Common use of Change and Release Management Clause in Contracts

Change and Release Management. 1. The Parties may propose Change Requests for the T2S Business Application, the T2S Scope Defining Set of Documents and requirements for NSPs. Such proposal shall be made and dealt with in accordance with Schedule 9 (Change and Release Management). 2. Change and Release Management shall adhere to the following principles: (a) T2S is aimed at accommodating market evolution and supporting innovation; (b) without prejudice to the right of the Contracting CSD to submit a request for the im- plementation of Specific Changes, new or changed services within T2S shall be pro- vided with the objective of being available to all CSDs and Central Banks in T2S, and through them to T2S Users; (c) without prejudice to the ultimate decision-making powers of the Governing Council, as set out in Schedule 8, no individual Participating CSD shall have a veto right with respect to the approval of changes; (d) T2S shall endeavour to facilitate the Contracting CSD’s and the other Participating CSDs’ compliance with their respective Legal and Regulatory Requirements, to the extent that the Eurosystem was informed by the Contracting CSD and the other Par- ticipating CSDs about such requirements and to the extent that they are compatible with the Multilateral Character of T2S; (e) it is the Contracting CSD’s (or respectively, another Participating CSD’s) responsi- bility to involve their respective user communities throughout the whole Change and Release Management; (f) the Eurosystem shall continue to be committed to communicating information in a transparent manner towards the market in line with Schedules 8 (Governance) and 9 (Change and Release Management); (g) the development of specific functionalities to accommodate national specificities shall be limited as much as possible. Instead, where applicable, building the neces- sary interfaces to let the Contracting CSD, Participating CSDs and Central Banks of- fer these national specificities on their platforms, with no impact on T2S, shall be fa- voured. (h) in the case of changes in respect of Legal and Regulatory Requirements which apply only to one, or a few CSDs or Central Banks, Specific Changes will be available in accordance with paragraph 3 below; (i) sufficient time shall be allotted to implement any changes needed for the Eurosystem to develop the T2S Services on a consistent basis and provide enough lead time for the Contracting CSD or another Participating CSD to change their own internal sys- tems, processes, interfaces and connections accordingly. 3. The following principles apply to Specific Changes: (a) the Contracting CSD, a Participating CSD or a Central Bank which has a specific need, triggered by Legal and Regulatory Requirements or by innova- tion/improvements, may request a new functionality, provided that this does not en- danger the Lean Scope of T2S and is not incompatible with the Multilateral Charac- ter of T2S; and (b) the requesting CSD or Central Bank shall formally commit itself to bear the xxxxx- cial consequences of the Specific Change in accordance with Schedule 7 (Pricing); and/or (c) the associated costs shall be shared among all CSDs and/or Central Banks making use of the given functionality in accordance with Schedule 7 (Pricing); and (d) the Specific Changes shall be approved in accordance with Schedule 9 (Change and Release Management); and (e) no Specific Changes may be implemented if this imposes changes to existing fea- tures, functionalities, processes or interfaces or a deterioration of the service level of other CSDs or Central Banks, that have not approved such Specific Changes and un- less these CSDs or Central Banks agree to them. 4. In accordance with Article 28(2) but subject to Article 28(3), the Contracting CSD waives any IPRs that it may have acquired in connection with the proposed changes to the T2S Services or that may have arisen in the context of Change and Release Management. Should any other legal entity or natural person who would have been associated directly or indirectly with the Change and Release Management Procedure, have acquired IPRs in connection with the proposed changes, the Contracting CSD shall: (a) inform the Eurosys- tem as soon as it becomes aware of potential IPRs vested in such a legal entity or natural person; and (b) use its best endeavours to ensure that such legal entity or natural person al- so waives any IPRs acquired in the abovementioned context. 5. In the case of refusal to implement changes triggered by Legal and Regulatory Require- ments, the Governing Council shall provide a full written explanation of the reasons for the refusal. 6. The full financial consequences related to Common Changes and Specific Changes shall be recovered in accordance with Schedule 7 (Pricing). 7. Authorised changes and defect resolutions the implementation of which is pending are pri- oritised based on a scoring mechanism. The definition of the release is based on this priori- ty rating taking into account the business and legal criticality of changes, the associated risks, budgetary implications and the capacity for Common Changes and Specific Changes. The approval of the content of the release and the final prioritisation are carried out as de- scribed in Schedule 8 (Governance).

