natgillin/translations-raw huggingface dataset:
Participants shall be bound by all forms and documents of the ECB that the participants have filled in and / or signed , including but not limited to static data collection forms , as referred to in Article 6 ( 2 )( a ) , and information provided under Article 9 ( 5 ) , which were submitted in compliance with paragraphs 1 and 2 and which the ECB reasonably believes to have received from the participants , their employees or agents .
Participants shall be bound by all forms and documents of the ECB that the participants have filled in and / or signed , including but not limited to static data collection forms , as referred to in Article 6 ( 2 )( a ) , and information provided under Article 9 ( 5 ) , which were submitted in compliance with paragraphs 1 and 2 and which the ECB reasonably believes to have received from the participants , their employees or agents .
Article 35 Contractual relationship with network service provider 1 .
Article 35 Contractual relationship with network service provider 1 .
For the purposes of these Conditions , the network service provider is SWIFT .
For the purposes of these Conditions , the network service provider is SWIFT .
Each participant shall enter into a separate agreement with SWIFT regarding the services to be provided by SWIFT in relation to the participant 's use of TARGET2-ECB .
Each participant shall enter into a separate agreement with SWIFT regarding the services to be provided by SWIFT in relation to the participant 's use of TARGET2-ECB .
The legal relationship between a participant and SWIFT shall be exclusively governed by SWIFT 's terms and conditions .
The legal relationship between a participant and SWIFT shall be exclusively governed by SWIFT 's terms and conditions .
Each participant shall also participate in a TARGET2 CUG , as specified by the SSP-providing CBs acting as the SWIFT service administrator for the SSP .
Each participant shall also participate in a TARGET2 CUG , as specified by the SSP-providing CBs acting as the SWIFT service administrator for the SSP .
Admission and exclusion of a participant to or from a TARGET2 CUG shall take effect once communicated to SWIFT by the SWIFT service administrator .
Admission and exclusion of a participant to or from a TARGET2 CUG shall take effect once communicated to SWIFT by the SWIFT service administrator .
Participants shall comply with the TARGET2 SWIFT Service Profile , as made available by the ECB .
Participants shall comply with the TARGET2 SWIFT Service Profile , as made available by the ECB .
The services to be provided by SWIFT shall not form part of the services to be performed by the ECB in respect of TARGET2 .
The services to be provided by SWIFT shall not form part of the services to be performed by the ECB in respect of TARGET2 .
The ECB shall not be liable for any acts , errors or omissions of SWIFT ( including its directors , staff and subcontractors ) as provider of SWIFT services , or for any acts , errors or omissions of network providers selected by participants to gain access to the SWIFT network .
The ECB shall not be liable for any acts , errors or omissions of SWIFT ( including its directors , staff and subcontractors ) as provider of SWIFT services , or for any acts , errors or omissions of network providers selected by participants to gain access to the SWIFT network .
Article 36 Amendment procedure The ECB may at any time unilaterally amend these Conditions , including its Appendices .
Article 36 Amendment procedure The ECB may at any time unilaterally amend these Conditions , including its Appendices .
Amendments to these Conditions , including its Appendices , shall be 2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 21 ▼B 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 .
Amendments shall be deemed to have been accepted unless the participant expressly objects within 14 days of being informed of such amendments .
Amendments shall be deemed to have been accepted unless the participant expressly objects within 14 days of being informed of such amendments .
In the event that a participant objects to the amendment , the ECB is entitled immediately to terminate that participant 's participation in TARGET2-ECB and close any of its PM accounts .
In the event that a participant objects to the amendment , the ECB is entitled immediately to terminate that participant 's participation in TARGET2-ECB and close any of its PM accounts .
Article 37 Third party rights 1 .
2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 21 ▼B Article 37 Third party rights 1 .
Any rights , interests , obligations , responsibilities and claims arising from or relating to these Conditions shall not be transferred , pledged or assigned by participants to any third party without the ECB 's written consent .
Any rights , interests , obligations , responsibilities and claims arising from or relating to these Conditions shall not be transferred , pledged or assigned by participants to any third party without the ECB 's written consent .
