Machine Translation of "Resolution Of 11 June 2015, The Executive Committee Of The Bank Of Spain, Modification Of 20 July 2007 Laying Down Gener..." (Spain)

Resolution Of 11 June 2015, The Executive Committee Of The Bank Of Spain, Modification Of 20 July 2007 Laying Down General Provisions Concerning Uniform Conditions For Participation In Target2-Bank Approved ...

Original Language Title: Resolución de 11 de junio de 2015, de la Comisión Ejecutiva del Banco de España, de modificación de la de 20 de julio de 2007, por la que se aprueban las cláusulas generales relativas a las condiciones uniformes de participación en TARGET2-Banco...

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TEXT

In accordance with the provisions of paragraphs (a) and (h) of Article 23.1 of Law 13/1994, of 1 June 1994, of the autonomy of the Banco de España, in paragraphs (a) and (i) of Article 66.1 of the Rules of Procedure of the Banco de España, and in Clause 49. of the general clauses concerning the uniform conditions for participation in TARGET2-Banco de España approved by Resolution of the Executive Board of the Bank of Spain of 20 July 2007, and on the occasion of the adoption by part of the European Central Bank of Guideline ECB/2015/15 of 2 April 2015 amending the Guideline ECB/2012/27 on the Trans-European Automated Real-time Gross Settlement Express Transfer System (TARGET2), the Executive Board of the Bank of Spain agrees:

First.

Include in the Resolution of the Executive Commission of the Bank of Spain of July 20, 2007 the following changes:

1. The reference to the "general clauses concerning the uniform conditions for participation in TARGET2-Banco de España (TARGET2-BE)" is replaced by the title of the Resolution " with general clauses concerning the uniform conditions for the opening and operation of a PM account in TARGET2-Banco de España '.

2. The following wording is given to Clause 1. (Definitions):

"For the purposes of these General Clauses concerning the uniform conditions for the opening and operation of a PM account in TARGET2-Banco de España (hereinafter referred to as" Conditions ") shall be understood as:

-"multiple account access" means the facility by which branches of credit institutions or credit institutions established in the EEA can access the relevant TARGET2 component system by submitting to them orders of payment directly or directly received from the payment; this facility authorizes those entities to carry out their payment orders, the settlement of which is carried out in the payment module account of a PM account holder without the intervention of this;

-"AL agreement" means the multilateral liquidity aggregation arrangement concluded between AL group members and their respective AL NCBs for the purpose of the use of the AL service;

-"BWI announcement", the information disseminated by the ICM simultaneously to all TARGET2 participants or to a particular group of TARGET2 participants;

-"direct debit authorisation", the general mandate of the payer to its central bank by which it empowers and obligates it to make a charge on the payer's account in the event of receipt of a direct debit order from the beneficiary;

-"Eurosystem central bank", the ECB or an NCB of the euro area;

-"central banks", the Eurosystem central banks and the connected NCBs;

-"ECB", the European Central Bank;

-"NCB", national central bank;

-"AL NCB" means the euro area NCB which is party to an AL agreement and acts as a counterpart to the AL group members participating in its TARGET2 component system;

-"connected NCB" means the NCB which is not a Eurosystem central bank and which is connected to TARGET2 under a specific arrangement;

-"euro area NCB" means the NCB of a Member State whose currency is the euro;

-"managing NCB", the AL NCB of the TARGET2 component system in which the AL group manager participates;

-"single sharing platform providers", the Deutsche Bundesbank, the Banque de France and the Banca d' Italia as an NCB that develop and operate the single shared platform for the benefit of the Eurosystem;

-"beneficiary", except in the sense in which it is used in clause 46., the TARGET2 participant whose payment module account will receive the payment corresponding to the settlement of the payment order;

-"BIC" (business identification code), the code defined in ISO n. º 9362;

-"timetable and operating schedule", the timetable and timetable for the operation of TARGET2-Banco de España established in the corresponding Technical Applications issued by the Banco de España in force at any time;

-"intraday credit", the one granted and reimbursed within the same business day;

-"CRR", Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending the Regulation (EU) No 648/2012 (1);

(1) OJ L 176, 27.6.2013, p. 1.

-"dedicated cash account", the account held by a holder of a dedicated cash account, opened at TARGET2-Banco de España, and used for cash payments in connection with the settlement of securities in T2S;

-"PM account" means the account that a participant in TARGET2 maintains in the payment module with a central bank and is necessary for the participant to:

(a) curse orders for payment or receive payments via TARGET2, and

(b) liquide payments with that central bank;

-"local account", the account opened outside the PM payments module by a central bank for an entity eligible to be an indirect participant;

-"PM account of the payment module", the PM account to which a dedicated cash account is linked and to which the remaining balance will automatically be transferred back to the end of the day;

-"CSD", central securities depository;

-"business day", any day when, as set out in the timetable and operating schedule, TARGET2 is available for settlement of payment orders;

-"legal capacity opinion", the legal opinion on a given participant that includes the assessment of its legal capacity to assume and fulfil its obligations under the Conditions;

-"Directive on the firmness of settlement", Directive 98 /26/EC of the European Parliament and of the Council of 19 May 1998 on the determination of settlement in payment and settlement systems (2);

(2) OJ L 166, 11.6.1998, p. 45.

-"available for settlement", the payment processing stage in which TARGET2-Banco de España tries to liquidate through the specific procedures set out in clause 20. a validated payment order according to

clause 14.

-"General Documentation", Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60) (3)

(3) OJ L 91, 2.4.2015, p. 3.

-"EEE", European Economic Area;

-"investment firm" means those defined in point 1 of Article 4 (1) of Directive 2004 /39/EC of the European Parliament and of the Council of 21 April 2004 on the markets for instruments financial, amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Council Directive 93 /22/EEC (4), with the exception of the entities referred to in paragraph 1 of the Article 2 of Directive 2004 /39/EC, and provided that the investment firm concerned is:

(4) OJ L 145, 30.4.2004, p. 1.

(a) is authorised and supervised by a recognised competent authority, designated as such under Directive 2004 /39/EC, and

(b) is empowered to carry out the activities referred to in points 2, 3, 6 and 7 of Section A of Annex I to Directive 2004 /39/EC;

-"credit institution" means (a) a credit institution within the meaning of point (1) of Article 4 (1) of CRR and Article 1 of Law 10/2014 of 26 June 2014 on the management, supervision and solvency of credit institutions; which is subject to the supervision of a competent authority; or (b) another credit institution within the meaning of Article 123 (2) of the Treaty on the Functioning of the European Union which is subject to scrutiny comparable to supervision by a competent authority;

-"public sector entity" means a "public sector entity" as defined in Article 3 of Council Regulation (EC) No 3603/93 of 13 December 1993 laying down definitions for the application of the prohibitions referred to in Article 104 and Article 104b (1) of the Treaty (5)

(5) OJ L 332, 31.12.1993, p. 1.