Change and Release Management. 1. The Parties may propose Change Requests for the T2S Business Application, Application and the T2S Scope Defining Set of Documents and Documents, requirements for NSPsT2S Network Service Providers and specifications for the Value-added Connectivity Services. Such proposal shall be made and dealt with in accordance with Schedule 9 (Change and Release Management)9. 2. The Change and Release Management process shall adhere to the following principlesfollowingprinciples: (a) T2S is aimed at accommodating market evolution and supporting innovationsupportinginnovation; (b) without prejudice to the right of the Contracting CSD [NCB] to submit a request for the im- plementation implementation of Specific Changes, new or changed services within T2S shall be pro- vided provided with the objective objec- tive of being available to all CSDs and Central Banks and Participating CSDs in T2S, and through them to T2S Users; (c) without prejudice to the ultimate decision-making powers of the Governing Council, Central Banks as set out specified in Schedule 8, no individual indi- vidual Central Bank or Participating CSD shall have a veto right with respect to the approval ap- proval of changesa Change Request; (d) T2S shall endeavour to facilitate support the Contracting CSD’s and the other Participating CSDs’ [NCB’s] compliance with their respective its Legal and Regulatory Requirements, to the extent that the Eurosystem was is informed by the Contracting CSD and the other Par- ticipating CSDs [NCB] about such requirements re- quirements and to the extent that they are compatible with the Multilateral Character of T2S; (e) it is the Contracting CSD’s (or respectively, another Participating CSD[NCB’s) responsi- bility ] responsibility to involve their respective its user communities throughout the whole Change and Release Management; (f) the Eurosystem shall continue to be committed to communicating information in a transparent trans- parent manner towards the market in line with Schedules 8 (Governance) and 9 (Change and Release Management)established T2Spractices; (g) the development of specific functionalities to accommodate national specificities shall be limited as much as possible. Instead, where applicable, building the neces- sary necessary interfaces to let the Contracting CSD, Central Banks and Participating CSDs and Central Banks of- fer offer these national specificities on their platforms, with no impact on T2S, shall be fa- voured.befavoured; (h) in the case of changes in respect of Legal and Regulatory Requirements which apply only to one, one or a few CSDs Central Banks or Central BanksParticipating CSDs, Specific Changes will be available in accordance with paragraph 3 below;shall be available; and (i) sufficient time shall be allotted to implement for implementing any changes change needed for by the Eurosystem to develop the T2S Services on a consistent basis and provide enough lead time for the Contracting CSD or another Central Banks and Participating CSD CSDs to change their own internal sys- temssystems, processes, interfaces and connections accordinglyconnectionsaccordingly. 3. The following principles apply are applicable to Specific Changes: (a) the Contracting CSD, a Central Bank or a Participating CSD or a Central Bank which has a specific need, need triggered by Legal and Regulatory Requirements or by innova- tioninnovation/improvements, may request improvements has the possibility to propose a new functionality, functionality provided that this it does not en- danger endanger the Lean Scope of T2S and is not incompatible in- compatible with the Multilateral Charac- ter Character of T2S; and (b) the requesting CSD or Central Bank or Participating CSD shall formally commit itself to bear the xxxxx- cial financial consequences of the Specific Change in accordance with Schedule 7 (Pricing); and/or7;and/or (c) the associated costs shall be shared among all CSDs and/or Central Banks and Participating CSDs making use of the given functionality in accordance with Schedule 7 (Pricing)7; and (d) the Specific Changes shall be approved in accordance with Schedule 9 (Change and Release Management); and9;and (e) no Specific Changes Change may be implemented if this imposes changes to existing fea- turesfeatures, functionalities, processes or interfaces interfaces, or a deterioration of the service level of other Central Banks or Participating CSDs or Central Banks, that which have not approved such Specific Changes and un- less these CSDs or Change, unless such other Central Banks or Participating CSDs agree to themtoit. 