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The Central Bank of Malta publishes a new Directive No. 6

The Central Bank of Malta announces that its Directive No. 6 on Harmonised Conditions for Opening and Operating Payments Module Accounts, T2S Dedicated Cash Accounts in Target2-Malta, and TIPS Dedicated Cash Accounts on TARGET2-Malta, and also its Directive No. 7 on the Provision of Intraday Credit and Auto-Collateralisation, have been repealed in their entirety by means of Guideline ECB/2022/8 on a new-generation Trans-European Automated Real-time Gross Express Transfer system.

Subsequent to the above, the Central Bank of Malta implemented Guideline ECB/2022/8 in a newly published Directive No. 6 on New Generation Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET), divided into three sections, namely:

• Harmonised Conditions for Participation in TARGET (Annex I),
• Target Governance Arrangements (Annex II), and 
• Definitions (Annex III).

The new Directive No. 6 is effective from 20 March 2023, and participants to TARGET-Malta are to adhere to the provisions of such Directive as from such date.