These Conditions do not create any rights in favour of or obligations in relation to any entity other than the ECB and participants in TARGET2-ECB .
These Conditions do not create any rights in favour of or obligations in relation to any entity other than the ECB and participants in TARGET2-ECB .
Article 38 Governing law , jurisdiction and place of performance 1 .
Article 38 Governing law , jurisdiction and place of performance 1 .
The bilateral relationship between the ECB and participants in TARGET2ECB shall be governed by the law of the Federal Republic of Germany .
The bilateral relationship between the ECB and participants in TARGET2ECB shall be governed by the law of the Federal Republic of Germany .
Any dispute arising from a matter relating to the relationship referred to in paragraph 1 falls under the exclusive competence of the courts of Frankfurt am Main , without prejudice to the competence of the Court of Justice of the European Communities .
Any dispute arising from a matter relating to the relationship referred to in paragraph 1 falls under the exclusive competence of the courts of Frankfurt am Main , without prejudice to the competence of the Court of Justice of the European Communities .
The place of performance concerning the legal relationship between the ECB and the participants shall be Frankfurt am Main , Federal Republic of Germany .
The place of performance concerning the legal relationship between the ECB and the participants shall be Frankfurt am Main , Federal Republic of Germany .
Article 39 Severability If any provision in these Conditions is or becomes invalid , this shall not prejudice the applicability of all the other provisions of these Conditions .
Article 39 Severability If any provision in these Conditions is or becomes invalid , this shall not prejudice the applicability of all the other provisions of these Conditions .
Article 40 Entry into force and binding nature 1 .
Article 40 Entry into force and binding nature 1 .
These Conditions become effective from 19 May 2008 , unless the ECB communicates another date of entry into force to the participants .
These Conditions become effective from 19 May 2008 , unless the ECB communicates another date of entry into force to the participants .
By participating in TARGET2-ECB , participants automatically agree to these Conditions between themselves and in relation to the ECB .
By participating in TARGET2-ECB , participants automatically agree to these Conditions between themselves and in relation to the ECB .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 22 ▼B Appendix I TECHNICAL SPECIFICATIONS FOR THE PAYMENT ORDERS PROCESSING OF
2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 22 ▼B Appendix I TECHNICAL SPECIFICATIONS FOR THE PAYMENT ORDERS PROCESSING OF
In addition to the terms and conditions of TARGET2-ECB , the following rules shall apply to the processing of payment orders : 1 .
In addition to the terms and conditions of TARGET2-ECB , the following rules shall apply to the processing of payment orders : 1 .
Technical requirements for participation in TARGET2-ECB regarding infrastructure , network and formats ( 1 ) TARGET2 uses SWIFT services for the exchange of messages .
Technical requirements for participation in TARGET2-ECB regarding infrastructure , network and formats ( 1 ) TARGET2 uses SWIFT services for the exchange of messages .
Each participant therefore needs a connection to SWIFT 's Secure IP Network .
Each participant therefore needs a connection to SWIFT 's Secure IP Network .
Each participant 's PM account shall be identified by an eight - or 11-digit SWIFT BIC .
Each participant 's PM account shall be identified by an eight - or 11-digit SWIFT BIC .
Furthermore , each participant shall pass a series of tests to prove its technical and operational competence before it may participate in TARGET2-ECB .
Furthermore , each participant shall pass a series of tests to prove its technical and operational competence before it may participate in TARGET2-ECB .
( 2 ) For the submission of payment orders and the exchange of payment messages in the PM the SWIFTNet FIN Y-copy service shall be used .
( 2 ) For the submission of payment orders and the exchange of payment messages in the PM the SWIFTNet FIN Y-copy service shall be used .
A dedicated SWIFT Closed User Group ( CUG ) shall be set up for this purpose .
A dedicated SWIFT Closed User Group ( CUG ) shall be set up for this purpose .
Payment orders within such TARGET2 CUG shall be directly addressed to the receiving TARGET2 participant by entering its BIC in the header of the SWIFTNet FIN message .
Payment orders within such TARGET2 CUG shall be directly addressed to the receiving TARGET2 participant by entering its BIC in the header of the SWIFTNet FIN message .
