natgillin/translations-raw huggingface dataset:
in Article 21, paragraph 5 is replaced by the following:
„For the purposes of this paragraph, the taking of crisis prevention measures or crisis management measures within the meaning of Directive 2014/59/EU against a T2S DCA holder shall not automatically qualify as the opening of insolvency proceedings.”;
Notwithstanding Sections 675(u), 675(v), 675(x), 675(y), 675(z), 676(a), 676(c) of the German Civil Code (Bürgerliches Gesetzbuch), paragraphs 1 to 4 shall apply to the extent that the ECB's liability can be excluded.’
la articolul 26, alineatul 3 se înlocuiește cu următorul text:
in Article 24(1), the second sentence is replaced by the following:
The ECB shall promptly give the T2S DCA holder notice of any set-off pursuant to paragraph 2 after such set-off has taken place.”;
‘For the purposes of this paragraph, the taking of crisis prevention measures or crisis management measures within the meaning of Directive 2014/59/EU against a T2S DCA holder shall not automatically qualify as the opening of insolvency proceedings.’;
articolul 27 se modifică după cum urmează:
in Article 26, paragraph 3 is replaced by the following:
By derogation from paragraph 1, the T2S DCA holder agrees that information on any action taken under Article 24 shall not be considered as confidential.”;
The ECB shall promptly give the T2S DCA holder notice of any set-off pursuant to paragraph 2 after such set-off has taken place.’;
The ECB shall not be liable for the financial and commercial consequences of such disclosure.”;
Article 27 is amended as follows:
la alineatul 1, cuvintele „payment orders” se înlocuiesc cu cuvântul „payments”;
By derogation from paragraph 1, the T2S DCA holder agrees that information on any action taken under Article 24 shall not be considered as confidential.’;
la alineatul 3, litera (a) punctul (ii) se înlocuiește cu următorul text:
The ECB shall not be liable for the financial and commercial consequences of such disclosure.’;
the T2S DCA holder shall not enter any T2S DCA to PM liquidity transfer order or T2S DCA to T2S DCA liquidity transfer order, with the exception of such liquidity transfer orders between different accounts of the same T2S DCA holder, into TARGET2 until it has obtained confirmation from the ECB that the required notification has been made or the consent has been obtained by or on behalf of the payment service provider of the payee;”;
in paragraph 1, the words ‘payment orders’ are replaced by the word ‘payments’;
la articolul 29, a doua teză se înlocuiește cu următorul text:
in paragraph 3, point (a)(ii) is replaced by the following:
în apendicele I, titlul se înlocuiește cu următorul text:
the T2S DCA holder shall not enter any T2S DCA to PM liquidity transfer order or T2S DCA to T2S DCA liquidity transfer order, with the exception of such liquidity transfer orders between different accounts of the same T2S DCA holder, into TARGET2 until it has obtained confirmation from the ECB that the required notification has been made or the consent has been obtained by or on behalf of the payment service provider of the payee;’;
„PARAMETERS OF THE T2S DEDICATED CASH ACCOUNTS – TECHNICAL SPECIFICATIONS”;
in Article 29, the second sentence is replaced by the following:
în tabelul de la punctul 6 referitor la programul SSP, în al cincilea rând din prima coloană, intitulată „Time”, „1.00-6.45” se înlocuiește cu „1.00-7.00”;
in Appendix I, the title is replaced by the following:
se adaugă următorul punct 7:
‘PARAMETERS OF THE T2S DEDICATED CASH ACCOUNTS — TECHNICAL SPECIFICATIONS’;
The information on the operational status of the SSP and the T2S Platform on T2IS, TARGET2-Securities Information System and the ECB's website shall only be updated during normal business hours.”
in the table in paragraph 6 relating to the SSP schedule, in the fifth row under the first column titled ‘Time’,‘1.00 – 6.45’ is replaced by ‘1.00 – 7.00’;
The Eurosystem's current policy for the location of infrastructure is set out in the following statements, which are 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 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, revised version of July 2016.
the following paragraph 7 is added:
Guideline ECB/2012/27 of 5 December 2012 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (OJ L 30, 30.1.2013, p. 1).”;
The information on the operational status of the SSP and the T2S Platform on T2IS, TARGET2-Securities Information System and the ECB's website shall only be updated during normal business hours.’.
Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).”;
The Eurosystem's current policy for the location of infrastructure is set out in the following statements, which are 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 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, revised version of July 2016.
