natgillin/translations-raw huggingface dataset:
« TARGET2-ECB » means the TARGET2 component system of the ECB , « TARGET2 » means the entirety resulting from all TARGET2 component systems of the CBs , « TARGET2 component system » means any of the CBs » real-time gross settlement ( RTGS ) systems that form part of TARGET2 , « TARGET2 CUG » means a subset of the network service provider 's customers grouped for the purpose of their use of the relevant services and products of the network service provider when accessing the PM , « TARGET2 participant » means any participant in any TARGET2 component system , « technical malfunction of TARGET2 » means any difficulty , defect or failure in the technical infrastructure and / or the computer systems used by TARGET2-ECB , or any other event that makes it impossible to execute and complete the same-day processing of payments in TARGET2-ECB or , during the migration period , payments from national RTGS systems that have not yet migrated to TARGET2 and vice versa .
« TARGET2-ECB » means the TARGET2 component system of the ECB , « TARGET2 » means the entirety resulting from all TARGET2 component systems of the CBs , « TARGET2 component system » means any of the CBs » real-time gross settlement ( RTGS ) systems that form part of TARGET2 , « TARGET2 CUG » means a subset of the network service provider 's customers grouped for the purpose of their use of the relevant services and products of the network service provider when accessing the PM , « TARGET2 participant » means any participant in any TARGET2 component system , « technical malfunction of TARGET2 » means any difficulty , defect or failure in the technical infrastructure and / or the computer systems used by TARGET2-ECB , or any other event that makes it impossible to execute and complete the same-day processing of payments in TARGET2-ECB or , during the migration period , payments from national RTGS systems that have not yet migrated to TARGET2 and vice versa .
Article 2 Appendices
Article 2 Appendices
The following Appendices form an integral part of these Conditions :
The following Appendices form an integral part of these Conditions :
Appendix I : Appendix II :
Appendix I : Appendix II :
Technical specifications for the processing of payment orders TARGET2 compensation scheme
Technical specifications for the processing of payment orders TARGET2 compensation scheme
Appendix III : Terms of reference for capacity and country opinions Appendix IV : Business continuity and contingency procedures Appendix V : Operating schedule
Appendix III : Terms of reference for capacity and country opinions Appendix IV : Business continuity and contingency procedures Appendix V : Operating schedule
Appendix VI : Fee schedule and invoicing
Appendix VI : Fee schedule and invoicing
In the event of any conflict or inconsistency between the content of any appendix and the content of any other provision in these Conditions , the latter shall prevail .
In the event of any conflict or inconsistency between the content of any appendix and the content of any other provision in these Conditions , the latter shall prevail .
Article 3 General description of TARGET2-ECB and TARGET2 1 .
Article 3 General description of TARGET2-ECB and TARGET2 1 .
payment orders directly resulting from or made in connection with Eurosystem monetary policy operations ;
payment orders directly resulting from or made in connection with Eurosystem monetary policy operations ;
settlement of the euro leg of foreign exchange operations involving the Eurosystem ;
settlement of the euro leg of foreign exchange operations involving the Eurosystem ;
settlement of euro transfers resulting from transactions in cross-border large-value netting systems ;
settlement of euro transfers resulting from transactions in cross-border large-value netting systems ;
settlement of euro transfers resulting from transactions in euro retail payment systems of systemic importance ;
settlement of euro transfers resulting from transactions in euro retail payment systems of systemic importance ;
any other payment orders in euro addressed to TARGET2 participants .
any other payment orders in euro addressed to TARGET2 participants .
L 237/77
L 237/77
Participation pursuant to these Conditions shall not create a contractual relationship between participants and the SSPproviding CBs when the latter act in that capacity .
Participation pursuant to these Conditions shall not create a contractual relationship between participants and the SSPproviding CBs when the latter act in that capacity .
TITLE II PARTICIPATION Article 4 Access criteria Organisations providing clearing or settlement services ( including entities established outside the EEA ) that are subject to oversight by a competent authority and whose access to TARGET2-ECB has been approved by the Governing Council , shall be the only entities that are eligible for participation in TARGET2-ECB .
TITLE II PARTICIPATION Article 4 Access criteria Organisations providing clearing or settlement services ( including entities established outside the EEA ) that are subject to oversight by a competent authority and whose access to TARGET2-ECB has been approved by the Governing Council , shall be the only entities that are eligible for participation in TARGET2-ECB .
Article 5 Direct participants Direct participants in TARGET2-ECB shall comply with the requirements set out in Article 6 ( 1 ) and ( 2 ) .
Article 5 Direct participants Direct participants in TARGET2-ECB shall comply with the requirements set out in Article 6 ( 1 ) and ( 2 ) .
Article 6 Application procedure 1 .
Article 6 Application procedure 1 .