4. In accordance with paragraph 2 of Article 28(2) 33, but subject to paragraph 3 of Article 28(3)33, the Contracting CSD waives [NCB] shall waive any IPRs that it may have acquired in connection with the proposed changes to the T2S Services or that may have arisen in the context of the Change and Release ManagementManagement proc- ess. Should If any other legal entity or natural person who would have been associated directly or indirectly with the Change and Release Management Procedure, have process has acquired IPRs in connection with the proposed changes, the Contracting CSD [NCB] shall: (ai) inform the Eurosys- tem Eurosystem as soon as it becomes aware of potential IPRs vested in such a legal entity or natural person; and (bii) use its best endeavours to ensure that such a legal entity or natural person al- so also waives any IPRs acquired in the abovementioned contextabovementionedcontext. 5. In the case of refusal to implement changes triggered by Legal and Regulatory Require- ments, the Governing Council shall provide a full written explanation of the reasons for the refusal. 6. The full financial consequences related to Common Changes and Specific Changes shall be recovered in accordance with Schedule 7 (Pricing)7. 6. Subject to paragraph 3, as regards a Specific Change requested by the [NCB] related to safe- guarding the currency and/or financial stability as part of crisis management measures, the Eurosystem shall make such Change Request only transparent to Connected Central Banks and Participating CSDs on request of the [NCB] until no later than the point in time the change has been formally taken up in a release, provided that the [NCB] has formally com- mitted to bear the financial consequences of thechange. 7. In the case of refusal to implement changes triggered by Legal and Regulatory Requirements, the Governing Council shall provide a full written explanation of the reasons for the refusal. 8. Authorised changes and defect resolutions the implementation of which is pending are pri- oritised priori- tised based on a scoring mechanism. The definition of the release is based on this priori- ty rating priority rat- ing taking into account the business and legal criticality of changes, the associated risks, budgetary implications and the capacity for Common Changes and Specific Changes. The approval of the content of the release and the final prioritisation are carried out as de- scribed described in Schedule 8 (Governance)8.

Change and Release Management. 1. The Parties may propose Change Requests for the T2S Business Application, Application and the T2S Scope Defining Set of Documents and Documents, requirements for NSPsT2S Network Service Providers and specifications for the Value-added Connectivity Services. Such proposal shall be made and dealt with in accordance with Schedule 9 (Change and Release Management)9. 2. The Change and Release Management process shall adhere to the following principlesfollowingprinciples: (a) T2S is aimed at accommodating market evolution and supporting innovationsupportinginnovation; (b) without prejudice to the right of the Contracting CSD [NCB] to submit a request for the im- plementation implementation of Specific Changes, new or changed services within T2S shall be pro- vided provided with the objective objec- tive of being available to all CSDs and Central Banks and Participating CSDs in T2S, and through them to T2S Users; (c) without prejudice to the ultimate decision-making powers of the Governing Council, Central Banks as set out specified in Schedule 8, no individual indi- vidual Central Bank or Participating CSD shall have a veto right with respect to the approval ap- proval of changesa Change Request; (d) T2S shall endeavour to facilitate support the Contracting CSD’s and the other Participating CSDs’ [NCB’s] compliance with their respective its Legal and Regulatory Requirements, to the extent that the Eurosystem was is informed by the Contracting CSD and the other Par- ticipating CSDs [NCB] about such requirements re- quirements and to the extent that they are compatible with the Multilateral Character of T2S; (e) it is the Contracting CSD’s (or respectively, another Participating CSD[NCB’s) responsi- bility ] responsibility to involve their respective its user communities throughout the whole Change and Release Management; (f) the Eurosystem shall continue to be committed to communicating information in a transparent trans- parent manner towards the market in line with Schedules 8 (Governance) and 9 (Change and Release Management)established T2S practices; (g) the development of specific functionalities to accommodate national specificities shall be limited as much as possible. Instead, where applicable, building the neces- sary necessary interfaces to let the Contracting