«Daytime operations» means daytime processing and end-of-day processing.
Guideline ECB/2012/27 of the European Central Bank of 5 December 2012 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (OJ L 30, 30.1.2013, p. 1).’;
Starts 15 minutes later on the last day of the Eurosystem reserve maintenance period.”;
Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).’;
ANEXA II
“Daytime operations” means daytime processing and end-of-day processing.
For the purposes of these Terms and Conditions (hereinafter the «Conditions»), the following definitions apply:
Starts 15 minutes later on the last day of the Eurosystem reserve maintenance period.’;
«ancillary system» means a system managed by an entity that is subject to supervision and/or oversight by a competent authority and complies with the oversight requirements for the location of infrastructures offering services in euro, as amended from time to time and published on the ECB's website, in which payments and/or financial instruments are exchanged and/or cleared or recorded with (a) the monetary obligations settled in TARGET2; and/or (b) funds held in TARGET2, in accordance with Guideline ECB/2012/27 and a bilateral arrangement between the ancillary system and the relevant Eurosystem CB,
ANNEX II
«authorised account user» means an entity which: (a) holds a Business Identifier Code (BIC); (b) is registered as such by a TIPS DCA holder; and (c) is addressable through the TIPS Platform for the settlement of instant payments,
For the purposes of these Terms and Conditions (hereinafter the “Conditions”), the following definitions apply:
«Business Identifier Code (BIC)» means a code as defined by ISO Standard No 9362,
“ancillary system” means a system managed by an entity that is subject to supervision and/or oversight by a competent authority and complies with the oversight requirements for the location of infrastructures offering services in euro, as amended from time to time and published on the ECB's website, in which payments and/or financial instruments are exchanged and/or cleared or recorded with (a) the monetary obligations settled in TARGET2; and/or (b) funds held in TARGET2, in accordance with Guideline ECB/2012/27 and a bilateral arrangement between the ancillary system and the relevant Eurosystem CB,
«branch» means a branch within the meaning of point (17) of Article 4(1) of Regulation (EU) No 575/2013,
“authorised account user” means an entity which: (a) holds a Business Identifier Code (BIC); (b) is registered as such by a TIPS DCA holder; and (c) is addressable through the TIPS Platform for the settlement of instant payments,
«business day» or «TARGET2 business day» means any day on which TARGET2 is open for the settlement of payment orders, as set out in Appendix III,
“Business Identifier Code (BIC)” means a code as defined by ISO Standard No 9362,
«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,
“branch” means a branch within the meaning of point (17) of Article 4(1) of Regulation (EU) No 575/2013,
«central banks (CBs)» means the Eurosystem CBs and the connected NCBs,
“business day” or “TARGET2 business day” means any day on which TARGET2 is open for the settlement of payment orders, as set out in Appendix III,
«credit memorandum balance (CMB)» means a limit set by the TIPS DCA holder for the use of liquidity on the TIPS DCA by a specific reachable party,
“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 a national central bank (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,
“credit memorandum balance (CMB)” means a limit set by the TIPS DCA holder for the use of liquidity on the TIPS DCA by a specific reachable party,
«deposit facility» means a Eurosystem standing facility which counterparties may use to make overnight deposits with an NCB at a pre-specified deposit rate,
“connected NCB” means a national central bank (NCB), other than a Eurosystem CB, which is connected to TARGET2 pursuant to a specific agreement,
«deposit facility rate» means the interest rate applicable to the deposit facility,
“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,
«T2S Dedicated Cash Account (T2S DCA)» means an account held by a T2S DCA holder, opened in TARGET2-ECB, and used for cash payments in relation to securities settlement in T2S,
“deposit facility” means a Eurosystem standing facility which counterparties may use to make overnight deposits with an NCB at a pre-specified deposit rate,
«euro area NCB» means the NCB of a Member State whose currency is the euro,
“deposit facility rate” means the interest rate applicable to the deposit facility,
«Eurosystem CB» means the ECB or a euro area NCB,
“T2S Dedicated Cash Account (T2S DCA)” means an account held by a T2S DCA holder, opened in TARGET2-ECB, and used for cash payments in relation to securities settlement in T2S,
«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:
“euro area NCB” means the NCB of a Member State whose currency is the euro,