-"technical specifications for the processing of payment orders", the Technical Applications issued by the Banco de España in force at any time concerning the technical specifications of the processing of orders payment;

-"deposit facility" means the permanent Eurosystem facility that counterparties may use to make overnight deposits with a Eurosystem central bank at the specified rate of interest previously;

-"marginal lending facility" means the permanent Eurosystem facility that counterparties may use to receive one-day credit from a Eurosystem central bank at the marginal lending rate established previously;

-"static data collection form", the form created by the Banco de España to register applicants for the services of TARGET2-Banco de España and to register any change regarding the provision of these services services;

-"AL group manager", the AL group member designated by the other AL group members to manage the liquidity available in the AL group during the business day;

-"group IC manager", the member of the IC group designated by the other members of the IC group to monitor and distribute the available liquidity in the IC group during the business day;

-"group":

(a) a set of credit institutions included in the consolidated financial statements of a parent company, where the parent company is required to present consolidated financial statements in accordance with IAS 27; and consisting of:

(i) a parent company and one or more subsidiaries, or

(ii) two or more subsidiaries of a parent company;

(b) a set of credit institutions referred to in points (i) or (ii) of point (a) where the parent company does not present consolidated financial statements in accordance with IAS 27, but may be able to comply with the criteria for inclusion in the consolidated financial statements set out in IAS 27 after verification of the central bank of the PM account holder or, in the case of a AL group, the managing NCB;

(i) organized under normative provisions that determine the affiliation of credit institutions to that pool, or

(ii) characterised by voluntary membership cooperation mechanisms (which encourage, support and represent the business interests of its members) or financial solidarity that exceed the usual normal cooperation between credit institutions, in accordance with which such cooperation and solidarity is permitted in the statutes of credit institutions or established by separate agreements, and, in both cases referred to in point (c), whose request to be considered as a group is approved by the Governing Council of the ECB;

-"AL group", the group formed by AL group members who use the AL service;

-"IC group", the group consisting of the payment module account holders who use the IC service;

-"ICM" (information and control module), the single shared platform module that allows payment module account holders to obtain information online and gives them the ability to issue transfer orders from liquidity, manage liquidity and cure contingency payment orders;

-"real time gross settlement", processing and settlement of payment orders for each transaction in real time;

-"available liquidity" means the credit balance in the PM account of a participant and, if applicable, any intraday credit line granted by the relevant euro area NCB in relation to that account but which has not yet been used;

-"technical malfunction of TARGET2", problems, defects or failures affecting the technical infrastructure or the IT systems used by TARGET2-Banco de España, including the single shared platform or the T2S platform, and any other events preventing payments in the same day from TARGET2-Banco de España;

-"AL group member", the PM account holder who has entered into an AL agreement;

-"contingency module", the single shared platform module that allows critical and critical payments to be processed in contingency situations;

-"Payments module", the single shared platform module on whose accounts payments from PM account holders are settled;

-"IAS 27", International Standard Accounting 27, adopted pursuant to Commission Regulation (EC) No 2238/2004 of 29 December 2004 amending Regulation (EC) No 1725/2003 laying down certain rules International Accounting, in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council, as regards IFRS 1, IAS numbers 1 to 10, 12 to 17, 19 to 24, 27 to 38, 40 and 41 and SIC numbers 1 to 7, 11 to 14, 18 to 27, 30 to 33 (6);

(6) OJ L 394, 31.12.2004, p. 1.

-'direct debit order ' means the instruction which the beneficiary sends to its central bank by which the central bank of the payer carries the amount specified in the account of the payer under a direct debit authorisation in the order;

-"payment order", the transfer order, the liquidity transfer order, the direct debit order or the liquidity transfer order of the payment module to the dedicated cash account;

-"non-settled payment order", the payment order that is not liquid on the same business day on which it is validated;

-"transfer order" means the payer's instruction to make funds available to the beneficiary by a seat in a PM account;

-"liquidity transfer order" means the payment order whose primary purpose is to transfer liquidity between accounts other than the same participant or within an IC or AL group;

-"payment module liquidity transfer order to the dedicated cash account", the order to transfer a specific amount of funds from the PM account to the dedicated cash account;

-"payer", except in the sense in which it is used in clause 46., the TARGET2 participant whose payment module account shall be debited as a result of settlement of the payment order;

-"participant" or "direct participant" means the entity that is the holder of at least one payment module account (holder of the PM account) or a dedicated cash account (holder of the dedicated account of the cash) with a Eurosystem central bank;

-'TARGET2 participant ' means any participant in a TARGET2 component system;

-"indirect participant" means the credit institution established in the EEA which has concluded an agreement with the holder of a PM account to issue payment orders and to receive payments through that holder, and which has recognised by a TARGET2 component system as an indirect participant;

-"payer participant", the TARGET2 participant that has initiated a payment order on the system;

-"single shared platform" (SSP), the unique technical infrastructure provided by the single shared platform providers;

-"insolvency proceedings", as defined in point (j) of Article 2 of the Settlement Finality Directive;

-"contingency and operational continuity procedures", the contingency and operational continuity procedures established in the corresponding Technical Applications issued by the Banco de España in force in each time.

-"TARGET2 network service provider" means the provider of the IT connections network intended to provide payment messages in TARGET2 appointed by the Governing Council of the ECB;

-"AL service", a service consisting of the aggregation of available liquidity in PM accounts;

-"IC service", provision of consolidated information on PM accounts by means of the ICM;

-"TARGET2 component system" means any of the real-time gross settlement systems of the central banks that are part of TARGET2;

-"related system" means the system managed by an entity established in the EEA, subject to the supervision or supervision of a competent authority and which meets the requirements of surveillance relating to the location of the infrastructure offering services in euro as published on the ECB ' s website (7), in which payments or financial instruments are exchanged or compensated, while the resulting cash obligations are settled in TARGET2 in accordance with the provisions of Guideline ECB/2012/27 of 5 December 2012 on the system 'Trans-European Automated Real-time Gross Settlement (TARGET2)' (8), and the bilateral legal relationship between the related system and the relevant central bank;

(7) The current Eurosystem policy for the location of infrastructure is contained in the following statements, available on the ECB ' s website www.ecb.europa.eu: (a) Policy statement on euro payment and settlement systems located outside the euro area, dated 3 November 1998; (b) The Eurosystem's policy line with regard to consolidation in central counterparty clearing, of 27 September 2001; (c) The Eurosystem's policy principles on the location and operation of infrastructures settling in euro-denominated payment transactions, dated 19 July 2007; (d) The Eurosystem ' s policy principles on the location and operation of infrastructures settling euro-denominated payment transactions: specification of "legally and operationally located in the euro area", of November 2008, (e) The Eurosystem oversight policy framework, July 2011, subject to the judgment of the General Court of 4 March 2015, United Kingdom of Great Britain and Northern Ireland against the European Central Bank, T-496/11.

(8) OJ L 30, 30.1.2013, p. 1.

-"branch", a branch within the meaning of point (17) of Article 4 (1) of CRR;

-"execution assumption", with respect to a member of the AL group:

(a) any alleged non-compliance referred to in paragraph 1 of clause 41.