CSD, Central Banks and Participating CSDs and Central Banks of- fer offer these national specificities on their platforms, with no impact on T2S, shall be fa- voured.favoured; (h) in the case of changes in respect of Legal and Regulatory Requirements which apply only to one, one or a few CSDs Central Banks or Central BanksParticipating CSDs, Specific Changes will be available in accordance with paragraph 3 below;shall be available; and (i) sufficient time shall be allotted to implement for implementing any changes change needed for by the Eurosystem to develop the T2S Services on a consistent basis and provide enough lead time for the Contracting CSD or another Central Banks and Participating CSD CSDs to change their own internal sys- temssystems, processes, interfaces and connections accordingly. 3. The following principles apply are applicable to Specific Changes: (a) the Contracting CSD, a Central Bank or a Participating CSD or a Central Bank which has a specific need, need triggered by Legal and Regulatory Requirements or by innova- tioninnovation/improvements, may request improvements has the possibility to propose a new functionality, functionality provided that this it does not en- danger endanger the Lean Scope of T2S and is not incompatible in- compatible with the Multilateral Charac- ter Character of T2S; and (b) the requesting CSD or Central Bank or Participating CSD shall formally commit itself to bear the xxxxx- cial financial consequences of the Specific Change in accordance with Schedule 7 (Pricing)7; and/or (c) the associated costs shall be shared among all CSDs and/or Central Banks and Participating CSDs making use of the given functionality in accordance with Schedule 7 (Pricing)7; and (d) the Specific Changes shall be approved in accordance with Schedule 9 (Change and Release Management)9; and (e) no Specific Changes Change may be implemented if this imposes changes to existing fea- turesfeatures, functionalities, processes or interfaces interfaces, or a deterioration of the service level of other Central Banks or Participating CSDs or Central Banks, that which have not approved such Specific Changes and un- less these CSDs or Change, unless such other Central Banks or Participating CSDs agree to themit. 4. In accordance with paragraph 2 of Article 28(2) 33, but subject to paragraph 3 of Article 28(3)33, the Contracting CSD waives [NCB] shall waive any IPRs that it may have acquired in connection with the proposed changes to the T2S Services or that may have arisen in the context of the Change and Release ManagementManagement proc- ess. Should If any other legal entity or natural person who would have been associated directly or indirectly with the Change and Release Management Procedure, have process has acquired IPRs in connection with the proposed changes, the Contracting CSD [NCB] shall: (ai) inform the Eurosys- tem Eurosystem as soon as it becomes aware of potential IPRs vested in such a legal entity or natural person; and (bii) use its best endeavours to ensure that such a legal entity or natural person al- so also waives any IPRs acquired in the abovementioned context. 5. In the case of refusal to implement changes triggered by Legal and Regulatory Require- ments, the Governing Council shall provide a full written explanation of the reasons for the refusal. 6. The full financial consequences related to Common Changes and Specific Changes shall be recovered in accordance with Schedule 7 (Pricing)7. 6. Subject to paragraph 3, as regards a Specific Change requested by the [NCB] related to safe- guarding the currency and/or financial stability as part of crisis management measures, the Eurosystem shall make such Change Request only transparent to Connected Central Banks and Participating CSDs on request of the [NCB] until no later than the point in time the change has been formally taken up in a release, provided that the [NCB] has formally com- mitted to bear the financial consequences of the change. 7. In the case of refusal to implement changes triggered by Legal and Regulatory Requirements, the Governing Council shall provide a full written explanation of the reasons for the refusal. 8. Authorised changes and defect resolutions the implementation of which is pending are pri- oritised priori- tised based on a scoring mechanism. The definition of the release is based on this priori- ty rating priority rat- ing taking into account the business and legal criticality of changes, the associated risks, budgetary implications and the capacity for Common Changes and Specific Changes. The approval of the content of the release and the final prioritisation are carried out as de- scribed described in Schedule 8 (Governance)8.

