Decision (EU) 2017/1403 of the European Central BankShow full title

Article 1 U.K. Amendments

Decision ECB/2012/6 is amended as follows:

1.

Article 1 is replaced by the following:

‘Article 1 Definitions

Terms used in this Decision shall have the same meaning as in Guideline ECB/2012/13(1) and in the T2S Framework Agreement endorsed by the Governing Council on 17 November 2011.’;

2.

in Article 2, paragraph 1 is replaced by the following:

‘1. The T2S Board shall be established as a governance body with the task of developing proposals for the Governing Council on key strategic issues and executing tasks of a purely technical nature assigned to it by the Governing Council. It shall operate as one of the dedicated formats of the Market Infrastructure Board (MIB).’;

3.

in Annex I, under the section ‘Composition’, the fourth paragraph is replaced by the following:

‘The mandate of a T2S Board member lasts for 24 months and may be renewed. The Governing Council may decide on a shorter mandate, including when members resign or retire before the expiry of their mandate.’;

4.

Annex II is amended as follows:

(a)

in Article 1, paragraph 3 is replaced by the following:

‘3. Members shall not be directly involved in the oversight of T2S or of central securities depositories that outsource settlement operations to T2S, to the extent that such involvement could give rise to actual or potential conflicts with their functions as T2S Board Members. Appropriate measures shall be put in place to identify and avoid any such conflicts. Members shall not be part of the Internal Auditors Committee (IAC), nor shall they be involved in Level 3 Activities on a day-to-day basis.’;

(b)

in Article 2, paragraph 1 is deleted.

(1)

Guideline ECB/2012/13 of the European Central Bank of 18 July 2012 on TARGET2-Securities (OJ L 215, 11.8.2012, p. 19).’;