(b) any other alleged non-compliance or other nature referred to in clause 41 (2) in relation to which the Banco de España would have decided, taking into account the seriousness of the alleged non-compliance or another type, that a garment must be executed in accordance with the provisions of clause 32. A compensation of rights shall be produced in accordance with

provisions of clause 33.

-"alleged non-compliance", any imminent or current circumstance that may endanger the participant's compliance with the obligations imposed on it by the Conditions or other rules (including, in respect of the access to intraday credit, as specified by the Governing Council of the ECB in respect of Eurosystem monetary policy operations) applicable to the relations between the participant and the Banco de España or another central bank (of the Eurosystem, in respect of intraday credit). These circumstances include the following:

(a) that the participant no longer meets the access criteria of clause 4., or the requirements of paragraph 1 (a) (i) of clause 8., of the Conditions, and where applicable, in Title XII; or, only in respect of access to intraday credit, the eligibility of the participant as a counterparty for Eurosystem monetary operations has been suspended or terminated;

(b) opening of insolvency proceedings with respect to the participant;

(d) written statement of the participant about his inability to pay all or part of his debts or to meet his obligations relating to intraday credit;

(e) celebration by the participant of a voluntary agreement or general agreement with its creditors;

(f) that the participant is insolvent or unable to pay its debts, or that its central bank considers it;

(g) that the participant's creditor balance in its PM account or its dedicated cash account or all or a good portion of its assets is subject to a blocking, embargo, execution or any other procedure intended to protect the public interest or the rights of the participant's creditors;

(h) the participant's participation in another TARGET2 component system or in a linked system has been suspended or terminated;

(i) that any substantial claims or pre-contractual manifestations that the participant has formulated or are presumed to have formulated under applicable law are incorrect or false;

(j) assignment by the participant of all or a substantial portion of its assets;

-"suspension", the interruption of the rights and obligations of a participant for as long as the Bank of Spain determines;

-"TARGET2", the set consisting of all TARGET2 component systems of the central banks;

-'TARGET2-Banco de España ' (TARGET2-BE), the TARGET2 component system of the Banco de España;

-"TARGET2 CUG" (closed user group), the subset formed by the TARGET2 network service provider's clients grouped to use the relevant services and products from the network service provider TARGET2 when accessing the payment module;

-'TARGET2-Securities 'or' T2S 'or' T2S Platform ' means the set of physical and logical components and other technical infrastructure components through which the Eurosystem provides the CSDs and the central banks of the Eurosystem the services that will allow the settlement of securities transactions, on a basic, neutral and cross-border basis, by the delivery procedure against payment in central bank money;

-"type of deposit facility", the interest rate applicable to the deposit facility;

-"marginal lending rate", the interest rate applicable to the marginal lending facility;

-"accessible BIC holder" means the entity that (a) holds a BIC, (b) is not recognised as an indirect participant and (c) is a correspondent or client of a PM account holder or a branch of a holder of a the PM account or an indirect participant, and may issue payment orders to a TARGET2 component system, and receive payments from it, through the PM account holder;

-"TARGET2 UDFS", the most current version of the detailed functional specifications for TARGET2 users (UDFS), which is the technical documentation detailing how a participant interacts with TARGET2;

-"close links", as defined in Article 138 of the General Documentation. "

3. The following new Clause 1 is inserted. Scope:

"The Conditions shall govern the relationship between the Bank of Spain and the holder of the PM account with respect to the opening and operation of the account."

4. In Section 2 (Annexes), the wording of the title of Annex II (Application for participation in TARGET2-Banco de España) is replaced by the "Request for the opening of a PM account in TARGET2-Banco de España".

5. The following wording is given to Clause 3 (General description of TARGET2-Banco de España and TARGET2):

" 1. TARGET2 provides for euro payments a gross settlement in real time and central bank money in all payments module accounts and dedicated cash accounts.

2. The following payment orders are processed in TARGET2-Banco de España:

(a) the payment orders that are a direct consequence of the Eurosystem's monetary policy operations or are related to those transactions;

(b) the settlement of the euro component of the Eurosystem ' s foreign exchange operations;

(d) the settlement of euro transfers resulting from transactions in small payments systems in euro of systemic importance;

(e) settlement of the cash component of securities transactions;

(f) the payment module liquidity transfer orders to the dedicated cash account; and

(g) any other payment order in euro addressed to a participant in TARGET2.

3. TARGET2 is established and operates on the basis of the single shared platform. The Eurosystem determines the configuration and technical characteristics of the single shared platform. The services of the single shared platform provide them, for the benefit of the Eurosystem central banks and through specific agreements, the providers of the single shared platform.

4. The Banco de España is the service provider according to the Conditions. The actions and omissions of the single shared platform providers shall be considered to be actions and omissions of the Banco de España, of which the Bank of Spain shall be responsible in accordance with the provisions of clause 38. Conditions shall not give rise to any contractual relationship between the PM account holders and the SSP providers of the single shared platform when they act in such a way. The instructions, messages or information that the PM account holders receive from or send to the SSP in connection with the services provided under the Conditions shall be deemed to be received from the Bank of Spain or sent to him.

5. TARGET2 is legally structured as a multiplicity of payment systems made up of all TARGET2 component systems designated as 'systems' in accordance with the rules transposing the Directive on the firmness of the internal market. liquidation. TARGET2-Banco de España has been designated as a "system" in accordance with Article 8 (i) of Law 41/1999 of 12 November on payment and securities settlement systems.

6. Participation in TARGET2 takes place through participation in a TARGET2 component system. The Conditions describe the reciprocal rights and obligations of the account holders of the payment module and the Banco de España. The rules on the processing of payment orders (Title IV) apply to any payment order submitted and any payment received by a PM account holder. "

6. In paragraphs 2, 3 and 4 of Section 5 (Direct participants), the references to 'direct participant' and 'direct participants' are replaced by the references to 'PM account holder' and 'PM account holders'. respectively.

7. In Section 6 (Indirect Participants), the references to "direct participant" are replaced by the "PM account holder".

8. The following modifications are introduced in Section 7 (Direct Participant Liability):

8.1 In paragraphs 1 and 2, the references to "direct participant" and "participant" are replaced by the "PM account holder".

8.2 Two new paragraphs 3 and 4 are introduced with the following wording:

" 3. The holder of a PM account who accepts that his account is designated as the PM account of the PM account shall be bound by the invoices relating to the opening and operation of each dedicated cash account linked to that account of the payment module, as provided in the corresponding Technical Applications issued by the Banco de España in force at any time with respect to the fees for the services related to TARGET2-Banco de España, as well as the penalties imposed in accordance with paragraph 5 (d) of clause 19. of the general provisions relating to to the uniform conditions for the opening and operation of a dedicated cash account at TARGET2-Banco de España, irrespective of the content or non-compliance with the contracts or other legal businesses concluded between that holder of the PM account and the cash account holder.

