depożitu mil-lum għall-għada; kontijiet tekniċi TIPS AS; u T2S DCAs għandhom ikunu mingħajr ħlas. |
| --- | --- |

2.

7.   TARIFFI GĦALL-AS LI JUŻAW IL-PROĊEDURA TA’ SALDU TA’ TIPS AS

| 1. | It-tariffi għall-użu minn AS tal-proċedura ta’ saldu ta’ TIPS AS għandhom jitħallsu mill-parti indikata kif muri fit-tabella li ġejja:







  Entrata | Regola applikata | Tariffa għal kull entrata (EUR) |
| --- | --- | --- | --- |
| Ordni ta’ ħlas istantanju saldata | Parti li għandha tħallas: is-sid tal-kont tekniku TIPS AS li jrid jiġi ddebitat | 0,002 |
| Ordni ta’ ħlas istantanju mhux saldata | Parti li għandha tħallas: is-sid tal-kont tekniku TIPS AS li jrid jiġi ddebitat | 0,002 |
| Tweġiba pożittiva għall-irtirar saldata | Parti li għandha tħallas: is-sid tal-kont tekniku TIPS AS li jrid jiġi kkreditat | 0,002 |
| Tweġiba pożittiva għall-irtirar mhux saldata | Parti li għandha tħallas: is-sid tal-kont tekniku TIPS AS li jrid jiġi kkreditat | 0,002 |

1.

Entrata

Regola applikata

Tariffa għal kull entrata (EUR)

Ordni ta’ ħlas istantanju saldata

Parti li għandha tħallas: is-sid tal-kont tekniku TIPS AS li jrid jiġi ddebitat

0,002

Ordni ta’ ħlas istantanju mhux saldata

Parti li għandha tħallas: is-sid tal-kont tekniku TIPS AS li jrid jiġi ddebitat

0,002

Tweġiba pożittiva għall-irtirar saldata

Parti li għandha tħallas: is-sid tal-kont tekniku TIPS AS li jrid jiġi kkreditat

0,002

Tweġiba pożittiva għall-irtirar mhux saldata

Parti li għandha tħallas: is-sid tal-kont tekniku TIPS AS li jrid jiġi kkreditat

0,002

| 2. | Ordnijiet ta’ trasferiment ta’ likwidità minn kontijiet tekniċi ta’ TIPS AS lil TIPS DCAs għandhom ikunu mingħajr ħlas |
| --- | --- |

2.

| 3. | Minbarra t-tariffi stabbiliti hawn fuq, kull AS għandha tkun soġġetta għal tariffa fix-xahar ibbażata fuq il-volum gross sottostanti ta’ ħlasijiet istantanji, ħlas kważi istantanji u risposti pożittivi għall-irtirar saldati fil-pjattaforma tal-AS stess u permessi mill-pożizzjonijiet prefinanzjati fuq il-kont tekniku ta’ TIPS AS. It-tariffa għandha tkun ta’ EUR 0,0005 għal kull ħlas istantanju saldat, ħlas kważi istantanju jew għal kull risposta pożittiva għall-irtirar saldata. Għal kull xahar, kull AS għandha tirrapporta l-volum gross sottostanti tal-ħlasijiet istantanji saldati tagħha, ħlasijiet kważi istantanji u r-risposti pożittivi għall-irtirar saldati mqarrba ’l isfel sal-eqreb għaxart elef, sa mhux aktar tard mit-tielet jum tan-negozju tax-xahar ta’ wara. Il-volum gross sottostanti rrapportat għandu jiġi applikat mill-[daħħal l-isem tal-BĊ] biex jikkalkula t-tariffa għax-xahar ta’ wara. |
| --- | --- |

3.

---

(1)  Irrispettivament minn jekk huwiex RTGS DCA, kont tekniku ta’ RTGS AS jew kont ta’ fondi ta’ garanzija ta’ AS.

(2)  Detenturi ta’ BIC indirizzabbli huma disponibbli għal tipi differenti ta’ parteċipanti: Detentur ta’ BIC Indirizzabbli – Korrispondent; Detentur ta’ BIC Indirizzabbli – Fergħa tal-Parteċipant; u Detentur ta’ BIC Indirizzabbli – Fergħa tal-korrispondent. Id-detentur ta’ BIC Indirizzabbli biss – It-tip ta’ parteċipazzjoni tal-korrispondent għandu jħallas it-tariffa. It-tariffa għandha titħallas għal kull BIC11 differenti.

(3)  Irrispettivament minn jekk huwiex RTGS DCA, kont tekniku ta’ RTGS AS jew kont ta’ fondi ta’ garanzija ta’ AS.

(4)  Il-“valur gross sottostanti” huwa l-ammont totali ta’ obbligi monetarji gross li jiġu rilaxxati permezz ta’ AS wara li jkun sar is-saldu fuq RTGS DCA jew subkont. Għas-CCPs, il-valur gross sottostanti huwa l-valur nozzjonali totali ta’ kuntratti tal-futuri jew il-valur ipprezzat skont il-valur fis-suq tal-kuntratti tal-futuri, b’valuri li għandhom jiġu saldati meta jiskadu l-kuntratti tal-futuri u jiġu applikati l-kummissjonijiet.

---

APPENDIĊI VII

REKWIŻITI RIGWARD IL-ĠESTJONI TAS-SIGURTÀ TAL-INFORMAZZJONI U L-ĠESTJONI TAL-KONTINWITÀ TAL-OPERAT

DETENTURI TA’ MCA, DETENTURI TA’ T2S DCA U DETENTURI TA’ TIPS DCA

Dawn ir-rekwiżiti rigward il-ġestjoni tas-sigurtà tal-informazzjoni jew il-ġestjoni tal-kontinwità tal-operat ma għandhomx japplikaw għad-detenturi ta’ MCA, detenturi ta’ T2S DCA u detenturi ta’ TIPS DCA.

DETENTURI TA’ RTGS DCA U AS

Ir-rekwiżiti stabbiliti fit-taqsima 1 ta’ dan l-Appendiċi VII (ġestjoni tas-sigurtà tal-informazzjoni) għandhom japplikaw għad-detenturi kollha ta’ RTGS DCA u għall-AS, ħlief fejn detentur ta’ RTGS DCA jew AS juri li rekwiżit speċifiku ma huwiex applikabbli għalih. Fl-istabbiliment tal-kamp ta’ applikazzjoni tar-rekwiżiti fl-infrastruttura tagħha, il-parteċipant għandu jidentifika l-elementi li huma parti mill-Katina tat-Tranżazzjoni tal-Ħlasijiet (Payment Transaction Chain – PTC). Speċifikament, il-PTC tibda f’Punt tad-Dħul (PoE), jiġifieri sistema involuta fil-ħolqien ta’ tranżazzjonijiet (eż. stazzjonijiet tax-xogħol, applikazzjonijiet tal-uffiċċju tan-negozjar u tal-back-office, midware), u tintemm fis-sistema responsabbli biex tibgħat il-messaġġ lill-NSP.

Ir-rekwiżiti stabbiliti fit-taqsima 2 ta’ dan l-Appendiċi VII (ġestjoni tal-kontinwità tal-operat) għandhom japplikaw għal detenturi ta’ RTGS DCA u AS indikati mill-Eurosistema bħala kritiċi għall-funzjonament bla xkiel tas-sistema TARGET fuq il-bażi ta’ kriterji aġġornati perjodikament u ppubblikati fis-sit web tal-BĊE.

1.   Ġestjoni tas-sigurtà tal-informazzjoni

Rekwiżit 1.1: Politika tas-sigurtà tal-informazzjoni

Il-maniġment għandu jistabbilixxi direzzjoni ta’ politika ċara f’konformità mal-objettivi tan-negozju u juri appoġġ għas-sigurtà tal-informazzjoni u impenn għaliha permezz tal-ħruġ, l-approvazzjoni u ż-żamma ta’ politika tas-sigurtà tal-informazzjoni bil-għan li tiġi ġestita s-sigurtà tal-informazzjoni u r-reżiljenza ċibernetika fl-organizzazzjoni kollha f’termini ta’ identifikazzjoni, valutazzjoni u indirizzar ta’ riskji għas-sigurtà tal-informazzjoni u għar-reżiljenza ċibernetika. Il-politika għandu jkun fiha mill-inqas it-taqsimiet li ġejjin: għanijiet, kamp ta’ applikazzjoni (inklużi oqsma bħall-organizzazzjoni, ir-riżorsi umani, il-ġestjoni tal-assi, eċċ.), prinċipji u allokazzjoni tar-responsabbiltajiet.

Rekwiżit 1.2: Organizzazzjoni interna

Għandu jiġi stabbilit qafas għas-sigurtà tal-informazzjoni biex tiġi implimentata l-politika dwar is-sigurtà tal-informazzjoni fi ħdan l-organizzazzjoni. Il-maniġment għandu jikkoordina u jirrevedi l-istabbiliment tal-qafas tas-sigurtà tal-informazzjoni biex jiżgura l-implimentazzjoni tal-politika dwar is-sigurtà tal-informazzjoni (skont ir-Rekwiżit 1.1) fl-organizzazzjoni kollha, inkluż l-allokazzjoni ta’ riżorsi suffiċjenti u l-assenjazzjoni ta’ responsabbiltajiet ta’ sigurtà għal dan il-għan.

Rekwiżit 1.3: Partijiet esterni

Is-sigurtà tal-faċilitajiet ta’ pproċessar tal-informazzjoni u tal-informazzjoni tal-organizzazzjoni ma għandhiex tonqos bl-introduzzjoni ta’, u/jew id-dipendenza fuq, parti/partijiet esterni jew prodotti/servizzi pprovduti minnhom. Kwalunkwe aċċess għall-faċilitajiet tal-ipproċessar tal-informazzjoni tal-organizzazzjoni minn partijiet esterni għandu jkun ikkontrollat. Meta partijiet esterni jew prodotti/servizzi ta’ partijiet esterni jkunu meħtieġa jaċċessaw il-faċilitajiet tal-ipproċessar tal-informazzjoni tal-organizzazzjoni, għandha ssir valutazzjoni tar-riskju biex jiġu ddeterminati l-implikazzjonijiet tas-sigurtà u r-rekwiżiti ta’ kontroll. Il-kontrolli għandhom jiġu miftiehma u definiti fi ftehim ma’ kull parti esterna rilevanti.

Rekwiżit 1.4: Immaniġġjar tal-assi

L-assi kollha ta’ informazzjoni, il-proċessi tan-negozju u s-sistemi ta’ informazzjoni sottostanti, bħas-sistemi operattivi, l-infrastrutturi, l-applikazzjonijiet tan-negozju, il-prodotti kummerċjalment disponibbli, is-servizzi u l-applikazzjonijiet żviluppati mill-utenti, fl-ambitu tal-Katina tat-Tranżazzjoni tal-Ħlasijiet għandhom jitqiesu u jkollhom sid nominat. Għandha tiġi assenjata r-responsabbiltà għaż-żamma u t-tħaddim ta’ kontrolli xierqa fil-proċessi tan-negozju u l-komponenti relatati tal-IT biex jiġu ssalvagwardjati l-assi tal-informazzjoni. Nota: is-sid jista’ jiddelega l-implimentazzjoni ta’ kontrolli speċifiċi kif xieraq, iżda jibqa’ responsabbli għall-protezzjoni xierqa tal-assi.

Rekwiżit 1.5: Klassifikazzjoni tal-assi ta’ informazzjoni

L-assi ta’ informazzjoni għandhom jiġu kklassifikati f’termini tal-kritikalità tagħhom għat-twassil bla xkiel tas-servizz mill-parteċipant. Il-klassifikazzjoni għandha tindika l-ħtieġa, il-prijoritajiet u l-grad ta’ protezzjoni meħtieġa fl-immaniġġjar tal-assi tal-informazzjoni fil-proċessi tan-negozju rilevanti u għandha tqis ukoll il-komponenti tal-IT sottostanti. Skema ta’ klassifikazzjoni tal-assi tal-informazzjoni approvata mill-maniġment għandha tintuża biex jiġi ddefinit sett xieraq ta’ kontrolli ta’ protezzjoni matul iċ-ċiklu tal-ħajja tal-assi tal-informazzjoni (inkluż it-tneħħija u l-qerda tal-assi tal-informazzjoni) u biex tiġi kkomunikata l-ħtieġa għal miżuri speċjali ta’ mmaniġġjar.

Rekwiżit 1.6: Is-sigurtà tar-riżorsi umani

Ir-responsabbiltajiet tas-sigurtà għandhom jiġu indirizzati qabel l-impjieg f’deskrizzjonijiet tax-xogħol adegwati u f’termini u kundizzjonijiet tal-impjieg. Il-kandidati kollha għall-impjieg, il-kuntratturi u l-utenti terzi għandhom jiġu skrinjati b’mod adegwat, speċjalment għal impjiegi sensittivi. L-impjegati, il-kuntratturi u l-utenti terzi tal-faċilitajiet tal-ipproċessar tal-informazzjoni għandhom jiffirmaw ftehim dwar ir-rwoli u r-responsabbiltajiet tas-sigurtà tagħhom. Għandu jiġi żgurat livell adegwat ta’ għarfien fost l-impjegati kollha, il-kuntratturi u l-utenti terzi, u għandhom jingħataw edukazzjoni u taħriġ fil-proċeduri tas-sigurtà u l-użu korrett tal-faċilitajiet tal-ipproċessar tal-informazzjoni sabiex jitnaqqsu kemm jista’ jkun ir-riskji possibbli għas-sigurtà. Għandu jiġi stabbilit proċess dixxiplinari formali għat-trattament ta’ ksur tas-sigurtà fil-każ tal-impjegati. Ir-responsabbiltajiet għandhom ikunu fis-seħħ biex jiġi żgurat li l-ħruġ ta’ impjegat, kuntrattur jew utent terz mill-organizzazzjoni jew it-trasferiment tiegħu minnha jiġi mmaniġġat, u li t-tagħmir kollu jiġi rritornat u d-drittijiet kollha ta’ aċċess jitneħħew.

