natgillin/translations-raw huggingface dataset:
Without prejudice to Article 28 , participation in TARGET2-ECB is for an indefinite period of time .
Without prejudice to Article 28 , participation in TARGET2-ECB is for an indefinite period of time .
A participant may terminate its participation in TARGET2-ECB at any time giving 14 business days » notice thereof , unless it agrees a shorter notice period with the ECB .
A participant may terminate its participation in TARGET2-ECB at any time giving 14 business days » notice thereof , unless it agrees a shorter notice period with the ECB .
The ECB may terminate a participant 's participation in TARGET2-ECB at any time giving three months » notice thereof , unless it agrees a different notice period with that participant .
The ECB may terminate a participant 's participation in TARGET2-ECB at any time giving three months » notice thereof , unless it agrees a different notice period with that participant .
On termination of participation , the confidentiality duties laid down in Article 32 remain in force for a period of five years starting on the date of termination .
On termination of participation , the confidentiality duties laid down in Article 32 remain in force for a period of five years starting on the date of termination .
On termination of participation , the PM accounts of the participant concerned shall be closed in accordance with Article 29 .
On termination of participation , the PM accounts of the participant concerned shall be closed in accordance with Article 29 .
Article 28 Suspension and extraordinary termination of participation 1 .
Article 28 Suspension and extraordinary termination of participation 1 .
A participant 's participation in TARGET2-ECB shall be immediately terminated without prior notice or suspended if one of the following events of default occurs : ( a ) the opening of insolvency proceedings ;
A participant 's participation in TARGET2-ECB shall be immediately terminated without prior notice or suspended if one of the following events of default occurs : ( a ) the opening of insolvency proceedings ;
and / or ( b ) the participant no longer meets the access criteria laid down in Article 4 .
and / or ( b ) the participant no longer meets the access criteria laid down in Article 4 .
The ECB may terminate without prior notice or suspend the participant 's participation in TARGET2-ECB if : ( a ) one or more events of default ( other than those referred to in paragraph 1 ) occur ;
The ECB may terminate without prior notice or suspend the participant 's participation in TARGET2-ECB if : ( a ) one or more events of default ( other than those referred to in paragraph 1 ) occur ;
( b ) the participant is in material breach of these Conditions ;
( b ) the participant is in material breach of these Conditions ;
( c ) the participant fails to carry out any material obligation to the ECB ;
( c ) the participant fails to carry out any material obligation to the ECB ;
( d ) the participant is excluded from , or otherwise ceases to be a member of , a TARGET2 CUG ;
( d ) the participant is excluded from , or otherwise ceases to be a member of , a TARGET2 CUG ;
and / or ( e ) any other participant-related event occurs which , in the ECB 's assessment , would threaten the overall stability , soundness and safety of TARGET2-ECB or of any other TARGET2 component system , or which would jeopardise the ECB 's performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank .
and / or ( e ) any other participant-related event occurs which , in the ECB 's assessment , would threaten the overall stability , soundness and safety of TARGET2-ECB or of any other TARGET2 component system , or which would jeopardise the ECB 's performance of its tasks as described in the Statute of the European System of Central Banks and of the European Central Bank .
In exercising its discretion under paragraph 2 , the ECB shall take into account , inter alia , the seriousness of the event of default or events mentioned in subparagraphs ( a ) to ( c ) .
In exercising its discretion under paragraph 2 , the ECB shall take into account , inter alia , the seriousness of the event of default or events mentioned in subparagraphs ( a ) to ( c ) .
( a ) In the event that the ECB suspends or terminates a participant 's participation in TARGET2-ECB under paragraph 1 or 2 , the ECB shall immediately inform that participant , other CBs and the other participants of such suspension or termination by means of an ICM broadcast message .
( a ) In the event that the ECB suspends or terminates a participant 's participation in TARGET2-ECB under paragraph 1 or 2 , the ECB shall immediately inform that participant , other CBs and the other participants of such suspension or termination by means of an ICM broadcast message .