( a ) To join TARGET2-ECB , applicant participants shall fulfil the following technical and legal requirements : install , manage , operate and monitor and ensure the security of the necessary IT infrastructure to connect to TARGET2-ECB and submit payment orders to it .
( a ) To join TARGET2-ECB , applicant participants shall fulfil the following technical and legal requirements : install , manage , operate and monitor and ensure the security of the necessary IT infrastructure to connect to TARGET2-ECB and submit payment orders to it .
and have passed the tests required by the ECB ;
and have passed the tests required by the ECB ;
provide a capacity opinion in the form specified in Appendix III , unless the information and representations to be provided in such capacity opinion have already been obtained by the ECB in another context ;
provide a capacity opinion in the form specified in Appendix III , unless the information and representations to be provided in such capacity opinion have already been obtained by the ECB in another context ;
and for entities established outside the EEA , provide a country opinion in the form specified in Appendix III , unless the information and representations to be provided in such country opinion have already been obtained by the ECB in another context .
and for entities established outside the EEA , provide a country opinion in the form specified in Appendix III , unless the information and representations to be provided in such country opinion have already been obtained by the ECB in another context .
Applicants shall apply in writing to the ECB , as a minimum enclosing the following documents / information : completed static data collection forms as provided by the ECB , the capacity opinion , if required by the ECB , and the country opinion , if required by the ECB .
Applicants shall apply in writing to the ECB , as a minimum enclosing the following documents / information : completed static data collection forms as provided by the ECB , the capacity opinion , if required by the ECB , and the country opinion , if required by the ECB .
( b ) ( c )
( b ) ( c )
( a ) ( b ) ( c ) 3 .
( a ) ( b ) ( c ) 3 .
L 237/78 4 .
L 237/78 4 .
( a ) ( b ) ( c )
( a ) ( b ) ( c )
The ECB shall reject the application to participate if : access criteria referred to in Article 4 are not met ;
The ECB shall reject the application to participate if : access criteria referred to in Article 4 are not met ;
one or more of the participation criteria referred to in paragraph 1 are not met ;
one or more of the participation criteria referred to in paragraph 1 are not met ;
and / or in the ECB 's assessment , such participation would endanger the overall stability , soundness and safety of TARGET2ECB or of any other TARGET2 component system , or 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 in the ECB 's assessment , such participation would endanger the overall stability , soundness and safety of TARGET2ECB or of any other TARGET2 component system , or 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 .
( a ) ( b ) ( c ) The TARGET2 directory is the database of BICs used for the routing of payment orders addressed to : TARGET2 participants and their branches with multi-addressee access ;
( a ) ( b ) ( c ) The TARGET2 directory is the database of BICs used for the routing of payment orders addressed to : TARGET2 participants and their branches with multi-addressee access ;
indirect participants of TARGET2 , including those with multi-addressee access ;
indirect participants of TARGET2 , including those with multi-addressee access ;
and addressable BIC holders of TARGET2 .
and addressable BIC holders of TARGET2 .
Unless otherwise requested by the participant , BICs shall be published in the TARGET2 directory .
Unless otherwise requested by the participant , BICs shall be published in the TARGET2 directory .
TITLE III OBLIGATIONS OF THE PARTIES Article 8 Obligations of the ECB and the participants 1 .
TITLE III OBLIGATIONS OF THE PARTIES Article 8 Obligations of the ECB and the participants 1 .
The participant represents and warrants to the ECB that the performance of its obligations under these Conditions does not breach any law , regulation or by-law applicable to it or any agreement by which it is bound .
The participant represents and warrants to the ECB that the performance of its obligations under these Conditions does not breach any law , regulation or by-law applicable to it or any agreement by which it is bound .
L 237/79
L 237/79
The ECB shall be deemed to be authorised to communicate to the SSP-providing CBs any information relating to participants which the SSP-providing CBs may need in their role as service administrators , in accordance with the contract entered into with the network service provider .
The ECB shall be deemed to be authorised to communicate to the SSP-providing CBs any information relating to participants which the SSP-providing CBs may need in their role as service administrators , in accordance with the contract entered into with the network service provider .
TITLE IV MANAGEMENT OF PM ACCOUNTS AND PROCESSING OF PAYMENT ORDERS Article 10 Opening and management of PM accounts 1 .
TITLE IV MANAGEMENT OF PM ACCOUNTS AND PROCESSING OF PAYMENT ORDERS Article 10 Opening and management of PM accounts 1 .
The ECB shall open and operate at least one PM account and , if applicable , sub-accounts , for each participant .
The ECB shall open and operate at least one PM account and , if applicable , sub-accounts , for each participant .
