Guideline (EU) 2023/2415 of the European Central Bank of 7 September 2023 amending Guideline (EU) 2022/912 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET) (ECB/2022/8) (ECB/2023/22)

‘5 Eurosystem CBs shall not permit participants and third parties to use trademarks connected with TARGET services. A Eurosystem CB may request permission from the Level 2 technical and operational management body for a participant or a third party to use such trademarks.’

‘2 With effect from the date that the operation of the Eurosystem Collateral Management System (ECMS) commences, as communicated on the ECB’s website, Eurosystem CBs shall not open accounts other than TARGET accounts for participants eligible to participate in TARGET for the purpose of providing services falling within the scope of this Guideline, subject to the following exceptions: (a) accounts for those participants listed under Annex I, Part I, Article 4(2), points (a) and (b); (b) accounts where funds are held intraday for the sole purpose of carrying out cash lodgements and withdrawals; (c) accounts to be used to hold seized funds or funds pledged to a third-party creditor or funds referred to in Article 3(1)(d) of Regulation (EU) 2021/378 of the European Central Bank (ECB/2021/1) ; (d) accounts used by participants in systems operated by an NCB and used to clear instant payments complying with the SCT Inst scheme; (e) accounts to be used by institutions falling within the scope of Article 1 of Regulation (EU) 2021/378 (ECB/2021/1) for the purpose of complying with the applicable minimum reserve requirements, and to be considered reserve accounts in accordance with that Regulation. Such accounts may only be opened and remain open until a TARGET account has been opened for the relevant institution in accordance with the provisions set out in Annex I, Part I, Articles 4 and 5, or where the participation by that institution in TARGET has been terminated in accordance with the provisions set out in Annex I, Part I, Article 25. The following requirements shall apply: (i) funds on such accounts shall be used only for the purposes of and in accordance with Regulation (EU) 2021/378 (ECB/2021/1); (ii) Eurosystem CBs that have opened such accounts shall in the first week of January each year submit to the Level 2 technical and operational management body a report on the number of such accounts opened in the previous calendar year and the reason for which each such account was opened.

‘6 Each Eurosystem CB has concluded a contract with an NSP within the framework of the concession contract with that NSP. Each Eurosystem CB shall, in addition, conclude a contract with a second NSP to provide a second technical connection to TARGET for contingency purposes to take effect from 21 March 2025 at the latest. The second technical connection may be via the second NSP’s low volume user to application (U2A) access.’

1 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.

2 The national central banks of the Member States whose currency is the euro shall take the necessary measures to comply with this Guideline and apply them from 20 November 2023.

3 The national central banks of the Member States whose currency is the euro shall notify the ECB by 16 October 2023, at the latest, of the texts and means relating to the measures to comply with this Guideline.

This Guideline is addressed to all Eurosystem central banks.

1 Without prejudice to Article 25, participation in TARGET-[insert CB/country reference] shall be for an indefinite period of time.

2 A participant may terminate any of the following at any time giving 14 business days’ notice thereof, unless it agrees a shorter notice period with the [insert name of CB]: (a) its entire participation in TARGET-[insert CB/country reference], except where the participant is an institution falling within the scope of Article 1 of Regulation (EU) 2021/378 (ECB/2021/1), in which case the participant shall continue to hold at least one MCA for the purpose of complying with the applicable minimum reserves requirements, provided that the participant continues to comply with Articles 4 and 5; (b) one or more of its DCAs, RTGS AS technical accounts and/or TIPS AS technical accounts; (c) one or more of its MCAs, except where the participant is an institution falling within the scope of Article 1 of Regulation (EU) 2021/378 (ECB/2021/1), in which case the participant shall continue to hold at least one MCA for the purpose of complying with the applicable minimum reserves requirements, provided that the participant continues to comply with Articles 4 and 5.

3 The [insert name of CB] may terminate any of the following at any time giving 3 months’ notice thereof, unless it agrees a different notice period with the relevant participant: (a) a participant’s entire participation in TARGET-[insert CB/country reference], except where the participant is an institution falling within the scope of Article 1 of Regulation (EU) 2021/378 (ECB/2021/1), in which case the [insert name of CB] shall continue to offer at least one MCA for the purpose of complying with the applicable minimum reserves requirements, provided that the participant continues to comply with Articles 4 and 5; (b) one or more of a participant’s DCAs, RTGS AS technical accounts or TIPS AS technical accounts; (c) one or more of a participant’s MCAs, provided that the participant continues to hold at least one MCA.

4 On termination of participation, the confidentiality duties laid down in Article 28 shall remain in force for a period of 5 years starting on the date of termination.

5 On termination of participation, the [insert name of CB] shall close all TARGET accounts of the participant concerned in accordance with Article 26, except for any MCAs that the participant continues to hold pursuant to paragraph 2(a) or that the [insert name of CB] continues to offer pursuant to paragraph 3(a).’