natgillin/translations-raw huggingface dataset:
and made use of its rights of pledge and set-off under Article 30 .
and made use of its rights of pledge and set-off under Article 30 .
( a ) ( b ) On the occurrence of : an event of default referred to in Article 28 ( 1 ) ;
( a ) ( b ) On the occurrence of : an event of default referred to in Article 28 ( 1 ) ;
or any other event of default or event referred to in Article 28 ( 2 ) that has led to the termination or suspension of the participant 's participation in TARGET2-ECB
or any other event of default or event referred to in Article 28 ( 2 ) that has led to the termination or suspension of the participant 's participation in TARGET2-ECB
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 .
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 .
L 237/86
L 237/86
The ECB shall have a pledge over the balance on a participant 's sub-account opened for the settlement of AS-related payment instructions under the arrangements between the relevant ancillary system and its CB .
The ECB shall have a pledge over the balance on a participant 's sub-account opened for the settlement of AS-related payment instructions under the arrangements between the relevant ancillary system and its CB .
The guarantee shall be irrevocable , unconditional and payable on first demand .
The guarantee shall be irrevocable , unconditional and payable on first demand .
In the absence of any insolvency proceedings in relation to the participant , the AS-related payment instructions for the squaring of the participant 's settlement obligation shall be settled without drawing on the guarantee and without recourse to the security right over the balance on the participant 's sub-account .
In the absence of any insolvency proceedings in relation to the participant , the AS-related payment instructions for the squaring of the participant 's settlement obligation shall be settled without drawing on the guarantee and without recourse to the security right over the balance on the participant 's sub-account .
By derogation from paragraph 1 , the participant agrees that the ECB may disclose payment , technical or organisational information regarding the participant or the participant 's customers obtained in the course of the operation of TARGET2ECB to other CBs or third parties that are involved in the operation of TARGET2-ECB , to the extent that this is necessary for the efficient functioning of TARGET2 , or to supervisory and oversight authorities of Member States and the Community , 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 .
By derogation from paragraph 1 , the participant agrees that the ECB may disclose payment , technical or organisational information regarding the participant or the participant 's customers obtained in the course of the operation of TARGET2ECB to other CBs or third parties that are involved in the operation of TARGET2-ECB , to the extent that this is necessary for the efficient functioning of TARGET2 , or to supervisory and oversight authorities of Member States and the Community , 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 .
Úřední věstník Evropské unie Article 33 Data protection , prevention of money laundering and related issues
Official Journal of the European Union Article 33 Data protection , prevention of money laundering and related issues
L 237/87
L 237/87
Amendments to these Conditions , including its Appendices , shall be announced by means of communication in writing to the participants .
Amendments to these Conditions , including its Appendices , shall be announced by means of communication in writing to the participants .
L 237/88
L 237/88
Úřední věstník Evropské unie Article 37 Third party rights
Official Journal of the European Union Article 37 Third party rights
The bilateral relationship between the ECB and participants in TARGET2-ECB shall be governed by the law of the Federal Republic of Germany .
The bilateral relationship between the ECB and participants in TARGET2-ECB shall be governed by the law of the Federal Republic of Germany .
Úřední věstník Evropské unie Appendix I TECHNICAL SPECIFICATIONS FOR THE PROCESSING OF PAYMENT ORDERS
Official Journal of the European Union Appendix I TECHNICAL SPECIFICATIONS FOR THE PROCESSING OF PAYMENT ORDERS
L 237/89
L 237/89
In addition to the terms and conditions of TARGET2-ECB , the following rules shall apply to the processing of payment orders :
In addition to the terms and conditions of TARGET2-ECB , the following rules shall apply to the processing of payment orders :
For the submission of payment orders and the exchange of payment messages in the PM the SWIFTNet FIN Y-copy service shall be used .
For the submission of payment orders and the exchange of payment messages in the PM the SWIFTNet FIN Y-copy service shall be used .
