Regulatory Alerts2023-03-13
Resolution of 7 March 2023 by the Executive Commission of the Bank of Spain modifying the approval of general clauses for the Interbank Deposit Settlement Service
The Executive Commission of the Bank of Spain amends the general clauses governing the Interbank Deposit Settlement Service to align with the launch of TARGET on 20 March 2023, which replaces TARGET2-Banco de España. The modifications update settlement mechanics to utilize Dedicated Cash Accounts for Real-Time Gross Settlement (DCA RTGS) and eliminate the previous direct and indirect participant classifications. Additionally, the resolution updates confidentiality provisions, removes obsolete statistical clauses, and consolidates the regulatory text to reflect these operational changes.
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