4. In the terms set out in the Technical Applications issued by the Banco de España in force at any time in respect of the fees for services related to TARGET2-Banco de España, the holder of a principal account of the payments shall be bound by the invoices relating to the linking of cash accounts with the corresponding PM account. '

9. The following modifications are introduced in Clause 8. (Request procedure):

9.1 The following wording is given to paragraph 1 (a) (i):

" install, manage, manage and monitor the IT infrastructure necessary to connect to TARGET2-Banco de España and to take care of the payment orders, and to ensure the security of this infrastructure. Without prejudice to their sole responsibility, applicants may be served by third parties in order to comply with this requirement. In particular, applicants shall conclude a contract with the TARGET2 network service provider in order to obtain the necessary connection and admissions in accordance with the technical specifications of the processing of payment orders. '

9.2 The following wording is given to paragraph 4 (c):

" in the view of the Banco de España, the requested participation would endanger the stability, reliability and general security of TARGET2-Banco de España or any other TARGET2 component system, or would compromise the performance by the Banco de España of its functions as laid down in Law 13/1994 of 1 June of the autonomy of the Banco de España and the Statute of the European System of Central Banks and of the European Central Bank, or poses a risk, Reasons for prudence. '

10. In Section 9 (TARGET2), the references to 'participants in TARGET2' and 'participants' are replaced by the references to 'PM account holders'; and the references to 'participant' and 'direct participant' are replaced by the following: "PM account holder".

11. The following wording is given to Section 10 (2) (Obligations of the Bank of Spain and the participants):

"Participants shall pay the Bank of Spain the fees set out in the corresponding Technical Applications issued by the Bank of Spain in force at any time."

12. The following amendments are made to Clause 11 (Cooperation and Information Exchange):

12.1 In paragraph 3, the reference in the second sentence to "T2IS" is replaced by the "TARGET2 Information System".

12.2 In paragraph 6, the reference to "central banks providing the single shared platform" is replaced by the "single shared platform provider NCB" and the "network service provider" by the de "TARGET2 network service provider".

13. In Section 13 (Payment Order Classes) the following paragraph (d) is inserted:

"payment module liquidity transfer orders to the dedicated cash account."

14. In paragraph 1 (a) of Section 14 (Validation and rejection of payment orders) the reference to 'network service provider' is replaced by the reference to 'TARGET2 network service provider'.

15. The following wording is given to paragraph 2 of Clause 15 (Rules on priorities for ordering payments):

" You can only qualify an order as a very urgent payment order:

(a) central banks; and

(b) participants, in case of payments to (and from) CLS International Bank and liquidity transfer orders in relation to the settlement of the linked system using the interface for linked systems.

Any payment instruction submitted by a linked system through the interface for linked systems in order to debit or credit the participants ' PM accounts and any transfer order Liquidity of the payment module to the dedicated cash account will be considered a very urgent payment order. "

16. The following wording is given to paragraph 3 of Section 19 (Liquidity limits):

"Paragraph 4 of clause 15., paragraph 2 of clause 22. and paragraph 1 (a) of clause 29. shall apply mutatis mutandis to the stored payment orders."

17. The following wording is given to Section 22 (1) (Time of acceptance and irrevocability of payment orders submitted to the system):

" For the purposes of the first sentence of Article 3.1 and Article 5 of the Directive on the firmness of settlement, and of the provisions of Articles 3, 11 (1) and 13 of Law 41/1999 of 12 November 1999 on payment and payment systems settlement of securities, payment orders submitted to TARGET2-Banco de España shall be deemed to be accepted at the time the debit is made in the account of the corresponding participant's payment module. '

18. The following wording is given to Clause 23. (Intra credit definition):

" The Banco de España may grant intraday credit to participants, subject to the provision of appropriate guarantees. Such financing shall be repaid within the same working day as it has been granted, either by providing sufficient cash or by the marginal lending facility governed by the General Clauses applicable to the monetary policy operations of the Bank of Spain and development regulations. "

19. The following wording is given to Clause 24 (Intra-credit access criteria):

" 1. The Spanish credit institutions and branches in Spain of foreign credit institutions which are entitled to act as counterparties in the monetary policy operations of the European Union shall have access to the intraday credit. The Eurosystem, which has access to the marginal lending facility and which holds an account with the Banco de España. No intraday credit shall be granted to institutions which are subject to restrictive measures taken by the Council of the European Union or the Member States in accordance with Article 65 (1) (b), Article 75 or 215 of the Treaty on the functioning of the European Union, and the application of which, in the opinion of the Banco de España after informing the ECB, is incompatible with the smooth functioning of TARGET2.

2. The following entities may also have access to intraday credit:

(a) Spanish credit institutions and branches in Spain of foreign credit institutions which are not entitled to act as counterparties in the monetary policy operations of the Eurosystem or not have access to the marginal lending facility;

(b) The Public Treasury and equivalent bodies of the Autonomous Communities, and public sector entities authorised to hold client accounts;

(c) Spanish investment services companies, including branches in Spain of foreign investment firms, established in accordance with the procedure laid down in Article 66 of the Law 24/1988, 28 in July, on the Securities Market, which have entered into an agreement with a counterparty in the Eurosystem's monetary policy operations in order to ensure any residual debit position that exists at the end of the day in question;

(d) entities not covered by paragraph (a) that manage related systems and act in such quality, provided that the arrangements for granting intraday credit are previously submitted to the Governing Council of the Bank. European Central and the European Central Bank.

3. For the entities referred to in paragraph 2, intraday credit shall be limited to the day in question and shall not be converted into one day credit.

By way of derogation, the Governing Council of the ECB may decide, by means of a reasoned prior decision, to provide access to the marginal lending facility to certain eligible central counterparties in the the scope of Article 139.2 (c) of the Treaty on the Functioning of the European Union, in conjunction with Articles 18 and 42 of the Statute of the European System of Central Banks and of the European Central Bank and Article 1.1 of the Treaty General Documentation. Those eligible central counterparties are those that at the relevant time:

(a) are eligible entities within the meaning of paragraph 2 (d), provided that such eligible entities are also authorised to act as central counterparties in accordance with national or Union law Applicable European;

b) are established in the euro area;

(d) comply with the surveillance obligations for the location of infrastructures providing services in euro, as amended regularly and published on the ECB ' s website (9);

(9) The current Eurosystem policy for the location of infrastructure is contained in the following statements, available on the ECB ' s website www.ecb.europa.eu: (a) Policy statement on euro payment and settlement systems located outside the euro area, dated 3 November 1998; (b) The Eurosystem's policy line with regard to consolidation in central counterparty clearing, dated 27 September 2001; (c) The Eurosystem policy principles on the location and operation of infrastructures settling in euro-denominated payment transactions, dated 19 July 2007; (d) The Eurosystem's policy principles on the location and operation of infrastructures settling euro-denominated payment transactions: specification of " legally and operationally located in the euro area ", 20 November 2008, (e) The Eurosystem oversight policy framework, July 2011, subject to the judgment of the General Court of 4 March 2015, United Kingdom of Great Britain and Ireland North against the European Central Bank, T-496/11.

e) have accounts in the TARGET2 payments module;

f) have access to intraday credit; "

20. The following wording is given to Clause 25 (Eligible Warranty Assets):

" 1. The intraday credit shall be based on eligible collateral and shall be granted in the form of intraday collateralised or intraday repurchase transactions, in accordance with the additional common minimum requirements (including (a) the ECB ' s Governing Council shall establish for the Eurosystem monetary policy operations and the related consequences of non-compliance with them and the related consequences.

