ECB Amends Guideline on TARGET2 Payments System in Europe
ECB published a guideline offering further clarifications by amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET2). The guideline shall take effect on the day of its notification to the national central banks of the member states whose currency is euro.
This guideline is addressed to all Eurosystem central banks. 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 it from November 13, 2017. To support the emergence of a pan-European solution for instant payments, TARGET2 is enhanced with a new ancillary system settlement procedure. Thus, it is necessary to clarify certain aspects of Guideline ECB/2012/27, which has been amended as follows:
- Point (31) of Article 2 has been replaced and point (74) has been added.
- Title and paragraph (2) of Article 11 have been replaced and paragraph 1 has been deleted.
- Paragraph 3a has been inserted in Article 17 and paragraph 4 of Article 17 has been replaced.
- Annexes II, IIa, and V have been amended in accordance with Annex I to the new guideline.
- Annex IV has been replaced by Annex II to the new guideline.
Related Links
Keywords: Europe, EU, PMI, Guideline, ECB/2012/27, Target2, ECB
Previous Article
IMF Reports on Article IV Consultation with ECCU Member CountriesRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
