# Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC), Article 13: Priority rules

Extent: E+W+S+N.I.

1. Instructing participants shall designate every payment order as one of the following:
(a) normal payment order (priority class 2);
(b) urgent payment order (priority class 1); or
(c) highly urgent payment order (priority class 0).
If a payment order does not indicate the priority, it shall be treated as a normal payment order.
2 . Highly urgent payment orders may only be designated by:
( a ) CBs; and
( b ) participants, in cases of payments to and from CLS Bank International, with the exception of payments related to the CLS CCP service and, at the discretion of the Governing Council, the CLSNow service, and liquidity transfers in relation to ancillary system settlement using the ASI.
All payment instructions submitted by an ancillary system through the ASI to debit or credit the participants' PM accounts and all PM to T2S DCA liquidity transfer orders and PM to TIPS DCA liquidity transfer orders submitted shall be deemed to be highly urgent payment orders.
3. Liquidity transfer orders initiated via the ICM are urgent payment orders.
4. In the case of urgent and normal payment orders, the payer may change the priority via the ICM with immediate effect. It shall not be possible to change the priority of a highly urgent payment order.

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Source: https://www.legislation.gov.uk/eudn/2007/7/annex/I/article/13 (the official version)
Page: https://openlegislation.uk/eu-decision-2007-7/annex-I/article-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.