natgillin/translations-raw huggingface dataset:
Acts and omissions of the SSP-providing CBs shall be considered acts and omissions of the ECB , for which it shall assume liability in accordance with Article 25 below .
Acts and omissions of the SSP-providing CBs shall be considered acts and omissions of the ECB , for which it shall assume liability in accordance with Article 25 below .
Participation pursuant to these Conditions shall not create a contractual relationship between participants and the SSP-providing CBs when the latter act in that capacity .
Participation pursuant to these Conditions shall not create a contractual relationship between participants and the SSP-providing CBs when the latter act in that capacity .
Instructions , messages or information which a participant receives from , or sends to , the SSP in relation to the services provided under these Conditions are deemed to be received from , or sent to , the ECB .
Instructions , messages or information which a participant receives from , or sends to , the SSP in relation to the services provided under these Conditions are deemed to be received from , or sent to , the ECB .
TARGET2 is legally structured as a multiplicity of payment systems composed of all the TARGET2 component systems , which are designated as « systems » under the national laws implementing the Settlement Finality Directive .
TARGET2 is legally structured as a multiplicity of payment systems composed of all the TARGET2 component systems , which are designated as « systems » under the national laws implementing the Settlement Finality Directive .
TARGET2-ECB is designated as a « system » under § 1 ( 16 ) of the KWG .
TARGET2-ECB is designated as a « system » under § 1 ( 16 ) of the KWG .
Participation in TARGET2 takes effect via participation in a TARGET2 component system .
Participation in TARGET2 takes effect via participation in a TARGET2 component system .
These Conditions describe the mutual rights and obligations of participants in TARGET2-ECB and the ECB .
These Conditions describe the mutual rights and obligations of participants in TARGET2-ECB and the ECB .
The rules on the processing of payment orders ( Title IV ) refer to all payment orders submitted or payments received by any TARGET2 participant .
The rules on the processing of payment orders ( Title IV ) refer to all payment orders submitted or payments received by any TARGET2 participant .
No intraday credit is provided to participants in TARGET2-ECB .
No intraday credit is provided to participants in TARGET2-ECB .
TITLE II PARTICIPATION
TITLE II PARTICIPATION
▼M2 Article 4 Access criteria Entities managing ancillary systems ( including entities established outside the EEA ) and acting in that capacity , 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 .
▼M2 Article 4 Access criteria Entities managing ancillary systems ( including entities established outside the EEA ) and acting in that capacity , 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 .
▼B Article 5 Direct participants Direct participants in TARGET2-ECB shall comply with the requirements set out in Article 6 ( 1 ) and ( 2 ) .
▼B Article 5 Direct participants Direct participants in TARGET2-ECB shall comply with the requirements set out in Article 6 ( 1 ) and ( 2 ) .
They shall have at least one PM account with the ECB .
They shall have at least one PM account with the ECB .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 9 ▼B Article 6 Application procedure 1 .
2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 9 ▼B Article 6 Application procedure 1 .
To join TARGET2-ECB , applicant participants shall fulfil the following technical and legal requirements : ( a ) 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 .
To join TARGET2-ECB , applicant participants shall fulfil the following technical and legal requirements : ( a ) 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 .
In doing so , applicant participants may involve third parties , but retain sole liability .
In doing so , applicant participants may involve third parties , but retain sole liability .
In particular , applicant participants shall enter into an agreement with the network service provider to obtain the necessary connection and admissions , in accordance with the technical specifications in Appendix I ;
In particular , applicant participants shall enter into an agreement with the network service provider to obtain the necessary connection and admissions , in accordance with the technical specifications in Appendix I ;
and ( b ) have passed the tests required by the ECB ;
and ( b ) have passed the tests required by the ECB ;
( c ) 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 ;
( c ) 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 ( d ) 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 ( d ) 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 : ( a ) completed static data collection forms as provided by the ECB , ( b ) the capacity opinion , if required by the ECB , and ( c ) the country opinion , if required by the ECB .
Applicants shall apply in writing to the ECB , as a minimum enclosing the following documents / information : ( a ) completed static data collection forms as provided by the ECB , ( b ) the capacity opinion , if required by the ECB , and ( c ) the country opinion , if required by the ECB .
The ECB may also request any additional information it deems necessary to decide on the application to participate .
The ECB may also request any additional information it deems necessary to decide on the application to participate .
