ECB guidelines on TARGET2-Securities
24 April 2010
The Guidelines are binding for the Eurosystem national central banks, but do not create obligations on third parties. The T2S Guidelines include a list of decisions reserved for the Governing Council, the roles and responsibilities of the T2S Programme Board and the 4CB and their mutual relations.
On 21 April 2010, the Governing Council adopted the T2S Guideline (ECB/2010/2).
The Guideline is the cornerstone of the legal framework for T2S and the basis for all other legal agreements to come in place in the future. The Guideline is binding for the Eurosystem national central banks, but does not create obligations on third parties. Briefly summarised, the T2S Guideline contains
(i) a list of decisions reserved for the Governing Council,
(ii) the roles and responsibilities of the T2S Programme Board and the 4CB and their mutual relations;
(iii) provisions on the relations with external stakeholders;
(iv) the basic procedures for the financial regime, the Eurosystem’s rights to the platform, CSD access criteria and other CSD related issues and eligibility conditions for non-euro currencies. The Guideline will soon be made public on the Official Journal of the European Union.
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