2014/533/EU: Decision of the European Central Bank of 13 August 2014 on the identification of TARGET2 as a systemically important payment system pursuant to Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (ECB/2014/35)

20.8.2014 EN Official Journal of the European Union L 245/5
DECISION OF THE EUROPEAN CENTRAL BANK
of 13 August 2014
on the identification of TARGET2 as a systemically important payment system pursuant to Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems
(ECB/2014/35)
(2014/533/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK
,
Having regard to the Treaty on the Functioning of the European Union, and in particular 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 Article 3.1, Article 22 and the first indent of Article 34.1 thereof,
Having regard to Regulation (EU) No 795/2014 of the European Central Bank of 3 July 2014 on oversight requirements for systemically important payment systems (ECB/2014/28) (1), and in particular Article 1(2) and (3) thereof,
Whereas:
(1) The fourth indent of Article 127(2) of the Treaty and the fourth indent of Article 3.1 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’) empower the Eurosystem to promote the smooth operation of payment systems.
(2) The Eurosystem promotes the smooth operation of payment systems, inter alia, by conducting oversight.
(3) The European Central Bank (ECB) has implemented the principles for financial market infrastructures issued by the Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements (BIS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) (hereinafter the ‘CPSS-IOSCO principles’), which harmonise and strengthen existing international oversight standards for, inter alia, systemically important payment systems (SIPS), by means of Regulation (EU) No 795/2014 (ECB/2014/28).
(4) In order to carry out the identification exercise pursuant to Article 1(2) of Regulation (EU) No 795/2014 (ECB/2014/28) for TARGET2, the Governing Council is verifying that the criterion mentioned in point (a) of Article 1(3) of Regulation (EU) No 795/2014 (ECB/2014/28) is fulfilled, and two out of four of the criteria mentioned in point (b) of Article 1(3) of Regulation (EU) No 795/2014 (ECB/2014/28) are fulfilled, as described in the Annex to this Decision. For the verification exercise on which this Decision is based, public data for the calendar year 2012 has been used, combined with responses to ECB surveys.
(5) Under Guideline ECB/2012/27 (2) TARGET2 has a decentralised structure linking together a multiplicity of payment systems. The TARGET2 component systems are harmonised to the greatest extent possible, with certain exceptions in the event of national law constraints. TARGET2 is also characterised by a single technical platform called the Single Shared Platform. The Governing Council has final competence in relation to TARGET2 and safeguards its public function: this governance arrangement is reflected in the oversight of TARGET2 component systems,