Date: 2022-04-29Category: Not ApplicableState: Union GovernmentCountry: Europe
Guideline (EU) 2022/688 of the European Central Bank of 22 April 2022 amending Guideline 2013/47/EU on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2012/27) (ECB/2022/20)
Executive Summary:
This guideline amends Guideline 2013/47/EU concerning the Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET2). It defers the application of certain amendments introduced by Guideline (EU) 2021/1759 from June 13, 2022, to July 4, 2022, due to issues in establishing connectivity with the Eurosystem Single Market Infrastructure Gateway. The guideline takes effect upon notification to the national central banks.
Key Points / Main Content:
* **Amendment of Guideline 2013/47/EU:**
* A new Article 34b is inserted into Annex IIA of Guideline 2013/47/EU (ECB/2012/27).
* **Deferred Application of Amendments:**
* The application of amendments introduced by paragraphs 1(c), 7, and 9 of Annex II to Guideline (EU) 2021/1759 (ECB/2021/30) is deferred.
* Necessary measures pursuant to Article 22 of Guideline (EU) 2021/1759 will now be applied from July 4, 2022, instead of June 13, 2022.
* **Effective Date:**
* This guideline takes effect on the day of its notification to the national central banks of the Member States whose currency is the euro.
* **Addressees:**
* The guideline is addressed to all Eurosystem central banks.
Impact Analysis:
Eurosystem Central Banks:
* Impact: Must postpone the implementation of certain measures related to T2T2S Consolidation Project contracts.
* Action Required: Take the necessary measures to comply with the deferred application date of July 4, 2022, instead of June 13, 2022, for the specified amendments.
T2S Network Service Providers:
* Impact: Experience a delay in the application of amended rules related to contracts concluded with them.
* Action Required: Adjust implementation plans to align with the new application date of July 4, 2022.
Key Entities Referenced
European Central Bank: The central bank of the Eurozone.
Governing Council of the ECB: The main decision-making body of the European Central Bank.
Treaty on the Functioning of the European Union: A key treaty outlining the scope of the European Union's powers.
European System of Central Banks: Comprises the European Central Bank (ECB) and the national central banks (NCBs) of all EU Member States.
Guideline EU 2022/688: A guideline of the European Central Bank amending Guideline 2013/47/EU on TARGET2.
TARGET2: Trans-European Automated Real-time Gross Settlement Express Transfer system.
Guideline 2013/47/EU: Guideline on a Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET2).
Guideline EU 2021/1759: A guideline of the European Central Bank amending Guideline 2013/47/EU due to the implementation of the T2/T2S Consolidation Project.
29.4.2022 EN Official Journal of the European Union L 126/25
GUIDELINES
GUIDELINE (EU) 2022/688 OF THE EUROPEAN CENTRAL BANK
of 22 April 2022
amending Guideline 2013/47/EU on a Trans-European Automated Real-time Gross settlement
Express Transfer system (TARGET2) (ECB/2012/27) (ECB/2022/20)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union and in particular the first and fourth indents of
Article 127(2) thereof,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular
Article 3.1 and Articles 17, 18 and 22 thereof,
Whereas:
(1) On 20 July 2021, the Governing Council adopted Guideline (EU) 2021/1759 of the European Central Bank
(ECB/2021/30)(1), which amended the rules in Guideline 2013/47/EU of the European Central Bank
(ECB/2012/27)(2)applying to contracts concluded with T2S network service providers due to the implementation
of the T2-T2S Consolidation Project. The amended rules introduced by Guideline (EU) 2021/1759 (ECB/2021/30)
apply as of 13 June 2022.
(2) Due to the unexpected efforts required to establish and stabilise the new connectivity with the Eurosystem Single
Market Infrastructure Gateway, the application of those amended rules should be deferred for a period of three
weeks, so that they apply as of 4 July 2022.
(3) Therefore, Guideline 2013/47/EU (ECB/2012/27) should be amended accordingly.
(4) In order to provide sufficient time for the central banks to take the necessary measures to comply with this
Guideline, this Guideline should take effect on the date of notification and should be published without delay in the
Official Journal of the European Union,
HAS ADOPTED THIS GUIDELINE:
Article 1
Amendment
The following new Article 34b is inserted in Annex IIA to Guideline 2013/47/EU (ECB/2012/27):
(1) Guideline (EU) 2021/1759 of the European Central Bank of 20 July 2021 amending Guideline ECB/2012/27 on a Trans-European
Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2021/30) (OJ L 354, 6.10.2021, p. 45).
(2) Guideline 2013/47/EU of the European Central Bank of 5 December 2012 on a Trans-European Automated Real-time Gross
settlement Express Transfer system (TARGET2) (ECB/2012/27) (OJ L 30, 30.1.2013, p. 1).L 126/26 EN Official Journal of the European Union 29.4.2022
‘Article 34b
Deferred application of amendments introduced by paragraphs 1(c), 7 and 9 of Annex II to Guideline (EU)
2021/1759 (ECB/2021/30)
The necessary measures to be taken and applied from 13 June 2022pursuant to Article 2(2) of Guideline (EU) 2021/1759
of the European Central Bank (ECB/2021/30) (*) shall be applied from 4 July 2022.
_____________
(*) Guideline (EU) 2021/1759 of the European Central Bank of 20 July 2021 amending Guideline ECB/2012/27 on a
Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2021/30) (OJ L 354,
6.10.2021, p. 45).’
Article 2
Taking effect and implementation
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.
Article 3
Addressees
This Guideline is addressed to all Eurosystem central banks.
Done at Frankfurt am Main, 22 April 2022.
For the Governing Council of the ECB
The President of the ECB
Christine LAGARDE