natgillin/translations-raw huggingface dataset:
in the Annex, the following definitions in Article 1 are replaced:
‘event of default’ means any impending or existing event, the occurrence of which may threaten the performance by a participant of its obligations under these Conditions or any other rules applying to the relationship between that participant and the ECB or any other CB, including:
“available liquidity” means a credit balance on a participant's PM account and, if applicable, any intraday credit line granted by the relevant euro area NCB in relation to such account but not yet drawn upon;
‘payment order’ means a credit transfer order, a liquidity transfer order, a direct debit instruction or a PM to DCA liquidity transfer order;
“event of default” means any impending or existing event, the occurrence of which may threaten the performance by a participant of its obligations under these Conditions or any other rules applying to the relationship between that participant and the ECB or any other CB, including:
‘branch’ means a branch within the meaning of point (17) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council;
“payment order” means a credit transfer order, a liquidity transfer order, a direct debit instruction or a PM to DCA liquidity transfer order;
‘credit institution’ means either: (a) a credit institution within the meaning of point (1) of Article 4(1) of Regulation (EU) No 575/2013 and Section 2(1) no 2 and Section 2(6) no 2 of the (Kreditwesengesetz) KWG, that is subject to supervision by a competent authority; or (b) another credit institution within the meaning of Article 123(2) of the Treaty that is subject to scrutiny of a standard comparable to supervision by a competent authority;
“branch” means a branch within the meaning of point (17) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council;
‘participant’ [or ‘direct participant’] means an entity that holds at least one PM account (PM account holder) and/or one Dedicated Cash Account (DCA holder) with the ECB;
“credit institution” means either: (a) a credit institution within the meaning of point (1) of Article 4(1) of Regulation (EU) No 575/2013 and Section 2(1) no 2 and Section 2(6) no 2 of the (Kreditwesengesetz) KWG, that is subject to supervision by a competent authority; or (b) another credit institution within the meaning of Article 123(2) of the Treaty that is subject to scrutiny of a standard comparable to supervision by a competent authority;
korvataan liitteen määritelmässä ”ancillary system” oleva alaviite seuraavasti:
“participant” [or “direct participant”] means an entity that holds at least one PM account (PM account holder) and/or one Dedicated Cash Account (DCA holder) with the ECB;;
The Eurosystem's current policy for the location of infrastructure is set out in the following statements, which are all available on the ECB's website at www.ecb.europa.eu: (a) the Policy statement on euro payment and settlement systems located outside the euro area of 3 November 1998; (b) The Eurosystem's policy line with regard to consolidation in central counterparty clearing of 27 September 2001; (c) The Eurosystem policy principles on the location and operation of infrastructures settling in euro-denominated payment transactions of 19 July 2007; (d) The Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions: specification of ‘legally and operationally located in the euro area’ of 20 November 2008; (e) The Eurosystem oversight policy framework of July 2011, subject to the judgment of 4 March 2015, United Kingdom v European Central Bank, T-496/11, ECLI:EU:T:2015:496.”;
in the Annex, the footnote to the definition ‘ancillary system’ is replaced by the following:
lisätään liitteessä olevaan 1 artiklaan seuraavat määritelmät:
The Eurosystem's current policy for the location of infrastructure is set out in the following statements, which are all available on the ECB's website at www.ecb.europa.eu: (a) the Policy statement on euro payment and settlement systems located outside the euro area of 3 November 1998; (b) The Eurosystem's policy line with regard to consolidation in central counterparty clearing of 27 September 2001; (c) The Eurosystem policy principles on the location and operation of infrastructures settling in euro-denominated payment transactions of 19 July 2007; (d) The Eurosystem policy principles on the location and operation of infrastructures settling euro-denominated payment transactions: specification of “legally and operationally located in the euro area” of 20 November 2008; (e) The Eurosystem oversight policy framework of July 2011, subject to the judgment of 4 March 2015, United Kingdom v European Central Bank, T-496/11, ECLI:EU:T:2015:496.’;
‘Dedicated Cash Account (DCA)’ means an account held by a DCA holder, opened in TARGET2-ECB, and used for cash payments in relation to securities settlement in T2S;
in the Annex, the following definitions are inserted in Article 1:
‘Main PM account’ means the PM account to which a DCA is linked and on which any remaining balance must be automatically repatriated from the DCA at the end of the day;
“Dedicated Cash Account (DCA)” means an account held by a DCA holder, opened in TARGET2-ECB, and used for cash payments in relation to securities settlement in T2S;