For the information and control services the following SWIFTNet services may be used : ( a ) ( b ) ( c ) ( 4 ) SWIFTNet InterAct ;
For the information and control services the following SWIFTNet services may be used : ( a ) ( b ) ( c ) ( 4 ) SWIFTNet InterAct ;
SWIFTNet FileAct ;
SWIFTNet FileAct ;
and / or SWIFTNet Browse .
and / or SWIFTNet Browse .
The security of the message exchange between participants shall rely exclusively on SWIFT 's Public Key Infrastructure ( PKI ) service .
The security of the message exchange between participants shall rely exclusively on SWIFT 's Public Key Infrastructure ( PKI ) service .
The « bilateral relationship management » service provided by SWIFT 's Relationship Management Application ( RMA ) shall only be used with the central destination BIC of the SSP and not for payment messages between TARGET2 participants .
The « bilateral relationship management » service provided by SWIFT 's Relationship Management Application ( RMA ) shall only be used with the central destination BIC of the SSP and not for payment messages between TARGET2 participants .
Message Type
Message Type
MT MT MT MT MT MT MT MT MT MT MT
MT MT MT MT MT MT MT MT MT MT MT
103 Mandatory Customer payment 103 + Mandatory Customer payment ( Straight Through Processing ) 202 Mandatory Bank-to-bank payment 204 Optional Direct debit payment 011 Optional Delivery notification 012 Optional Sender notification 019 Mandatory Abort notification 900 Optional Confirmation of debit 910 Optional Confirmation of credit 940/950 Optional ( Customer ) statement message 011 , MT 012 and MT 019 are SWIFT system messages .
103 Mandatory Customer payment 103 + Mandatory Customer payment ( Straight Through Processing ) 202 Mandatory Bank-to-bank payment 204 Optional Direct debit payment 011 Optional Delivery notification 012 Optional Sender notification 019 Mandatory Abort notification 900 Optional Confirmation of debit 910 Optional Confirmation of credit 940/950 Optional ( Customer ) statement message 011 , MT 012 and MT 019 are SWIFT system messages .
When they register with TARGET2-ECB , direct participants shall declare which optional message types they will use , with the exception of MT 011 and MT 012 messages in relation to which direct participants shall decide from time to time whether or not to receive them with reference to specific messages .
When they register with TARGET2-ECB , direct participants shall declare which optional message types they will use , with the exception of MT 011 and MT 012 messages in relation to which direct participants shall decide from time to time whether or not to receive them with reference to specific messages .
L 237/90 ( 3 ) CS
L 237/90 EN ( 3 )
Úřední věstník Evropské unie Participants shall comply with the SWIFT message structure and field specifications , as defined in the SWIFT documentation and under the restrictions set out for TARGET2 , as described in Chapter 9.1.2.2 of the User Detailed Functional Specifications ( UDFS ) , Book 1 .
Official Journal of the European Union Participants shall comply with the SWIFT message structure and field specifications , as defined in the SWIFT documentation and under the restrictions set out for TARGET2 , as described in Chapter 9.1.2.2 of the User Detailed Functional Specifications ( UDFS ) , Book 1 .
Field contents shall be validated at the level of TARGET2-ECB in accordance with the UDFS requirements .
Field contents shall be validated at the level of TARGET2-ECB in accordance with the UDFS requirements .
However , in TARGET2ECB there shall be no specific checks as to whether participants comply with any such rules .
However , in TARGET2ECB there shall be no specific checks as to whether participants comply with any such rules .
The following fields of the SWIFT message types shall be checked :
The following fields of the SWIFT message types shall be checked :
Details
Details
Part of the SWIFT message
Part of the SWIFT message
Field
Field
Sender Message Type Receiver Transaction Reference Number ( TRN ) Related Reference Value Date Amount ( 3 )
Sender Message Type Receiver Transaction Reference Number ( TRN ) Related Reference Value Date Amount ( 3 )
LT Address Message Type Destination Address : 20 : 21 : 32 : 32
LT Address Message Type Destination Address : 20 : 21 : 32 : 32
If all the fields described in subparagraph 2 in relation to a newly submitted payment order are identical to those in relation to a payment order that has already been accepted , the newly submitted payment order shall be returned .
