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20/11/2019

The Central Bank of Malta updates Directive No. 6 and Directive No. 7

The Central Bank of Malta has updated Directive No. 6 on the Harmonised Conditions for Opening and Operating Payments Module Accounts, T2S Dedicated Cash Accounts in TARGET2-Malta, and Tips Dedicated Cash Accounts in Target2-Malta and Directive No. 7 on Provision of Intraday Credit and Auto-Collateralisation.

The Central Bank of Malta's Directive No. 6 on the Harmonised Conditions for Opening and Operating Payments Module Accounts, T2S Dedicated Cash Accounts in TARGET2-Malta, and Tips Dedicated Cash Accounts in Target2-Malta and Directive No. 7 on Provision of Intraday Credit and Auto-Collateralisation (the Directives) have been amended to transpose the changes implemented by Guideline ECB/2019/30 on Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2). The main amendment made to the Directives includes the introduction of a Contingency Solution by incorporating a new Single Shared Platform functionality that processes critical and very critical payments in contingency. Other amendments include a clarification to the conditions under which investment firms may participate in TARGET2, including the requirement for a legal opinion regarding investment firms established outside the European Economic Area and applying for a direct participation in a TARGET2 component system.

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