{
  "url": "https://openlegislation.uk/eu-decision-2007-7/annex-II/article-11",
  "json_url": "https://openlegislation.uk/eu-decision-2007-7/annex-II/article-11.json",
  "legislation": "eudn/2007/7",
  "legislation_title": "Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2007-7",
  "path": "annex/II/article/11",
  "kind": "article",
  "number": "11",
  "heading": "Designation, suspension or termination of the Main PM account",
  "text": "1. The T2S DCA holder shall designate a Main PM account to which the T2S DCA is linked. The Main PM account may be held in a TARGET2 component system other than TARGET2-ECB and may belong to a different legal entity from the T2S DCA holder .\n2. A participant using internet based access cannot be designated as a Main PM account holder.\n3. If the holder of the Main PM account and the holder of the T2S DCA are different legal entities and in the event that the participation of that designated Main PM account holder is suspended or terminated, the ECB and the T2S DCA holder shall take all reasonable and practicable steps to mitigate any ensuing damage or loss. The T2S DCA holder shall take all necessary steps to designate a new Main PM account without undue delay which will then be liable for any outstanding invoices. On the day of the suspension or termination of the Main PM account holder and until a new Main PM account holder has been designated, any funds remaining on the T2S DCA at the end of the day shall be moved to an account of the ECB. These funds will be subject to the remuneration conditions of Article 10(3) of Annex I to this Decision.\n4. The ECB shall not be liable for any losses incurred by the T2S DCA holder as a consequence of the suspension or termination of the Main PM account holder's participation.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Inserted by Decision (EU) 2015/929 of the European Central Bank of 26 May 2015 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2015/22)."
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Substituted by Decision (EU) 2018/1625 of the European Central Bank of 8 October 2018 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2018/24)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2007/7/annex/II/article/11",
    "retrieved_at": "2026-11-01T15:17:18.350563+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}