( 3 ) For the information and control services the following SWIFTNet services may be used : ( a ) SWIFTNet InterAct ;
( 3 ) For the information and control services the following SWIFTNet services may be used : ( a ) SWIFTNet InterAct ;
( b ) SWIFTNet FileAct ;
( b ) SWIFTNet FileAct ;
and / or ( c ) SWIFTNet Browse .
and / or ( c ) SWIFTNet Browse .
( 4 ) The security of the message exchange between participants shall rely exclusively on SWIFT 's Public Key Infrastructure ( PKI ) service .
( 4 ) The security of the message exchange between participants shall rely exclusively on SWIFT 's Public Key Infrastructure ( PKI ) service .
Information on the PKI service is available in the documentation provided by SWIFT .
Information on the PKI service is available in the documentation provided by SWIFT .
( 5 ) 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 .
( 5 ) 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 .
Payment message types ( 1 ) The following SWIFTNet FIN / SWIFT system message types are processed :
Payment message types ( 1 ) The following SWIFTNet FIN / SWIFT system message types are processed :
▼M2 Message Type Type of use Description
▼M2 Message Type Type of use Description
Customer payment Customer payment ( Straight Through Processing ) Bank-to-bank payment Cover payments Direct debit payment Delivery notification Sender notification Abort notification Confirmation of debit Confirmation of credit ( Customer ) statement message
Customer payment Customer payment Processing ) Bank-to-bank payment Cover payments Direct debit payment Delivery notification Sender notification Abort notification Confirmation of debit Confirmation of credit ( Customer ) statement message ( Straight Through
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 23 ▼B ( 2 ) 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 .
2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 23 ▼B ( 2 ) 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 .
( 3 ) 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 .
( 3 ) 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 .
( 4 ) Field contents shall be validated at the level of TARGET2-ECB in accordance with the UDFS requirements .
( 4 ) Field contents shall be validated at the level of TARGET2-ECB in accordance with the UDFS requirements .
Participants may agree among each other on specific rules regarding the field contents .
Participants may agree among each other on specific rules regarding the field contents .
However , in TARGET2-ECB there shall be no specific checks as to whether participants comply with any such rules .
However , in TARGET2-ECB there shall be no specific checks as to whether participants comply with any such rules .
▼M2 ( 5 ) MT 202COV messages shall be used for making cover payments , i.e. payments made by correspondent banks to settle ( cover ) credit transfer messages which are submitted to a customer 's bank by other , more direct means .
▼M2 ( 5 ) MT 202COV messages shall be used for making cover payments , i.e. payments made by correspondent banks to settle ( cover ) credit transfer messages which are submitted to a customer 's bank by other , more direct means .
Customer details contained in MT 202COV shall not be displayed in the ICM .
Customer details contained in MT 202COV shall not be displayed in the ICM .
▼B 3 .
▼B 3 .
Double-entry check ( 1 ) All payment orders shall pass a double-entry check , the aim of which is to reject payment orders that have been submitted more than once by mistake .
Double-entry check ( 1 ) All payment orders shall pass a double-entry check , the aim of which is to reject payment orders that have been submitted more than once by mistake .
( 2 ) The following fields of the SWIFT message types shall be checked : Details Part of the SWIFT message Field
( 2 ) The following fields of the SWIFT message types shall be checked : Details Part of the SWIFT message Field
Sender Message Type
Sender Message Type Receiver Transaction Reference Number ( TRN ) Related Reference Value Date Amount
Basic Header Application Header Application Header Text Block Text Block Text Block Text Block
Basic Header Application Header Application Header Text Block Text Block Text Block Text Block
Destination Address : 20 : 21 : 32 : 32 Transaction Reference Number ( TRN ) Related Reference Value Date Amount
LT Address Message Type Destination Address : 20 : 21 : 32 : 32
( 3 ) 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 .
( 3 ) 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 .
Error codes If a payment order is rejected , the instructing participant shall receive an abort notification ( MT 019 ) indicating the reason for the rejection by using error codes .
Error codes If a payment order is rejected , the instructing participant shall receive an abort notification ( MT 019 ) indicating the reason for the rejection by using error codes .