Change and Release Management. 1. The Parties may propose Change Requests for the T2S Business Application, the T2S Platform, the T2S Scope Defining Set of Documents and requirements for NSPsNSPs and specifications for the Value-added Connectivity Services. Such proposal proposals shall be made and dealt with in accordance with Schedule 9 (Change and Release ManagementManage- ment). 2. The Change and Release Management process shall adhere to the following principlesprinci- ples: (a) T2S is aimed at accommodating market evolution and supporting innovation; (b) without prejudice to the right of the Contracting CSD Danmarks Nationalbank to submit a request for the im- plementation implementation of Specific Changes, new or changed services within T2S shall be pro- vided provided with the objective of being available to all CSDs and Central Banks and Signatory CSDs in T2S, and through them to T2S Users; (c) without prejudice to the ultimate decision-making powers of the Governing Council, Central Banks as set out specified in Schedule 8, no individual Participating Central Bank or Signatory CSD shall have a veto right with respect to the approval of changesa Change Request; (d) T2S shall endeavour to facilitate the Contracting CSDsupport Danmarks Nationalbank’s and the other Participating CSDs’ compliance with their respective Legal its Le- gal and Regulatory Requirements, to the extent that the Eurosystem was is informed by the Contracting CSD and the other Par- ticipating CSDs Danmarks Nationalbank about such requirements and to the extent that they are compatible with the Multilateral Character of T2S; (e) it is the Contracting CSDDanmarks Nationalbank’s (or respectively, another Participating CSD’s) responsi- bility responsibility to involve their respective its user communities throughout the whole Change and Release Management; (f) the Eurosystem shall continue to be committed to communicating information in a transparent manner towards the market in line with Schedules Schedule 8 (Governance) and 9 (Change and Release Management); (g) the development of specific functionalities to accommodate national specificities shall be limited as much as possible. Instead, where applicable, building the neces- sary nec- xxxxxx interfaces to let the Contracting CSD, Participating CSDs and Central Banks of- fer and Signatory CSDs offer these national specificities on their platforms, with no impact on T2S, shall be fa- voured.favoured; (h) in the case of changes in respect of Legal and Regulatory Requirements which apply only to one, one or a few CSDs Central Banks or Central BanksSignatory CSDs, Specific Changes will be available in accordance with paragraph 3 below;; and (i) sufficient time shall be allotted to implement any changes needed for the Eurosystem Eurosys- tem to develop the T2S Services on a consistent basis and provide enough lead time for the Contracting CSD or another Participating CSD Central Banks and Signatory CSDs to change their own internal sys- tems, processes, interfaces and connections accordingly. 3. The following principles apply are applicable to Specific Changes: (a) the Contracting CSD, a Participating CSD or a Central Bank or a Signatory CSD which has a specific need, need triggered by Legal and Regulatory Requirements or by innova- tioninnovation/improvements, may request improvements has the possibility to propose a new functionality, functionality provided that this it does not en- danger endanger the Lean Scope of T2S and is not incompatible with the Multilateral Charac- ter Character of T2S; and (b) the requesting CSD or Central Bank or Signatory CSD shall formally commit itself to bear the xxxxx- cial financial consequences of the Specific Change in accordance with Schedule 7 (Pricing); and/or (c) the associated costs shall be shared among all CSDs and/or Central Banks and Signatory CSDs making use of the given functionality in accordance with Schedule 7 (Pricing); and (d) the Specific Changes shall be approved in accordance with Schedule 9 (Change and Release Management); and (e) no Specific Changes may be implemented if this imposes changes to existing fea- tures, functionalities, processes or interfaces interfaces, or a deterioration of the service level of other CSDs Central Banks or Central BanksSignatory CSDs, that have not approved such Specific Changes and un- less these CSDs or Change, unless such other Central Banks or Signatory CSDs agree to them. 4. In accordance with Article 28(2) paragraph 2 of 0, but subject to Article 28(3)paragraph 3 of 0, the Contracting CSD waives Danmarks Na- tionalbank shall waive any IPRs that it may have acquired in connection with the proposed changes to the pro- posed T2S Services or that may have arisen in the context of the Change and Release ManagementManagement process. Should If any other legal entity or natural person who would have been associated directly or indirectly with the Change and Release Management Procedure, have process has acquired IPRs in connection with the proposed changes, the Contracting CSD Danmarks Nationalbank shall: (ai) inform the Eurosys- tem Eurosystem as soon as it becomes aware of potential IPRs vested in such a legal entity or natural person; and (bii) use its best endeavours to ensure that such a legal entity or natural person al- so also waives any IPRs acquired in the abovementioned context. 5. In the case of refusal to implement changes triggered by Legal and Regulatory Require- mentsRe- quirements, the Governing Council shall provide a full written explanation of the reasons rea- sons for the refusal. 6. The full financial consequences related to Common Changes and Specific Changes shall be recovered in accordance with Schedule 7 (Pricing). 7. Subject to paragraph 3, as regards a Specific Change requested by Danmarks Na- tionalbank related to safeguarding its Currency and/or financial stability as part of crisis management measures, the Eurosystem shall make such Change Request only trans- parent to non-euro area NCBs in T2S and Signatory CSDs on request of Danmarks Nationalbank until no later than the point in time the change has been formally taken up in a release, provided that Danmarks Nationalbank has formally committed to bear the financial consequences of the change. 8. In the case of refusal to implement changes triggered by Legal and Regulatory Re- quirements, the Governing Council shall provide a full written explanation of the rea- sons for the refusal. 9. Authorised changes and defect resolutions the implementation of which is pending are pri- oritised prioritised based on a scoring or ranking mechanism. The definition of the release is based on this priori- ty priority rating taking into account the business and legal criticality of changes, the associated risks, budgetary implications and the capacity for Common Changes and Specific Changes. The approval of the content of the release and the final prioritisation are carried out as de- scribed described in Schedule 8 9 (GovernanceChange and Release Management).

