Decision (EU) 2019/166 of the European Central Bank of 25 January 2019 on the Market Infrastructure Board and repealing Decision ECB/2012/6 on the establishment of the TARGET2-Securities Board (ECB/2019/3)

All references to the T2S Board in Guideline ECB/2012/13, Decisions ECB/2011/20 and ECB/2011/05 shall be read as references to the Market Infrastructure Board. All other terms used in this Decision shall have the same meaning as in Guidelines ECB/2012/27 , and ECB/2012/13.

1 The mandate of the Market Infrastructure Board (MIB), including its objectives, responsibilities and tasks are set out in Annex I to this Decision.

2 The Rules of Procedure of the MIB, including its composition and working procedures, are set out in Annex II to this Decision.

3 The Code of Conduct for the members of the MIB, set out in Annex III to this Decision is endorsed by the Governing Council.

4 The procedures and requirements for the selection, appointment and replacement of the non-central bank members of the MIB are set out in Annex IV to this Decision.

5 It is understood that this Decision establishes no presumption to the effect that every new market infrastructures project falling within the scope of this Decision's definition of Eurosystem infrastructure project is to automatically be entrusted to the MIB. Only those projects explicitly entrusted by the Governing Council to the MIB are to be managed by the MIB.

Decision ECB/2012/6 is repealed.

In order to ensure a smooth and orderly transition to the MIB, established in accordance with this Decision, including the appointment of its members, the term of office of incumbent MIB members, at the time of the entry into force of this Decision, is deemed to be extended by four months.

This Decision shall enter into force on the third day following that of its publication in the Official Journal of the European Union.