( b ) In the event that the ECB is informed by another CB of a suspension or termination of a participant in another TARGET2 component system , the ECB shall immediately inform its participants of such suspension or termination by means of an ICM broadcast message .
( b ) In the event that the ECB is informed by another CB of a suspension or termination of a participant in another TARGET2 component system , the ECB shall immediately inform its participants of such suspension or termination by means of an ICM broadcast message .
( c ) Once such an ICM broadcast message has been received by the participants , the latter shall be deemed informed of the termination / suspension of a participant 's participation in TARGET2-ECB or another TARGET2 component system .
( c ) Once such an ICM broadcast message has been received by the participants , the latter shall be deemed informed of the termination / suspension of a participant 's participation in TARGET2-ECB or another TARGET2 component system .
The participants shall bear any losses arising from the submission of a payment order to participants whose participation has been suspended or terminated if such 2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 18 ▼B payment order was entered into TARGET2-ECB after receipt of the ICM broadcast message .
The participants shall bear any losses arising from the submission of a payment order to participants whose participation has been suspended or terminated if such payment order was entered into TARGET2-ECB after receipt of the ICM broadcast message .
Upon termination of a participant 's participation , TARGET2-ECB shall not accept any new payment orders from such participant .
Upon termination of a participant 's participation , TARGET2-ECB shall not accept any new payment orders from such participant .
Payment orders in the queue , warehoused payment orders or new payment orders in favour of such participant shall be returned .
Payment orders in the queue , warehoused payment orders or new payment orders in favour of such participant shall be returned .
If a participant is suspended from TARGET2-ECB , all 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 participant 's CB .
If a participant is suspended from TARGET2-ECB , all 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 participant 's CB .
Article 29 Closure of PM accounts 1 .
2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 18 ▼B Article 29 Closure of PM accounts 1 .
Participants may close their PM accounts at any time provided they give the ECB 14 business days » notice thereof .
Participants may close their PM accounts at any time provided they give the ECB 14 business days » notice thereof .
On termination of participation , pursuant to either Article 27 or 28 , the ECB shall close the PM accounts of the participant concerned , after having : ( a ) settled or returned any queued payment orders ;
On termination of participation , pursuant to either Article 27 or 28 , the ECB shall close the PM accounts of the participant concerned , after having : ( a ) settled or returned any queued payment orders ;
and ( b ) made use of its rights of pledge and set-off under Article 30 .
and ( b ) made use of its rights of pledge and set-off under Article 30 .
TITLE IX FINAL PROVISIONS Article 30 The ECB 's rights of pledge and set-off 1 .
TITLE IX FINAL PROVISIONS Article 30 The ECB 's rights of pledge and set-off 1 .
The ECB shall have a pledge over the participant 's existing and future credit balances on its PM accounts , thereby collateralising any current and future claims arising out of the legal relationship between the parties .
The ECB shall have a pledge over the participant 's existing and future credit balances on its PM accounts , thereby collateralising any current and future claims arising out of the legal relationship between the parties .
On the occurrence of :
On the occurrence of :
( a ) an event of default referred to in Article 28 ( 1 ) ;
( a ) an event of default referred to in Article 28 ( 1 ) ;
or ( b ) 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 TARGET2ECB 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 .
or ( b ) 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 TARGET2ECB 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 .
In addition , the mutual obligations of the participant and the ECB shall automatically be set off against each other , and the party owing the higher amount shall pay to the other the difference .
In addition , the mutual obligations of the participant and the ECB shall automatically be set off against each other , and the party owing the higher amount shall pay to the other the difference .
The ECB shall promptly give the participant notice of any set-off pursuant to paragraph 2 after such set-off has taken place .
The ECB shall promptly give the participant notice of any set-off pursuant to paragraph 2 after such set-off has taken place .
The ECB may without prior notice debit any participant 's PM account by any amount which the participant owes the ECB resulting from the legal relationship between the participant and the ECB .
The ECB may without prior notice debit any participant 's PM account by any amount which the participant owes the ECB resulting from the legal relationship between the participant and the ECB .