Rekwiżit 1.7: Iis-sigurtà fiżika u ambjentali

Faċilitajiet għall-ipproċessar ta’ informazzjoni kritika jew sensittiva għandhom jinżammu f’żoni siguri, protetti minn perimetri ta’ sigurtà definiti, b’barrieri ta’ sigurtà xierqa u kontrolli tad-dħul. Għandhom ikunu protetti fiżikament mill-aċċess mhux awtorizzat, minn ħsara u interferenza. L-aċċess għandu jingħata biss lil individwi li jaqgħu fil-kamp ta’ applikazzjoni tar-Rekwiżit 1.6. Għandhom jiġu stabbiliti proċeduri u standards li jipproteġu mezzi fiżiċi li jkun fihom assi ta’ informazzjoni meta jkunu fi transitu.

It-tagħmir għandu jkun protett minn theddid fiżiku u ambjentali. Il-protezzjoni tat-tagħmir (inkluż it-tagħmir użat mhux fuq il-post) u kontra t-tneħħija tal-proprjetà hija meħtieġa biex jitnaqqas ir-riskju ta’ aċċess mhux awtorizzat għall-informazzjoni u bħala ħarsien kontra t-telf jew il-ħsara tat-tagħmir jew tal-informazzjoni. Jistgħu jkunu meħtieġa miżuri speċjali għall-protezzjoni kontra theddid fiżiku u għas-salvagwardja tal-faċilitajiet ta’ appoġġ bħall-provvista tal-elettriku u l-infrastruttura tal-kejbils.

Rekwiżit 1.8: Ġestjoni tal-operazzjonijiet

Responsabbiltajiet u proċeduri għandhom jiġu stabbiliti għall-ġestjoni u t-tħaddim tal-faċilitajiet tal-ipproċessar tal-informazzjoni li jkopru s-sistemi sottostanti kollha fil-Katina tat-Tranżazzjoni tal-Ħlasijiet minn tarf sa tarf.

Fir-rigward tal-proċeduri operattivi, inkluża l-amministrazzjoni teknika tas-sistemi tal-IT, għandha tiġi implimentata, fejn xieraq, is-segregazzjoni tad-dmirijiet, biex jitnaqqas ir-riskju ta’ użu ħażin b’negliġenza jew intenzjonat tas-sistema. Meta s-segregazzjoni tad-dmirijiet ma tkunx tista’ tiġi implimentata minħabba raġunijiet oġġettivi dokumentati, il-kontrolli kumpensatorji għandhom jiġu implimentati wara analiżi formali tar-riskju. Għandhom jiġu stabbiliti kontrolli għall-prevenzjoni u d-detezzjoni tal-introduzzjoni ta’ kodiċi malizzjuż għal sistemi fil-Katina tat-Tranżazzjoni tal-Ħlasijiet. Għandhom jiġu stabbiliti wkoll kontrolli (inkluż l-għarfien tal-utenti) għall-prevenzjoni, l-iskoperta u t-tneħħija ta’ kodiċi malizzjuż. Il-kodiċi mobbli għandu jintuża biss minn sorsi fdati (eż. komponenti tal-Microsoft COM iffirmati u Java Applets). Il-konfigurazzjoni tal-browser (eż. l-użu ta’ estensjonijiet u plugins) għandha tkun ikkontrollata b’mod strett.

Għandhom jiġu implimentati politiki ta’ backup u rkupru tad-data mill-maniġment; dawk il-politiki ta’ rkupru għandhom jinkludu pjan tal-proċess ta’ restawr li jiġi ttestjat f’intervalli regolari ta’ mill-inqas kull sena.

Is-sistemi li huma kritiċi għas-sigurtà tal-pagamenti għandhom jiġu mmonitorjati u l-avvenimenti rilevanti għas-sigurtà tal-informazzjoni għandhom jiġu rreġistrati. Għandhom jintużaw reġistri tal-operaturi biex jiġi żgurat li jiġu identifikati problemi fis-sistema tal-informazzjoni. Ir-reġistri tal-operaturi għandhom jiġu riveduti regolarment fuq bażi ta’ kampjun, abbażi tal-kritikalità tal-operazzjonijiet. Il-monitoraġġ tas-sistema għandu jintuża biex tiġi vverifikata l-effettività tal-kontrolli li huma identifikati bħala kritiċi għas-sigurtà tal-pagamenti u biex tiġi vverifikata l-konformità ma’ mudell ta’ politika ta’ aċċess.

L-iskambji ta’ informazzjoni bejn l-organizzazzjonijiet għandhom ikunu bbażati fuq politika ta’ skambju formali, imwettqa f’konformità ma’ ftehimiet ta’ skambju fost il-partijiet involuti u għandhom ikunu konformi ma’ kwalunkwe leġiżlazzjoni rilevanti. Il-komponenti tas-software ta’ partijiet terzi użati fl-iskambju ta’ informazzjoni mat-TARGET (eż. software riċevut minn Uffiċċju tas-Servizz) għandhom jintużaw taħt ftehim formali mal-parti terza.

Rekwiżit 1.9: Kontroll tal-aċċess

L-aċċess għall-assi tal-informazzjoni għandu jkun ġustifikat abbażi tar-rekwiżiti tan-negozju (ħtieġa ta’ tagħrif (1)) u skont il-qafas stabbilit tal-politiki korporattivi (inkluża l-politika dwar is-sigurtà tal-informazzjoni). Għandhom jiġu ddefiniti regoli ċari dwar il-kontroll tal-aċċess abbażi tal-prinċipju tal-inqas privileġġ (2) biex jiġu riflessi mill-qrib il-ħtiġijiet tan-negozju korrispondenti u l-proċessi tal-IT. Fejn rilevanti, (eż. għall-ġestjoni tal-backup) il-kontroll loġiku tal-aċċess għandu jkun konsistenti mal-kontroll fiżiku tal-aċċess sakemm ma jkunx hemm fis-seħħ kontrolli kumpensatorji adegwati (pereżempju kriptaġġ, anonimizzazzjoni tad-data personali).

Għandu jkun hemm fis-seħħ proċeduri formali u dokumentati biex tiġi kkontrollata l-allokazzjoni tad-drittijiet ta’ aċċess għal sistemi u servizzi ta’ informazzjoni li jaqgħu fil-kamp ta’ applikazzjoni tal-Katina tat-Tranżazzjoni tal-Ħlasijiet. Il-proċeduri għandhom ikopru l-istadji kollha fiċ-ċiklu tal-ħajja tal-aċċess tal-utent, mir-reġistrazzjoni inizjali ta’ utenti ġodda sad-dereġistrazzjoni finali tal-utenti li ma jibqgħux jeħtieġu aċċess.

Għandha tingħata attenzjoni speċjali, fejn xieraq, għall-allokazzjoni tad-drittijiet ta’ aċċess tant kritiċi li l-abbuż ta’ dawk id-drittijiet ta’ aċċess jista’ jwassal għal impatt negattiv serju fuq l-operazzjonijiet tal-parteċipant (eż. drittijiet ta’ aċċess li jippermettu l-amministrazzjoni tas-sistema, il-preċedenza fuq il-kontrolli tas-sistema, l-aċċess dirett għad-data tan-negozju).

Għandhom jiġu stabbiliti kontrolli xierqa biex jiġu identifikati, awtentikati u awtorizzati utenti f’punti speċifiċi fin-network tal-organizzazzjoni, eż. għal aċċess lokali u remot għal sistemi fil-Katina tat-Tranżazzjoni tal-Ħlasijiet. Il-kontijiet personali ma għandhomx jiġu kondiviżi sabiex tiġi żgurata r-responsabbiltà.

Għall-passwords, għandhom jiġu stabbiliti regoli u dawn għandhom jiġu infurzati permezz ta’ kontrolli speċifiċi biex jiġi żgurat li l-passwords ma jkunux jistgħu jiġu mbassra faċilment, eż. regoli ta’ kumplessità u validità għal żmien limitat. Għandu jiġi stabbilit protokoll sikur ta’ rkupru u/jew ta’ risettjar tal-passwords.

Għandha tiġi żviluppata u implimentata politika dwar l-użu ta’ kontrolli kriptografiċi biex jiġu protetti l-kunfidenzjalità, l-awtentiċità u l-integrità tal-informazzjoni. Għandha tiġi stabbilita politika ta’ ġestjoni ewlenija biex tappoġġa l-użu ta’ kontrolli kriptografiċi.

Għandu jkun hemm politika biex wieħed jara informazzjoni kunfidenzjali fuq l-iskrin jew stampata (eż. politika ta’ skrin vojt, ta’ skrivanija żbarazzata) biex jitnaqqas ir-riskju ta’ aċċess mhux awtorizzat.

Meta jsir xogħol remot, għandhom jitqiesu r-riskji ta’ xogħol f’ambjent mhux protett u għandhom jiġu applikati kontrolli tekniċi u organizzattivi xierqa.

Rekwiżit 1.10: L-akkwist, l-iżvilupp u ż-żamma tas-sistemi tal-informazzjoni

Għandhom jiġu identifikati u miftiehma rekwiżiti tas-sigurtà qabel l-iżvilupp u/jew l-implimentazzjoni ta’ sistemi ta’ informazzjoni.

Għandhom jinbnew kontrolli xierqa fl-applikazzjonijiet, inklużi l-applikazzjonijiet żviluppati mill-utenti, sabiex jiġi żgurat l-ipproċessar korrett. Dawn il-kontrolli għandhom jinkludu l-validazzjoni tad-data tal-input, l-ipproċessar intern u d-data tal-output. Jistgħu jkunu meħtieġa kontrolli addizzjonali għal sistemi li jipproċessaw, jew ikollhom impatt fuq, informazzjoni sensittiva, ta’ valur jew kritika. Tali kontrolli għandhom jiġu ddeterminati abbażi tar-rekwiżiti tas-sigurtà u l-valutazzjoni tar-riskju skont il-politiki stabbiliti (eż. il-politika tas-sigurtà tal-informazzjoni, il-politika ta’ kontroll kriptografiku).

Ir-rekwiżiti operazzjonali ta’ sistemi ġodda għandhom jiġu stabbiliti, dokumentati u ttestjati qabel l-aċċettazzjoni u l-użu tagħhom. Fir-rigward tas-sigurtà tan-network, għandhom jiġu implimentati kontrolli xierqa, inklużi s-segmentazzjoni u l-ġestjoni sigura, abbażi tal-kritikalità tal-flussi tad-data u l-livell ta’ riskju taż-żoni tan-network fl-organizzazzjoni. Għandu jkun hemm kontrolli speċifiċi għall-protezzjoni ta’ informazzjoni sensittiva li tgħaddi minn fuq networks pubbliċi.

L-aċċess għall-fajls tas-sistema u l-kodiċi tas-sors tal-programm għandu jiġi kkontrollat u l-proġetti tal-IT u l-attivitajiet ta’ appoġġ għandhom jitwettqu b’mod sigur. Għandha tingħata attenzjoni sabiex tiġi evitata l-espożizzjoni ta’ data sensittiva f’ambjenti tat-test. L-ambjent tal-proġett u ta’ appoġġ għandhom ikunu kkontrollati b’mod strett. L-implimentazzjoni ta’ bidliet fil-produzzjoni għandha tiġi kkontrollata b’mod strett. Għandha ssir valutazzjoni tar-riskju tal-bidliet ewlenin li għandhom jiġu implimentati fil-produzzjoni.

Għandhom jitwettqu wkoll attivitajiet regolari ta’ ttestjar tas-sigurtà tas-sistemi fil-produzzjoni skont pjan predefinit ibbażat fuq l-eżitu ta’ valutazzjoni tar-riskju, u l-ittestjar tas-sigurtà għandu jinkludi, tal-anqas, valutazzjonijiet tal-vulnerabbiltà. In-nuqqasijiet kollha enfasizzati matul l-attivitajiet tal-ittestjar tas-sigurtà għandhom jiġu vvalutati u għandhom jitħejjew u jiġu segwiti fil-ħin pjanijiet ta’ azzjoni biex tingħalaq kwalunkwe lakuna identifikata.

Rekwiżit 1.11: Sigurtà tal-informazzjoni fir-relazzjonijiet mal-fornituri
   (3)

Sabiex tiġi żgurata l-protezzjoni tas-sistemi ta’ informazzjoni interni tal-parteċipant aċċessibbli mill-fornituri, ir-rekwiżiti tas-sigurtà tal-informazzjoni għall-mitigazzjoni tar-riskji assoċjati mal-aċċess tal-fornitur għandhom jiġu ddokumentati u miftiehma formalment mal-fornitur.

