Common use of Governance of T2S Clause in Contracts

Governance of T2S. ‌ 1. Without prejudice to Article 37 the governance framework applicable during the development and operation of the T2S Services is specified in this Article and Schedule 8. In particular the following principles of relevance to Connected NCBs shallapply: 2. Based on Article 127 of the Treaty on the Functioning of the European Union and Article 3 of the Statute of the ESCB, in the T2S context, the Eurosystem shall inparticular: (a) exclusively exercise full control over all cash accounts in euro in T2S, i.e. operate the cash accounts it holds for its banks and safeguard the integrity of the euro which, for the purposes of this Agreement, includes the implementation of monetary policy including all central bank credit operations as well as settlement in Central Bank Money in theeuro; (b) contribute to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system; (c) ensure that it does not distort a level playing field for market participants; and (d) exert efficient oversight of market infrastructure while preserving the separation of this function from its operational activities of T2S. 3. Subject to Schedule 8, Connected NCBs shall have the same rights in T2S as the Eurosystem in relation to their respective currencies. 4. The Eurosystem shall have control and participation rights in the Governance of T2S in the performance of its tasks under the Treaty on the Functioning of the European Union and the Statute of the ESCB and in its capacity as owner and operator of T2S. In particular, this in- cludes the ability to recover its costs and to operate T2S in a safe and efficient manner with due consideration of the rights, interests, prerogatives and obligations of the T2S Stake- holders in line with the Multilateral Character of T2S. The Governing Council shall have ul- timate decision making powers. 5. The Connected NCBs shall have control and participation rights in accordance with the Gov- ernance framework of T2S, in particular through their participation in the relevant Govern- ance bodies as set out in this Article and the decision-making process as outlined in Schedule 8. 6. Without prejudice to the ultimate decision-making powers of the Governing Council as set out in Schedule 8, and the decision-making bodies of the Connected NCBs, the T2S Govern- ance bodies shall comprise: (a) the T2S Board, which replaces the T2S Programme Board established by Decision ECB/2009/6; (b) the CSD Steering Group (CSG), whose mandate and composition are annexed to Sched- ule 8 of the Framework Agreement; (c) the Non-euro Currencies Steering Group (NECSG), whose mandate and composition are set out in Schedule 8; (d) the Governors’ Forum, whose mandate and composition are set out in Schedule8; (e) the T2S Advisory Group (AG), whose mandate and composition are set out in the Annex to the T2S Guideline; and (f) the National User Groups (NUGs), whose mandate and composition are set out in the Annex to the T2S Guideline. These T2S Governance Bodies shall draft their respective rules of procedure once they have been established. 7. The [NCB] shall have all necessary rights to exclusively exercise full control in real time over the DCAs in [currency] in T2S, including the right to real-time blocking and unblocking with immediate effect and to close them with immediate effect. 8. The [NCB] shall have the right of the real-time initiation of a change being applicable in T2S on the next Settlement Day, except in special circumstances where the MOP provides for specific manual procedures for implementation in real-time asregards: (a) the usage of selected securities in its respective currency forauto-collateralisation, (b) the credits granted for securities settlement in [currency] in T2S, (c) the determination of the individual ISINs which may be used as collateral for individual credits in T2S, (d) the valuation of each ISIN, and (e) the identification of the accounts on which the collateral may be held for credit with the [NCB], in each case if relevant for the [NCB’s] collateral procedure. 9. Any amendment to this Agreement or a system change shall be without prejudice to the rights specified in paragraph 8. 10. The refusal of a Change Request by the Connected NCB(s) shall be justified by the need to safeguard central bank functions, i.e. the Connected NCB(s) shall consider the Change Re- quest inappropriate for reasons linked to their responsibilities in terms of safeguarding the in- tegrity of the respective currency or in relation to financialstability. 11. In case of disagreement between the Governing Council and the Connected NCB(s) over the latter’s refusal of a Change Request or over any other decision by the T2S Board, the Xxxxx- xxxx’ Forum shall be asked to find an amicable solution for this matter in line with Article 37 and Article 38. 12. If the dispute in the Governors’ Forum is based on the refusal of a Change Request by Con- nected NCB(s) for one of the reasons set out in paragraph 10, the Eurosystem shall have to justify overruling the refusal either (i) with the need to safeguard general Eurosystem central bank functions (safeguarding the euro, financial stability, no distortion of competition) or (ii) with the need to preserve the integrity of the T2S Platform for economic, functional or tech- nical reasons. 13. If no amicable solution can be found, then the concerned Connected NCB(s) shall have the right to exit T2S within 24 months in line with paragraph 4 of Article 38. 1. The participation rights of the [NCB] during the Development Phase shall include the follow- ing: (a) the right to submit Change Requests in accordance with the Change and Release Man- agement procedure as described in Article 23 and Schedule 9; (b) the right to be represented and to participate in the Governance as specified in Article 21 and in Schedule 8; and (c) the right to obtain information as otherwise provided for in this Agreement. 2. The participation and controlling rights of the [NCB] during the Operational Phase shall in- clude the following: (a) the right to submit Change Requests in accordance with the Change and Release Man- agement procedure set out in Article 23 and Schedule 9; (b) the right to receive a report on the technical and operational examinations by the External Examiner in line with the multi-year T2S examination plan and the [NCB’s] right to re- quest special examinations by the External Examiner, and to have access to the underly- ing documentation in accordance with Article 24 [if relevant for a Connected NCB: “and Schedule 13”]; (c) the right to receive on request and without delay all information, related to the admini- stration and bookings on the DCAs opened by the [NCB], related to the associated intra- day credit, collateral and accounts where the collateral is held, including but not limited to all relevant manual and system-generated reports, routine descriptions and material al- lowing for the tracing of errors of administration; (d) the right to be represented and to participate in the Governance as specified in Article 21 and in Schedule 8; (e) the right to obtain information as otherwise provided for in this Agreement; and (f) other rights granted by this Agreement. 3. The rights set out in paragraphs 1 and 2 shall be exercised without prejudice to the Multilat- eral Character of T2S and the principle of central bank independence set out in Article 130 and Article 282(3) of the Treaty on the Functioning of the European Union and Article 7 of the Statute of the ESCB as well as in relevant national legislation.