Article 11 Types of payment orders The following are classified as payment orders for the purposes of TARGET2 : ( a ) ( b ) ( c ) credit transfer orders ;
Article 11 Types of payment orders The following are classified as payment orders for the purposes of TARGET2 : ( a ) ( b ) ( c ) credit transfer orders ;
direct debit instructions carried out under a direct debit authorisation ;
direct debit instructions carried out under a direct debit authorisation ;
and liquidity transfer orders .
and liquidity transfer orders .
( a ) ( b ) Payment orders submitted by participants are deemed accepted by the ECB if : the payment message complies with the rules established by the network service provider ;
( a ) ( b ) Payment orders submitted by participants are deemed accepted by the ECB if : the payment message complies with the rules established by the network service provider ;
the payment message complies with the formatting rules and conditions of TARGET2-ECB and passes the doubleentry check described in Appendix I ;
the payment message complies with the formatting rules and conditions of TARGET2-ECB and passes the doubleentry check described in Appendix I ;
and in cases where a payer or a payee has been suspended , the suspended participant 's CB 's explicit consent has been obtained .
and in cases where a payer or a payee has been suspended , the suspended participant 's CB 's explicit consent has been obtained .
L 237/80
L 237/80
Úřední věstník Evropské unie Article 13 Priority rules
Official Journal of the European Union Article 13 Priority rules
Instructing participants shall designate every payment order as one of the following : normal payment order ( priority class 2 ) ;
Instructing participants shall designate every payment order as one of the following : normal payment order ( priority class 2 ) ;
urgent payment order ( priority class 1 ) ;
urgent payment order ( priority class 1 ) ;
or highly urgent payment order ( priority class 0 ) .
or highly urgent payment order ( priority class 0 ) .
( a ) ( b ) Highly urgent payment orders may only be designated by : CBs ;
( a ) ( b ) Highly urgent payment orders may only be designated by : CBs ;
and participants , in cases of payments to and from CLS International Bank and liquidity transfers in favour of ancillary systems .
and participants , in cases of payments to and from CLS International Bank and liquidity transfers in favour of ancillary systems .
It shall not be possible to change the priority of a highly urgent payment .
It shall not be possible to change the priority of a highly urgent payment .
Article 14 Liquidity limits 1 .
Article 14 Liquidity limits 1 .
L 237/81
L 237/81
The rest of the requested liquidity reservation shall not be reserved automatically at any later point in time , even if the amount of liquidity available on the participant 's PM account reaches the level of the initial reservation request .
The rest of the requested liquidity reservation shall not be reserved automatically at any later point in time , even if the amount of liquidity available on the participant 's PM account reaches the level of the initial reservation request .
Article 16 Predetermined settlement times 1 .
Article 16 Predetermined settlement times 1 .
Further technical details are contained in Appendix I. Article 17 Payment orders submitted in advance 1 .
Further technical details are contained in Appendix I. Article 17 Payment orders submitted in advance 1 .
Article 18 Settlement of payment orders in the entry disposition 1 .
Article 18 Settlement of payment orders in the entry disposition 1 .
( a ) ( b ) Funding may be provided by : the available liquidity on the PM account ;
( a ) ( b ) Funding may be provided by : the available liquidity on the PM account ;
or incoming payments from other TARGET2 participants , subject to the applicable optimisation procedures .
or incoming payments from other TARGET2 participants , subject to the applicable optimisation procedures .
L 237/82
L 237/82
Normal payment orders shall be settled in accordance with the FIFO by-passing principle .
Normal payment orders shall be settled in accordance with the FIFO by-passing principle .
Further details on the settlement of payment orders in the entry disposition are contained in Appendix I. Article 19 Settlement and return of queued payment orders 1 .
Further details on the settlement of payment orders in the entry disposition are contained in Appendix I. Article 19 Settlement and return of queued payment orders 1 .
The payer may change the queue position of payment orders in a queue ( i.e. reorder them ) via the ICM .
The payer may change the queue position of payment orders in a queue ( i.e. reorder them ) via the ICM .
Other payment orders shall be returned as non-settled if they cannot be settled by the cut-off times for the relevant message type , as specified in Appendix V. Article 20 Entry of payment orders into the system and their irrevocability 1 .
Other payment orders shall be returned as non-settled if they cannot be settled by the cut-off times for the relevant message type , as specified in Appendix V. Article 20 Entry of payment orders into the system and their irrevocability 1 .
For the purposes of the first sentence of Article 3 ( 1 ) of the Settlement Finality Directive and the third sentence of § 116 , § 96 ( 2 ) , § 82 and § 340 ( 3 ) of the Insolvenzordnung ( German Insolvency Code ) and the sixth sentence of § 46a ( 1 ) of the KWG , payment orders are deemed entered into TARGET2-ECB at the moment that the relevant participant 's PM account is debited .