Rekwiżit 1.12: Ġestjoni ta’ inċidenti u titjib fis-sigurtà tal-informazzjoni

Sabiex jiġi żgurat approċċ konsistenti u effettiv għall-ġestjoni ta’ inċidenti relatati mas-sigurtà tal-informazzjoni, inkluża l-komunikazzjoni dwar avvenimenti u dgħufijiet tas-sigurtà, għandhom jiġu stabbiliti u ttestjati rwoli, responsabbiltajiet u proċeduri, fil-livell ta’ negozju u tekniku, biex jiġi żgurat irkupru mgħaġġel, effettiv u ordnat u sikur minn inċidenti tas-sigurtà tal-informazzjoni inklużi xenarji relatati ma’ kawża relatata maċ-ċibersigurtà (eż. frodi mwettqa minn aggressur estern jew minn persuna ta’ ġewwa). Il-persunal involut f’dawn il-proċeduri għandu jkun imħarreġ b’mod adegwat.

Rekwiżit 1.13: Rieżami tal-konformità teknika

Is-sistemi ta’ informazzjoni interni ta’ parteċipant (eż. sistemi tal-back office, networks interni u konnettività tan-networks esterni) għandhom jiġu vvalutati regolarment għall-konformità mal-qafas ta’ politiki stabbilit tal-organizzazzjoni (eż. politika dwar is-sigurtà tal-informazzjoni, politika ta’ kontroll kriptografiku).

Rekwiżit 1.14: Il-virtwalizzazzjoni

Il-magni virtwali tal-klijenti għandhom jikkonformaw mal-kontrolli tas-sigurtà kollha li huma stabbiliti għall-hardware u s-sistemi fiżiċi (eż. reżistenza, illoggjar). Il-kontrolli li għandhom x’jaqsmu mal-iperviżuri għandhom jinkludu: ir-reżistenza tal-iperviżuri u tas-sistema operattiva tal-hosting, patching regolari, separazzjoni stretta ta’ ambjenti differenti (eż. produzzjoni u żvilupp). Il-ġestjoni ċentralizzata, l-illoggjar u l-monitoraġġ kif ukoll il-ġestjoni tad-drittijiet ta’ aċċess, b’mod partikolari għal kontijiet privileġġati għolja, għandhom jiġu implimentati abbażi ta’ valutazzjoni tar-riskju. Il-magni virtwali tal-klijenti ġestiti mill-istess iperviżur għandu jkollhom profil ta’ riskju simili.

Rekwiżit 1.15: Il-cloud computing

L-użu ta’ soluzzjonijiet ta’ cloud pubbliċi u/jew ibridi fil-Katina tat-Tranżazzjoni tal-Ħlasijiet irid ikun ibbażat fuq valutazzjoni formali tar-riskju, filwaqt li jitqiesu l-kontrolli tekniċi u l-klawżoli kuntrattwali relatati mas-soluzzjoni tal-cloud.

Jekk jintużaw soluzzjonijiet ta’ cloud ibridi, huwa mifhum li l-livell ta’ kritikalità tas-sistema ġenerali huwa l-ogħla wieħed mis-sistemi konnessi. Il-komponenti kollha fuq il-post tas-soluzzjonijiet ibridi għandhom jiġu ssegregati mis-sistemi l-oħra fuq il-post.

2.   Ġestjoni tal-Kontinwità tal-Operat

Ir-rekwiżiti li ġejjin huma relatati mal-ġestjoni tal-kontinwità tal-operat. Kull parteċipant fit-TARGET indikat mill-Eurosistema bħala kritiku għall-funzjonament bla xkiel tas-sistema TARGET għandu jkollu fis-seħħ strateġija ta’ kontinwità tal-operat li tkun konformi mar-rekwiżiti li ġejjin.

Rekwiżit 2.1:

Għandhom jiġu żviluppati pjanijiet tal-kontinwità tal-operat u jkun hemm fis-seħħ proċeduri għaż-żamma tagħhom.

Rekwiżit 2.2:

Għandu jkun disponibbli sit operazzjonali alternattiv.

Rekwiżit 2.3:

Il-profil tar-riskju tas-sit alternattiv irid ikun differenti minn dak tas-sit primarju, sabiex jiġi evitat li ż-żewġ siti jiġu affettwati mill-istess avveniment fl-istess ħin. Pereżempju, is-sit alternattiv għandu jkun fuq grilja tal-elettriku u ċirkwit ċentrali tat-telekomunikazzjoni differenti minn dawk tal-post tan-negozju primarju.

Rekwiżit 2.4:

Fil-każ ta’ tfixkil operazzjonali maġġuri li jagħmel is-sit primarju inaċċessibbli u/jew persunal kritiku mhux disponibbli, il-parteċipant kritiku għandu jkun jista’ jissokta bl-operazzjonijiet normali mis-sit alternattiv, fejn għandu jkun possibbli li l-jum ta’ negozju jingħalaq b’mod xieraq u li jiftaħ il-jum/jiem ta’ negozju li jmiss.

Rekwiżit 2.5:

Għandhom ikunu stabbiliti proċeduri li jiżguraw li l-ipproċessar tat-tranżazzjonijiet jissokta mis-sit alternattiv fi żmien raġonevoli wara l-interruzzjoni inizjali tas-servizz u jkun proporzjonat mal-kritikalità tan-negozju li tkun ġiet imfixkla.

Rekwiżit 2.6:

Il-kapaċità ta’ indirizzar tat-tfixkil operazzjonali għandha tiġi ttestjata mill-inqas darba fis-sena u l-persunal kritiku għandu jitħarreġ kif xieraq. Il-perjodu massimu bejn it-testijiet ma għandux jaqbeż sena.

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(1)  Il-prinċipju tal-ħtieġa ta’ tagħrif jirreferi għall-identifikazzjoni tas-sett ta’ informazzjoni li individwu jeħtieġ aċċess għalih sabiex iwettaq dmirijietu.

(2)  Il-prinċipju tal-inqas privileġġ jirreferi għat-tfassil tal-profil ta’ aċċess ta’ suġġett għal sistema tal-IT sabiex jaqbel mar-rwol tan-negozju korrispondenti.

(3)  Fornitur fil-kuntest ta’ dan l-eżerċizzju għandu jinftiehem bħala kwalunkwe parti terza (u l-persunal tagħha) li tkun taħt kuntratt (ftehim), mal-istituzzjoni, biex tipprovdi servizz u skont il-ftehim ta’ servizz il-parti terza (u l-persunal tagħha) jingħataw aċċess, jew remot jew fuq il-post, għal informazzjoni u/jew sistemi ta’ informazzjoni u/jew faċilitajiet ta’ pproċessar ta’ informazzjoni tal-istituzzjoni fil-kamp ta’ applikazzjoni jew assoċjati mal-kamp ta’ applikazzjoni kopert taħt l-eżerċizzju tal-awtoċertifikazzjoni tat-TARGET.

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ANNESS II

ARRANĠAMENTI TA' GOVERNANZA TAT-TARGET

| Livell 1 — Kunsill Governattiv | Livell 2 — Korp ta’ ġestjoni teknika u operazzjonali | Livell 3 — BĊNi tal-Livell 3 |
| --- | --- | --- |
| 1. | Dispożizzjonijiet ġenerali |

Livell 1 — Kunsill Governattiv

Livell 2 — Korp ta’ ġestjoni teknika u operazzjonali

Livell 3 — BĊNi tal-Livell 3

1.

Għandhom kompetenza finali fir-rigward tal-kwistjonijiet kollha tat-TARGET, partikolarment ir-regoli għat-teħid tad-deċiżjonijiet fit-TARGET, u huma responsabbli għas-salvagwardja tal-funzjoni pubblika tat-TARGET

Iwettqu kompiti ta’ ġestjoni teknika, funzjonali, operazzjonali u finanzjarja fir-rigward tat-TARGET u jimplimentaw ir-regoli dwar il-governanza deċiżi mil-Livell 1

Jieħdu deċiżjonijiet dwar it-tħaddim ta’ kuljum tat-TARGET abbażi tal-livelli ta’ servizz definiti fil-ftehim imsemmi fl-Artikolu 7(6) ta’ din il-Linja Gwida

| 2. | Politika tal-ipprezzar |
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2.

| — | Jiddeċiedu dwar l-istruttura tal-ipprezzar/il-politika tal-ipprezzar |
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Jiddeċiedu dwar l-istruttura tal-ipprezzar/il-politika tal-ipprezzar

| — | Jiddeċiedu dwar il-pakketti tal-ipprezzar |
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Jiddeċiedu dwar il-pakketti tal-ipprezzar

| — | Jirrevedu regolarment l-istruttura tal-ipprezzar/il-politika tal-ipprezzar |
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Jirrevedu regolarment l-istruttura tal-ipprezzar/il-politika tal-ipprezzar

| — | Jabbozzaw u jimmonitorjaw il-pakketti tal-ipprezzar |
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Jabbozzaw u jimmonitorjaw il-pakketti tal-ipprezzar

(Mhux applikabbli)

| 3. | Finanzjament |
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3.

| — | Jiddeċiedu dwar ir-regoli għar-reġim finanzjarju tat-TARGET |
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Jiddeċiedu dwar ir-regoli għar-reġim finanzjarju tat-TARGET

| — | Jiddeċiedu dwar il-pakketti finanzjarji |
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Jiddeċiedu dwar il-pakketti finanzjarji

| — | Jabbozzaw proposti għall-karatteristiċi ewlenin tar-reġim finanzjarju kif deċiż mil-Livell 1. |
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Jabbozzaw proposti għall-karatteristiċi ewlenin tar-reġim finanzjarju kif deċiż mil-Livell 1.

| — | Jabbozzaw u jimmonitorjaw il-pakketti finanzjarji |
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Jabbozzaw u jimmonitorjaw il-pakketti finanzjarji

| — | Japprovaw u/jew jibdew ħlasijiet parzjali mħallsa mill-BĊi tal-Eurosistema lil-Livell 3 għall-provvista ta’ servizzi |
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Japprovaw u/jew jibdew ħlasijiet parzjali mħallsa mill-BĊi tal-Eurosistema lil-Livell 3 għall-provvista ta’ servizzi

| — | Japprovaw u/jew jibdew ir-rimborż ta’ tariffi lill-BĊi tal-Eurosistema |
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Japprovaw u/jew jibdew ir-rimborż ta’ tariffi lill-BĊi tal-Eurosistema

Jipprovdu figuri tal-kost lil-Livell 2 għall-forniment tas-servizzi

| 4. | Livell tas-servizz |
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4.

Jiddeċiedu dwar il-livell ta’ servizz

Jivverifikaw li s-servizz ingħata f’konformità mal-livell tas-Servizz miftiehem

Iwasslu s-servizz f’konformità mal-livell ta’ Servizz miftiehem

| 5. | Operat |
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5.

| — | Jiddeċiedu dwar ir-regoli applikabbli għal inċidenti u sitwazzjonijiet ta’ kriżi |
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Jiddeċiedu dwar ir-regoli applikabbli għal inċidenti u sitwazzjonijiet ta’ kriżi

| — | Jimmonitorjaw l-iżviluppi tan-negozju |
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Jimmonitorjaw l-iżviluppi tan-negozju

Iġestixxu s-sistema abbażi tal-ftehim imsemmi fl-Artikolu 7(6) ta’ din il-Linja Gwida

| 6. | Ġestjoni tal-bidliet u tar-rilaxx |
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6.