If all the fields described in subparagraph 2 in relation to a newly submitted payment order are identical to those in relation to a payment order that has already been accepted , the newly submitted payment order shall be returned .
Predetermined settlement times ( 1 ) ( 2 ) For payment orders using the Earliest Debit Time Indicator , the codeword « / FROTIME /' shall be used .
Predetermined settlement times ( 1 ) ( 2 ) For payment orders using the Earliest Debit Time Indicator , the codeword « / FROTIME /' shall be used .
For payment orders using the Latest Debit Time Indicator , two options shall be available .
For payment orders using the Latest Debit Time Indicator , two options shall be available .
Codeword « / TILTIME / » : if the payment order cannot be settled by the indicated debit time , the payment order shall not be returned but shall be kept in the relevant queue .
Codeword « / TILTIME / » : if the payment order cannot be settled by the indicated debit time , the payment order shall not be returned but shall be kept in the relevant queue .
Settlement of payment orders in the entry disposition ( 1 ) Offsetting checks and , if appropriate , extended offsetting checks ( both terms as defined in paragraphs 2 and 3 ) shall be carried out on payment orders entered into the entry disposition to provide quick , liquidity-saving gross settlement of payment orders .
Settlement of payment orders in the entry disposition ( 1 ) Offsetting checks and , if appropriate , extended offsetting checks ( both terms as defined in paragraphs 2 and 3 ) shall be carried out on payment orders entered into the entry disposition to provide quick , liquidity-saving gross settlement of payment orders .
8.9.2007 ( 2 ) CS
8.9.2007 EN ( 2 )
Úřední věstník Evropské unie An offsetting check shall determine whether the payee 's payment orders that are at the front of the highly urgent or , if inapplicable , the urgent queue are available to be offset against the payer 's payment order ( hereinafter « offsetting payment orders ') .
Official Journal of the European Union An offsetting check shall determine whether the payee 's payment orders that are at the front of the highly urgent or , if inapplicable , the urgent queue are available to be offset against the payer 's payment order ( hereinafter « offsetting payment orders ') .
If the offsetting check fails , the ECB may apply an extended offsetting check .
If the offsetting check fails , the ECB may apply an extended offsetting check .
L 237/91
L 237/91
Payment orders in the highly urgent and urgent queues shall be settled by using the offsetting checks described in paragraph 6 , starting with the payment order at the front of the queue in cases where there is an increase in liquidity or there is an intervention at queue level ( change of queue position , settlement time or priority , or revocation of the payment order ) .
Payment orders in the highly urgent and urgent queues shall be settled by using the offsetting checks described in paragraph 6 , starting with the payment order at the front of the queue in cases where there is an increase in liquidity or there is an intervention at queue level ( change of queue position , settlement time or priority , or revocation of the payment order ) .
Payments orders in the normal queue shall be settled on a continuous basis including all highly urgent and urgent payment orders that have not yet been settled .
Payments orders in the normal queue shall be settled on a continuous basis including all highly urgent and urgent payment orders that have not yet been settled .
To optimise the settlement of highly urgent ancillary system transactions on participants » sub-accounts , a special algorithm ( Algorithm 5 ) shall be used .
To optimise the settlement of highly urgent ancillary system transactions on participants » sub-accounts , a special algorithm ( Algorithm 5 ) shall be used .
and check whether limits and reservations set by each TARGET2 participant in relation to each relevant PM account are respected .
and check whether limits and reservations set by each TARGET2 participant in relation to each relevant PM account are respected .
If the outcome of these calculations and checks is positive for each relevant PM account , the ECB and other CBs involved shall settle all payments simultaneously on the PM accounts of the TARGET2 participants concerned .
