Retained EU Law SI 2007/7 United Kingdom

Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC)

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Any Person17

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Any Person — also bound by 2340 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

art.10 Cooperation and information exchange Regulated
  • Cooperate with ECB and notify it of changes and eventsAny Person
art.11 art.11 Regulated
  • Designate a Main PM account linked to your T2S DCAAny Person
art.18 Security requirements Regulated
  • Implement security controls and report incidents to ECBAny Person
art.19 art.19 Regulated
  • Use direct connection or ICM to access your T2S DCAAny Person
art.21 art.21 Regulated
  • Exercise reasonable care in TARGET2-ECB dealings and mitigate lossesAny Person
art.22 Evidence Regulated
  • Use T2S network service provider for all payment messagesAny Person
art.27 Confidentiality Regulated
  • Keep TARGET2-ECB information confidential and restrict useAny Person
art.28 Data protection, prevention of money laundering, administrative or restrictive measures and related issues Regulated
  • Comply with restrictive measures and make required notifications or consents when acting as payment service providerAny Person
art.7 T2S DCA holders Regulated
  • Hold at least one T2S DCA with ECB and comply with Article 6 requirementsAny Person
art.9 Obligations of the ECB and the T2S DCA holders Regulated
  • T2S DCA holders must connect daily and manage liquidity properlyAny Person
uri:annex/ii/appendix/i/division/1/division/1/division/1 uri:annex/ii/appendix/i/division/1/division/1/division/1 Regulated
  • Connect to a T2S network service provider's secure networkAny Person
uri:annex/ii/appendix/i/division/1/division/1/division/2 uri:annex/ii/appendix/i/division/1/division/1/division/2 Regulated
  • Pass technical and operational tests before participating in TARGET2-ECBAny Person
uri:annex/ii/appendix/i/division/1/division/1/division/5 uri:annex/ii/appendix/i/division/1/division/1/division/5 Regulated
  • Comply with ISO20022 message standards for T2S DCA holdersAny Person
uri:annex/ii/appendix/ii/division/1/division/1 uri:annex/ii/appendix/ii/division/1/division/1 Regulated
  • Accept compensation offers waives all further claims against CBsAny Person
uri:annex/ii/appendix/iv/division/1/division/4 uri:annex/ii/appendix/iv/division/1/division/4 Regulated
  • Suspend sending instructions and reconcile data if T2S Platform moves regionAny Person
uri:annex/ii/appendix/iv/division/1/division/6 uri:annex/ii/appendix/iv/division/1/division/6 Regulated
  • Resolve problems that prevent settlement of payment ordersAny Person
uri:annex/ii/appendix/iv/division/1/division/7 uri:annex/ii/appendix/iv/division/1/division/7 Regulated
  • Participate in ECB-required business continuity testing and bear costsAny Person
72 other provisions — procedural and definitional
art.12 Opening and management of the T2S DCA
art.14 Acceptance and rejection of payment orders
art.23 Duration and ordinary termination of T2S DCAs
art.32 Third party rights
art.8 Links between securities accounts and T2S DCAs
uri:annex/ii/appendix/ii/division/1/division/4 uri:annex/ii/appendix/ii/division/1/division/4
s.annex/i/appendix/i/paragraph/1 In addition to the terms and conditions of TARGET2-ECB, the...
s.art001 Scope
s.art002 Intraday credit
s.art003 Terms and conditions of TARGET2-ECB
s.art003 Remuneration of Guarantee Funds
s.art004 Entry into force
s.s.article 1 Definitions
s.s.article 1 Definitions
s.s.article 10 Opening and management of PM accounts
s.s.article 11 Types of payment orders
s.s.article 12 Acceptance and rejection of payment orders
s.s.article 13 Priority rules
s.s.article 14 Liquidity limits
s.s.article 15 Reservation and blocking of liquidity
s.s.article 15 Liquidity reservation facilities
s.s.article 15a Standing instructions for liquidity reservation and dedication of liquidity
s.s.article 16 Moment of entry, moment of irrevocability
s.s.article 16 Predetermined settlement times
s.s.article 17 Business continuity and contingency procedures
s.s.article 17 Payment orders submitted in advance
s.s.article 18 Settlement of payment orders in the entry disposition
s.s.article 19 Settlement and return of queued payment orders
s.s.article 1a Scope
s.s.article 2 Scope
s.s.article 2 Appendices
s.s.article 20 Compensation scheme
s.s.article 20 Entry of payment orders into the system and their irrevocability
s.s.article 21 Business continuity and contingency procedures
s.s.article 22 Security requirements
s.s.article 23 Use of the ICM
s.s.article 24 Suspension and extraordinary termination of participation
s.s.article 24 Compensation scheme
s.s.article 25 Closure of T2S DCAs
s.s.article 25 Liability regime
s.s.article 26 The ECB's rights of pledge and set-off
s.s.article 26 Evidence
s.s.article 27 Duration and ordinary termination of participation
s.s.article 28 Suspension and extraordinary termination of participation
s.s.article 29 Notices
s.s.article 29 Closure of PM accounts
s.s.article 3 General description of TARGET2
s.s.article 30 Contractual relationship with T2S network service provider
s.s.article 30 The ECB's rights of pledge and set-off
s.s.article 31 Amendment procedure
s.s.article 31 Security rights in relation to funds on sub-accounts
s.s.article 32 Confidentiality
s.s.article 33 Governing law, jurisdiction and place of performance
s.s.article 33 Data protection, prevention of money laundering, administrative or restrictive measures and related issues
s.s.article 34 Severability
s.s.article 34 Notices
s.s.article 35 Entry into force and binding nature
s.s.article 35 Contractual relationship with TARGET2 network service provider
s.s.article 36 Entry into force and binding nature
s.s.article 36 Amendment procedure
s.s.article 37 Third party rights
s.s.article 38 Governing law, jurisdiction and place of performance
s.s.article 39 Severability
s.s.article 4 Access criteria
s.s.article 40 Entry into force and binding nature
s.s.article 5 Access criteria
s.s.article 5 Direct participants
s.s.article 6 Application procedure
s.s.article 6 Application procedure
s.s.article 7 TARGET2 directory
s.s.article 8 Obligations of the ECB and the participants
s.s.article 9 Cooperation and information exchange

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.