Jieħdu deċiżjonijiet f’każ ta’ eskalazzjoni

| — | Japprovaw it-talbiet għall-Bidliet |
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Japprovaw it-talbiet għall-Bidliet

| — | Japprovaw id-definizzjoni tal-kamp ta’ applikazzjoni tar-rilaxx |
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Japprovaw id-definizzjoni tal-kamp ta’ applikazzjoni tar-rilaxx

| — | Japprovaw il-pjan ta’ rilaxx u l-eżekuzzjoni tiegħu |
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Japprovaw il-pjan ta’ rilaxx u l-eżekuzzjoni tiegħu

Jivvalutaw it-Talbiet għall-Bidliet

Jimplimentaw it-talbiet għall-Bidliet f’konformità mal-pjan maqbul

| 7. | Ġestjoni tar-riskji |
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7.

| — | japprovaw il-Qafas tal-Ġestjoni tar-Riskju tat-TARGET u t-tolleranza tar-riskju għat-TARGET kif ukoll jaċċettaw ir-riskji li jifdal. |
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japprovaw il-Qafas tal-Ġestjoni tar-Riskju tat-TARGET u t-tolleranza tar-riskju għat-TARGET kif ukoll jaċċettaw ir-riskji li jifdal.

| — | jassumu r-responsabbiltà aħħarija għall-attivitajiet tal-ewwel u t-tieni linja ta’ difiża. |
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jassumu r-responsabbiltà aħħarija għall-attivitajiet tal-ewwel u t-tieni linja ta’ difiża.

| — | jistabbilixxu l-istruttura organizzattiva għar-rwoli u r-responsabbiltajiet relatati mar-riskju u l-kontroll |
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jistabbilixxu l-istruttura organizzattiva għar-rwoli u r-responsabbiltajiet relatati mar-riskju u l-kontroll

| — | Iwettqu l-ġestjoni attwali tar-riskju |
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Iwettqu l-ġestjoni attwali tar-riskju

| — | Iwettqu l-analiżi u s-segwitu tar-riskju |
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Iwettqu l-analiżi u s-segwitu tar-riskju

| — | jiżguraw li l-arranġamenti kollha tal-ġestjoni tar-riskji jinżammu u jiġu aġġornati |
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jiżguraw li l-arranġamenti kollha tal-ġestjoni tar-riskji jinżammu u jiġu aġġornati

| — | japprovaw u jirrieżaminaw il-pjan ta’ kontinwità tal-operat kif deskritt fid-dokumentazzjoni operazzjonali rilevanti |
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japprovaw u jirrieżaminaw il-pjan ta’ kontinwità tal-operat kif deskritt fid-dokumentazzjoni operazzjonali rilevanti

Jipprovdu l-informazzjoni meħtieġa għall-analiżi tar-riskju skont it-talbiet tal-Livell 1/Livell 2

| 8. | Regoli tas-sistema |
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8.

| — | Jistabbilixxu u jiżguraw implimentazzjoni adegwata tal-qafas legali tas-Sistema Ewropea tal-Banek Ċentrali għat-TARGET inklużi l-Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET |
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Jistabbilixxu u jiżguraw implimentazzjoni adegwata tal-qafas legali tas-Sistema Ewropea tal-Banek Ċentrali għat-TARGET inklużi l-Kundizzjonijiet Armonizzati għall-parteċipazzjoni fit-TARGET

(Mhux applikabbli)

(Mhux applikabbli)

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ANNESS III

DEFINIZZJONIJIET

| (1) | “grupp ta’ monitoraġġ tal-kontijiet” tfisser grupp ta’ żewġ MCAs jew aktar u/jew DCAs li fir-rigward tagħhom parteċipant wieħed, il-parti mexxejja, tkun tista’ tara l-bilanċ fuq kull wieħed mill-kontijiet fit-TARGET fil-grupp; |
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(1)

“grupp ta’ monitoraġġ tal-kontijiet” tfisser grupp ta’ żewġ MCAs jew aktar u/jew DCAs li fir-rigward tagħhom parteċipant wieħed, il-parti mexxejja, tkun tista’ tara l-bilanċ fuq kull wieħed mill-kontijiet fit-TARGET fil-grupp;

| (2) | “detentur ta’ BIC indirizzabbli”
  tfisser entità li: (a) ikollha Kodiċi għall-Identifikazzjoni tan-Negozju (BIC); u (b) tkun korrispondent jew klijent ta’ detentur ta’ RTGS DCA jew fergħa ta’ detentur ta’ RTGS DCA, u tkun tista’ tissottometti ordnijiet ta’ ħlas lil sistema komponenti tat-TARGET u tirċievi ħlasijiet minnha permezz ta’ dak id-detentur ta’ RTGS DCA; |
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(2)

“detentur ta’ BIC indirizzabbli”
  tfisser entità li: (a) ikollha Kodiċi għall-Identifikazzjoni tan-Negozju (BIC); u (b) tkun korrispondent jew klijent ta’ detentur ta’ RTGS DCA jew fergħa ta’ detentur ta’ RTGS DCA, u tkun tista’ tissottometti ordnijiet ta’ ħlas lil sistema komponenti tat-TARGET u tirċievi ħlasijiet minnha permezz ta’ dak id-detentur ta’ RTGS DCA;

| (3) | “sistema anċillari” (AS) tfisser sistema mħaddma minn entità stabbilita fl-Unjoni jew fiż-ŻEE li tkun suġġetta għal superviżjoni u/jew sorveljanza minn awtorità kompetenti u tikkonforma mar-rekwiżiti ta’ sorveljanza għal-lokalizzazzjoni tal-infrastrutturi li joffru servizzi f’euro, kif emendati minn żmien għal żmien u ppubblikati fuq is-sit web tal-BĊE, li fiha jiġu skambjati u/jew ikklerjati jew irreġistrati ħlasijiet u/jew strumenti finanzjarji (a) bl-obbligi monetarji li jirriżultaw f’ordnijiet ta’ trasferiment ta’ flus li jiġu saldati fit-TARGET u/jew (b) b’fondi miżmuma fit-TARGET, f’konformità mal-Linja Gwida BĊE/2022/8; |
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(3)

“sistema anċillari” (AS) tfisser sistema mħaddma minn entità stabbilita fl-Unjoni jew fiż-ŻEE li tkun suġġetta għal superviżjoni u/jew sorveljanza minn awtorità kompetenti u tikkonforma mar-rekwiżiti ta’ sorveljanza għal-lokalizzazzjoni tal-infrastrutturi li joffru servizzi f’euro, kif emendati minn żmien għal żmien u ppubblikati fuq is-sit web tal-BĊE, li fiha jiġu skambjati u/jew ikklerjati jew irreġistrati ħlasijiet u/jew strumenti finanzjarji (a) bl-obbligi monetarji li jirriżultaw f’ordnijiet ta’ trasferiment ta’ flus li jiġu saldati fit-TARGET u/jew (b) b’fondi miżmuma fit-TARGET, f’konformità mal-Linja Gwida BĊE/2022/8;

| (4) | “kont ta’ fondi ta’ garanzija tas-sistema anċillari” (kont ta’ fondi ta’ garanzija ta’ AS) tfisser kont tekniku użat għall-fini taż-żamma ta’ fondi ta’ garanzija biex jappoġġaw il-proċeduri ta’ saldu A u B ta’ RTGS AS; |
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(4)

“kont ta’ fondi ta’ garanzija tas-sistema anċillari” (kont ta’ fondi ta’ garanzija ta’ AS) tfisser kont tekniku użat għall-fini taż-żamma ta’ fondi ta’ garanzija biex jappoġġaw il-proċeduri ta’ saldu A u B ta’ RTGS AS;

| (5) | “proċedura ta’ saldu ta’ sistema anċillari” (proċedura ta’ saldu ta’ AS) tfisser kwalunkwe proċedura ta’ saldu ta’ TIPS AS jew proċedura ta’ saldu ta’ RTGS AS; |
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(5)

“proċedura ta’ saldu ta’ sistema anċillari” (proċedura ta’ saldu ta’ AS) tfisser kwalunkwe proċedura ta’ saldu ta’ TIPS AS jew proċedura ta’ saldu ta’ RTGS AS;

| (6) | “ordni ta’ trasferiment ta’ sistema anċillari” (ordni ta’ trasferiment ta’ AS) tfisser kwalunkwe ordni ta’ trasferiment ta’ flus li tinbeda minn sistema anċillari għall-finijiet ta’ proċedura ta’ saldu ta’ sistema anċillari ta’ RTGS; |
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(6)

“ordni ta’ trasferiment ta’ sistema anċillari” (ordni ta’ trasferiment ta’ AS) tfisser kwalunkwe ordni ta’ trasferiment ta’ flus li tinbeda minn sistema anċillari għall-finijiet ta’ proċedura ta’ saldu ta’ sistema anċillari ta’ RTGS;

| (7) | “awtokollateralizzazzjoni” tfisser kreditu intraġurnata mogħti minn bank ċentrali nazzjonali taż-żona tal-euro (BĊN) fi flus tal-bank ċentrali skattat meta detentur ta’ T2S DCA ma jkollux fondi biżżejjed biex isalda tranżazzjonijiet ta’ titoli, fejn tali kreditu intraġurnata ikun kollateralizzat jew bit-titoli li jkunu qed jinxtraw (kollateral fuq il-fluss), jew b’titoli miżmuma mid-detentur tat-T2S DCA favur il-BĊN taż-żona tal-euro (kollateral fuq l-istokk). Tranżazzjoni ta’ awtokollateralizzazzjoni tikkonsisti f’żewġ tranżazzjonijiet separati, waħda għall-għoti ta’ awtokollateralizzazzjoni u l-oħra għar-rimborż tagħha. Tista’ tinkludi wkoll it-tielet tranżazzjoni għal kwalunkwe rilokazzjoni eventwali ta’ kollateral. Għall-finijiet tal-Artikolu 18 tal-Parti I tal-Anness 1, it-tliet tranżazzjonijiet kollha jitqiesu li ddaħħlu fis-sistema u jitqiesu irrevokabbli fl-istess ħin tat-tranżazzjoni għall-għoti tal-awtokollateralizzazzjoni; |
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(7)

“awtokollateralizzazzjoni” tfisser kreditu intraġurnata mogħti minn bank ċentrali nazzjonali taż-żona tal-euro (BĊN) fi flus tal-bank ċentrali skattat meta detentur ta’ T2S DCA ma jkollux fondi biżżejjed biex isalda tranżazzjonijiet ta’ titoli, fejn tali kreditu intraġurnata ikun kollateralizzat jew bit-titoli li jkunu qed jinxtraw (kollateral fuq il-fluss), jew b’titoli miżmuma mid-detentur tat-T2S DCA favur il-BĊN taż-żona tal-euro (kollateral fuq l-istokk). Tranżazzjoni ta’ awtokollateralizzazzjoni tikkonsisti f’żewġ tranżazzjonijiet separati, waħda għall-għoti ta’ awtokollateralizzazzjoni u l-oħra għar-rimborż tagħha. Tista’ tinkludi wkoll it-tielet tranżazzjoni għal kwalunkwe rilokazzjoni eventwali ta’ kollateral. Għall-finijiet tal-Artikolu 18 tal-Parti I tal-Anness 1, it-tliet tranżazzjonijiet kollha jitqiesu li ddaħħlu fis-sistema u jitqiesu irrevokabbli fl-istess ħin tat-tranżazzjoni għall-għoti tal-awtokollateralizzazzjoni;

| (8) | “ordni awtomatizzata ta’ trasferiment ta’ likwidità”
  tfisser ordni ta’ trasferiment ta’ likwidità ġġenerata awtomatikament għat-trasferiment ta’ fondi minn detentur ta’ RTGS DCA indikat lill-MCA tal-parteċipant f’każ li ma jkunx hemm fondi suffiċjenti f'dak l-MCA għas-saldu ta’ operazzjonijiet tal-bank ċentrali; |
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(8)

“ordni awtomatizzata ta’ trasferiment ta’ likwidità”
  tfisser ordni ta’ trasferiment ta’ likwidità ġġenerata awtomatikament għat-trasferiment ta’ fondi minn detentur ta’ RTGS DCA indikat lill-MCA tal-parteċipant f’każ li ma jkunx hemm fondi suffiċjenti f'dak l-MCA għas-saldu ta’ operazzjonijiet tal-bank ċentrali;

| (9) | “likwidità disponibbli”
  tfisser bilanċ ta’ kreditu fuq kont ta’ parteċipant u, jekk applikabbli, kwalunkwe linja ta’ kreditu intraġurnata mogħtija fuq l-MCA mill-BĊN rilevanti taż-żona tal-euro fir-rigward ta’ tali kont iżda li għadha ma ġietx prelevata, jew, jekk applikabbli, imnaqqsa bl-ammont ta’ kwalunkwe riżervazzjoni ta’ likwidità pproċessata jew ibblokkar ta’ fondi fuq MCAs jew DCAs; |
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(9)

“likwidità disponibbli”
  tfisser bilanċ ta’ kreditu fuq kont ta’ parteċipant u, jekk applikabbli, kwalunkwe linja ta’ kreditu intraġurnata mogħtija fuq l-MCA mill-BĊN rilevanti taż-żona tal-euro fir-rigward ta’ tali kont iżda li għadha ma ġietx prelevata, jew, jekk applikabbli, imnaqqsa bl-ammont ta’ kwalunkwe riżervazzjoni ta’ likwidità pproċessata jew ibblokkar ta’ fondi fuq MCAs jew DCAs;

| (10) | “grupp bankarju” tfisser:






  a) | kompożizzjoni ta’ istituzzjonijiet ta’ kreditu inklużi fir-rapporti finanzjarji konsolidati ta’ kumpanija omm fejn il-kumpanija omm tkun obbligata li tippreżenta rapporti finanzjarji konsolidati skont l-Istandard Internazzjonali tal-Kontabilità 27 (IAS 27), adottat skont ir-Regolament tal-Kummissjoni (KE) Nru 1126/2008 (1) u li tikkonsisti minn: (i) kumpanija omm u sussidjarja waħda jew aktar; jew (ii) żewġ sussidjarji jew aktar ta’ kumpanija omm; jew |
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(10)

