Regulatory Alerts2023-11-20
Decision 2023-05 amending Decision 2022-05 on harmonized conditions for participation in the new generation TARGET system
The Governor of the Bank of France issued Decision 2023-05 to amend the harmonized conditions for participation in the TARGET system, implementing ECB guidelines on emergency connectivity, account termination procedures, and fee structures. The decision mandates critical participants to establish a second technical connection by March 2026 and updates rules regarding the duration, termination, and confidentiality of TARGET participation. It also introduces new fee schedules for TIPS accounts and settlement procedures effective January 1, 2024, while adjusting penalties for central counterparties and intraday credit defaults.
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