On February 4, the Decision (EU) 2019/166 of the
European Central Bank
("ECB") on the Market
Infrastructure Board ("MIB")
and repealing Decision ECB/2012/6 on the establishment of the
TARGET2-Securities
("T2S") Board (ECB/2019/3) was published
in the Official Journal of the EU
("OJ").
The Decision notes that:
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In the past, the MIB has met in different dedicated formats in accordance with the different market infrastructures, platforms and projects for which it is responsible.
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Since the establishment of the MIB, the T2S Board, originally established under Decision ECB/2012/6, has been operating as one of the dedicated MIB formats, as reflected in ECB Decision (EU) 2017/1403 (ECB/2017/20).
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A review of the MIB's operation has shown that no dedicated formats are necessary for its efficient functioning. Therefore, Decision ECB/2012/6 should be repealed and the format of the MIB should be revised so that it is structured and functions in accordance with the Decision.
Article 1 of the Decision provides that all references to the
T2S Board in Guideline ECB/2012/13 and Decisions ECB/2011/20 and
ECB/2011/05 will be read as references to the MIB. Article 3 of the
Decision repeals Decision ECB/2012/6 establishing the T2S
Board.
Annex I to the Decision sets out the MIB's mandate, including
its objectives, responsibilities and tasks. Annex II to the
Decision contains the MIB's rules of procedure, including its
composition and working procedures. Annex III to the Decision sets
out the code of conduct for the MIB's members, as endorsed by
the ECB Governing Council (the legal effect of this is conditional
on the MIB members' signature of the declarations in Appendices
1 and 2 to Annex III). Annex IV to the Decision sets out the
procedures and requirements for the selection, appointment and
replacement of the non-central bank members of the MIB.
The Decision will enter into force on February 7 (that is, on the
third day following its publication in the OJ). Decision.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.