“grupp bankarju” tfisser:

a)

kompożizzjoni ta’ istituzzjonijiet ta’ kreditu inklużi fir-rapporti finanzjarji konsolidati ta’ kumpanija omm fejn il-kumpanija omm tkun obbligata li tippreżenta rapporti finanzjarji konsolidati skont l-Istandard Internazzjonali tal-Kontabilità 27 (IAS 27), adottat skont ir-Regolament tal-Kummissjoni (KE) Nru 1126/2008 (1) u li tikkonsisti minn: (i) kumpanija omm u sussidjarja waħda jew aktar; jew (ii) żewġ sussidjarji jew aktar ta’ kumpanija omm; jew

| b) | kompożizzjoni ta’ istituzzjonijiet ta’ kreditu kif imsemmija fis-subparagrafu (a)(i) jew (ii), meta kumpanija omm ma tippreżentax rapporti finanzjarji konsolidati skont l-IAS 27, iżda jkunu kapaċi jissodisfaw il-kriterji definiti fl-IAS 27 għall-inklużjoni fir-rapporti finanzjarji konsolidati, suġġett għall-verifika tal-BĊ tal-parteċipant; |
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b)

kompożizzjoni ta’ istituzzjonijiet ta’ kreditu kif imsemmija fis-subparagrafu (a)(i) jew (ii), meta kumpanija omm ma tippreżentax rapporti finanzjarji konsolidati skont l-IAS 27, iżda jkunu kapaċi jissodisfaw il-kriterji definiti fl-IAS 27 għall-inklużjoni fir-rapporti finanzjarji konsolidati, suġġett għall-verifika tal-BĊ tal-parteċipant;

| c) | network bilaterali jew multilaterali ta’ istituzzjonijiet ta’ kreditu li huwa: (i) organizzat permezz ta’ qafas statutorju li jiddetermina l-affiljazzjoni tal-istituzzjonijiet ta’ kreditu ma’ tali network; jew (ii) ikkaratterizzat minn mekkaniżmi ta’ kooperazzjoni awtoorganizzati (li jippromwovu, jappoġġaw u jirrappreżentaw l-interessi kummerċjali tal-membri tiegħu) u/jew ta’ solidarjetà ekonomika li tmur lil hinn mill-kooperazzjoni ordinarja tas-soltu bejn l-istituzzjonijiet ta’ kreditu fejn tali kooperazzjoni u solidarjetà huma permessi mill-memoranda u l-istatuti ta’ assoċjazzjoni jew mill-Artikoli ta’ inkorporazzjoni tal-istituzzjonijiet ta’ kreditu jew stabbiliti bis-saħħa ta’ ftehimiet separati u f’kull każ imsemmija fil-punti (c)(i) u (c)(ii) il-Kunsill Governattiv tal-BĊE jkun approva applikazzjoni li għandha titqies bħala li tikkostitwixxi grupp bankarju; |
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c)

network bilaterali jew multilaterali ta’ istituzzjonijiet ta’ kreditu li huwa: (i) organizzat permezz ta’ qafas statutorju li jiddetermina l-affiljazzjoni tal-istituzzjonijiet ta’ kreditu ma’ tali network; jew (ii) ikkaratterizzat minn mekkaniżmi ta’ kooperazzjoni awtoorganizzati (li jippromwovu, jappoġġaw u jirrappreżentaw l-interessi kummerċjali tal-membri tiegħu) u/jew ta’ solidarjetà ekonomika li tmur lil hinn mill-kooperazzjoni ordinarja tas-soltu bejn l-istituzzjonijiet ta’ kreditu fejn tali kooperazzjoni u solidarjetà huma permessi mill-memoranda u l-istatuti ta’ assoċjazzjoni jew mill-Artikoli ta’ inkorporazzjoni tal-istituzzjonijiet ta’ kreditu jew stabbiliti bis-saħħa ta’ ftehimiet separati u f’kull każ imsemmija fil-punti (c)(i) u (c)(ii) il-Kunsill Governattiv tal-BĊE jkun approva applikazzjoni li għandha titqies bħala li tikkostitwixxi grupp bankarju;

| (11) | “fergħa” tfisser fergħa skont it-tifsira tal-Artikolu 4(1)(17) tar-Regolament (UE) Nru 575/2013 tal-Parlament Ewropew u tal-Kunsill (2) jew tal-Artikolu 4(1)(30) tad-Direttiva 2014/65/UE tal-Parlament Ewropew u tal-Kunsill (3); |
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(11)

“fergħa” tfisser fergħa skont it-tifsira tal-Artikolu 4(1)(17) tar-Regolament (UE) Nru 575/2013 tal-Parlament Ewropew u tal-Kunsill (2) jew tal-Artikolu 4(1)(30) tad-Direttiva 2014/65/UE tal-Parlament Ewropew u tal-Kunsill (3);

| (12) | “messaġġ imxandar”
  tfisser informazzjoni li ssir disponibbli fl-istess ħin għall-parteċipanti kollha jew għal grupp magħżul ta’ parteċipanti; |
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(12)

“messaġġ imxandar”
  tfisser informazzjoni li ssir disponibbli fl-istess ħin għall-parteċipanti kollha jew għal grupp magħżul ta’ parteċipanti;

| (13) | “jum ta’ negozju”
  jew
  “jum ta’ negozju tat-TARGET”
  tfisser kwalunkwe jum li fih MCAs, RTGS DCAs, jew T2S DCAs ikunu disponibbli għas-saldu ta’ ordnijiet ta’ trasferiment ta’ flus; |
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(13)

“jum ta’ negozju”
  jew
  “jum ta’ negozju tat-TARGET”
  tfisser kwalunkwe jum li fih MCAs, RTGS DCAs, jew T2S DCAs ikunu disponibbli għas-saldu ta’ ordnijiet ta’ trasferiment ta’ flus;

| (14) | “Kodiċi għall-Identifikazzjoni tan-Negozju” (BIC) tfisser kodiċi kif iddefinit mill-Istandard ISO Nru 9362; |
| --- | --- |

(14)

“Kodiċi għall-Identifikazzjoni tan-Negozju” (BIC) tfisser kodiċi kif iddefinit mill-Istandard ISO Nru 9362;

| (15) | “opinjoni dwar il-kapaċità”
  tfisser opinjoni speċifika għall-parteċipant li jkun fiha valutazzjoni tal-kapaċità legali ta’ parteċipant li jidħol u jwettaq l-obbligi tiegħu; |
| --- | --- |

(15)

“opinjoni dwar il-kapaċità”
  tfisser opinjoni speċifika għall-parteċipant li jkun fiha valutazzjoni tal-kapaċità legali ta’ parteċipant li jidħol u jwettaq l-obbligi tiegħu;

| (16) | “ordni ta’ trasferiment ta’ flus” tfisser kwalunkwe struzzjoni minn parteċipant jew minn parti li taġixxi f’ismu biex ikun magħmul disponibbli għal benefiċjarju ammont ta’ flus minn kont wieħed permezz ta’ entrata fil-kotba f’kont ieħor u li tkun ordni ta’ trasferiment ta’ sistema anċillari, ordni ta’ trasferiment ta’ likwidità, ordni ta’ ħlas istantanju, risposta pożittiva għall-irtirar jew ordni ta’ ħlas; |
| --- | --- |

(16)

“ordni ta’ trasferiment ta’ flus” tfisser kwalunkwe struzzjoni minn parteċipant jew minn parti li taġixxi f’ismu biex ikun magħmul disponibbli għal benefiċjarju ammont ta’ flus minn kont wieħed permezz ta’ entrata fil-kotba f’kont ieħor u li tkun ordni ta’ trasferiment ta’ sistema anċillari, ordni ta’ trasferiment ta’ likwidità, ordni ta’ ħlas istantanju, risposta pożittiva għall-irtirar jew ordni ta’ ħlas;

| (17) | “bank ċentrali” (BĊ) tfisser BĊ tal-Eurosistema u/jew BĊN konness; |
| --- | --- |

(17)

“bank ċentrali” (BĊ) tfisser BĊ tal-Eurosistema u/jew BĊN konness;

| (18) | “operazzjoni ta’ bank ċentrali”
  tfisser kwalunkwe ordni ta’ ħlas jew ordni ta’ trasferiment ta’ likwidità mibdija minn BĊ fuq MCA miftuħ fi kwalunkwe sistema komponent tat-TARGET; |
| --- | --- |

(18)

“operazzjoni ta’ bank ċentrali”
  tfisser kwalunkwe ordni ta’ ħlas jew ordni ta’ trasferiment ta’ likwidità mibdija minn BĊ fuq MCA miftuħ fi kwalunkwe sistema komponent tat-TARGET;

| (19) | “BĊN konness” tfisser BĊN, minbarra BĊN taż-żona tal-euro, li jkun konness mat-TARGET skont ftehim speċifiku; |
| --- | --- |

(19)

“BĊN konness” tfisser BĊN, minbarra BĊN taż-żona tal-euro, li jkun konness mat-TARGET skont ftehim speċifiku;

| (20) | “Soluzzjoni ta’ Kontinġenza” tfisser il-funzjonalità li tippermetti lill-BĊi u lill-parteċipanti jipproċessaw ordnijiet ta’ trasferiment ta’ flus f’każ li l-operat normali tal-MCAs u/jew tal-RTGS DCAs u/jew tal-kontijiet tekniċi ta’ AS ma jkunx possibbli; |
| --- | --- |

(20)

“Soluzzjoni ta’ Kontinġenza” tfisser il-funzjonalità li tippermetti lill-BĊi u lill-parteċipanti jipproċessaw ordnijiet ta’ trasferiment ta’ flus f’każ li l-operat normali tal-MCAs u/jew tal-RTGS DCAs u/jew tal-kontijiet tekniċi ta’ AS ma jkunx possibbli;

| (21) | “istituzzjoni ta’ kreditu” tfisser jew: (a) istituzzjoni ta' kreditu skont it-tifsira tal-Artikolu 4 (1)(1) tar-Regolament (UE) Nru 575/2013 (u d-dispożizzjonijiet nazzjonali tal-liġi li jimplimentaw l-Artikolu 2(5) tad-Direttiva 2013/36/UE tal-Parlament Ewropew u tal-Kunsill (4) applikabbli għall-istituzzjoni ta’ kreditu) li tkun suġġetta għal superviżjoni minn awtorità kompetenti; jew (b) istituzzjoni ta' kreditu oħra skont it-tifsira tal-Artikolu 123(2) tat-Trattat li hija suġġetta għal skrutinju ta' standard komparabbli mas-superviżjoni minn awtorità kompetenti; |
| --- | --- |

(21)

“istituzzjoni ta’ kreditu” tfisser jew: (a) istituzzjoni ta' kreditu skont it-tifsira tal-Artikolu 4 (1)(1) tar-Regolament (UE) Nru 575/2013 (u d-dispożizzjonijiet nazzjonali tal-liġi li jimplimentaw l-Artikolu 2(5) tad-Direttiva 2013/36/UE tal-Parlament Ewropew u tal-Kunsill (4) applikabbli għall-istituzzjoni ta’ kreditu) li tkun suġġetta għal superviżjoni minn awtorità kompetenti; jew (b) istituzzjoni ta' kreditu oħra skont it-tifsira tal-Artikolu 123(2) tat-Trattat li hija suġġetta għal skrutinju ta' standard komparabbli mas-superviżjoni minn awtorità kompetenti;

| (22) | “bilanċ tal-memorandum ta’ kreditu” (CMB) tfisser limitu stabbilit mid-detentur ta’ TIPS DCA għall-użu tal-likwidità fuq it-TIPS DCA minn parti aċċessibbli speċifika; |
| --- | --- |

(22)

“bilanċ tal-memorandum ta’ kreditu” (CMB) tfisser limitu stabbilit mid-detentur ta’ TIPS DCA għall-użu tal-likwidità fuq it-TIPS DCA minn parti aċċessibbli speċifika;

| (23) | “saldu bejn is-sistemi”
  tfisser is-saldu ta’ ordnijiet ta’ trasferiment ta’ AS li jiddebita l-kont tekniku ta’ RTGS AS jew subkont ta’ bank tas-saldu ta’ AS waħda bl-użu tal-proċedura ta’ saldu C jew D ta’ AS u li jakkredita l-kont tekniku ta’ RTGS AS jew subkont ta’ bank tas-saldu ta’ AS oħra permezz tal-proċedura ta’ saldu C jew D ta’ AS; |
| --- | --- |

(23)

“saldu bejn is-sistemi”
  tfisser is-saldu ta’ ordnijiet ta’ trasferiment ta’ AS li jiddebita l-kont tekniku ta’ RTGS AS jew subkont ta’ bank tas-saldu ta’ AS waħda bl-użu tal-proċedura ta’ saldu C jew D ta’ AS u li jakkredita l-kont tekniku ta’ RTGS AS jew subkont ta’ bank tas-saldu ta’ AS oħra permezz tal-proċedura ta’ saldu C jew D ta’ AS;

| (24) | “kont ta’ flus dedikat” (DCA) tfisser RTGS DCA, T2S DCA jew TIPS DCA; |
| --- | --- |

(24)

“kont ta’ flus dedikat” (DCA) tfisser RTGS DCA, T2S DCA jew TIPS DCA;

| (25) | “rata tal-faċilità ta’ depożitu” tfisser “rata tal-faċilità ta’ depożitu” kif definita fl-Artikolu 2(22) tal-Linja Gwida (UE) 2015/510 (BĊE/2014/60); |
| --- | --- |

(25)

“rata tal-faċilità ta’ depożitu” tfisser “rata tal-faċilità ta’ depożitu” kif definita fl-Artikolu 2(22) tal-Linja Gwida (UE) 2015/510 (BĊE/2014/60);

| (26) | “faċilità ta’ depożitu” tfisser “faċilità ta’ depożitu” kif definita fl-Artikolu 2(21) tal-Linja Gwida (UE) 2015/510 (BĊE/2014/60); |
| --- | --- |

(26)

