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Central Bank of Malta updates Directive No. 6

The Central Bank of Malta will be publishing an updated version of  Directive No. 6 on New Generation Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET), implementing a number of amendments introduced by Guideline ECB/2026/11, which the Governing Council of the European Central Bank adopted on 4 May 2026.

These amendments include, inter alia:

• the replacement of references to the TIPS One-Leg-Out scheme with references to the European Payments Council's One-Leg Out Instant Credit Transfer (OCT Inst) scheme;
• revised requirements applicable to clearing and settlement mechanisms in TARGET. In particular, references to the One-Leg Out Instant Credit Transfer Adherence Agreement have been removed and replaced with a requirement to provide evidence of an intention to comply with the relevant European Payments Council scheme requirements.

The amendments shall enter into force on 14 November 2026.