‘PM to DCA liquidity transfer order’ means the instruction to transfer a specified amount of funds from a PM account to a DCA;”;
“Main PM account” means the PM account to which a DCA is linked and on which any remaining balance must be automatically repatriated from the DCA at the end of the day;
lisätään liitteeseen 1a artikla seuraavasti:
“PM to DCA liquidity transfer order” means the instruction to transfer a specified amount of funds from a PM account to a DCA;’;
”Article 1a
in the Annex, the following Article 1a is inserted:
The present Conditions govern the relationship between the ECB and its PM account holder as far the opening and the operation of the PM account is concerned.”;
‘Article 1a
korvataan liitteessä olevan 3 artiklan 1 ja 2 kohta seuraavasti:
The present Conditions govern the relationship between the ECB and its PM account holder as far the opening and the operation of the PM account is concerned.’;
any other payment orders in euro addressed to TARGET2 participants.”;
in the Annex, paragraphs 1 and 2 of Article 3 are replaced by the following:
lisätään liitteessä olevaan 10 artiklaan 5 ja 6 kohta seuraavasti:
any other payment orders in euro addressed to TARGET2 participants.’;
A PM account holder accepting its PM account to be designated as the Main PM account defined in Annex II shall be bound by any invoices related to the opening and operation of each Dedicated Cash Account linked to that PM account, as set out in Appendix VI to this Annex, including any penalties levied in accordance with paragraph 9(d) of Annex IIIa, regardless of the content of, or any non-compliance with, the contractual or other arrangements between that PM account holder and the DCA holder.
in the Annex, the following paragraphs 5 and 6 are added to Article 10:
A Main PM account holder shall be bound by any invoices, as set out in Appendix VI to this Annex, for the linkage to each DCA to which the PM account is linked.”;
A PM account holder accepting its PM account to be designated as the Main PM account defined in Annex II shall be bound by any invoices related to the opening and operation of each Dedicated Cash Account linked to that PM account, as set out in Appendix VI to this Annex, including any penalties levied in accordance with paragraph 9(d) of Annex IIIa, regardless of the content of, or any non-compliance with, the contractual or other arrangements between that PM account holder and the DCA holder.
korvataan liitteessä oleva 11 artikla seuraavasti:
A Main PM account holder shall be bound by any invoices, as set out in Appendix VI to this Annex, for the linkage to each DCA to which the PM account is linked.’;
”Article 11
in the Annex, Article 11 is replaced by the following:
PM to DCA liquidity transfer orders.”;
‘Article 11
korvataan liitteessä olevan 13 artiklan 2 kohdan toinen alakohta seuraavasti:
PM to DCA liquidity transfer orders.’;
”All payment instructions submitted by an ancillary system through the ASI to debit or credit the participants' PM accounts and all PM to DCA liquidity transfer orders submitted shall be deemed to be highly urgent payment orders.”;
in the Annex, the second subparagraph of Article 13(2) is replaced by the following:
korvataan liitteessä olevan 32 artiklan 2 kohta seuraavasti:
‘All payment instructions submitted by an ancillary system through the ASI to debit or credit the participants' PM accounts and all PM to DCA liquidity transfer orders submitted shall be deemed to be highly urgent payment orders.’;
The ECB shall not be liable for the financial and commercial consequences of such disclosure.”;
in the Annex, paragraph 2 of Article 32 is replaced by the following:
korvataan liitteessä olevan 40 artiklan 2 kohta seuraavasti:
The ECB shall not be liable for the financial and commercial consequences of such disclosure.’;
By requesting a PM account in TARGET2-ECB, applicant participants automatically agree to these Conditions between themselves and in relation to the ECB.”;
in the Annex, paragraph 2 of Article 40 is replaced by the following:
lisätään liitteen lisäyksessä I olevaan 8 kohdan 8 alakohtaan seuraava d alakohta:
By requesting a PM account in TARGET2-ECB, applicant participants automatically agree to these Conditions between themselves and in relation to the ECB.’;
by means of a PM to DCA liquidity transfer order.”;
in Appendix I to the Annex, the following point (d) is added to paragraph 8(8):
korvataan liitteen lisäyksessä IV olevan 6 kohdan d alakohta seuraavasti:
by means of a PM to DCA liquidity transfer order.’;
The following types of payments shall be considered ‘critical’ and the ECB may decide to initiate contingency processing in relation to them:
in Appendix IV to the Annex, paragraph 6(d) is replaced by the following:
DCA to PM liquidity transfer orders.”;
The following types of payments shall be considered “critical” and the ECB may decide to initiate contingency processing in relation to them:
korvataan liitteessä oleva lisäys VI seuraavasti:
DCA to PM liquidity transfer orders.’;
”Appendix VI
in the Annex, Appendix VI is replaced by the following:
For the Aggregated Liquidity (AL) mode, the monthly fee shall be EUR 200 for each account included in the AL group.