“faċilità ta’ depożitu” tfisser “faċilità ta’ depożitu” kif definita fl-Artikolu 2(21) tal-Linja Gwida (UE) 2015/510 (BĊE/2014/60);

| (27) | “BĊN taż-żona tal-euro” tfisser il-bank ċentrali nazzjonali (BĊN) ta’ Stat Membru li l-munita tiegħu hija l-euro; |
| --- | --- |

(27)

“BĊN taż-żona tal-euro” tfisser il-bank ċentrali nazzjonali (BĊN) ta’ Stat Membru li l-munita tiegħu hija l-euro;

| (28) | “skema ta’ Trasferiment ta’ Kreditu Istantanju tas-SEPA tal-Kunsill Ewropew tal-Ħlasijiet (SCT Inst)”
  jew “Skema SCT Inst” tfisser skema awtomatizzata ta’ standards miftuħa li tipprovdi sett ta’ regoli interbankarji li għandhom jiġu rrispettati mill-parteċipanti fl-SCT Inst, li tippermetti lill-fornituri tas-servizzi ta’ ħlas fiż-Żona Unika ta’ Pagamenti bl-Euro (SEPA) joffru prodott awtomatizzat ta’ trasferiment ta’ kreditu istantanju bl-euro fis-SEPA kollha; |
| --- | --- |

(28)

“skema ta’ Trasferiment ta’ Kreditu Istantanju tas-SEPA tal-Kunsill Ewropew tal-Ħlasijiet (SCT Inst)”
  jew “Skema SCT Inst” tfisser skema awtomatizzata ta’ standards miftuħa li tipprovdi sett ta’ regoli interbankarji li għandhom jiġu rrispettati mill-parteċipanti fl-SCT Inst, li tippermetti lill-fornituri tas-servizzi ta’ ħlas fiż-Żona Unika ta’ Pagamenti bl-Euro (SEPA) joffru prodott awtomatizzat ta’ trasferiment ta’ kreditu istantanju bl-euro fis-SEPA kollha;

| (29) | “BĊ tal-Eurosistema” tfisser il-BĊE jew BĊN taż-żona tal-euro; |
| --- | --- |

(29)

“BĊ tal-Eurosistema” tfisser il-BĊE jew BĊN taż-żona tal-euro;

| (30) | “każ ta’ inadempjenza” tfisser kwalunkwe avveniment imminenti jew eżistenti, li l-okkorrenza tiegħu tista’ thedded it-twettiq minn parteċipant tal-obbligi tiegħu skont il-Kundizzjonijiet li jinsabu fil-Parti I tal-Anness I jew kwalunkwe regola oħra li tapplika għar-relazzjoni bejn dak il-parteċipant u l-BĊ tal-parteċipant jew kwalunkwe BĊ ieħor, inkluż:






  (a) | meta l-parteċipant ma jibqax jissodisfa l-kriterji għall-aċċess stabbiliti fl-implimentazzjoni nazzjonali tal-Artikolu 4 tal-Parti I tal-Anness I jew ir-rekwiżiti stabbiliti fl-implimentazzjoni nazzjonali rilevanti tal-Artikolu 5(1)(a) tal-Parti I tal-Anness I; |
| --- | --- | --- |

(30)

“każ ta’ inadempjenza” tfisser kwalunkwe avveniment imminenti jew eżistenti, li l-okkorrenza tiegħu tista’ thedded it-twettiq minn parteċipant tal-obbligi tiegħu skont il-Kundizzjonijiet li jinsabu fil-Parti I tal-Anness I jew kwalunkwe regola oħra li tapplika għar-relazzjoni bejn dak il-parteċipant u l-BĊ tal-parteċipant jew kwalunkwe BĊ ieħor, inkluż:

(a)

meta l-parteċipant ma jibqax jissodisfa l-kriterji għall-aċċess stabbiliti fl-implimentazzjoni nazzjonali tal-Artikolu 4 tal-Parti I tal-Anness I jew ir-rekwiżiti stabbiliti fl-implimentazzjoni nazzjonali rilevanti tal-Artikolu 5(1)(a) tal-Parti I tal-Anness I;

| (b) | il-ftuħ ta’ proċedimenti ta’ insolvenza fir-rigward tal-parteċipant; |
| --- | --- |

(b)

il-ftuħ ta’ proċedimenti ta’ insolvenza fir-rigward tal-parteċipant;

| (c) | is-sottomissjoni ta’ applikazzjoni relatata mal-proċedimenti msemmija fil-punt (b); |
| --- | --- |

(c)

is-sottomissjoni ta’ applikazzjoni relatata mal-proċedimenti msemmija fil-punt (b);

| (d) | il-ħruġ mill-parteċipant ta’ dikjarazzjoni bil-miktub dwar l-inabbiltà tiegħu li jħallas id-djun kollha tiegħu jew xi parti minnhom jew li jissodisfa l-obbligi tiegħu tiegħu li jirriżultaw b’rabta ma’ kreditu intraġurnata; |
| --- | --- |

(d)

il-ħruġ mill-parteċipant ta’ dikjarazzjoni bil-miktub dwar l-inabbiltà tiegħu li jħallas id-djun kollha tiegħu jew xi parti minnhom jew li jissodisfa l-obbligi tiegħu tiegħu li jirriżultaw b’rabta ma’ kreditu intraġurnata;

| (e) | id-dħul tal-parteċipant fi ftehim jew arranġament ġenerali volontarju mal-kredituri tiegħu; |
| --- | --- |

(e)

id-dħul tal-parteċipant fi ftehim jew arranġament ġenerali volontarju mal-kredituri tiegħu;

| (f) | meta l-parteċipant ikun, jew jitqies mill-BĊ tiegħu, li huwa insolventi jew li ma jistax iħallas id-djun tiegħu; |
| --- | --- |

(f)

meta l-parteċipant ikun, jew jitqies mill-BĊ tiegħu, li huwa insolventi jew li ma jistax iħallas id-djun tiegħu;

| (g) | meta l-bilanċ ta’ kreditu tal-parteċipant fuq kwalunkwe wieħed mill-kontijiet fit-TARGET tiegħu, jew l-assi kollha tal-parteċipant jew parti sostanzjali minnhom ikunu suġġetti għal ordni ta’ ffriżar, qbid, sekwestru jew kwalunkwe proċedura oħra li tkun maħsuba biex tipproteġi l-interess pubbliku jew id-drittijiet tal-kredituri tal-parteċipant; |
| --- | --- |

(g)

meta l-bilanċ ta’ kreditu tal-parteċipant fuq kwalunkwe wieħed mill-kontijiet fit-TARGET tiegħu, jew l-assi kollha tal-parteċipant jew parti sostanzjali minnhom ikunu suġġetti għal ordni ta’ ffriżar, qbid, sekwestru jew kwalunkwe proċedura oħra li tkun maħsuba biex tipproteġi l-interess pubbliku jew id-drittijiet tal-kredituri tal-parteċipant;

| (h) | meta l-parteċipazzjoni tal-parteċipant f’sistema komponenti tat-TARGET oħra u/jew f’AS tkun ġiet sospiża jew itterminata; |
| --- | --- |

(h)

meta l-parteċipazzjoni tal-parteċipant f’sistema komponenti tat-TARGET oħra u/jew f’AS tkun ġiet sospiża jew itterminata;

| (i) | meta kwalunkwe rappreżentazzjoni materjali jew dikjarazzjoni prekuntrattwali magħmula mill-parteċipant jew li hija implikata li saret mill-parteċipant skont il-liġi applikabbli tkun skorretta jew mhux vera; |
| --- | --- |

(i)

meta kwalunkwe rappreżentazzjoni materjali jew dikjarazzjoni prekuntrattwali magħmula mill-parteċipant jew li hija implikata li saret mill-parteċipant skont il-liġi applikabbli tkun skorretta jew mhux vera;

| (j) | iċ-ċessjoni tal-assi kollha tal-parteċipant jew ta’ parti sostanzjali minnhom; |
| --- | --- |

(j)

iċ-ċessjoni tal-assi kollha tal-parteċipant jew ta’ parti sostanzjali minnhom;

| (31) | “fondi ta’ garanzija” tfisser fondi pprovduti minn parteċipanti ta’ AS, li għandhom jintużaw f’każ li parteċipant wieħed jew aktar jonqsu, għal kwalunkwe raġuni, milli jissodisfaw l-obbligi ta’ ħlas tagħhom fl-AS; |
| --- | --- |

(31)

“fondi ta’ garanzija” tfisser fondi pprovduti minn parteċipanti ta’ AS, li għandhom jintużaw f’każ li parteċipant wieħed jew aktar jonqsu, għal kwalunkwe raġuni, milli jissodisfaw l-obbligi ta’ ħlas tagħhom fl-AS;

| (32) | “proċedimenti ta’ insolvenza” tfisser proċedimenti ta’ insolvenza skont it-tifsira tal-Artikolu 2(j) tad-Direttiva 98/26/KE; |
| --- | --- |

(32)

“proċedimenti ta’ insolvenza” tfisser proċedimenti ta’ insolvenza skont it-tifsira tal-Artikolu 2(j) tad-Direttiva 98/26/KE;

| (33) | “ordni ta’ ħlas istantanju” tfisser, f’konformità mal-iskema ta’ Trasferiment ta’ Kreditu Istantanju tas-SEPA (SCT Inst) tal-Kunsill Ewropew tal-Ħlasijiet, ordni ta’ trasferiment ta’ flus li tista’ tiġi eżegwita 24 siegħa kuljum fi kwalunkwe jum kalendarju tas-sena, b’saldu immedjat jew kważi immedjat u b’notifika lill-pagatur, u li tinkludi: (i) ordnijiet ta’ ħlas istantanju ta’ TIPS DCA lil TIPS DCA; (11) ordnijiet ta’ ħlas istantanju ta’ TIPS DCA lil kont tekniku ta’ TIPS AS; (iii) ordnijiet ta’ ħlas istantanju ta’ TIPS AS lil TIPS DCA; u (iv) ordnijiet ta’ ħlas istantanju ta’ kont tekniku ta’ TIPS AS lil kont tekniku ta’ TIPS AS; |
| --- | --- |

(33)

“ordni ta’ ħlas istantanju” tfisser, f’konformità mal-iskema ta’ Trasferiment ta’ Kreditu Istantanju tas-SEPA (SCT Inst) tal-Kunsill Ewropew tal-Ħlasijiet, ordni ta’ trasferiment ta’ flus li tista’ tiġi eżegwita 24 siegħa kuljum fi kwalunkwe jum kalendarju tas-sena, b’saldu immedjat jew kważi immedjat u b’notifika lill-pagatur, u li tinkludi: (i) ordnijiet ta’ ħlas istantanju ta’ TIPS DCA lil TIPS DCA; (11) ordnijiet ta’ ħlas istantanju ta’ TIPS DCA lil kont tekniku ta’ TIPS AS; (iii) ordnijiet ta’ ħlas istantanju ta’ TIPS AS lil TIPS DCA; u (iv) ordnijiet ta’ ħlas istantanju ta’ kont tekniku ta’ TIPS AS lil kont tekniku ta’ TIPS AS;

| (34) | “oriġinatur” tfisser entità li tkun ġiet indikata bħala tali minn detentur ta’ TIPS DCA jew mid-detentur ta’ kont tekniku ta’ TIPS AS, u li titħalla tibgħat ordnijiet ta’ ħlas istantanju jew ordnijiet ta’ trasferiment ta’ likwidità u/jew tirċievi ordnijiet ta’ ħlas istantanju jew ordnijiet ta’ trasferiment ta’ likwidità f’isem dak id-detentur ta’ kont jew parti aċċessibbli ta’ dak id-detentur ta’ kont; |
| --- | --- |

(34)

“oriġinatur” tfisser entità li tkun ġiet indikata bħala tali minn detentur ta’ TIPS DCA jew mid-detentur ta’ kont tekniku ta’ TIPS AS, u li titħalla tibgħat ordnijiet ta’ ħlas istantanju jew ordnijiet ta’ trasferiment ta’ likwidità u/jew tirċievi ordnijiet ta’ ħlas istantanju jew ordnijiet ta’ trasferiment ta’ likwidità f’isem dak id-detentur ta’ kont jew parti aċċessibbli ta’ dak id-detentur ta’ kont;

| (35) | “kreditu intraġurnata” tfisser kreditu estiż għal perjodu ta’ inqas minn jum ta’ negozju wieħed; |
| --- | --- |

(35)

“kreditu intraġurnata” tfisser kreditu estiż għal perjodu ta’ inqas minn jum ta’ negozju wieħed;

| (36) | “ditta tal-investiment” tfisser ditta tal-investiment skont it-tifsira ta’ [daħħal id-dispożizzjonijiet tal-liġi nazzjonali li jimplimentaw l-Artikolu 4(1)(1) tad-Direttiva 2014/65/UE], minbarra l-istituzzjonijiet speċifikati fid-dispożizzjonijiet tal-liġi nazzjonali li jimplimentaw, l-Artikolu 2(1) tad-Direttiva 2014/65/UE kif applikabbli għad-ditta tal-investiment, sakemm id-ditta tal-investiment inkwistjoni tkun:






  a) | awtorizzata u ssorveljata minn awtorità kompetenti rikonoxxuta, li tkun ġiet indikata bħala tali taħt id-Direttiva 2014/65/KE; u |
| --- | --- | --- |