Article 31 Security rights in relation to funds on sub-accounts 1 .
Article 31 Security rights in relation to funds on sub-accounts 1 .
The ECB shall have a pledge over the balance on a participant 's subaccount 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 subaccount opened for the settlement of AS-related payment instructions under the arrangements between the relevant ancillary system and its CB .
Such balance shall collateralise the participant 's obligation referred to in paragraph 7 towards the ECB in relation to such settlement .
Such balance shall collateralise the participant 's obligation referred to in paragraph 7 towards the ECB in relation to such settlement .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 19 ▼M2 Where applicable , the ECB shall thereafter increase or reduce the frozen balance by crediting or debiting cross-system settlement payments to or from the subaccount or crediting liquidity transfers to the sub-account or crediting liquidity transfers to the sub-account .
Where applicable , the ECB shall thereafter increase or reduce the frozen balance by crediting or debiting cross-system settlement payments to or from the sub-account or crediting liquidity transfers to the sub-account or crediting liquidity transfers to the sub-account .
By confirming , where applicable , the increase or reduction of the frozen balance upon crediting or debiting cross-system settlement payments to or from the sub-account or crediting liquidity transfers to the sub-account , the guarantee is automatically increased or reduced in the amount of the payment .
By confirming , where applicable , the increase or reduction of the frozen balance upon crediting or debiting cross-system settlement payments to or from the sub-account or crediting liquidity transfers to the sub-account , the guarantee is automatically increased or reduced in the amount of the payment .
Without prejudice to the abovementioned increase or reduction of the guarantee , the guarantee shall be irrevocable , unconditional and payable on first demand .
Without prejudice to the abovementioned increase or reduction of the guarantee , 2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 19 ▼M2 the guarantee shall be irrevocable , unconditional and payable on first demand .
If the ECB is not the ancillary system 's CB , the ECB shall be deemed instructed to issue the abovementioned guarantee to the ancillary system 's CB .
If the ECB is not the ancillary system 's CB , the ECB shall be deemed instructed to issue the abovementioned guarantee to the ancillary system 's CB .
▼B 4 .
▼B 4 .
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 subaccount .
In the event of the participant 's insolvency , the AS-related payment instruction for the squaring of the participant 's settlement obligation shall be a first demand for payment under the guarantee ;
In the event of the participant 's insolvency , the AS-related payment instruction for the squaring of the participant 's settlement obligation shall be a first demand for payment under the guarantee ;
the debiting of the instructed amount from the participant 's sub-account ( and crediting of the AS 's technical account ) shall therefore equally involve the discharge of the guarantee obligation by the ECB and a realisation of its collateral right over the balance on the participant 's sub-account .
the debiting of the instructed amount from the participant 's sub-account ( and crediting of the AS 's technical account ) shall therefore equally involve the discharge of the guarantee obligation by the ECB and a realisation of its collateral right over the balance on the participant 's sub-account .
The guarantee shall expire upon communication by the ancillary system that the settlement has been completed ( via an « end-of-cycle » message ) .
The guarantee shall expire upon communication by the ancillary system that the settlement has been completed ( via an « end-of-cycle » message ) .
The participant shall be obliged to reimburse to the ECB any payment made by the latter under such guarantee .
The participant shall be obliged to reimburse to the ECB any payment made by the latter under such guarantee .
Article 32 Confidentiality 1 .
Article 32 Confidentiality 1 .
The ECB shall keep confidential all sensitive or secret information , including when such information relates to payment , technical or organisational information belonging to the participant or the participant 's customers , unless the participant or its customer has given its written consent to disclose .
The ECB shall keep confidential all sensitive or secret information , including when such information relates to payment , technical or organisational information belonging to the participant or the participant 's customers , unless the participant or its customer has given its written consent to disclose .
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 TARGET2-ECB 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 TARGET2-ECB 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 .
The ECB shall not be liable for the financial and commercial consequences of such disclosure .
The ECB shall not be liable for the financial and commercial consequences of such disclosure .
By derogation from paragraph 1 and provided this does not make it possible , whether directly or indirectly , to identify the participant or the participant 's customers , the ECB 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 whom the information is disclosed .