The ECB shall reject the application to participate if :
The ECB shall reject the application to participate if :
( a ) access criteria referred to in Article 4 are not met ;
( a ) access criteria referred to in Article 4 are not met ;
( b ) one or more of the participation criteria referred to in paragraph 1 are not met ;
( b ) one or more of the participation criteria referred to in paragraph 1 are not met ;
and / or ( c ) in the ECB 's assessment , such participation would endanger the overall stability , soundness and safety of TARGET2-ECB 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 ( c ) in the ECB 's assessment , such participation would endanger the overall stability , soundness and safety of TARGET2-ECB 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 .
The ECB shall communicate its decision on the application to participate to the applicant within one month of the ECB 's receipt of the application to participate .
The ECB shall communicate its decision on the application to participate to the applicant within one month of the ECB 's receipt of the application to participate .
Where the ECB requests additional information pursuant to paragraph 3 , the decision shall be communicated within one month of the ECB 's receipt of this information from the applicant .
Where the ECB requests additional information pursuant to paragraph 3 , the decision shall be communicated within one month of the ECB 's receipt of this information from the applicant .
Any rejection decision shall contain reasons for the rejection .
Any rejection decision shall contain reasons for the rejection .
Article 7 TARGET2 directory 1 .
Article 7 TARGET2 directory 1 .
The TARGET2 directory is the database of BICs used for the routing of payment orders addressed to : ( a ) TARGET2 participants and their branches with multi-addressee access ;
The TARGET2 directory is the database of BICs used for the routing of payment orders addressed to : ( a ) TARGET2 participants and their branches with multi-addressee access ;
( b ) indirect participants of TARGET2 , including those with multi-addressee access ;
( b ) indirect participants of TARGET2 , including those with multi-addressee access ;
and ( c ) addressable BIC holders of TARGET2 .
and ( c ) addressable BIC holders of TARGET2 .
It shall be updated weekly .
It shall be updated weekly .
▼M2 2 .
▼M2 2 .
Unless otherwise requested by the participant , its BIC ( s ) shall be published in the TARGET2 directory .
Unless otherwise requested by the participant , its BIC ( s ) shall be published in the TARGET2 directory .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 10 ▼B 3 .
2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 10 ▼B 3 .
Participants may only distribute the TARGET2 directory to their branches and entities with multi-addressee access .
Participants may only distribute the TARGET2 directory to their branches and entities with multi-addressee access .
Entities specified in paragraph 1 ( b ) and ( c ) shall only use their BIC in relation to one direct participant .
Entities specified in paragraph 1 ( b ) and ( c ) shall only use their BIC in relation to one direct participant .
▼M2 5 .
▼M2 5 .
Participants acknowledge that the ECB and other CBs may publish participants » names and BICs .
Participants acknowledge that the ECB and other CBs may publish participants » names and BICs .
▼B TITLE III OBLIGATIONS OF THE PARTIES Article 8 Obligations of the ECB and the participants 1 .
▼B TITLE III OBLIGATIONS OF THE PARTIES Article 8 Obligations of the ECB and the participants 1 .
The ECB shall offer the services described in Title IV .
The ECB shall offer the services described in Title IV .
Save where otherwise provided in these Conditions or required by law , the ECB shall use all reasonable means within its power to perform its obligations under these Conditions , without guaranteeing a result .
Save where otherwise provided in these Conditions or required by law , the ECB shall use all reasonable means within its power to perform its obligations under these Conditions , without guaranteeing a result .
Participants shall pay to the ECB the fees laid down in Appendix VI .
Participants shall pay to the ECB the fees laid down in Appendix VI .
Participants shall ensure that they are connected to TARGET2-ECB on business days , in accordance with the operating schedule in Appendix V. 4 .
Participants shall ensure that they are connected to TARGET2-ECB on business days , in accordance with the operating schedule in Appendix V. 4 .
The participant represents and warrants to the ECB that the performance of its obligations under these Conditions does not breach any law , regulation or bylaw 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 bylaw applicable to it or any agreement by which it is bound .
Article 9 Cooperation and information exchange 1 .
Article 9 Cooperation and information exchange 1 .
In performing their obligations and exercising their rights under these Conditions , the ECB and participants shall cooperate closely to ensure the stability , soundness and safety of TARGET2-ECB .
In performing their obligations and exercising their rights under these Conditions , the ECB and participants shall cooperate closely to ensure the stability , soundness and safety of TARGET2-ECB .
They shall provide each other with any information or documents relevant for the performance of their respective obligations and the exercise of their respective rights under these Conditions , without prejudice to any banking secrecy obligations .
They shall provide each other with any information or documents relevant for the performance of their respective obligations and the exercise of their respective rights under these Conditions , without prejudice to any banking secrecy obligations .