2. Without prejudice to Title VI, eligible collateral to ensure intraday credit shall be the same as may be used as collateral in the Eurosystem's monetary policy operations and shall be subject to rules valuation and risk control identical to those set out in the General Clauses applicable to the monetary policy operations of the Banco de España.

3. Debt instruments issued or guaranteed by the institution, or by a third party with which the institution has close links, shall only be admitted as collateral under the conditions set out in the General Clauses applicable to the institutions. monetary policy operations of the Banco de España.

4. The Governing Council of the European Central Bank may, at the request of the Bank of Spain, exempt from guaranteeing such financing to the public treasury and the equivalent bodies of the Autonomous Communities referred to in point (b) of paragraph 2 of this Article. clause 24. "

21. The following wording is given to paragraphs 4 and 5 of Section 26 (Intraday Credit Concession Procedure):

" 4. Institutions referred to in paragraph 1 of clause 24 shall be deemed to have automatically recourse to the marginal lending facility that they have not repaid intraday credit at the end of the day.

5. The entity referred to in points (a), (c) or (d) of clause 24 (2) which does not repay intraday credit at the end of the day shall comply with penalties, calculated in accordance with the following:

(a) if the institution has a debtor balance on its account at the end of the day for the first time in a period of twelve months, the penalty interest shall be imposed on it as a result of applying to the amount of the debtor balance a rate of five points greater than the marginal lending rate;

(b) for the institution which has a debtor balance in its account at the end of the day for the second time at least in the same 12-month period, the penalty interest referred to in point (a) shall be increased by 2,5 points at a time, from the first, that the institution has a debtor balance in that twelve-month period. '

22. The following wording is given to Clause 27 (Suspension, limitation or termination of access to intraday credit):

" 1. (a) The Banco de España shall suspend or terminate access to intraday credit if any of the following assumptions occur:

(i) the suspension or closure of an account of the payment module of the entity concerned with the Banco de España;

(ii) the interested entity ceases to meet any of the criteria set out in this title for the provision of intraday credit;

(iii) the competent, judicial or other authority decides to initiate a settlement procedure of the entity, the appointment of a liquidator or an analogous figure supervising its activities, or another analogous procedure;

(iv) the entity is subject to the freezing of funds or other measures imposed by the European Union that restrict its ability to make use of its funds; or

(v) the suspension or termination of the institution's eligibility as a counterpart in Eurosystem monetary policy operations.

(b) The Banco de España may suspend or terminate access to intraday credit if an NCB suspends or terminates the participant's participation in TARGET2 in accordance with paragraph 2 (b) to (e) of clause 41. they produce one or more cases of non-compliance (other than those referred to in paragraph 2 (a) of clause 41.).

(c) If the Eurosystem suspends, limits or excludes the access of the participant in TARGET2 to monetary policy instruments on the basis of prudence or otherwise in accordance with Article 158 of the General Documentation, the Spain shall also apply the suspension, limitation or exclusion in respect of access to intraday credit in accordance with these Conditions and other applicable contractual or regulatory provisions in force at any time.

(d) The Banco de España may suspend, limit or terminate access to the intraday credit of a participant if it considers that it poses a risk, for reasons of prudence. In such cases, the Bank of Spain shall notify the ECB, the other euro area NCBs and the connected NCBs in writing and without delay. Where appropriate, the Governing Council of the ECB shall take decisions on the uniform application of the measures taken in all TARGET2 component systems.

2. The decision of the Banco de España to suspend, limit or terminate access to the intraday credit of a counterparty in the Eurosystem ' s monetary policy operations in accordance with the provisions of paragraph 1 (d) above will not be effective until the ECB approves it.

3. Without prejudice to the provisions of paragraph 2 above, the Bank of Spain may, in the case of urgency, suspend with immediate effect access to the intraday credit of a counterparty in the Eurosystem ' s monetary policy operations, in which case it shall notify the ECB in writing without delay. The ECB may revoke the decision of the Banco de España. However, if within 10 working days of receipt of the Bank of Spain's notification, the ECB does not communicate to the ECB the revocation of the decision, the decision shall be deemed to have been approved by the ECB. '

23. The following amendments are made to the Section 30 (Liquidity Aggregation Service (AL)):

23.1 In paragraph 1, the reference to "participating NCB" is replaced by the reference to the "euro area NCB".

23.2 In paragraph 3, the references to "TARGET2 participants" and "TARGET2 participants" are replaced by those of "PM account holders" and "PM account holder" respectively.

23.3 In paragraph 4, the reference to "participant" is replaced by the "PM account holder".

24. In paragraph 2 of Section 31 (Prenda), the reference to 'participant' shall be replaced by the reference to the 'PM account holder'.

25. The following wording is given to Clause 34. (Contingency Procedures and Operational Continuity):

"In the event of an abnormal external event or other event affecting the functioning of the single shared platform, the contingency and operational continuity procedures shall apply."

26. In paragraph 7 of Section 38 (Liability scheme), the reference to 'central banks providing the single shared platform' is replaced by the reference to 'single shared platform providers'.

27. In paragraphs 1, 2 and 3 of Section 39 (Test means), the references to 'network service provider' are replaced by the references to 'the TARGET2 network service provider'.

28. The following amendments are made to Clause 41 (Suspension and extraordinary termination of participation):

28.1 In paragraphs 1, 2, 5 and 6, references to "participant" are replaced by the "PM account holder".

28.2 The following wording is given to paragraph 2. (e):

" occurs any other circumstance related to the account holder of the payment module which, in the opinion of the Banco de España, endangers the stability, reliability and general security of TARGET2-Banco de España or de any other TARGET2 component system, or commits the Bank of Spain's performance of its functions under Law 13/1994 of 1 June of the autonomy of the Banco de España and the Statute of the European System of Central Banks and of the European Central Bank, or poses a risk, for reasons of prudence; or '

28.3 In paragraph 4, the references to 'participant' and 'participants' are replaced by the references to 'PM account holder' and 'PM account holders' respectively.