The error codes are defined in Chapter 9.4.2 of the UDFS .
The error codes are defined in Chapter 9.4.2 of the UDFS .
Predetermined settlement times ( 1 ) For payment orders using the Earliest Debit Time Indicator , the codeword « / FROTIME /' shall be used .
Predetermined settlement times ( 1 ) For payment orders using the Earliest Debit Time Indicator , the codeword « / FROTIME /' shall be used .
( 2 ) For payment orders using the Latest Debit Time Indicator , two options shall be available .
( 2 ) For payment orders using the Latest Debit Time Indicator , two options shall be available .
( a ) Codeword « / REJTIME / » : if the payment order cannot be settled by the indicated debit time , the payment order shall be returned .
( a ) Codeword « / REJTIME / » : if the payment order cannot be settled by the indicated debit time , the payment order shall be returned .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 24 ▼B ( b ) 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 .
2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 24 ▼B ( b ) 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 .
Under both options , if a payment order with a Latest Debit Time Indicator is not settled 15 minutes prior to the time indicated therein , a notification shall automatically be sent via the ICM .
Under both options , if a payment order with a Latest Debit Time Indicator is not settled 15 minutes prior to the time indicated therein , a notification shall automatically be sent via the ICM .
( 3 ) If the codeword « / CLSTIME / » is used , the payment shall be treated in the same way as a payment order referred to in subparagraph 2 ( b ) .
( 3 ) If the codeword « / CLSTIME / » is used , the payment shall be treated in the same way as a payment order referred to in subparagraph 2 ( b ) .
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 , liquiditysaving 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 , liquiditysaving gross settlement of payment orders .
( 2 ) 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 ') .
( 2 ) 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 an offsetting payment order does not provide sufficient funds for the respective payer 's payment order in the entry disposition , it shall be determined whether there is sufficient available liquidity on the payer 's PM account .
If an offsetting payment order does not provide sufficient funds for the respective payer 's payment order in the entry disposition , it shall be determined whether there is sufficient available liquidity on the payer 's PM account .
( 3 ) If the offsetting check fails , the ECB may apply an extended offsetting check .
( 3 ) If the offsetting check fails , the ECB may apply an extended offsetting check .
An extended offsetting check determines whether offsetting payment orders are available in any of the payee 's queues regardless of when they joined the queue .
An extended offsetting check determines whether offsetting payment orders are available in any of the payee 's queues regardless of when they joined the queue .
However , if in the queue of the payee there are higher priority payment orders addressed to other TARGET2 participants , the FIFO principle may only be breached if settling such an offsetting payment order would result in a liquidity increase for the payee .
However , if in the queue of the payee there are higher priority payment orders addressed to other TARGET2 participants , the FIFO principle may only be breached if settling such an offsetting payment order would result in a liquidity increase for the payee .
Settlement of payment orders in the queue ( 1 ) The treatment of payment orders placed in queues depends on the priority class to which it was designated by the instructing participant .
Settlement of payment orders in the queue ( 1 ) The treatment of payment orders placed in queues depends on the priority class to which it was designated by the instructing participant .
( 2 ) 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 ) .
( 2 ) 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 ) .
( 3 ) 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 .
( 3 ) 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 .
Different optimisation mechanisms ( algorithms ) are used .
Different optimisation mechanisms ( algorithms ) are used .
If an algorithm is successful , the included payment orders will be settled ;
If an algorithm is successful , the included payment orders will be settled ;
if an algorithm fails , the included payment orders will remain in the queue .
if an algorithm fails , the included payment orders will remain in the queue .
Three algorithms ( 1 to 3 ) shall be applied to offset payment flows .
Three algorithms ( 1 to 3 ) shall be applied to offset payment flows .
By means of Algorithm 4 , settlement procedure 5 ( as defined in Chapter 2.8.1 of the UDFS ) shall be available for the settlement of payment instructions of ancillary systems .
By means of Algorithm 4 , settlement procedure 5 ( as defined in Chapter 2.8.1 of the UDFS ) shall be available for the settlement of payment instructions of ancillary systems .
To optimise the settlement of highly urgent ancillary system transactions on participants » subaccounts , 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 .