Malta:
Central Bank Of Malta Directive No. 6 And 7 Repealed & Replaced With New Directive No. 6
21 April 2023
Ganado Advocates
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In order to implement Guideline of the European Central Bank of 24
February 2022 on a new-generation Trans-European Automated
Real-time Gross Settlement Express Transfer system (TARGET) and
repealing Guideline ECB/2012/27 (ECB/2022/8) the Central Bank
of Malta (CBM) has repealed its Directive No.6 on Harmonised
Conditions for Opening and Operating Payments Module Accounts, T2S
Dedicated Cash Accounts in Target2-Malta, and TIPS Dedicated Cash
Accounts on TARGET2-Malta and its Directive No. 7 on the Provision
of Intraday Credit and Auto-Collateralisation in their
entirety.
In view of the aforementioned ECB Guidelines, the CBM has
published a new Directive No. 6 on New Generation Trans-European
Automated Real-Time Gross Settlement Express Transfer System
(TARGET) which applies to participants in TARGET-Malta and has
been in effect since 20th March 2023.
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.
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