29. The following modifications are introduced in Clause 45. (Confidentiality):

29.1 The following wording is given to paragraph 2:

" Without prejudice to paragraph 1, the participant agrees that the Banco de España will disclose information on payments, technical or organizational information of the participant, participants of the same group or clients of the participant, obtained in the course of the operation of TARGET2-Banco de España, other central banks or third parties involved in the operation of TARGET2-Banco de España, to the extent necessary for the smooth functioning of TARGET2 or the monitoring of the exposure of the participant or his/her group, or the supervisory and/or supervisory authorities; monitoring by the Member States and the European Union, to the extent necessary to carry out their public functions, and in all such cases provided that the disclosure is not contrary to the applicable law. The Banco de España will not respond to the financial and commercial consequences of such disclosure. "

29.2 In paragraph 5, the reference to "network service provider" is replaced by the reference to the "TARGET2 network service provider".

30. The following amendments are introduced in Section 46 (Protection of personal data, prevention of money laundering, administrative or restrictive measures and other related issues):

30.1 In paragraph 1, the reference to "network service provider" is replaced by the "TARGET2 network service provider".

30.2 The following wording is given to paragraph 3:

" 3. Participants shall, when acting as payment service providers of a payer or a beneficiary, comply with all obligations arising from the administrative or restrictive measures adopted pursuant to Articles 75 and 215 of the Treaty. Treaty on the functioning of the European Union applicable to them, including notification or obtaining the consent of the competent authority with regard to the processing of operations. Plus:

(a) when the Banco de España is the payment service provider of a participant that is the payer:

(i) the participant shall make the required notification or obtain the consent on behalf of the central bank primarily obliged to make the notification or obtain the consent, and shall provide the Bank of Spain with evidence have made the notification or obtained the consent;

(ii) the participant will not pursue any transfer order in TARGET2 until it has received confirmation from the Banco de España that the required notification has been made or the consent has been obtained by the supplier of payment services of the beneficiary or on its behalf;

(b) when the Banco de España is the payment service provider of a participant who is the beneficiary, the participant shall make the required notification or obtain the consent on behalf of the central bank mainly obliged to make the notification or obtain the consent, and shall provide the Banco de España with evidence of having made the notification or having obtained the consent.

For the purposes of this paragraph, the terms "payment service provider", "payer" and "payee" shall have the meaning attributed to them by the applicable administrative or restrictive measures. "

31. The following wording is given to Section 47 (1) (Notifications):

" Unless otherwise provided by the Conditions, any notification required or permitted under the Conditions shall be sent by registered mail, facsimile or other written form, or by message authenticated through the supplier. of the TARGET2 network service. The notifications to the Banco de España will be sent to the Director of the Payment Systems Department of the Banco de España, c/Alcala, 48, 28014 Madrid, or to the following address BIC of the Banco de España: ESPBESMMXXX. Notifications to the participant shall be sent to the address, fax number or BIC address that the participant has notified to the Banco de España. '

32. The following modifications are introduced in Clause 48

32.1 The wording of the title of the clause is replaced by the "Contract relationship with the TARGET2 network service provider".

32.2 In paragraph 1, the reference to "network service provider" is replaced by the reference to the "TARGET2 network service provider".

33. The wording of Title XII of Title XII is replaced by the title " General clauses relating to the uniform conditions complementary to and amended for the opening and operation of a PM account in TARGET2-Banco de España using internet-based access ".

34. The following modifications are introduced in Clause 55. (Definitions):

34.1 The following wording is given to the definition of "electronic certificate" or "certificate":

"electronic certificate" or "certificate": the electronic file issued by the certifying authorities that links a public key to an identity and is used for the following purposes: to verify that a public key belongs to an individual; authenticate the identity of the holder; check a signature of this individual, or encrypt a message to the individual. Certificates are maintained on material devices such as smart cards or USB bars, and references to certificates include these material devices. Certificates are important in the process of authentication of participants who access TARGET2 through the Internet and send payment or control messages; "

34.2 A final paragraph is entered with the following wording:

"For the purposes of this Title, the definition of" payment order "shall have the meaning of a transfer order, a liquidity transfer order or a direct debit order."

35. The following amendments are introduced in Section 57 (Supplementary and amended conditions):

35.1 The following wording is given to paragraph 2:

" 2. Clause 3 is amended as follows:

(a) Paragraph 1 is replaced by the following:

"TARGET2 provides for euro payments a gross settlement in real time and central bank money in all PM accounts."

(b) Paragraph 2 is replaced by the following:

" In TARGET2-Banco de España the following payment orders are processed:

(a) the payment orders that are a direct consequence of the Eurosystem's monetary policy operations or are related to those transactions;

(b) the settlement of the euro component of the Eurosystem ' s foreign exchange operations;

(d) the settlement of euro transfers resulting from transactions in systems of small payments in euro of systemic importance; and

(e) any other payment order in euro addressed to a participant in TARGET2. "

"For the benefit of clarity, for technical reasons, any participant using Internet-based access shall not be able to issue payment module liquidity transfer orders to the dedicated cash account."

(d) Paragraph 4 is replaced by the following:

" The Banco de España is the service provider according to the Conditions. The actions and omissions of the participating NCBs of the single shared platform or of the certifying authorities shall be considered actions and omissions of the Banco de España, of which the Bank of Spain shall be responsible in accordance with the provisions of the 38. The participation in accordance with the Conditions shall not cause any contractual relationship between the participants and the providers of the single shared platform when they act in such a way. The instructions, messages or information which the participants receive from or send to the SSP in connection with the services provided under the Conditions shall be deemed to be received from the Bank of Spain or sent to the. "

(e) Paragraph 6 is replaced by the following:

" The participation in TARGET2 takes place through participation in a TARGET2 component system. The Terms describe the reciprocal rights and obligations of the PM account holders in TARGET2-Banco de España and the Banco de España. The rules on the processing of payment orders (Title IV) relate to any payment order submitted and any payment received by a holder of a PM account and shall apply subject to Title XII. ""

35.2 In paragraph 4 (b), the reference to "network service provider" by the "TARGET2 network service provider" is replaced.

35.3 The following wording is given to paragraph 6 (a):

" (a) Paragraphs 1 and 2 are replaced by the following:

" 1. Banco de España will offer Internet-based access as described in Title XII. Unless otherwise provided by the Conditions or the law, Banco de España shall use all reasonable means at its disposal to comply with the obligations imposed on it by the Conditions, but it is not obliged to guarantee results.

2. Participants using Internet-based access shall pay the fees set out in the corresponding Technical Applications issued by the Bank of Spain in force at any time. ""

35.4 The following wording is given to paragraph 9:

" Clause 13 is replaced by the following:

" The following are classified as payment orders for the purposes of TARGET2:

(a) transfer orders;

(b) direct debit orders received pursuant to a direct debit authorisation. Participants using Internet-based access may not be able to issue direct debit orders from their PM account;

36. The following amendments are made to Annex I (Terms of reference to which the legal opinions of capacity and country will have to be adjusted):

36.1 The wording of the heading is replaced ("Terms of reference of the legal opinions of the participants in TARGET2") by the "Terms of reference of the legal opinions of the holders of payments module accounts in TARGET2-Banco de España".

