ECB Publishes Decision Revising Format of MIB and Repealing Decision Establishing T2S Board


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:

  • 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.
  • 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).
  • 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 Therefore, Decision ECB/2012/6 should be repealed and the format of the MIB should be revised so that it is structured and functions in accordance with the Decision.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.