«Information and Control Module (ICM)» means the SSP module that allows TIPS DCA holders that also hold a Linked PM account to obtain online information and gives them the possibility to submit PM to TIPS DCA liquidity transfer orders and TIPS DCA to PM liquidity transfer orders, and to manage liquidity,
“Eurosystem CB” means the ECB or a euro area NCB,
«TIPS GUI» means the module on the TIPS Platform which allows TIPS DCA holders to obtain online information and gives them the possibility to submit TIPS DCA to PM liquidity transfer orders,
“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:
«reachable party» means an entity which: (a) holds a BIC; (b) is designated as such by a TIPS DCA holder; (c) is a correspondent, customer or branch of a TIPS DCA holder; and (d) is addressable through the TIPS Platform and is able to submit payment orders and receive payment orders either via the TIPS DCA holder or, if so authorised by the TIPS DCA holder, directly,
“Information and Control Module (ICM)” means the SSP module that allows TIPS DCA holders that also hold a Linked PM account to obtain online information and gives them the possibility to submit PM to TIPS DCA liquidity transfer orders and TIPS DCA to PM liquidity transfer orders, and to manage liquidity,
«instructing party» means an entity which has been designated as such by a TIPS DCA holder and which is allowed to send payment orders to the TIPS Platform and/or receive payment orders from the TIPS Platform on behalf of that TIPS DCA holder or a reachable party of that TIPS DCA holder,
“TIPS GUI” means the module on the TIPS Platform which allows TIPS DCA holders to obtain online information and gives them the possibility to submit TIPS DCA to PM liquidity transfer orders,
«insolvency proceedings» means insolvency proceedings within the meaning of Article 2(j) of Directive 98/26/EC of the European Parliament and of the Council,
“reachable party” means an entity which: (a) holds a BIC; (b) is designated as such by a TIPS DCA holder; (c) is a correspondent, customer or branch of a TIPS DCA holder; and (d) is addressable through the TIPS Platform and is able to submit payment orders and receive payment orders either via the TIPS DCA holder or, if so authorised by the TIPS DCA holder, directly,
«TIPS DCA to PM liquidity transfer order» means the instruction to transfer a specified amount of funds from a TIPS DCA to a PM account,
“instructing party” means an entity which has been designated as such by a TIPS DCA holder and which is allowed to send payment orders to the TIPS Platform and/or receive payment orders from the TIPS Platform on behalf of that TIPS DCA holder or a reachable party of that TIPS DCA holder,
«marginal lending facility» means a Eurosystem standing facility which counterparties may use to receive overnight credit from a Eurosystem CB at the pre-specified marginal lending rate,
“insolvency proceedings” means insolvency proceedings within the meaning of Article 2(j) of Directive 98/26/EC of the European Parliament and of the Council,
«Linked PM account» means the PM account with which a TIPS DCA is associated for the purpose of liquidity management and payment of TIPS fees,
“TIPS DCA to PM liquidity transfer order” means the instruction to transfer a specified amount of funds from a TIPS DCA to a PM account,
«TIPS network service provider» means an undertaking which has: (a) met all of the necessary conditions to connect to, and established a technical connection to, the TIPS Platform in accordance with the rules and procedures set out and referred to in Appendix V; and (b) signed the TIPS connectivity hosting terms and conditions which are available on the ECB's website,
“marginal lending facility” means a Eurosystem standing facility which counterparties may use to receive overnight credit from a Eurosystem CB at the pre-specified marginal lending rate,
«participant» [or «direct participant»] means an entity that holds at least one TIPS DCA (TIPS DCA holder) and/or one PM account (PM account holder) and/or one T2S DCA (T2S DCA holder) with a Eurosystem CB,
“Linked PM account” means the PM account with which a TIPS DCA is associated for the purpose of liquidity management and payment of TIPS fees,
«payee», except where used in Article 30 of this Annex, means a TIPS DCA holder whose TIPS DCA will be credited as a result of a payment order being settled,
“TIPS network service provider” means an undertaking which has: (a) met all of the necessary conditions to connect to, and established a technical connection to, the TIPS Platform in accordance with the rules and procedures set out and referred to in Appendix V; and (b) signed the TIPS connectivity hosting terms and conditions which are available on the ECB's website,
«payer», except where used in Article 30 of this Annex, means a TIPS DCA holder whose TIPS DCA will be debited as a result of a payment order being settled,
“participant” [or “direct participant”] means an entity that holds at least one TIPS DCA (TIPS DCA holder) and/or one PM account (PM account holder) and/or one T2S DCA (T2S DCA holder) with a Eurosystem CB,