‘Appendix VI
If the AL group is a part of a CAI group and the CAI group manager is different from the AL group manager, then the CAI group manager shall pay an additional monthly fee of EUR 1875.
For the Aggregated Liquidity (AL) mode, the monthly fee shall be EUR 200 for each account included in the AL group.
In such cases the invoice for the total fees for all the accounts in the CAI group (including the AL group accounts) shall be sent to the CAI group manager.
If the AL group is a part of a CAI group and the CAI group manager is different from the AL group manager, then the CAI group manager shall pay an additional monthly fee of EUR 1875.
Payment shall be made at the latest on the tenth working day of that month to the account specified by the ECB and shall be debited from that participant's PM account.”;
In such cases the invoice for the total fees for all the accounts in the CAI group (including the AL group accounts) shall be sent to the CAI group manager.
muutetaan liitteen nimi liitteeksi I, ja korvataan sen otsikko seuraavasti:
Payment shall be made at the latest on the tenth working day of that month to the account specified by the ECB and shall be debited from that participant's PM account.’;
”ANNEX I
the Annex is renamed Annex I, and its title is replaced by the following:
TERMS AND CONDITIONS FOR THE OPENING AND OPERATION OF A PM ACCOUNT IN TARGET2-ECB”;
‘ANNEX I
lisätään liite II seuraavasti:
TERMS AND CONDITIONS FOR THE OPENING AND OPERATION OF A PM ACCOUNT IN TARGET2-ECB’;
For the purposes of these Harmonised Conditions (hereinafter the ‘Conditions’) the following definitions apply:
the following Annex II is added:
‘Auto-collateralisation’ means intraday credit granted by the euro area national central bank (NCB) in central bank money triggered when a DCA holder has insufficient funds to settle securities transactions, whereby such intraday credit is collateralised either with the securities being purchased (collateral on flow), or with securities held by the DCA holder in favour of the euro area NCB (collateral on stock),
For the purposes of these Harmonised Conditions (hereinafter the “Conditions”) the following definitions apply:
‘Dedicated Cash Account (DCA)’ means an account held by a DCA holder, opened in TARGET2-ECB, and used for cash payments in relation to securities settlement in T2S,
“Auto-collateralisation” means intraday credit granted by the euro area national central bank (NCB) in central bank money triggered when a DCA holder has insufficient funds to settle securities transactions, whereby such intraday credit is collateralised either with the securities being purchased (collateral on flow), or with securities held by the DCA holder in favour of the euro area NCB (collateral on stock),
‘Immediate liquidity transfer order’ means an instruction to make a DCA to PM liquidity transfer order, a PM to DCA liquidity transfer order or a DCA to DCA liquidity transfer order in real-time upon the receipt of the said instruction,
“Dedicated Cash Account (DCA)” means an account held by a DCA holder, opened in TARGET2-ECB, and used for cash payments in relation to securities settlement in T2S,
‘Predefined liquidity transfer order’ means an instruction to transfer a specified amount of funds from a DCA to a PM account to be executed only once at a defined time or event,
“Immediate liquidity transfer order” means an instruction to make a DCA to PM liquidity transfer order, a PM to DCA liquidity transfer order or a DCA to DCA liquidity transfer order in real-time upon the receipt of the said instruction,
‘Liquidity adjustment’ means the authorisation given by the DCA holder, to its participating CSD or the ECB by special contractual arrangement duly documented and registered in the Static Data to initiate liquidity transfers between a DCA and a PM Account, or between two DCAs,
“Predefined liquidity transfer order” means an instruction to transfer a specified amount of funds from a DCA to a PM account to be executed only once at a defined time or event,
‘DCA to PM liquidity transfer order’ means the instruction to transfer a specified amount of funds from a DCA to a PM account,
“Liquidity adjustment” means the authorisation given by the DCA holder, to its participating CSD or the ECB by special contractual arrangement duly documented and registered in the Static Data to initiate liquidity transfers between a DCA and a PM Account, or between two DCAs,
