1.

Annex II is amended as follows: (a) in Article 1, the definition of ‘ancillary system’ is replaced by the following: ‘“ancillary system” means a system managed by an entity established in the European Economic Area (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 (*1), in which payments and/or financial instruments are exchanged and/or cleared or recorded with (a) the monetary obligations settled in TARGET2 and/or (b) funds held in TARGET2, in accordance with Guideline ECB/2012/27 (*2) and a bilateral arrangement between the ancillary system and the relevant Eurosystem CB; (b) Article 34 is amended as follows: (i) paragraph 6 is replaced by the following: ‘6. If a PM account holder is suspended from TARGET2-[insert CB/country reference] on grounds other than those specified in paragraph 1(a), all of its incoming payments and outgoing payment orders shall be stored and only entered into the entry disposition after they have been explicitly accepted by the suspended PM account holder's CB.’; (ii) the following paragraph 7 is added: ‘7. If a PM account holder is suspended from TARGET2-[insert CB/country reference] on the grounds specified in paragraph 1(a), any outgoing payment orders from that PM account holder shall only be processed on the instructions of its representatives, including those appointed by a competent authority or a court, such as the PM account holder's insolvency administrator, or pursuant to an enforceable decision of a competent authority or a court providing instructions as to how the payments are to be processed. All incoming payments shall be processed in accordance with paragraph 6.’; (c) Article 38 is amended as follows: (i) paragraph 2 is replaced by the following: ‘2. By derogation from paragraph 1, the participant agrees that the [insert name of CB] may disclose payment, technical or organisational information regarding the participant, participants from the same group or the participant's customers obtained in the course of the operation of TARGET2-[insert CB/country reference] to (a) other CBs or third parties that are involved in the operation of TARGET2-[insert CB/country reference], to the extent that this is necessary for the efficient functioning of TARGET2 or the monitoring of the participant's or its 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 (c) supervisory 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 in all such cases that the disclosure is not in conflict with the applicable law. The [insert name of CB] shall not be liable for the financial and commercial consequences of such disclosure.’; (ii) paragraph 3 is replaced by the following: ‘3. 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 [insert name of CB] 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.’; (d) in Appendix I, paragraph 8(8)(c) is replaced by the following: ‘(c) from the PM account to the technical account managed by the ancillary system using settlement procedure 6 real-time; and’; (e) Appendix IV is amended as follows: (i) paragraph 6(a) is replaced by the following: ‘(a) If it deems it necessary to do so, the [insert name of CB] shall initiate the contingency processing of payment orders using the Contingency Module of the SSP or other means. In such cases, only a minimum service level shall be provided to participants. The [insert name of CB] shall inform its participants of the start of contingency processing by means of any available means of communication.’; (ii) paragraph 8(b) is replaced by the following: ‘(b) In the event of a failure of the [insert name of CB], some or all of its technical functions in relation to TARGET2-[insert CB/country reference] may be performed by other Eurosystem CBs or the SSP.’; (f) in Appendix V, the table in paragraph 3 is replaced by the following: ‘Time Description 6.45-7.00 Business window to prepare daytime operations (*3) 7.00-18.00 Daytime processing 17.00 Cut-off time for customer payments, i.e. payments where the originator and/or the beneficiary of a payment is not a direct or indirect participant as identified in the system by the use of an MT 103 or MT 103+ message 18.00 Cut-off time for interbank payments, i.e. payments other than customer payments 18.00-18.45 (*4) End-of-day processing 18.15 (*4) General cut-off time for the use of standing facilities (Shortly after) 18.30 (*5) Data for the update of accounting systems are available to CBs 18.45-19.30 (*5) Start-of-day processing (new business day) 19.00 (*5)-19.30 (*4) Provision of liquidity on the PM account 19.30 (*5) “Start-of-procedure” message and settlement of the standing orders to transfer liquidity from the PM accounts to the subaccounts/technical account (ancillary system-related settlement) 19.30 (*5)-22.00 Execution of additional liquidity transfers via the ICM for settlement procedure 6 real time; execution of additional liquidity transfers via the ICM before the ancillary system sends the “start of cycle” messages for settlement procedure 6 interfaced; settlement period of night-time ancillary system operations (only for ancillary system settlement procedure 6 real-time and settlement procedure 6 interfaced) 22.00-1.00 Technical maintenance period 1.00-7.00 Settlement procedure of night-time ancillary system operations (only for ancillary system settlement procedure 6 real-time and settlement procedure 6 interfaced) (g) In Appendix VI, paragraph 14 is replaced by the following: ‘14. In the case of direct participants, the following invoicing rules apply. The direct participant (the AL group or CAI group manager in the event that the AL or CAI modes are used) shall receive the relevant invoices for the previous month specifying the fees to be paid, no later than on the ninth business day of the following month. Payment shall be made at the latest on the 14th working day of that month to the account specified by the [insert name of CB] and shall be debited from that participant's PM account.’