«payment order», except where used in Articles 16 to 18 of this Annex, means an instant payment order, a positive recall answer, a PM to TIPS DCA liquidity transfer order or a TIPS DCA to PM liquidity transfer order,
“payee”, except where used in Article 30 of this Annex, means a TIPS DCA holder whose TIPS DCA will be credited as a result of a payment order being settled,
«Single Shared Platform (SSP)» means the single technical platform infrastructure provided by the SSP-providing NCBs,
“payer”, except where used in Article 30 of this Annex, means a TIPS DCA holder whose TIPS DCA will be debited as a result of a payment order being settled,
«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,
“payment order”, except where used in Articles 16 to 18 of this Annex, means an instant payment order, a positive recall answer, a PM to TIPS DCA liquidity transfer order or a TIPS DCA to PM liquidity transfer order,
«static data collection form» means a form developed by the ECB for the purpose of registering applicant TIPS DCA holders for TARGET2-ECB services and registering any changes in relation to the provision of such services,
“Single Shared Platform (SSP)” means the single technical platform infrastructure provided by the SSP-providing NCBs,
«suspension» means the temporary freezing of the rights and obligations of a participant for a period of time to be determined by the ECB,
“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-ECB» means the TARGET2 component system of the ECB,
“static data collection form” means a form developed by the ECB for the purpose of registering applicant TIPS DCA holders for TARGET2-ECB services and registering any changes in relation to the provision of such services,
«TARGET2» means the entirety resulting from all TARGET2 component systems of the CBs,
“suspension” means the temporary freezing of the rights and obligations of a participant for a period of time to be determined by the ECB,
«TARGET2 component system» means any of the CBs' real-time gross settlement (RTGS) systems that form part of TARGET2,
“TARGET2-ECB” means the TARGET2 component system of the ECB,
«TARGET2 participant» means any participant in any TARGET2 component system,
“TARGET2” means the entirety resulting from all TARGET2 component systems of the CBs,
«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 payments in TARGET2-ECB,
“TARGET2 component system” means any of the CBs' real-time gross settlement (RTGS) systems that form part of TARGET2,
«TIPS Distinguished Name (TIPS DN)» means the network address for the TIPS Platform which must be included in all messages intended for the system,
“TARGET2 participant” means any participant in any TARGET2 component system,
«User Detailed Functional Specifications (UDFS)» means the most up-to-date version of the UDFS, which is the technical documentation that details how a TIPS DCA holder interacts with TARGET2.
“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 payments in TARGET2-ECB,
TARGET2-ECB is designated as a «system» under Section 1(16) of the KWG.
“TIPS Distinguished Name (TIPS DN)” means the network address for the TIPS Platform which must be included in all messages intended for the system,
«I» for instant payment account
“User Detailed Functional Specifications (UDFS)” means the most up-to-date version of the UDFS, which is the technical documentation that details how a TIPS DCA holder interacts with TARGET2.
For the purposes of this paragraph, the terms «payment service provider», «payer» and «payee» shall have the meanings ascribed to them in the applicable administrative or restrictive measures.
TARGET2-ECB is designated as a “system” under Section 1(16) of the KWG.
We have been asked to provide this Opinion as [in-house or external] legal advisers to [specify name of TIPS DCA holder or branch of TIPS DCA holder] in respect of issues arising under the laws of [jurisdiction in which the TIPS DCA holder is established; hereinafter the «jurisdiction»] in connection with the participation of [specify name of TIPS DCA holder] (hereinafter the «TIPS DCA holder») in the TARGET2-ECB (hereinafter the «System»).
“I” for instant payment account
and all other documents relating to the TIPS DCA holder's constitution, powers, and authorisations necessary or appropriate for the provision of this Opinion (hereinafter the «TIPS DCA holder's Documents»).
For the purposes of this paragraph, the terms “payment service provider”, “payer” and “payee” shall have the meanings ascribed to them in the applicable administrative or restrictive measures.
We have been asked as [external] legal advisers to [specify name of TIPS DCA holder or branch of TIPS DCA holder] (the «TIPS DCA holder») in respect of issues arising under the laws of [jurisdiction in which the TIPS DCA holder is established; hereinafter the «jurisdiction»] to provide this Opinion under the laws of [jurisdiction] in connection with the participation of the TIPS DCA holder in a system which is a component of TARGET2 (hereinafter the «System»).