‘PM to DCA liquidity transfer order’ means the instruction to transfer a specified amount of funds from a PM account to a DCA,
“DCA to PM liquidity transfer order” means the instruction to transfer a specified amount of funds from a DCA to a PM account,
‘DCA to DCA liquidity transfer order’ means the instruction to transfer a specified amount of funds from (i) a DCA to a DCA linked to the same Main PM account; or (ii) from a DCA to a DCA held by the same legal entity,
“PM to DCA liquidity transfer order” means the instruction to transfer a specified amount of funds from a PM account to a DCA,
‘Main PM account’ means the PM Account to which a DCA is linked and on which any remaining balance will be automatically repatriated at end-of-day,
“DCA to DCA liquidity transfer order” means the instruction to transfer a specified amount of funds from (i) a DCA to a DCA linked to the same Main PM account; or (ii) from a DCA to a DCA held by the same legal entity,
‘Standing liquidity transfer order’ means an instruction to transfer a specified amount of cash or ‘all cash’ available in the T2S DCA from a DCA to a PM account to be executed repetitively at a defined time or event in the T2S processing cycle until the order is deleted or the validity period expires,
“Main PM account” means the PM Account to which a DCA is linked and on which any remaining balance will be automatically repatriated at end-of-day,
‘Static Data’ means the set of business objects, specific to a DCA holder or central bank, in T2S and owned respectively by that DCA holder or central bank, that T2S requires to process the transactional data related to that DCA holder or central bank,
“Standing liquidity transfer order” means an instruction to transfer a specified amount of cash or “all cash” available in the T2S DCA from a DCA to a PM account to be executed repetitively at a defined time or event in the T2S processing cycle until the order is deleted or the validity period expires,
‘Business Identifier Code (BIC)’ means a code as defined by ISO Standard No 9362,
“Static Data” means the set of business objects, specific to a DCA holder or central bank, in T2S and owned respectively by that DCA holder or central bank, that T2S requires to process the transactional data related to that DCA holder or central bank,
‘ISO country code’ means a code as defined by ISO Standard No 3166-1,
“Business Identifier Code (BIC)” means a code as defined by ISO Standard No 9362,
‘business day’ means any day on which TARGET2 is open for the settlement of payment orders, as set out in Appendix V,
“ISO country code” means a code as defined by ISO Standard No 3166-1,
‘capacity opinion’ means a participant-specific opinion that contains an assessment of a participant's legal capacity to enter into and carry out its obligations under these Conditions,
“business day” means any day on which TARGET2 is open for the settlement of payment orders, as set out in Appendix V,
‘central banks (CBs)’ means the Eurosystem CBs and the connected NCBs,
“capacity opinion” means a participant-specific opinion that contains an assessment of a participant's legal capacity to enter into and carry out its obligations under these Conditions,
‘connected NCB’ means an NCB, other than a Eurosystem CB, which is connected to TARGET2 pursuant to a specific agreement,
“central banks (CBs)” means the Eurosystem CBs and the connected NCBs,
‘credit institution’ means either: (a) a credit institution within the meaning of point (1) of Article 4(1) of Regulation (EU) No 575/2013 and, Section 2(1) no 2 and Section 2(6) no 2 of the KWG that is subject to supervision by a competent authority; or (b) another credit institution within the meaning of Article 123(2) of the Treaty that is subject to scrutiny of a standard comparable to supervision by a competent authority,
“connected NCB” means an NCB, other than a Eurosystem CB, which is connected to TARGET2 pursuant to a specific agreement,
‘euro area NCB’ means the NCB of a Member State whose currency is the euro,
“credit institution” means either: (a) a credit institution within the meaning of point (1) of Article 4(1) of Regulation (EU) No 575/2013 and, Section 2(1) no 2 and Section 2(6) no 2 of the KWG that is subject to supervision by a competent authority; or (b) another credit institution within the meaning of Article 123(2) of the Treaty that is subject to scrutiny of a standard comparable to supervision by a competent authority,
‘Eurosystem CB’ means the ECB or a euro area NCB,
“euro area NCB” means the NCB of a Member State whose currency is the euro,