(36)

“ditta tal-investiment” tfisser ditta tal-investiment skont it-tifsira ta’ [daħħal id-dispożizzjonijiet tal-liġi nazzjonali li jimplimentaw l-Artikolu 4(1)(1) tad-Direttiva 2014/65/UE], minbarra l-istituzzjonijiet speċifikati fid-dispożizzjonijiet tal-liġi nazzjonali li jimplimentaw, l-Artikolu 2(1) tad-Direttiva 2014/65/UE kif applikabbli għad-ditta tal-investiment, sakemm id-ditta tal-investiment inkwistjoni tkun:

a)

awtorizzata u ssorveljata minn awtorità kompetenti rikonoxxuta, li tkun ġiet indikata bħala tali taħt id-Direttiva 2014/65/KE; u

| b) | intitolata li twettaq l-attivitajiet imsemmija taħt (daħħal id-dispożizzjonijiet tal-liġi nazzjonali li jimplimentaw il-partiti 2, 3, 6 u 7 tat-Taqsima A tal-Anness I tad-Direttiva 2014/65/UE kif applikabbli għad-ditta tal-investiment); |
| --- | --- |

b)

intitolata li twettaq l-attivitajiet imsemmija taħt (daħħal id-dispożizzjonijiet tal-liġi nazzjonali li jimplimentaw il-partiti 2, 3, 6 u 7 tat-Taqsima A tal-Anness I tad-Direttiva 2014/65/UE kif applikabbli għad-ditta tal-investiment);

| (37) | “BĊNi tal-livell 3” tfisser id-Deutsche Bundesbank, il-Banque de France, il-Banca d’Italia u Banco de España fil-kapaċità tagħhom bħala l-BĊi li jiżviluppaw u joperaw TARGET għall-benefiċċju tal-Eurosistema; |
| --- | --- |

(37)

“BĊNi tal-livell 3” tfisser id-Deutsche Bundesbank, il-Banque de France, il-Banca d’Italia u Banco de España fil-kapaċità tagħhom bħala l-BĊi li jiżviluppaw u joperaw TARGET għall-benefiċċju tal-Eurosistema;

| (38) | “ordni ta’ trasferiment ta’ likwidità”
  tfisser ordni ta’ trasferiment ta’ flus biex jiġi ttrasferit ammont speċifikat ta’ fondi għall-finijiet tal-ġestjoni tal-likwidità; |
| --- | --- |

(38)

“ordni ta’ trasferiment ta’ likwidità”
  tfisser ordni ta’ trasferiment ta’ flus biex jiġi ttrasferit ammont speċifikat ta’ fondi għall-finijiet tal-ġestjoni tal-likwidità;

| (39) | “rata tal-faċilità ta’ self marġinali” tfisser “rata tal-faċilità ta’ self marġinali” kif definita fl-Artikolu 2(57) tal-Linja Gwida (UE) 2015/510 (BĊE/2014/60); |
| --- | --- |

(39)

“rata tal-faċilità ta’ self marġinali” tfisser “rata tal-faċilità ta’ self marġinali” kif definita fl-Artikolu 2(57) tal-Linja Gwida (UE) 2015/510 (BĊE/2014/60);

| (40) | “faċilità ta’ self marginali” tfisser “faċilità ta’ self marginali” kif definita fl-Artikolu 2(56) tal-Linja Gwida (UE) 2015/510 (BĊE/2014/60); |
| --- | --- |

(40)

“faċilità ta’ self marginali” tfisser “faċilità ta’ self marginali” kif definita fl-Artikolu 2(56) tal-Linja Gwida (UE) 2015/510 (BĊE/2014/60);

| (41) | “servizz ta’ tiftix bi proxy mobbli (MPL)” tfisser servizz li jippermetti lid-detenturi ta’ TIPS DCA, AS li jużaw kontijiet tekniċi ta’ TIPS AS u partijiet aċċessibbli, li jirċievu mill-klijenti tagħhom talba biex jeżegwixxu ordni ta’ ħlas istantanju lil benefiċjarju identifikat bi proxy (eż. numru mobbli), biex jirkupraw mir-repożitorju ċentrali tal-MPL l-IBAN korrispondenti għall-benefiċjarju u l-BIC biex jintużaw għall-akkreditar tal-kont tas-Sistema ta’ Ħlas Istantanju tat-TARGET (TIPS) rilevanti; |
| --- | --- |

(41)

“servizz ta’ tiftix bi proxy mobbli (MPL)” tfisser servizz li jippermetti lid-detenturi ta’ TIPS DCA, AS li jużaw kontijiet tekniċi ta’ TIPS AS u partijiet aċċessibbli, li jirċievu mill-klijenti tagħhom talba biex jeżegwixxu ordni ta’ ħlas istantanju lil benefiċjarju identifikat bi proxy (eż. numru mobbli), biex jirkupraw mir-repożitorju ċentrali tal-MPL l-IBAN korrispondenti għall-benefiċjarju u l-BIC biex jintużaw għall-akkreditar tal-kont tas-Sistema ta’ Ħlas Istantanju tat-TARGET (TIPS) rilevanti;

| (42) | “ħlas kważi istantanju” tfisser ordni ta’ trasferiment ta’ flus li tikkonforma mal-Istandard NL tas-Servizzi Fakultattivi Addizzjonali tat-Trasferiment ta’ Kreditu tas-SEPA tal-Kunsill Ewropew tal-Ħlasijiet (SCT AOS) għall-ipproċessar istantanju ta’ trasferimenti ta’ kreditu tas-SEPA; |
| --- | --- |

(42)

“ħlas kważi istantanju” tfisser ordni ta’ trasferiment ta’ flus li tikkonforma mal-Istandard NL tas-Servizzi Fakultattivi Addizzjonali tat-Trasferiment ta’ Kreditu tas-SEPA tal-Kunsill Ewropew tal-Ħlasijiet (SCT AOS) għall-ipproċessar istantanju ta’ trasferimenti ta’ kreditu tas-SEPA;

| (43) | “fornitur ta’ servizz ta’ network” (NSP) tfisser impriża li tkun ingħatat konċessjoni mal-Eurosistema biex tipprovdi servizzi ta’ konnettività permezz tal-Portal tal-Infrastruttura tas-Suq Uniku tal-Eurosistema għas-servizzi fit-TARGET; |
| --- | --- |

(43)

“fornitur ta’ servizz ta’ network” (NSP) tfisser impriża li tkun ingħatat konċessjoni mal-Eurosistema biex tipprovdi servizzi ta’ konnettività permezz tal-Portal tal-Infrastruttura tas-Suq Uniku tal-Eurosistema għas-servizzi fit-TARGET;

| (44) | “ordni ta’ trasferiment ta’ flus mhux saldata” tfisser ordni ta’ trasferiment ta’ flus li ma tiġix saldata fil-jum tan-negozju li fih tiġi aċċettata; |
| --- | --- |

(44)

“ordni ta’ trasferiment ta’ flus mhux saldata” tfisser ordni ta’ trasferiment ta’ flus li ma tiġix saldata fil-jum tan-negozju li fih tiġi aċċettata;

| (45) | “parteċipant”
  tfisser; a) entità li jkollha mill-inqas MCA wieħed u li jista’ jkollha wkoll DCA wieħed jew diversi fit-TARGET; jew b) AS; |
| --- | --- |

(45)

“parteċipant”
  tfisser; a) entità li jkollha mill-inqas MCA wieħed u li jista’ jkollha wkoll DCA wieħed jew diversi fit-TARGET; jew b) AS;

| (46) | “benefiċjarju” tfisser, ħlief fejn jintuża fl-Artikolu 29 tal-Parti I tal-Anness I, parteċipant li l-MCA jew id-DCA tiegħu jiġu kkreditati b’riżultat ta’ ordni ta’ trasferiment ta’ flus li tkun qed tiġi saldata; |
| --- | --- |

(46)

“benefiċjarju” tfisser, ħlief fejn jintuża fl-Artikolu 29 tal-Parti I tal-Anness I, parteċipant li l-MCA jew id-DCA tiegħu jiġu kkreditati b’riżultat ta’ ordni ta’ trasferiment ta’ flus li tkun qed tiġi saldata;

| (47) | “pagatur” tfisser, ħlief fejn jintuża fl-Artikolu 29 tal-Parti I tal-Anness I, parteċipant li l-MCA jew id-DCA tiegħu jiġu ddebitati b’riżultat ta’ ordni ta’ trasferiment ta’ flus li tkun qed tiġi saldata; |
| --- | --- |

(47)

“pagatur” tfisser, ħlief fejn jintuża fl-Artikolu 29 tal-Parti I tal-Anness I, parteċipant li l-MCA jew id-DCA tiegħu jiġu ddebitati b’riżultat ta’ ordni ta’ trasferiment ta’ flus li tkun qed tiġi saldata;

| (48) | “ordni ta’ ħlas” tfisser kwalunkwe struzzjoni minn parteċipant jew minn parti li taġixxi f’isimha biex ammont ta’ flus ikun magħmul disponibbli għal benefiċjarju minn kont wieħed permezz ta’ entrata fil-kotba f’kont ieħor u li ma tkunx ordni ta’ trasferiment ta’ AS, ordni ta’ trasferiment ta’ likwidità, ordni ta’ ħlas istantanju jew risposta pożittiva għall-irtirar; |
| --- | --- |

(48)

“ordni ta’ ħlas” tfisser kwalunkwe struzzjoni minn parteċipant jew minn parti li taġixxi f’isimha biex ammont ta’ flus ikun magħmul disponibbli għal benefiċjarju minn kont wieħed permezz ta’ entrata fil-kotba f’kont ieħor u li ma tkunx ordni ta’ trasferiment ta’ AS, ordni ta’ trasferiment ta’ likwidità, ordni ta’ ħlas istantanju jew risposta pożittiva għall-irtirar;

| (49) | “risposta pożittiva għall-irtirar” tfisser f’konformità mal-iskema ta’ Trasferiment ta’ Kreditu Istantanju tasSEPA (SCT Inst) tal-Kunsill Ewropew tal-Ħlasijiet ordni ta’ trasferiment ta’ flus mibdija mir-riċevitur ta’ talba għall-irtirar, bi tweġiba għal talba għall-irtirar, għall-benefiċċju tal-mittent ta’ dik it-talba għall-irtirar; |
| --- | --- |

(49)

“risposta pożittiva għall-irtirar” tfisser f’konformità mal-iskema ta’ Trasferiment ta’ Kreditu Istantanju tasSEPA (SCT Inst) tal-Kunsill Ewropew tal-Ħlasijiet ordni ta’ trasferiment ta’ flus mibdija mir-riċevitur ta’ talba għall-irtirar, bi tweġiba għal talba għall-irtirar, għall-benefiċċju tal-mittent ta’ dik it-talba għall-irtirar;

| (50) | “korp tas-settur pubbliku”
  tfisser entità fi ħdan is-“settur pubbliku”, dan it-terminu tal-aħħar kif definit fl-Artikolu 3 tar-Regolament tal-Kunsill (KE) Nru 3603/93 (5); |
| --- | --- |

(50)

“korp tas-settur pubbliku”
  tfisser entità fi ħdan is-“settur pubbliku”, dan it-terminu tal-aħħar kif definit fl-Artikolu 3 tar-Regolament tal-Kunsill (KE) Nru 3603/93 (5);

| (51) | “parti aċċessibbli” tfisser entità li: (a) ikollha Kodiċi għall-Identifikazzjoni tan-Negozju (BIC); (b) tkun indikata bħala tali minn detentur ta’ TIPS DCA jew minn sistema anċillari li jkollha kont tekniku ta’ TIPS AS; (c) tkun korrispondent, klijent jew fergħa ta' detentur ta’ TIPS DCA jew parteċipant f’sistema anċillari; jew korrispondent, klijent, jew fergħa ta’ parteċipant f’sistema anċillari; u (d) tkun indirizzabbli permezz tat-TIPS u tista' tissottometti ordnijiet ta' trasferiment ta’ flus u tirċievi ordnijiet ta' trasferiment ta’ flus jew permezz tad-detentur ta’ TIPS DCA jew ta’ sistema anċillari li jkollha kont tekniku ta’ TIPS AS, jew direttament jekk tkun awtorizzata mid-detentur ta’ TIPS DCA jew minn sistema anċillari li jkollha kont tekniku ta’ TIPS AS; |
| --- | --- |

(51)

“parti aċċessibbli” tfisser entità li: (a) ikollha Kodiċi għall-Identifikazzjoni tan-Negozju (BIC); (b) tkun indikata bħala tali minn detentur ta’ TIPS DCA jew minn sistema anċillari li jkollha kont tekniku ta’ TIPS AS; (c) tkun korrispondent, klijent jew fergħa ta' detentur ta’ TIPS DCA jew parteċipant f’sistema anċillari; jew korrispondent, klijent, jew fergħa ta’ parteċipant f’sistema anċillari; u (d) tkun indirizzabbli permezz tat-TIPS u tista' tissottometti ordnijiet ta' trasferiment ta’ flus u tirċievi ordnijiet ta' trasferiment ta’ flus jew permezz tad-detentur ta’ TIPS DCA jew ta’ sistema anċillari li jkollha kont tekniku ta’ TIPS AS, jew direttament jekk tkun awtorizzata mid-detentur ta’ TIPS DCA jew minn sistema anċillari li jkollha kont tekniku ta’ TIPS AS;

| (52) | “proċedura ta’ saldu ta’ sistema anċillari għas-saldu gross f’ħin reali” (proċedura ta’ saldu ta’ RTGS AS) tfisser waħda mill-firxa ta’ servizzi speċjali u predefiniti għas-sottomissjoni u s-saldu ta’ ordnijiet ta’ trasferiment ta’ AS relatati mas-saldu ta’ AS fuq RTGS DCAs, subkontijiet u kontijiet tekniċi ta’ RTGS AS; |
| --- | --- |