For the purposes of the first sentence of Article 3 ( 1 ) of the Settlement Finality Directive and the third sentence of § 116 , § 96 ( 2 ) , § 82 and § 340 ( 3 ) of the Insolvenzordnung ( German Insolvency Code ) and the sixth sentence of § 46a ( 1 ) of the KWG , payment orders are deemed entered into TARGET2-ECB at the moment that the relevant participant 's PM account is debited .
TITLE V SECURITY REQUIREMENTS AND CONTINGENCY ISSUES Article 21 Business continuity and contingency procedures In the event of an abnormal external event or any other event which affects the operation of the SSP , the business continuity and contingency procedures described in Appendix IV shall apply .
TITLE V SECURITY REQUIREMENTS AND CONTINGENCY ISSUES Article 21 Business continuity and contingency procedures In the event of an abnormal external event or any other event which affects the operation of the SSP , the business continuity and contingency procedures described in Appendix IV shall apply .
Úřední věstník Evropské unie TITLE VI THE INFORMATION AND CONTROL MODULE Article 23 Use of the ICM
Official Journal of the European Union TITLE VI THE INFORMATION AND CONTROL MODULE Article 23 Use of the ICM
L 237/83
L 237/83
The ICM : allows participants to access information relating to their accounts and to manage liquidity ;
The ICM : allows participants to access information relating to their accounts and to manage liquidity ;
may be used to initiate liquidity transfer orders ;
may be used to initiate liquidity transfer orders ;
and allows participants to initiate backup lump sum and backup contingency payments in the event of a failure of the participant 's payment infrastructure .
and allows participants to initiate backup lump sum and backup contingency payments in the event of a failure of the participant 's payment infrastructure .
Further technical details relating to the ICM are contained in Appendix I. TITLE VII COMPENSATION , LIABILITY REGIME AND EVIDENCE Article 24 Compensation scheme
Further technical details relating to the ICM are contained in Appendix I. TITLE VII COMPENSATION , LIABILITY REGIME AND EVIDENCE Article 24 Compensation scheme
If a payment order cannot be settled on the same business day on which it was accepted due to a technical malfunction of TARGET2 , the ECB shall offer to compensate the direct participants concerned in accordance with the special procedure laid down in Appendix II .
If a payment order cannot be settled on the same business day on which it was accepted due to a technical malfunction of TARGET2 , the ECB shall offer to compensate the direct participants concerned in accordance with the special procedure laid down in Appendix II .
Article 25 Liability regime 1 .
Article 25 Liability regime 1 .
The ECB shall be liable to its participants in cases of fraud ( including but not limited to wilful misconduct ) or gross negligence , for any loss arising out of the operation of TARGET2-ECB .
The ECB shall be liable to its participants in cases of fraud ( including but not limited to wilful misconduct ) or gross negligence , for any loss arising out of the operation of TARGET2-ECB .
( a ) ( b ) The ECB shall not be liable : to the extent that the loss is caused by the participant ;
( a ) ( b ) The ECB shall not be liable : to the extent that the loss is caused by the participant ;
or if the loss arises out of external events beyond the ECB 's reasonable control ( force majeure ) .
or if the loss arises out of external events beyond the ECB 's reasonable control ( force majeure ) .
For the purposes of this paragraph , the SSPproviding CBs shall not be considered as third parties .
For the purposes of this paragraph , the SSPproviding CBs shall not be considered as third parties .
L 237/84
L 237/84
Úřední věstník Evropské unie Article 26 Evidence
Official Journal of the European Union Article 26 Evidence
TITLE VIII TERMINATION OF PARTICIPATION AND CLOSURE OF ACCOUNTS Article 27 Duration and ordinary termination of participation 1 .
TITLE VIII TERMINATION OF PARTICIPATION AND CLOSURE OF ACCOUNTS Article 27 Duration and ordinary 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 ) ( b ) 2 .
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 ) ( b ) 2 .
( a ) ( b ) ( c ) ( d ) the opening of insolvency proceedings ;
( a ) ( b ) ( c ) ( d ) the opening of insolvency proceedings ;
and / or the participant no longer meets the access criteria laid down in Article 4 .
and / or 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 : 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 : one or more events of default ( other than those referred to in paragraph 1 ) occur ;
the participant is in material breach of these Conditions ;
the participant is in material breach of these Conditions ;
the participant fails to carry out any material obligation to the ECB ;
the participant fails to carry out any material obligation to the ECB ;
the participant is excluded from , or otherwise ceases to be a member of , a TARGET2 CUG ;
the participant is excluded from , or otherwise ceases to be a member of , a TARGET2 CUG ;
and / or
and / or
8.9.2007 ( e )
8.9.2007 ( e )
L 237/85
L 237/85
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 .
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 .
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 .
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 .
Article 29 Closure of PM accounts 1 .
Article 29 Closure of PM accounts 1 .
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 ) ( b ) 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 ) ( b ) settled or returned any queued payment orders ;