If the outcome of these calculations and checks is positive for each relevant PM account , the ECB and other CBs involved shall settle all payments simultaneously on the PM accounts of the TARGET2 participants concerned .
( b ) Under Algorithm 2 (' partial ') the ECB shall : ( i ) calculate and check the liquidity positions , limits and reservations of each relevant PM account as under Algorithm 1 ;
( b ) Under Algorithm 2 (' partial ') the ECB shall : ( i ) calculate and check the liquidity positions , limits and reservations of each relevant PM account as under Algorithm 1 ;
and if the total liquidity position of one or more relevant PM accounts is negative , extract single payment orders until the total liquidity position of each relevant PM account is positive .
and if the total liquidity position of one or more relevant PM accounts is negative , extract single payment orders until the total liquidity position of each relevant PM account is positive .
L 237/92
L 237/92
CS ( c )
EN ( c )
Úřední věstník Evropské unie Under Algorithm 3 (' multiple ') the ECB shall : ( i ) compare pairs of TARGET2 participants » PM accounts to determine whether queued payment orders can be settled within the available liquidity of the two TARGET2 participants » PM accounts concerned and within the limits set by them ( by starting from the pair of PM accounts with the smallest difference between the payment orders addressed to each other ) , and the CB ( s ) involved shall book those payments simultaneously on the two TARGET2 participants » PM accounts ;
Official Journal of the European Union Under Algorithm 3 (' multiple ') the ECB shall : ( i ) compare pairs of TARGET2 participants » PM accounts to determine whether queued payment orders can be settled within the available liquidity of the two TARGET2 participants » PM accounts concerned and within the limits set by them ( by starting from the pair of PM accounts with the smallest difference between the payment orders addressed to each other ) , and the CB ( s ) involved shall book those payments simultaneously on the two TARGET2 participants » PM accounts ;
and if , in relation to a pair of PM accounts as described under point ( i ) , liquidity is insufficient to fund the bilateral position , extract single payment orders until there is sufficient liquidity .
and if , in relation to a pair of PM accounts as described under point ( i ) , liquidity is insufficient to fund the bilateral position , extract single payment orders until there is sufficient liquidity .
Under Algorithm 5 (' ancillary system settlement via sub-accounts ') the ECB shall follow the same procedure as for Algorithm 1 , subject to the modification that the ECB shall start Algorithm 5 via the Ancillary System Interface and shall only check whether sufficient funds are available on participants » subaccounts .
Under Algorithm 5 (' ancillary system settlement via sub-accounts ') the ECB shall follow the same procedure as for Algorithm 1 , subject to the modification that the ECB shall start Algorithm 5 via the Ancillary System Interface and shall only check whether sufficient funds are available on participants » subaccounts .
Payment orders entered into the entry disposition after the start of any of algorithms 1 to 4 may nevertheless be settled immediately in the entry disposition if the positions and limits of the TARGET2 participants » PM accounts concerned are compatible with both the settlement of these payment orders and the settlement of payment orders in the current optimisation procedure .
Payment orders entered into the entry disposition after the start of any of algorithms 1 to 4 may nevertheless be settled immediately in the entry disposition if the positions and limits of the TARGET2 participants » PM accounts concerned are compatible with both the settlement of these payment orders and the settlement of payment orders in the current optimisation procedure .
During daytime processing the algorithms shall run sequentially .
During daytime processing the algorithms shall run sequentially .
As long as there is no pending simultaneous multilateral settlement of an ancillary system , the sequence shall be as follows : ( a ) ( b ) ( c ) algorithm 1 , if algorithm 1 fails , then algorithm 2 , if algorithm 2 fails , then algorithm 3 , or if algorithm 2 succeeds , repeat algorithm 1 .