36.2 The reference to "The General Clauses Relating to the Uniform Conditions of Participation in the System, dated [insert date] (hereinafter the" Rules ")" in the "Documents Examined" section of the " Terms of a reference to the legal opinions of the holders of payments module accounts in TARGET2-Banco de España ' is replaced by the following:

" The general clauses relating to the uniform conditions for the opening and operation of a PM account in the system, approved by resolution of 20 July 2007 of the Executive Committee of the European Banco de España, in its current version to [insert date] (hereinafter the "Rules"). "

36.3 The wording of the heading "Terms of reference of the country's legal opinions of the participants in TARGET2 not belonging to the EEA" is replaced by the "Terms of reference of the country's legal opinions" of the holders of payments module accounts in TARGET2-Banco de España not belonging to the EEA '.

36.4 The following wording is given to the first paragraph of the "Terms of reference of the country legal opinions of PM account holders in TARGET2-Banco de España not belonging to the EEA":

"As [external] legal advisors [specify the name of the participant or the participant's branch] (the" participant ") has been asked for this opinion on the issues that the laws of [jurisdiction] where the participant is established; hereinafter, the "jurisdiction"] is related to the participation in TARGET2-Banco de España (hereinafter the "system"). The reference of this opinion to the laws of [jurisdiction] includes all applicable provisions in [jurisdiction]. We formulate this opinion on the basis of the law of [jurisdiction], with special attention to the established participant. outside Spain in respect of the rights and obligations arising from the participation in the system as set out in the system documents, as defined in this opinion. '

36.5 The reference to "The General Clauses Relating to the Uniform Conditions of Participation in the System, dated [insert date] (hereinafter the" Rules ")" in paragraph (1) of the "Documents examined" section of the 'Terms of reference of the country legal opinions of the holders of payments module accounts in TARGET2-Banco de España not belonging to the EEA' shall be replaced by:

36.6 In point 3.3 b of the "Terms of reference of the country legal opinions of PM account holders in TARGET2-Banco de España non-EEA" the reference to "supplier" is replaced network service "by the" TARGET2 network service provider ".

36.7 The following wording is given in paragraph 3.6.a of the "Terms of reference of the country legal opinions of the holders of payments module accounts in TARGET2-Banco de España not belonging to the EEA":

" Cessions for the purpose of security are valid and legally enforceable under the laws of [jurisdiction]. Specifically, the constitution and execution of a pignoraticia guarantee agreement or a financial guarantee agreement with a change of ownership in accordance with clauses 25. ª, 31. ª., 32. and 44. of the Rules and, where appropriate, in accordance with the contracts to be concluded with the Banco de España referred to in paragraph 3 of clause 26. of the Rules, it is valid and legally enforceable under the laws of [jurisdiction]. "

37. The following amendments are made to Annex II:

37.1 The wording of the title of Annex II is amended by the "Request for the opening of a PM account in TARGET2-Banco de España".

37.2 The following wording is given to the contents of Annex II:

" [place], [date]

[name of the requesting entity], with NIF [...], [registration data], with registered office in [...], and, in its name and representation, [...], with DNI [...], specially empowered for this act by power granted to [the] Notary [...] dated [...] (hereinafter referred to as "the PM account holder")

EXPONE

1. ° belonging to one of the categories of entities mentioned in clause 4. of the General Clauses relating to the uniform conditions for the opening and operation of a PM account in TARGET2-Banco de España (hereinafter referred to as "Conditions").

2. º That meets the technical requirements of paragraph 1 (a) of clause 8. of the Conditions, to whose effect the certification issued by the Banco de España of having passed the tests referred to in the paragraph 1 (a) (ii) of clause 8. of the Conditions.

3. º That complies with the legal requirements referred to in paragraph 1 (b) of the 8. th clause of the Conditions, to which the Bank of Spain has presented the following documentation (10):

(10) Select the appropriate box.

Legal opinion of capacity;

Country legal opinion.

4. º You have duly completed and contributed to the Banco de España the static data collection forms provided by the Bank of Spain.

5. That, consequently, requests to participate in the system of payments integral to TARGET2 and operated by the Banco de España called TARGET2-Banco de España.

6. º That, for these purposes, a payment module account is opened to you in the Bank of Spain, in accordance with the provisions of the Conditions.

[...]. º [insert if applicable, if access to the PM account is requested via the internet: You want to access that payment module account via the internet, for which you have submitted to the Bank of Spain, duly completed, the application forms for issuing the necessary electronic certificates.]

[...]. º [insert if applicable, in case access to the PM account is requested via the Internet: May also be open to another payment module account to your name in the Bank of Spain agreement with the provisions of the Conditions, which you wish to access via the TARGET2 network service provider.]

[...]. º That, with a complementary character to your [s] account [s] of the module of payments, to which they belong, ask you to be opened by the Banco de España as many sub-accounts the account holder of the payment module notifies you, to dedicate liquidity for the purpose of carrying out the settlement of payment instructions submitted by the related related systems.

[...]. º Que, also requests the opening of [una/two] central [s] account [s] outside the payment module (hereinafter the [s] "central [s] account [s]") , at the Banco de España, expressly giving instructions to the Bank to transfer to the Bank of Spain at the end of the business day the entire balance in the [s] account [s] of the PM account and to transfer the balance in the [s] account [s]. central [is] at the start of the day of the next business day to the PM account [s] of the PM account holder's PM account, in accordance with the provisions of clause 12 (2) and (3) respectively of the Conditions;

to whose end

MANIFEST

1. º That expressly accepts the content of the Conditions, Technical Applications and other acts which the Banco de España dictates for the execution of the same, as well as those of those provisions which in the future will come to replace, amend or supplement, in whole or in part, the above Conditions, including the Annexes, the Technical Applications, and the other acts dictated for their implementation.

2. º That accepts the rules that the Bank of Spain establishes at any time to regulate the operation and types of operations eligible in the [s] central account [s].

3. What, under the provisions of Royal Decree-Law 5/2005 of 11 March 2005, of urgent reforms to boost productivity and improve public procurement, and the effects of compensation, will be considered as a single account accounts for the holder of the account, whether the account [s] of the payment module, where applicable, the dedicated cash accounts, the central [s] account [s] or the ordinary current accounts opened in the books of the Bank of Spain, expressly empowering the Banco de España to write down or regularize the accounts debit with the balance of the creditors by means of transfers or debits and also to retain the funds or securities belonging to the account holder of the debtor payments module which the Banco de España has in deposit or management for any cause, in the the amount necessary to guarantee the effectiveness of any discovered that in its accounts or relations with the Banco de España are in favor of this and its interests and expenses. Such compensation shall operate in particular in the event of an alleged execution, as defined in the Conditions, in respect of the PM account holder, and notwithstanding the opening of insolvency proceedings in respect of the account holder. of the PM account holder or any assignment, judicial or other class or other provision of his or her rights.

4. º That expressly authorizes to be owed in your [s] account [s] of the payment module the amounts arising from the settlement of any obligation of the PM account holder arising from completed transactions between the same and the Banco de España in the exercise of its functions.