The ECB shall establish and maintain a system support desk to assist participants in relation to difficulties arising in connection with system operations .
The ECB shall establish and maintain a system support desk to assist participants in relation to difficulties arising in connection with system operations .
Up-to-date information on the SSP 's operational status shall be available on the TARGET2 Information System ( T2IS ) .
Up-to-date information on the SSP 's operational status shall be available on the TARGET2 Information System ( T2IS ) .
The T2IS may be used to obtain information on any event affecting the normal operation of TARGET2 .
The T2IS may be used to obtain information on any event affecting the normal operation of TARGET2 .
The ECB may either communicate messages to participants by means of an ICM broadcast or by any other means of communication .
The ECB may either communicate messages to participants by means of an ICM broadcast or by any other means of communication .
Participants are responsible for the timely update of existing static data collection forms and the submission of new static data collection forms to the ECB .
Participants are responsible for the timely update of existing static data collection forms and the submission of new static data collection forms to the ECB .
Participants are responsible for verifying the accuracy of information relating to them that is entered into TARGET2-ECB by the ECB .
Participants are responsible for verifying the accuracy of information relating to them that is entered into TARGET2-ECB by the ECB .
The ECB shall be deemed to be authorised to communicate to the SSPproviding 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 SSPproviding 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 .
Participants shall inform the ECB about any change in their legal capacity and relevant legislative changes affecting issues covered by the country opinion relating to them .
Participants shall inform the ECB about any change in their legal capacity and relevant legislative changes affecting issues covered by the country opinion relating to them .
Participants shall immediately inform the ECB if an event of default occurs in relation to them .
Participants shall immediately inform the ECB if an event of default occurs in relation to them .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 11 ▼B TITLE IV MANAGEMENT OF PM ACCOUNTS AND PAYMENT ORDERS Article 10 Opening and management of PM accounts PROCESSING OF
2007D0007 --- EN --- 12.05.2010 --- 003.001 --- 11 ▼B TITLE IV MANAGEMENT OF PM ACCOUNTS AND PAYMENT ORDERS Article 10 Opening and management of PM accounts PROCESSING OF
▼M2 1 .
▼M2 1 .
Upon request by a participant acting as a settlement bank , the ECB shall open one or more sub-accounts in TARGET2-ECB to be used for dedicating liquidity .
Upon request by a participant acting as a settlement bank , the ECB shall open one or more sub-accounts in TARGET2-ECB to be used for dedicating liquidity .
▼B 2 .
▼B 2 .
No debit balance shall be allowed on PM accounts .
No debit balance shall be allowed on PM accounts .
PM accounts and their sub-accounts shall be interest free .
PM accounts and their sub-accounts shall be interest free .
Participants shall use the ICM to obtain information on their liquidity position .
Participants shall use the ICM to obtain information on their liquidity position .
The ECB shall provide a daily statement of accounts to any participant that has opted for such service .
The ECB shall provide a daily statement of accounts to any participant that has opted for such service .
Article 11 Types of payment orders The following are classified as payment orders for the purposes of TARGET2 : ( a ) credit transfer orders ;
Article 11 Types of payment orders The following are classified as payment orders for the purposes of TARGET2 : ( a ) credit transfer orders ;
( b ) direct debit instructions carried out under a direct debit authorisation ;
( b ) direct debit instructions carried out under a direct debit authorisation ;
and ( c ) liquidity transfer orders .
and ( c ) liquidity transfer orders .
Article 12 Acceptance and rejection of payment orders 1 .
Article 12 Acceptance and rejection of payment orders 1 .
if : Payment orders submitted by participants are deemed accepted by the ECB
Payment orders submitted by participants are deemed accepted by the ECB if :
( a ) the payment message complies with the rules established by the network service provider ;
( a ) the payment message complies with the rules established by the network service provider ;
( b ) the payment message complies with the formatting rules and conditions of TARGET2-ECB and passes the double-entry check described in Appendix I ;
( b ) the payment message complies with the formatting rules and conditions of TARGET2-ECB and passes the double-entry check described in Appendix I ;
and ( c ) in cases where a payer or a payee has been suspended , the suspended participant 's CB 's explicit consent has been obtained .
and ( c ) in cases where a payer or a payee has been suspended , the suspended participant 's CB 's explicit consent has been obtained .
The ECB shall immediately reject any payment order that does not fulfil the conditions laid down in paragraph 1 .
The ECB shall immediately reject any payment order that does not fulfil the conditions laid down in paragraph 1 .