Change and Release Management. ‌ 1. The Parties may propose Change Requests for the T2S Business Application, Application and the T2S Scope Defining Set of Documents and Documents, requirements for NSPsT2S Network Service Providers and specifications for the Value-added Connectivity Services. Such proposal shall be made and dealt with in accordance with Schedule 9 (Change and Release Management)9. 2. The Change and Release Management process shall adhere to the following principles: (a) T2S is aimed at accommodating market evolution and supporting innovation; (b) without prejudice to the right of the Contracting CSD [NCB] to submit a request for the im- plementation implementation of Specific Changes, new or changed services within T2S shall be pro- vided provided with the objective objec- tive of being available to all CSDs and Central Banks and Participating CSDs in T2S, and through them to T2S Users; (c) without prejudice to the ultimate decision-making powers of the Governing Council, Central Banks as set out specified in Schedule 8, no individual indi- vidual Central Bank or Participating CSD shall have a veto right with respect to the approval ap- proval of changesa Change Request; (d) T2S shall endeavour to facilitate support the Contracting CSD’s and the other Participating CSDs’ [NCB’s] compliance with their respective its Legal and Regulatory Requirements, to the extent that the Eurosystem was is informed by the Contracting CSD and the other Par- ticipating CSDs [NCB] about such requirements re- quirements and to the extent that they are compatible with the Multilateral Character of T2S; (e) it is the Contracting CSD’s (or respectively, another Participating CSD[NCB’s) responsi- bility ] responsibility to involve their respective its user communities throughout the whole Change and Release Management; (f) the Eurosystem shall continue to be committed to communicating information in a transparent trans- parent manner towards the market in line with Schedules 8 (Governance) and 9 (Change and Release Management)established T2S practices; (g) the development of specific functionalities to accommodate national specificities shall be limited as much as possible. Instead, where applicable, building the neces- sary necessary interfaces to let the Contracting CSD, Central Banks and Participating CSDs and Central Banks of- fer offer these national specificities on their platforms, with no impact on T2S, shall be fa- voured.favoured; (h) in the case of changes in respect of Legal and Regulatory Requirements which apply only to one, one or a few CSDs Central Banks or Central BanksParticipating CSDs, Specific Changes will be available in accordance with paragraph 3 below;shall be available; and (i) sufficient time shall be allotted to implement for implementing any changes change needed for by the Eurosystem to develop the T2S Services on a consistent basis and provide enough lead time for the Contracting CSD or another Central Banks and Participating CSD CSDs to change their own internal sys- temssystems, processes, interfaces and connections accordingly. 3. The following principles apply are applicable to Specific Changes: (a) the Contracting CSD, a Central Bank or a Participating CSD or a Central Bank which has a specific need, need triggered by Legal and Regulatory Requirements or by innova- tioninnovation/improvements, may request improvements has the possibility to propose a new functionality, functionality provided that this it does not en- danger endanger the Lean Scope of T2S and is not incompatible in- compatible with the Multilateral Charac- ter Character of T2S; and (b) the requesting CSD or Central Bank or Participating CSD shall formally commit itself to bear the xxxxx- cial financial consequences of the Specific Change in accordance with Schedule 7 (Pricing)7; and/or (c) the associated costs shall be shared among all CSDs and/or Central Banks and Participating CSDs making use of the given functionality in accordance with Schedule 7 (Pricing)7; and (d) the Specific Changes shall be approved in accordance with Schedule 9 (Change and Release Management)9; and (e) no Specific Changes Change may be implemented if this imposes changes to existing fea- turesfeatures, functionalities, processes or interfaces interfaces, or a deterioration of the service level of other Central Banks or Participating CSDs or Central Banks, that which have not approved such Specific Changes and un- less these CSDs or Change, unless such other Central Banks or Participating CSDs agree to themit. 