Regulatory Alerts2021-10-21
Resolution of 13 October 2021 by the Executive Committee of the Bank of Spain modifying general clauses for TARGET2 payment module, T2S, and TIPS cash accounts
The Executive Committee of the Bank of Spain issued this resolution on 13 October 2021 to modify the general clauses governing TARGET2 payment module, T2S, and TIPS cash accounts in Spain. The changes align Spanish regulations with ECB Guideline (EU) 2021/1759 by introducing new definitions for TIPS technical accounts and accessible entities, and updating liquidity transfer orders. Additionally, the resolution establishes stricter security certification requirements, defines compliance levels with corresponding penalties, and sets a transition period for TIPS platform accessibility starting 25 February 2022.
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