The ECB shall inform the participant of any rejection of a payment order , as specified in Appendix I.
The ECB shall inform the participant of any rejection of a payment order , as specified in Appendix I.
The SSP determines the timestamp for the processing of payment orders on the basis of the time when it receives and accepts the payment order .
The SSP determines the timestamp for the processing of payment orders on the basis of the time when it receives and accepts the payment order .
2007D0007 --- CS --- 12.05.2010 --- 003.001 --- 12 ▼M2 Article 13 Priority rules 1 .
Article 13 Priority rules 1 .
Instructing participants shall designate every payment order as one of the following : ( a ) normal payment order ( priority class 2 ) ;
Instructing participants shall designate every payment order as one of the following : ( a ) normal payment order ( priority class 2 ) ;
( b ) urgent payment order ( priority class 1 ) ;
( b ) urgent payment order ( priority class 1 ) ;
or ( c ) highly urgent payment order ( priority class 0 ) .
or ( c ) highly urgent payment order ( priority class 0 ) .
( a ) CBs ;
( a ) CBs ;
and ( b ) participants , in cases of payments to and from CLS International Bank and liquidity transfers in relation to ancillary system settlement using the Ancillary System Interface .
and ( b ) participants , in cases of payments to and from CLS International Bank and liquidity transfers in relation to ancillary system settlement using the Ancillary System Interface .
It shall not be possible to change the priority of a highly urgent payment order .
It shall not be possible to change the priority of a highly urgent payment order .
▼B Article 14 Liquidity limits 1 .
▼B Article 14 Liquidity limits 1 .
A participant may limit the use of available liquidity for payment orders in relation to other TARGET2 participants , except any of the CBs , by setting bilateral or multilateral limits .
A participant may limit the use of available liquidity for payment orders in relation to other TARGET2 participants , except any of the CBs , by setting bilateral or multilateral limits .
Such limits may only be set in relation to normal payment orders .
Such limits may only be set in relation to normal payment orders .
By setting a bilateral limit , a participant instructs the ECB that an accepted payment order shall not be settled if the sum of its outgoing normal payment orders to another TARGET2 participant 's PM account minus the sum of all incoming urgent and normal payments from such TARGET2 participant 's PM account would exceed this bilateral limit .
By setting a bilateral limit , a participant instructs the ECB that an accepted payment order shall not be settled if the sum of its outgoing normal payment orders to another TARGET2 participant 's PM account minus the sum of all incoming urgent and normal payments from such TARGET2 participant 's PM account would exceed this bilateral limit .
A participant may set a multilateral limit for any relationship that is not subject to a bilateral limit .
A participant may set a multilateral limit for any relationship that is not subject to a bilateral limit .
A multilateral limit may only be set if the participant has set at least one bilateral limit .
A multilateral limit may only be set if the participant has set at least one bilateral limit .
If a participant sets a multilateral limit , it instructs the ECB that an accepted payment order shall not be settled if the sum of its outgoing normal payment orders to all TARGET2 participants » PM accounts in relation to which no bilateral limit has been set , minus the sum of all incoming urgent and normal payments from such PM accounts would exceed this multilateral limit .
If a participant sets a multilateral limit , it instructs the ECB that an accepted payment order shall not be settled if the sum of its outgoing normal payment orders to all TARGET2 participants » PM accounts in relation to which no bilateral limit has been set , minus the sum of all incoming urgent and normal payments from such PM accounts would exceed this multilateral limit .
The minimum amount of any of the limits shall be EUR 1 million .
The minimum amount of any of the limits shall be EUR 1 million .
A bilateral or a multilateral limit with an amount of zero shall be treated as if no limit has been set. Limits between zero and EUR 1 million are not possible .
A bilateral or a multilateral limit with an amount of zero shall be treated as if no limit has been set. Limits between zero and EUR 1 million are not possible .
Limits may be changed in real time with immediate effect or with effect from the next business day via the ICM .
Limits may be changed in real time with immediate effect or with effect from the next business day via the ICM .
If a limit is changed to zero , it shall not be possible to change it again on the same business day .
If a limit is changed to zero , it shall not be possible to change it again on the same business day .
The setting of a new bilateral or multilateral limit shall only be effective from the next business day .
The setting of a new bilateral or multilateral limit shall only be effective from the next business day .
Article 15 Liquidity reservation facilities 1 .
Article 15 Liquidity reservation facilities 1 .
Participants may reserve liquidity for highly urgent or urgent payment orders via the ICM .
Participants may reserve liquidity for highly urgent or urgent payment orders via the ICM .