‘insolvency proceedings’ means insolvency proceedings within the meaning of Article 2(j) of Directive 98/26/EC,
“Eurosystem CB” means the ECB or a euro area NCB,
‘TARGET2 network service provider’ means a provider of computerised network connections appointed by the ECB's Governing Council for the purpose of submitting payment messages in TARGET2,
“insolvency proceedings” means insolvency proceedings within the meaning of Article 2(j) of Directive 98/26/EC,
‘T2S network service provider’ means an undertaking that has concluded a licence agreement with the Eurosystem to provide connectivity services in the context of T2S,
“TARGET2 network service provider” means a provider of computerised network connections appointed by the ECB's Governing Council for the purpose of submitting payment messages in TARGET2,
‘payee’, except where used in Article 28 of these Conditions, means a TARGET2 participant whose DCA will be credited as a result of a payment order being settled,
“T2S network service provider” means an undertaking that has concluded a licence agreement with the Eurosystem to provide connectivity services in the context of T2S,
‘payer’, except where used in Article 28 of these Conditions, means a TARGET2 participant whose DCA will be debited as a result of a payment order being settled,
“payee”, except where used in Article 28 of these Conditions, means a TARGET2 participant whose DCA will be credited as a result of a payment order being settled,
‘payment order’ means a DCA to PM liquidity transfer order, a PM to DCA liquidity transfer order or a DCA to DCA liquidity transfer order,
“payer”, except where used in Article 28 of these Conditions, means a TARGET2 participant whose DCA will be debited as a result of a payment order being settled,
‘Payments Module (PM)’ means an SSP module in which payments of TARGET2 participants are settled on PM accounts,
“payment order” means a DCA to PM liquidity transfer order, a PM to DCA liquidity transfer order or a DCA to DCA liquidity transfer order,
‘PM account’ means an account held by a TARGET2 participant in the PM with a Eurosystem CB which is necessary for such TARGET2 participant to:
“Payments Module (PM)” means an SSP module in which payments of TARGET2 participants are settled on PM accounts,
‘Single Shared Platform (SSP)’ means the single technical platform infrastructure provided by the SSP-providing NCBs,
“PM account” means an account held by a TARGET2 participant in the PM with a Eurosystem CB which is necessary for such TARGET2 participant to:
‘TARGET2-Securities (T2S)’ or ‘T2S Platform’ means the set of hardware, software and other technical infrastructure components through which the Eurosystem provides the services to participating CSDs and Eurosystem CBs that allow core, neutral and borderless settlement of securities transactions on a delivery-versus-payment basis in central bank money,
“Single Shared Platform (SSP)” means the single technical platform infrastructure provided by the SSP-providing NCBs,
‘SSP-providing NCBs’ means the Deutsche Bundesbank, the Banque de France and the Banca d'Italia in their capacity as the CBs building and operating the SSP for the Eurosystem's benefit,
“TARGET2-Securities (T2S)” or “T2S Platform” means the set of hardware, software and other technical infrastructure components through which the Eurosystem provides the services to participating CSDs and Eurosystem CBs that allow core, neutral and borderless settlement of securities transactions on a delivery-versus-payment basis in central bank money,
’ means the Deutsche Bundesbank, the Banque de France, the Banca d'Italia and Banco de España in their capacity as the CBs building and operating the T2S Platform for the Eurosystem's benefit,
“SSP-providing NCBs” means the Deutsche Bundesbank, the Banque de France and the Banca d'Italia in their capacity as the CBs building and operating the SSP for the Eurosystem's benefit,
‘static data collection form’ means a form developed by the ECB for the purpose of registering applicants for TARGET2-ECB services and registering any changes in relation to the provision of such services,
“4CBs” means the Deutsche Bundesbank, the Banque de France, the Banca d'Italia and Banco de España in their capacity as the CBs building and operating the T2S Platform for the Eurosystem's benefit,
‘suspension’ means the temporary freezing of the rights and obligations of a participant for a period of time to be determined by the ECB,