As long as there is no pending simultaneous multilateral settlement of an ancillary system , the sequence shall be as follows : ( a ) ( b ) ( c ) algorithm 1 , if algorithm 1 fails , then algorithm 2 , if algorithm 2 fails , then algorithm 3 , or if algorithm 2 succeeds , repeat algorithm 1 .
( 6 ) 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 .
( 6 ) 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 .
While included in a running algorithm , a payment order shall not be reordered ( change of the position in a queue ) or revoked .
While included in a running algorithm , a payment order shall not be reordered ( change of the position in a queue ) or revoked .
With the exception of warehoused payment orders and static data information , only data in relation to the current business day shall be available via the ICM .
With the exception of warehoused payment orders and static data information , only data in relation to the current business day shall be available via the ICM .
Information shall be provided in « pull » mode , which means that each participant has to ask to be provided with information .
Information shall be provided in « pull » mode , which means that each participant has to ask to be provided with information .
8.9.2007 ( 4 ) CS
8.9.2007 EN ( 4 )
Úřední věstník Evropské unie The following modes shall be available for using the ICM : ( a ) Application-to-application mode ( A2A ) In A2A , information and messages are transferred between the PM and the participant 's internal application .
Official Journal of the European Union The following modes shall be available for using the ICM : ( a ) Application-to-application mode ( A2A ) In A2A , information and messages are transferred between the PM and the participant 's internal application .
( b ) User-to-application mode ( U2A ) U2A permits direct communication between a participant and the ICM .
( b ) User-to-application mode ( U2A ) U2A permits direct communication between a participant and the ICM .
The information is displayed in a browser running on a PC system ( SWIFT Alliance WebStation ) .
The information is displayed in a browser running on a PC system ( SWIFT Alliance WebStation ) .
For U2A access through the SWIFT Alliance WebStation the IT infrastructure has to be able to support cookies and JavaScript .
For U2A access through the SWIFT Alliance WebStation the IT infrastructure has to be able to support cookies and JavaScript .
L 237/93
L 237/93
Each participant shall have at least one SWIFT Alliance WebStation to have access to the ICM via U2A .
Each participant shall have at least one SWIFT Alliance WebStation to have access to the ICM via U2A .
Access rights to the ICM shall be granted by using SWIFT 's « Role Based Access Control » .
Access rights to the ICM shall be granted by using SWIFT 's « Role Based Access Control » .
If a participant has technical problems and is unable to submit any payment order , it may generate preformatted backup lump sum and backup contingency payments by using the ICM .
If a participant has technical problems and is unable to submit any payment order , it may generate preformatted backup lump sum and backup contingency payments by using the ICM .
Participants may also use the ICM to transfer liquidity : ( a ) ( b ) ( c ) from their PM account to their account outside the PM ;
Participants may also use the ICM to transfer liquidity : ( a ) ( b ) ( c ) from their PM account to their account outside the PM ;
between the PM account and the participant 's sub-accounts ;
between the PM account and the participant 's sub-accounts ;
and from the PM account to the mirror account managed by the ancillary system .
and from the PM account to the mirror account managed by the ancillary system .
L 237/94
L 237/94
Úřední věstník Evropské unie Appendix II TARGET2 COMPENSATION SCHEME
Official Journal of the European Union Appendix II TARGET2 COMPENSATION SCHEME
Unless otherwise decided by the ECB 's Governing Council , the TARGET2 compensation scheme shall not apply if the technical malfunction of TARGET2 arises out of external events beyond the reasonable control of the CBs concerned or as a result of acts or omissions by third parties .
Unless otherwise decided by the ECB 's Governing Council , the TARGET2 compensation scheme shall not apply if the technical malfunction of TARGET2 arises out of external events beyond the reasonable control of the CBs concerned or as a result of acts or omissions by third parties .
Compensation under the TARGET2 compensation scheme shall be the only compensation procedure offered in the event of a technical malfunction of TARGET2 .
Compensation under the TARGET2 compensation scheme shall be the only compensation procedure offered in the event of a technical malfunction of TARGET2 .