EN Official Journal of the European Union L 199/26

GUIDELINE (EU) 2017/1404 OF THE EUROPEAN CENTRAL BANK

of 23 June 2017

amending Guideline ECB/2012/13 on TARGET2-Securities (ECB/2017/19)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union, and in particular the first indent of Article 127(2) thereof,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank and in particular Articles 3.1, 12.1 and 12.3 and Articles 17, 18 and 22 thereof,

Whereas:

(1) On 16 March 2016, the Governing Council approved the establishment of a ‘Market Infrastructure Board’, a new governance body responsible for technical and operational management tasks in the field of market infrastructures and platforms.

(2) On the same date, the Governing Council approved the establishment of a ‘Market Infrastructure and Payments Committee’, to replace the ‘Payment and Settlement Systems Committee’.

(3) An ‘Advisory group on Market Infrastructures for Securities and Collateral’ (hereinafter ‘AMI SeCo’) has been established to take over the responsibilities of the T2S Advisory Group, to advise the Eurosystem on matters relevant to securities clearing and settlement, collateral management and T2S.

(4) Guideline ECB/2012/13 (1) should, therefore, be amended, to reflect the replacement of the Payment and Settlement Systems Committee by the Market Infrastructure and Payments Committee, the establishment of the Market Infrastructure Board, and the replacement of the T2S Advisory Group by AMI SeCo,

HAS ADOPTED THIS GUIDELINE:

Article 1

Amendments

Guideline ECB/2012/13 is amended as follows:

1. in Article 2 the following definitions are added: ‘(25) “Advisory Group on Market Infrastructures for Securities and Collateral” or “AMI SeCo” means the advisory body whose mission is to advise the Eurosystem on matters related to securities clearing and settlement, collateral management and T2S, and whose mandate is published on the ECB's website; (26) “Market Infrastructure Board” or “MIB” means the governance body, which has as its mission to support the Governing Council by ensuring that the Eurosystem's market infrastructures and platforms, in the fields of cash settlement, securities settlement and collateral management, are maintained and further developed in line with the Treaty objectives of the European System of Central Banks (ESCB), the ESCB's business needs, technological advances, as well as regulatory and oversight requirements, as applicable from time to time; (27) “Market Infrastructure and Payments Committee” or “MIPC” means the Eurosystem Committee charged with assisting the decision-making bodies of the Eurosystem in fulfilling the ESCB's statutory duty to promote the smooth operation of payment systems, including business continuity aspects, or its successor.’;

2. in Article 2, point (18) is replaced by the following: ‘(18) “T2S Board” means the governance body established pursuant to Decision ECB/2012/6, with the task of developing proposals for the Governing Council on key strategic issues and executing tasks of a purely technical nature in relation to T2S, and which operates as one of the dedicated formats of the MIB;’;

3. in Article 7, in paragraphs 1, to 3 all references to the ‘T2S Advisory Group’ are replaced by ‘AMI SeCo’;

4. in Article 8, paragraph 1 is replaced by the following: ‘1. In order to avoid conflicts of interest between the provision of T2S services by the Eurosystem and the Eurosystem's oversight functions, the Eurosystem central banks shall ensure that: (a) T2S Board members, shall not be directly involved in the oversight of T2S or of CSDs that outsource settlement operations to T2S, to the extent that such involvement could give rise to actual or potential conflicts with their functions as T2S Board Members. Appropriate measures shall be put in place to identify and avoid any such conflicts; (b) T2S Board members shall not be part of the Internal Auditors Committee (IAC), nor shall they be involved in Level 3 Activities on a day-to-day basis; (c) T2S oversight activities shall be separated from T2S operational activities.’;

5. in Article 9, in paragraphs 3 and 4 all references to the ‘Payment and Settlement Systems Committee (PSSC)’ are replaced by ‘Market Infrastructure and Payments Committee (MIPC).’;

6. the Annex is replaced by the Annex to this Guideline.

Article 2

Taking effect

This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.

Article 3

Addressees

This Guideline is addressed to all Eurosystem central banks.

Done at Frankfurt am Main, 23 June 2017. For the Governing Council of the ECB The President of the ECB Mario DRAGHI

(1) Guideline ECB/2012/13 of 18 July 2012 on TARGET2-Securities (OJ L 215, 11.8.2012, p. 19).