HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 303/44
EN
Official Journal of the European Union
22.11.2011
DECISIONS
DECISION OF THE EUROPEAN CENTRAL BANK
of 15 November 2011
amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB
(ECB/2011/19)
(2011/749/EU)
THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK,
(2) Therefore, it is necessary to amend the Annex to
Decision ECB/2007/7 of 24 July 2007 concerning the
Having regard to the Treaty on the Functioning of the European
terms and conditions of TARGET2-ECB ( 3 ) to incorporate
Union, and in particular Article 127(2) thereof,
certain elements from Guideline ECB/2011/15 into the
terms and conditions of TARGET2-ECB,
Having regard to the Statute of the European System of Central
Banks and of the European Central Bank, and in particular
HAS ADOPTED THIS DECISION:
Article 11.6 and Articles 17, 22 and 23 thereof,
Having regard to Guideline ECB/2007/2 of 26 April 2007 on a
Article 1
Trans-European Automated Real-time Gross settlement Express
Amendment of the terms and conditions of TARGET2-ECB
Transfer system (TARGET2) ( 1 ), and in particular Article 6(2)
thereof,
The Annex to Decision ECB/2007/7 which contains the terms
and conditions of TARGET2-ECB is amended in accordance
with the Annex to this Decision.
Whereas:
(1) Guideline
ECB/2007/2
has
been
amended
by
Guideline
Article 2
ECB/2011/15 of 14 October 2011 amending Guideline
ECB/2007/2 on a Trans-European Automated Real-time
Entry into force
Gross settlement Express Transfer system (TARGET2) ( 2 ),
This Decision shall enter into force on 21 November 2011.
inter alia, (a) to include the ‘grounds of prudence’ among
the criteria on the basis of which an application for
participation in TARGET2 may be rejected, and a
participant’s participation in TARGET2 or its access to
Done at Frankfurt am Main, 15 November 2011.
intraday credit might be suspended, limited or
terminated; and (b) to reflect new requirements for
TARGET2 participants related to the administrative and
restrictive measures introduced pursuant to Articles 75
The President of the ECB
and 215 of the Treaty.
Mario DRAGHI
( 1 ) OJ L 237, 8.9.2007, p. 1.
( 2 ) OJ L 279, 26.10.2011, p. 5.
( 3 ) OJ L 237, 8.9.2007, p. 71.

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EN
22.11.2011 Official
Journal
of
the
European
Union L
303/45
ANNEX
The Annex to Decision ECB/2007/7 is amended as follows:
(1) in Article 1 the following definitions are replaced:
‘— “payee”, except where used in Article 33, means a TARGET2 participant whose PM account will be credited as a
result of a payment order being settled,
— “payer”, except where used in Article 33, means a TARGET2 participant whose PM account will be debited as a
result of a payment order being settled,’;
(2) Article 6(4)(c) is replaced by the following:
‘(c) in the ECB’s assessment, such participation would endanger the overall stability, soundness and safety of
TARGET2-ECB or of any other TARGET2 component system, would jeopardise the ECB’s performance of its
tasks as described in the Statute of the European System of Central Banks and of the European Central Bank, or
poses risks on the grounds of prudence.’;
(3) Article 28(2)(e) and (f) is replaced by the following:
‘(e) any other participant-related event occurs which, in the ECB’s assessment, would threaten the overall stability,
soundness and safety of TARGET2-ECB or of any other TARGET2 component system, which would jeopardise
the ECB’s performance of its tasks as described in the Statute of the European System of Central Banks and of the
European Central Bank, or poses risks on the grounds of prudence;
(f) the ECB suspends, limits or terminates the participant’s access to intraday credit pursuant to paragraph 12 of
Annex III to Guideline ECB/2007/2.’;
(4) Article 33 is amended as follows:
(a) the title ‘Data protection, prevention of money laundering and related issues’ is replaced by ‘Data protection,
prevention of money laundering, administrative or restrictive measures and related issues’;
(b) the following paragraph 3 is added:
‘3. Participants,
when
acting
as
the
payment
service
provider
of
a
payer
or
payee,
shall
comply
with
all
requirements resulting from administrative or restrictive measures imposed pursuant to Article 75 or 215 of
the Treaty on the Functioning of the European Union, including with respect to notification and/or obtaining
consent from a competent authority in relation to the processing of transactions. In addition:
(a) when the ECB is the payment service provider of a participant that is a payer:
(i) the participant shall make the required notification or obtain consent on behalf of the central bank that is
primarily required to make notification or obtain consent, and shall provide the ECB with evidence of
having made a notification or having received consent; and
(ii) the participant shall not enter any credit transfer order 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;
(b) when the ECB is a payment service provider of a participant that is a payee, the participant shall make the
required notification or obtain consent on behalf of the central bank that is primarily required to make
notification or obtain consent, and shall provide the ECB with evidence of having made a notification or
having received consent.
For the purposes of this paragraph, the terms “payment service provider”, “payer” and “payee” shall have the
meanings given to them in the applicable administrative or restrictive measures.’.

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