By derogation from paragraph 1 and provided this does not make it possible , whether directly or indirectly , to identify the participant or the participant 's customers , the ECB 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 whom the information is disclosed .
Information relating to the operation of TARGET2-ECB to which participants have had access , may only be used for the purposes laid down in these Conditions .
Information relating to the operation of TARGET2-ECB to which participants have had access , may only be used for the purposes laid down in these Conditions .
Participants shall keep such information confidential , unless the ECB has explicitly given its written consent to disclose .
Participants shall keep such information confidential , unless the ECB has explicitly given its written consent to disclose .
Participants shall ensure that any third parties to whom they outsource , delegate or subcontract tasks which have or may have an impact on the performance of their obligations under these Conditions are bound by the confidentiality requirements in this Article .
Participants shall ensure that any third parties to whom they outsource , delegate or subcontract tasks which have or may have an impact on the performance of their obligations under these Conditions are bound by the confidentiality requirements in this Article .
The ECB shall be authorised , in order to settle payment orders , to process and transfer the necessary data to the network service provider .
The ECB shall be authorised , in order to settle payment orders , to process and transfer the necessary data to the network service provider .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 20 ▼B Article 33 Data protection , prevention of money laundering and related issues 1 .
Article 33 Data protection , prevention of money laundering and related issues 1 .
Participants shall be deemed to be aware of , and shall comply with , all obligations on them relating to legislation on data protection , prevention of money laundering and the financing of terrorism , in particular in terms of implementing appropriate measures concerning any payments debited or credited on their PM accounts .
Participants shall be deemed to be aware of , and shall comply with , all obligations on them relating to legislation on data protection , prevention of money laundering and the financing of terrorism , in particular in terms of implementing appropriate measures concerning any payments debited or credited on their PM accounts .
Participants shall also acquaint themselves with the network service provider 's data retrieval policy prior to entering into the contractual relationship with the network service provider .
Participants shall also acquaint themselves with the network service provider 's data retrieval policy prior to entering into the contractual relationship with the network service provider .
Participants shall be deemed to have authorised the ECB to obtain any information relating to them from any financial or supervisory authority or trade body , whether national or foreign , if such information is necessary for the participant 's participation in TARGET2-ECB .
Participants shall be deemed to have authorised the ECB to obtain any information relating to them from any financial or supervisory authority or trade body , whether national or foreign , if such information is necessary for the participant 's participation in TARGET2-ECB .
Article 34 Notices 1 .
Article 34 Notices 1 .
Except where otherwise provided for in these Conditions , all notices required or permitted pursuant to these Conditions shall be sent by registered post , facsimile or otherwise in writing or by an authenticated message through the network service provider .
Except where otherwise provided for in these Conditions , all notices required or permitted pursuant to these Conditions shall be sent by registered post , facsimile or otherwise in writing or by an authenticated message through the network service provider .
Notices to the ECB shall be submitted to Director General of the ECB 's Directorate General Payment Systems and Market Infrastructure , Kaiserstrasse 29 , D-60311 Frankfurt am Main , Germany or to the SWIFT address of the ECB : ECBFDEFF .
Notices to the ECB shall be submitted to Director General of the ECB 's Directorate General Payment Systems and Market Infrastructure , Kaiserstrasse 29 , D-60311 Frankfurt am Main , Germany or to the SWIFT address of the ECB : ECBFDEFF .
Notices to the participant shall be sent to it at the address , fax number or its SWIFT address as the participant may from time to time notify to the ECB .
Notices to the participant shall be sent to it at the address , fax number or its SWIFT address as the participant may from time to time notify to the ECB .
To prove that a notice has been sent , it shall be sufficient to prove that the notice was delivered to the relevant address or that the envelope containing such notice was properly addressed and posted .
To prove that a notice has been sent , it shall be sufficient to prove that the notice was delivered to the relevant address or that the envelope containing such notice was properly addressed and posted .
All notices shall be given in English .
All notices shall be given in English .