(1)

Annex II is amended as follows: (a) in Article 1 the definitions of the terms ‘payee’ and ‘payer’ are replaced by the following: ‘— “payee”, except where used in Article 39 of this Annex, means a TARGET2 participant whose PM account will be credited as a result of a payment order being settled, — “payer”, except where used in Article 39 of this Annex, means a TARGET2 participant whose PM account will be debited as a result of a payment order being settled,’; (b) Article 8(4)(c) is replaced by the following: ‘(c) in the [insert name of CB]’s assessment, such participation would endanger the overall stability, soundness and safety of TARGET2-[insert CB/country reference] or of any other TARGET2 component system, or would jeopardise the [insert name of CB]’s performance of its tasks as described in [refer to relevant national law] and the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence.’; (c) Article 34(2)(e) is replaced by the following: ‘(e) any other participant-related event occurs which, in the [insert name of CB]’s assessment, would threaten the overall stability, soundness and safety of TARGET2-[insert CB/country reference] or of any other TARGET2 component system, or which would jeopardise the [insert name of CB]’s performance of its tasks as described in [refer to relevant national law] and the Statute of the European System of Central Banks and of the European Central Bank, or poses risks on the grounds of prudence; and/or’; (d) Article 39 is amended as follows: (i) the title ‘Data protection, prevention of money laundering and related issues’ is replaced by ‘Data protection, prevention of money laundering, administrative or restrictive measures and related issues’; (ii) the following paragraph 3 is added: ‘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 Articles 75 or 215 of the Treaty on the Functioning of the European Union, 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 [insert name of CB] 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 [insert name of CB] with evidence of having made a notification or having received consent; (ii) the participant shall not enter any credit transfer order into TARGET2 until it has obtained confirmation from the [insert name of CB] 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 [insert name of CB] 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 [insert name of CB] 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.’.