4. In accordance with paragraph 2 of Article 28(2) 33, but subject to paragraph 3 of Article 28(3)33, the Contracting CSD waives [NCB] shall waive any IPRs that it may have acquired in connection with the proposed changes to the T2S Services or that may have arisen in the context of the Change and Release ManagementManagement proc- ess. Should If any other legal entity or natural person who would have been associated directly or indirectly with the Change and Release Management Procedure, have process has acquired IPRs in connection with the proposed changes, the Contracting CSD [NCB] shall: (ai) inform the Eurosys- tem Eurosystem as soon as it becomes aware of potential IPRs vested in such a legal entity or natural person; and (bii) use its best endeavours to ensure that such a legal entity or natural person al- so also waives any IPRs acquired in the abovementioned context. 5. In the case of refusal to implement changes triggered by Legal and Regulatory Require- ments, the Governing Council shall provide a full written explanation of the reasons for the refusal. 6. The full financial consequences related to Common Changes and Specific Changes shall be recovered in accordance with Schedule 7 (Pricing)7. 6. Subject to paragraph 3, as regards a Specific Change requested by the [NCB] related to safe- guarding the currency and/or financial stability as part of crisis management measures, the Eurosystem shall make such Change Request only transparent to Connected Central Banks and Participating CSDs on request of the [NCB] until no later than the point in time the change has been formally taken up in a release, provided that the [NCB] has formally com- mitted to bear the financial consequences of the change. 7. In the case of refusal to implement changes triggered by Legal and Regulatory Requirements, the Governing Council shall provide a full written explanation of the reasons for the refusal. 8. Authorised changes and defect resolutions the implementation of which is pending are pri- oritised priori- tised based on a scoring mechanism. The definition of the release is based on this priori- ty rating priority rat- ing taking into account the business and legal criticality of changes, the associated risks, budgetary implications and the capacity for Common Changes and Specific Changes. The approval of the content of the release and the final prioritisation are carried out as de- scribed described in Schedule 8 (Governance)8.

Change and Release Management. 1. The Parties may propose Change Requests for the T2S Business Application, Application and the T2S Scope Defining Set of Documents and Documents, requirements for NSPsT2S Network Service Providers and specifications for the Value-added Connectivity Services. Such proposal shall be made and dealt with in accordance with Schedule 9 (Change and Release Management)9. 2. The Change and Release Management process shall adhere to the following principles: (a) T2S is aimed at accommodating market evolution and supporting innovation; (b) without prejudice to the right of the Contracting CSD [NCB] to submit a request for the im- plementation implementation of Specific Changes, new or changed services within T2S shall be pro- vided provided with the objective objec- tive of being available to all CSDs and Central Banks and Participating CSDs in T2S, and through them to T2S Users; (c) without prejudice to the ultimate decision-making powers of the Governing Council, Central Banks as set out specified in Schedule 8, no individual indi- vidual Central Bank or Participating CSD shall have a veto right with respect to the approval ap- proval of changesa Change Request; (d) T2S shall endeavour to facilitate support the Contracting CSD’s and the other Participating CSDs’ [NCB’s] compliance with their respective its Legal and Regulatory Requirements, to the extent that the Eurosystem was is informed by the Contracting CSD and the other Par- ticipating CSDs [NCB] about such requirements re- quirements and to the extent that they are compatible with the Multilateral Character of T2S; (e) it is the Contracting CSD’s (or respectively, another Participating CSD[NCB’s) responsi- bility ] responsibility to involve their respective its user communities throughout the whole Change and Release Management; (f) the Eurosystem shall continue to be committed to communicating information in a transparent trans- parent manner towards the market in line with Schedules 8 (Governance) and 9 (Change and Release Management)established T2S practices; (g) the development of specific functionalities to accommodate national specificities shall be limited as much as possible. Instead, where applicable, building the neces- sary necessary interfaces to let the Contracting CSD, Central Banks and Participating CSDs