By the requesting entity, "

38. In Annex III, the references to "Uniform Conditions" are replaced by those of "Conditions".

39. The following wording is given to Annex IV "Request for use of the [insert as appropriate: (consolidated information service) (liquidity aggregation service)] of TARGET2-Banco de España":

" [place], [date]

EXPONE

1. º Participating in the TARGET2 component payment system and operated by the Banco de España, called TARGET2-Banco de España.

2. º complying with the access requirements for the use of the [insert as appropriate: (consolidated information service) (liquidity aggregation service)] set out in paragraph one of the [insert what is The following is the case: (29. ª) (30)] of the General Clauses relating to the uniform conditions for the opening and operation of a PM account in TARGET2-Banco de España (hereinafter referred to as the "Conditions").

3. You have duly completed and contributed to the Banco de España the static data collection forms provided by the Bank of Spain.

[...]. º [insert if applicable in case of the AL group manager: What has provided Agreement for the aggregation of liquidity duly formalised by all the members of the group in accordance with the relevant model established to these effects in the Conditions.]

[...]. º Which, consequently, requests {insert as appropriate: [as group manager (IC) (AL)] [as a member of the group (IC) (AL), formed by (insert the relationship of members forming the IC or AL group), the use of the [insert as appropriate: (consolidated information service) (liquidity aggregation service)}, as provided for in the Conditions.

By the requesting entity, "

Second.

The amendments contained in the first point above shall apply from 22 June 2015.

Third.

A consolidated text of the general clauses concerning the uniform conditions for the opening and operation of a PM account in TARGET2-Banco de España, approved as a consolidated text, is hereby approved as Annex to this Resolution. by Resolution of the Executive Board of the Bank of Spain of 20 July 2007, with the amendments made to them by the Resolutions of that Executive Committee of 21 May 2009 ("BOE" 3 June) of 7 October 2007 ("BOE") 22 October), 6 October 2010 ("BOE" 16 November), 6 April 2011 ("BOE" of 9 April 2011), of 15 November 2011 ('BOE 'of 19 November 2012) of 26 December 2012 ('BOE' of 31 December 2014) of 15 July 2014 ('BOE ' of 19 July 2014) and this Resolution.

Madrid, 11 June 2015.-The Secretary General of the Banco de España, Francisco Javier Priego Pérez.

ATTACHED

General clauses concerning the uniform conditions for the opening and operation of a PM account in TARGET2-Banco de España

(Consolidated version)

TITLE I

General provisions

Clause 1.

For the purposes of these General Clauses relating to the uniform conditions for the opening and operation of a PM account in TARGET2-Banco de España (hereinafter referred to as "Conditions") shall be understood as:

-"AL agreement" means the multilateral liquidity aggregation arrangement concluded between AL group members and their respective AL NCBs for the purpose of the use of the AL service;

-"BWI announcement", the information disseminated by the ICM simultaneously to all TARGET2 participants or to a particular group of TARGET2 participants;

-"Eurosystem central bank", the ECB or an NCB of the euro area;

-"central banks", the Eurosystem central banks and the connected NCBs;

-"ECB", the European Central Bank;

-"NCB", national central bank;

-"AL NCB" means the euro area NCB which is party to an AL agreement and acts as a counterpart to the AL group members participating in its TARGET2 component system;

-"connected NCB" means the NCB which is not a Eurosystem central bank and which is connected to TARGET2 under a specific arrangement;

-"euro area NCB" means the NCB of a Member State whose currency is the euro;

-"managing NCB", the AL NCB of the TARGET2 component system in which the AL group manager participates;

-"BIC" (business identification code), the code defined in ISO n. º 9362;

-"intraday credit", the one granted and reimbursed within the same business day;

(11) OJ L 176, 27.6.2013, p. 1.

-"PM account" means the account that a participant in TARGET2 maintains in the payment module with a central bank and is necessary for the participant to:

(a) curse orders for payment or receive payments via TARGET2, and

(b) liquide payments with that central bank;

-"local account", the account opened outside the PM payments module by a central bank for an entity eligible to be an indirect participant;

-"PM account of the payment module", the PM account to which a dedicated cash account is linked and to which the remaining balance will automatically be transferred back to the end of the day;

-"CSD", central securities depository;

-"business day", any day when, as set out in the timetable and operating schedule, TARGET2 is available for settlement of payment orders;

-"legal capacity opinion", the legal opinion on a given participant that includes the assessment of its legal capacity to assume and fulfil its obligations under the Conditions;

-"Directive on the finality of settlement", Directive 98 /26/EC of the European Parliament and of the Council of 19 May 1998 on the determination of settlement in payment and securities settlement systems (12);

(12) OJ L 166, 11.6.1998, p. 45.

14.

-"General Documentation", Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60) (13)

(13) OJ L 91, 2.4.2015, p. 3.

-"EEE", European Economic Area;

-"investment firm" means those defined in point 1 of Article 4 (1) of Directive 2004 /39/EC of the European Parliament and of the Council of 21 April 2004 on the markets for instruments financial, amending Council Directives 85 /611/EEC and 93 /6/EEC and Directive 2000 /12/EC of the European Parliament and of the Council and repealing Council Directive 93 /22/EEC (14), with the exception of the entities referred to in paragraph 1 of Article 2 of Directive 2004 /39/EC, and provided that the investment firm concerned is:

(14) OJ L 145, 30.4.2004, p. 1.

(a) is authorised and supervised by a recognised competent authority, designated as such under Directive 2004 /39/EC, and

(b) is empowered to carry out the activities referred to in points 2, 3, 6 and 7 of Section A of Annex I to Directive 2004 /39/EC;

(15) OJ L 332, 31.12.1993, p. 1.

-"deposit facility" means the permanent Eurosystem facility that counterparties may use to make overnight deposits with a Eurosystem central bank, at the interest rate specified previously;

-"AL group manager", the AL group member designated by the other AL group members to manage the liquidity available in the AL group during the business day;

-"group IC manager", the member of the IC group designated by the other members of the IC group to monitor and distribute the available liquidity in the IC group during the business day;

-"group":

(i) a parent company and one or more subsidiaries, or

(ii) two or more subsidiaries of a parent company;

(i) organized under normative provisions that determine the affiliation of credit institutions to that pool, or

and, in both cases of point (c), whose application to be considered as a group has been approved by the Governing Council of the ECB;

-"AL group", the group formed by AL group members who use the AL service;

-"IC group", the group consisting of the payment module account holders who use the IC service;

-"real time gross settlement", processing and settlement of payment orders for each transaction in real time;

-"AL group member", the PM account holder who has entered into an AL agreement;

-"contingency module", the single shared platform module that allows critical and critical payments to be processed in contingency situations;

-"Payments module", the single shared platform module on whose accounts payments from PM account holders are settled;

(16) OJ L 394, 31.12.2004, p. 1

-'direct debit order ' means the instruction which the beneficiary sends to its central bank by which the central bank of the payer carries out the amount specified in the account under a direct debit authorisation. the order;