Guideline (EU) 2017/1404 of the European Central Bank of 23 June 2017 amending Guideline ECB/2012/13 on TARGET2-Securities (ECB/2017/19)

‘1 In order to avoid conflicts of interest between the provision of T2S services by the Eurosystem and the Eurosystem's oversight functions, the Eurosystem central banks shall ensure that: (a) T2S Board members, shall not be directly involved in the oversight of T2S or of CSDs that outsource settlement operations to T2S, to the extent that such involvement could give rise to actual or potential conflicts with their functions as T2S Board Members. Appropriate measures shall be put in place to identify and avoid any such conflicts; (b) T2S Board members shall not be part of the Internal Auditors Committee (IAC), nor shall they be involved in Level 3 Activities on a day-to-day basis; (c) T2S oversight activities shall be separated from T2S operational activities.’;

This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.

This Guideline is addressed to all Eurosystem central banks.