and Central Banks of- fer offer these national specificities on their platforms, with no impact on T2S, shall be fa- voured.favoured; (h) in the case of changes in respect of Legal and Regulatory Requirements which apply only to one, one or a few CSDs Central Banks or Central BanksParticipating CSDs, Specific Changes will be available in accordance with paragraph 3 below;shall be available; and (i) sufficient time shall be allotted to implement for implementing any changes change needed for by the Eurosystem to develop the T2S Services on a consistent basis and provide enough lead time for the Contracting CSD or another Central Banks and Participating CSD CSDs to change their own internal sys- temssystems, processes, interfaces and connections accordingly. 3. The following principles apply are applicable to Specific Changes: (a) the Contracting CSD, a Central Bank or a Participating CSD or a Central Bank which has a specific need, need triggered by Legal and Regulatory Requirements or by innova- tioninnovation/improvements, may request improvements has the possibility to propose a new functionality, functionality provided that this it does not en- danger endanger the Lean Scope of T2S and is not incompatible in- compatible with the Multilateral Charac- ter Character of T2S; and (b) the requesting CSD or Central Bank or Participating CSD shall formally commit itself to bear the xxxxx- cial financial consequences of the Specific Change in accordance with Schedule 7 (Pricing)7; and/or (c) the associated costs shall be shared among all CSDs and/or Central Banks and Participating CSDs making use of the given functionality in accordance with Schedule 7 (Pricing)7; and (d) the Specific Changes shall be approved in accordance with Schedule 9 (Change and Release Management)9; and (e) no Specific Changes Change may be implemented if this imposes changes to existing fea- turesfeatures, functionalities, processes or interfaces interfaces, or a deterioration of the service level of other Central Banks or Participating CSDs or Central Banks, that which have not approved such Specific Changes and un- less these CSDs or Change, unless such other Central Banks or Participating CSDs agree to themit. 4. In accordance with paragraph 2 of Article 28(2) 33, but subject to paragraph 3 of Article 28(3)33, the Contracting CSD waives [NCB] shall waive any IPRs that it may have acquired in connection with the proposed changes to the T2S Services or that may have arisen in the context of the Change and Release ManagementManagement proc- ess. Should If any other legal entity or natural person who would have been associated directly or indirectly with the Change and Release Management Procedure, have process has acquired IPRs in connection with the proposed changes, the Contracting CSD [NCB] shall: (ai) inform the Eurosys- tem Eurosystem as soon as it becomes aware of potential IPRs vested in such a legal entity or natural person; and (bii) use its best endeavours to ensure that such a legal entity or natural person al- so also waives any IPRs acquired in the abovementioned context. 5. In the case of refusal to implement changes triggered by Legal and Regulatory Require- ments, the Governing Council shall provide a full written explanation of the reasons for the refusal. 6. The full financial consequences related to Common Changes and Specific Changes shall be recovered in accordance with Schedule 7 (Pricing)7. 6. Subject to paragraph 3, as regards a Specific Change requested by the [NCB] related to safe- guarding the currency and/or financial stability as part of crisis management measures, the Eurosystem shall make such Change Request only transparent to Connected Central Banks and Participating CSDs on request of the [NCB] until no later than the point in time the change has been formally taken up in a release, provided that the [NCB] has formally com- mitted to bear the financial consequences of the change. 7. In the case of refusal to implement changes triggered by Legal and Regulatory Requirements, the Governing Council shall provide a full written explanation of the reasons for the refusal. 8. Authorised changes and defect resolutions the implementation of which is pending are pri- oritised priori- tised based on a scoring mechanism. The definition of the release is based on this priori- ty rating priority rat- ing taking into account the business and legal criticality of changes, the associated risks, budgetary implications and the capacity for Common Changes and Specific Changes. The approval of the content of the release and the final prioritisation are carried out as de- scribed described in Schedule 8 (Governance)8.