Guideline (EU) 2022/912 of the European Central Bank on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET)

A new consolidated version of Guideline (EU) 2022/912 of the European Central Bank concerning the operation of the TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer) system was published in the Official Journal (OJ) of the EU.
This latest consolidated version includes the modifications made by Guideline (EU) 2023/2415 of the ECB which made various changes to update definitions, introduce the term „network service provider,“ set out restrictions on trademark use related to TARGET services, and extend the deadlines in relation to the opening of TARGET accounts. The 2023 guideline also exempted the maintenance of TARGET accounts for credit institutions to meet minimum reserve requirements, required central banks to engage with network service providers, and obliged critical participants to establish a second technical connection to TARGET by 2026. For detailed information on these modifications, please refer to EventID 23632.