(52)

“proċedura ta’ saldu ta’ sistema anċillari għas-saldu gross f’ħin reali” (proċedura ta’ saldu ta’ RTGS AS) tfisser waħda mill-firxa ta’ servizzi speċjali u predefiniti għas-sottomissjoni u s-saldu ta’ ordnijiet ta’ trasferiment ta’ AS relatati mas-saldu ta’ AS fuq RTGS DCAs, subkontijiet u kontijiet tekniċi ta’ RTGS AS;

| (53) | “Kont tekniku ta’ sistema anċillari għas-saldu gross f’ħin reali” (kont tekniku ta’ RTGS AS) tfisser kont miżmum minn AS jew mill-BĊ fis-sistema komponenti tat-TARGET tagħha f’isem l-AS u użat fil-kuntest ta’ sistema ta’ saldu ta’ RTGS AS; |
| --- | --- |

(53)

“Kont tekniku ta’ sistema anċillari għas-saldu gross f’ħin reali” (kont tekniku ta’ RTGS AS) tfisser kont miżmum minn AS jew mill-BĊ fis-sistema komponenti tat-TARGET tagħha f’isem l-AS u użat fil-kuntest ta’ sistema ta’ saldu ta’ RTGS AS;

| (54) | “talba għall-irtirar” tfisser messaġġ minn detentur ta’ RTGS DCA jew detentur ta’ TIPS DCA li jitlob rimborż ta’ ordni ta’ ħlas saldata jew ordni ta’ ħlas istantanju rispettivament; |
| --- | --- |

(54)

“talba għall-irtirar” tfisser messaġġ minn detentur ta’ RTGS DCA jew detentur ta’ TIPS DCA li jitlob rimborż ta’ ordni ta’ ħlas saldata jew ordni ta’ ħlas istantanju rispettivament;

| (55) | “ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli”
  tfisser ordni ta’ trasferiment ta’ likwidità li tiġi skattata bħala riżultat ta’: (a) il-bilanċ fuq MCA jew RTGS DCA li jikser limitu minimu jew limitu massimu ddefinit minn qabel; jew (b) nuqqas ta’ fondi suffiċjenti disponibbli biex ikopru ordnijiet ta’ ħlas urġenti fil-kju, ordnijiet ta’ trasferiment ta’ AS jew ordnijiet ta’ ħlas ta’ prijorità għolja fuq RTGS DCA; |
| --- | --- |

(55)

“ordni ta’ trasferiment ta’ likwidità bbażata fuq ir-regoli”
  tfisser ordni ta’ trasferiment ta’ likwidità li tiġi skattata bħala riżultat ta’: (a) il-bilanċ fuq MCA jew RTGS DCA li jikser limitu minimu jew limitu massimu ddefinit minn qabel; jew (b) nuqqas ta’ fondi suffiċjenti disponibbli biex ikopru ordnijiet ta’ ħlas urġenti fil-kju, ordnijiet ta’ trasferiment ta’ AS jew ordnijiet ta’ ħlas ta’ prijorità għolja fuq RTGS DCA;

| (56) | “grupp ta’ kont bankarju tas-saldu”
  tfisser lista ta’ RTGS DCAs u/jew subkontijiet stabbiliti fil-kuntest tas-saldu ta’ sistema anċillari li tuża proċeduri ta’ saldu ta’ RTGS AS; |
| --- | --- |

(56)

“grupp ta’ kont bankarju tas-saldu”
  tfisser lista ta’ RTGS DCAs u/jew subkontijiet stabbiliti fil-kuntest tas-saldu ta’ sistema anċillari li tuża proċeduri ta’ saldu ta’ RTGS AS;

| (57) | “bank tas-saldu” tfisser detentur ta’ RTGS DCA li l-RTGS DCA jew is-subkont tiegħu jintuża sabiex jiġu saldati ordnijiet ta’ trasferiment ta’ AS sottomessi minn AS bl-użu tal-proċeduri ta’ saldu ta’ RTGS AS; |
| --- | --- |

(57)

“bank tas-saldu” tfisser detentur ta’ RTGS DCA li l-RTGS DCA jew is-subkont tiegħu jintuża sabiex jiġu saldati ordnijiet ta’ trasferiment ta’ AS sottomessi minn AS bl-użu tal-proċeduri ta’ saldu ta’ RTGS AS;

| (58) | “sospensjoni” tfisser l-iffriżar temporanju tad-drittijiet u l-obbligi ta’ parteċipant għal perjodu ta’ żmien li għandu jiġi ddeterminat mill-BĊ tal-parteċipant; |
| --- | --- |

(58)

“sospensjoni” tfisser l-iffriżar temporanju tad-drittijiet u l-obbligi ta’ parteċipant għal perjodu ta’ żmien li għandu jiġi ddeterminat mill-BĊ tal-parteċipant;

| (59) | “kont tat-TARGET” tfisser kwalunkwe kont miftuħ f’sistema komponenti tat-TARGET; |
| --- | --- |

(59)

“kont tat-TARGET” tfisser kwalunkwe kont miftuħ f’sistema komponenti tat-TARGET;

| (60) | “sistema komponenti tat-TARGET” tfisser kwalunkwe waħda mis-sistemi tal-BĊi li tifforma parti mit-TARGET; |
| --- | --- |

(60)

“sistema komponenti tat-TARGET” tfisser kwalunkwe waħda mis-sistemi tal-BĊi li tifforma parti mit-TARGET;

| (61) | “koordinatur tat-TARGET” tfisser persuna maħtura mill-BĊE biex tiżgura l-ġestjoni operazzjonali ta’ kuljum tat-TARGET, biex timmaniġġja u tikkoordina l-attività f’każ li sseħħ sitwazzjoni anormali u biex tikkoordina t-tixrid ta’ informazzjoni lill-parteċipanti; |
| --- | --- |

(61)

“koordinatur tat-TARGET” tfisser persuna maħtura mill-BĊE biex tiżgura l-ġestjoni operazzjonali ta’ kuljum tat-TARGET, biex timmaniġġja u tikkoordina l-attività f’każ li sseħħ sitwazzjoni anormali u biex tikkoordina t-tixrid ta’ informazzjoni lill-parteċipanti;

| (62) | “proċedura ta’ saldu ta’ sistema anċillari għas-Saldu ta’ Ħlasijiet Istantanji tat-TARGET (TIPS)” (proċedura tas-saldu ta’ TIPS AS) tfisser is-servizz predefinit għas-sottomissjoni u s-saldu ta’ ordnijiet ta’ trasferiment ta’ likwidità u ordnijiet ta’ ħlas istantanju relatati mas-saldu ta’ AS fuq TIPS DCAs u kontijiet tekniċi ta’ TIPS AS; |
| --- | --- |

(62)

“proċedura ta’ saldu ta’ sistema anċillari għas-Saldu ta’ Ħlasijiet Istantanji tat-TARGET (TIPS)” (proċedura tas-saldu ta’ TIPS AS) tfisser is-servizz predefinit għas-sottomissjoni u s-saldu ta’ ordnijiet ta’ trasferiment ta’ likwidità u ordnijiet ta’ ħlas istantanju relatati mas-saldu ta’ AS fuq TIPS DCAs u kontijiet tekniċi ta’ TIPS AS;

| (63) | “Kont tekniku ta’ sistema anċillari (kont tekniku għas-Saldu ta’ Ħlasijiet Istantanji fit-TARGET (TIPS)” (kont tekniku ta’ TIPS AS) tfisser kont miżmum minn AS jew mill-BĊ fis-sistema komponenti tat-TARGET tiegħu f’isem l-AS għall-użu mill-AS għall-fini ta’ saldu ta’ ħlasijiet istantanji jew ħlasijiet kważi istantanji fil-kotba tagħha stess; |
| --- | --- |

(63)

“Kont tekniku ta’ sistema anċillari (kont tekniku għas-Saldu ta’ Ħlasijiet Istantanji fit-TARGET (TIPS)” (kont tekniku ta’ TIPS AS) tfisser kont miżmum minn AS jew mill-BĊ fis-sistema komponenti tat-TARGET tiegħu f’isem l-AS għall-użu mill-AS għall-fini ta’ saldu ta’ ħlasijiet istantanji jew ħlasijiet kważi istantanji fil-kotba tagħha stess;

| (64) | “maniġer tas-saldu tat-TARGET” tfisser persuna maħtura minn BĊ tal-Eurosistema biex timmonitorja l-operat tas-sistema komponenti tat-TARGET tagħha; |
| --- | --- |

(64)

“maniġer tas-saldu tat-TARGET” tfisser persuna maħtura minn BĊ tal-Eurosistema biex timmonitorja l-operat tas-sistema komponenti tat-TARGET tagħha;

| (65) | “TARGET2-Securities” (T2S) tfisser is-sett ta’ hardware, software u komponenti oħra tal-infrastruttura teknika li permezz tagħhom l-Eurosistema tipprovdi s-servizzi lis-CSDs u lill-BĊi tal-Eurosistema li jippermettu saldu bażiku, newtrali u mingħajr fruntieri ta’ tranżazzjonijiet ta’ titoli fuq bażi ta’ konsenja kontra ħlas fi flus tal-bank ċentrali; |
| --- | --- |

(65)

“TARGET2-Securities” (T2S) tfisser is-sett ta’ hardware, software u komponenti oħra tal-infrastruttura teknika li permezz tagħhom l-Eurosistema tipprovdi s-servizzi lis-CSDs u lill-BĊi tal-Eurosistema li jippermettu saldu bażiku, newtrali u mingħajr fruntieri ta’ tranżazzjonijiet ta’ titoli fuq bażi ta’ konsenja kontra ħlas fi flus tal-bank ċentrali;

| (66) | “ħsara teknika fit-TARGET”
  tfisser kwalunkwe difett jew ħsara fl-infrastruttura teknika u/jew fis-sistemi tal-kompjuter użati mis-sistema komponenti rilevanti tat-TARGET, jew kwalunkwe avveniment ieħor li jagħmilha impossibbli li jiġi eżegwit u kkompletat l-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus skont il-partijiet rilevanti ta’ din il-Linja Gwida fis-sistema komponenti rilevanti tat-TARGET. |
| --- | --- |

(66)

“ħsara teknika fit-TARGET”
  tfisser kwalunkwe difett jew ħsara fl-infrastruttura teknika u/jew fis-sistemi tal-kompjuter użati mis-sistema komponenti rilevanti tat-TARGET, jew kwalunkwe avveniment ieħor li jagħmilha impossibbli li jiġi eżegwit u kkompletat l-ipproċessar ta’ ordnijiet ta’ trasferiment ta’ flus skont il-partijiet rilevanti ta’ din il-Linja Gwida fis-sistema komponenti rilevanti tat-TARGET.

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(1)  Regolament tal-Kummissjoni (KE) Nru 1126/2008 tat-3 ta' Novembru 2008 li jadotta ċerti standards internazzjonali tal-kontabilità skond ir-Regolament (KE) Nru 1606/2002 tal-Parlament Ewropew u tal-Kunsill (ĠU L 320, 29.11.2008, p. 1).

(2)  Regolament (UE) Nru 575/2013 tal-Parlament Ewropew u tal-Kunsill tas-26 ta’ Ġunju 2013 dwar ir-rekwiżiti prudenzjali għall-istituzzjonijiet ta' kreditu u d-ditti tal-investiment u li jemenda r-Regolament (UE) Nru 648/2012 (ĠU L 176, 27.6.2013, p. 1).

(3)  Direttiva 2014/65/UE tal-Parlament Ewropew u tal-Kunsill tal-15 ta’ Mejju 2014 dwar is-swieq fl-istrumenti finanzjarji u li temenda d-Direttiva 2002/92/KE u d-Direttiva 2011/61/UE (ĠU L 173, 12.6.2014, p. 349).

(4)  Direttiva 2013/36/UE tal-Parlament Ewropew u tal-Kunsill tas-26 ta’ Ġunju 2013 dwar l-aċċess għall-attività tal-istituzzjonijiet ta' kreditu u s-superviżjoni prudenzjali tal-istituzzjonijiet ta’ kreditu u tad-ditti tal-investiment, li temenda d-Direttiva 2002/87/KE u li tħassar id-Direttivi 2006/48/KE u 2006/49/KE (ĠU L 176, 27.6.2013, p. 338).

(5)  Regolament tal-Kunsill (KE) Nru 3603/93 tat-13 Diċembru 1993 li jistabbilixxi d-definizzjonijiet għall-applikazzjoni tal-projbizzjonijiet previsti fl-Artikoli 104 u 104b (1) tat-Trattat (ĠU L 332, 31.12.1993, p. 1).

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