Governance of T2S. ‌ 1. Without prejudice to Article 37 the governance framework applicable during the development and operation of the T2S Services is specified in this Article and Schedule 8. In particular the following principles of relevance to Connected NCBs shallapply: 2. Based on Article 127 of the Treaty on the Functioning of the European Union and Article 3 of the Statute of the ESCB, in the T2S context, the Eurosystem shall inparticular: (a) exclusively exercise full control over all cash accounts in euro in T2S, i.e. operate the cash accounts it holds for its banks and safeguard the integrity of the euro which, for the purposes of this Agreement, includes the implementation of monetary policy including all central bank credit operations as well as settlement in Central Bank Money in theeuro; (b) contribute to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system; (c) ensure that it does not distort a level playing field for market participants; and (d) exert efficient oversight of market infrastructure while preserving the separation of this function from its operational activities of T2S.ofT2S. 3. Subject to Schedule 8, Connected NCBs shall have the same rights in T2S as the Eurosystem in relation to their respective currenciesrespectivecurrencies. 4. The Eurosystem shall have control and participation rights in the Governance of T2S in the performance of its tasks under the Treaty on the Functioning of the European Union and the Statute of the ESCB and in its capacity as owner and operator of T2S. In particular, this in- cludes the ability to recover its costs and to operate T2S in a safe and efficient manner with due consideration of the rights, interests, prerogatives and obligations of the T2S Stake- holders in line with the Multilateral Character of T2S. The Governing Council shall have ul- timate decision making powers. 5. The Connected NCBs shall have control and participation rights in accordance with the Gov- ernance framework of T2S, in particular through their participation in the relevant Govern- ance bodies as set out in this Article and the decision-making process as outlined in Schedule 8. 6. Without prejudice to the ultimate decision-making powers of the Governing Council as set out in Schedule 8, and the decision-making bodies of the Connected NCBs, the T2S Govern- ance bodies shall comprise: (a) the T2S Board, which replaces the T2S Programme Board established by Decision ECB/2009/6; (b) the CSD Steering Group (CSG), whose mandate and composition are annexed to Sched- ule 8 of the Framework Agreement; (c) the Non-euro Currencies Steering Group (NECSG), whose mandate and composition are set out in Schedule 8; (d) the Governors’ Forum, whose mandate and composition are set out in Schedule8; (e) the T2S Advisory Group (AG), whose mandate and composition are set out in the Annex to the T2S Guideline; and (f) the National User Groups (NUGs), whose mandate and composition are set out in the Annex to the T2S Guideline. These T2S Governance Bodies shall draft their respective rules of procedure once they have been established. 7. The [NCB] shall have all necessary rights to exclusively exercise full control in real time over the DCAs in [currency] in T2S, including the right to real-time blocking and unblocking with immediate effect and to close them with immediate effectimmediateeffect. 8. The [NCB] shall have the right of the real-time initiation of a change being applicable in T2S on the next Settlement Day, except in special circumstances where the MOP provides for specific manual procedures for implementation in real-time asregards: (a) the usage of selected securities in its respective currency forauto-collateralisation, (b) the credits granted for securities settlement in [currency] in T2S, (c) the determination of the individual ISINs which may be used as collateral for individual credits in T2S, (d) the valuation of each ISIN, and (e) the identification of the accounts on which the collateral may be held for credit with the [NCB], in each case if relevant for the [NCB’s] collateral procedure. 9. Any amendment to this Agreement or a system change shall be without prejudice to the rights specified in paragraph 8. 10. The refusal of a Change Request by the Connected NCB(s) shall be justified by the need to safeguard central bank functions, i.e. the Connected NCB(s) shall consider the Change Re- quest inappropriate for reasons linked to their responsibilities in terms of safeguarding the in- tegrity of the respective currency or in relation to financialstability. 11. In case of disagreement between the Governing Council and the Connected NCB(s) over the latter’s refusal of a Change Request or over any other decision by the T2S Board, the Xxxxx- xxxx’ Forum shall be asked to find an amicable solution for this matter in line with Article 37 and Article 38. 12. If the dispute in the Governors’ Forum is based on the refusal of a Change Request by Con- nected NCB(s) for one of the reasons set out in paragraph 10, the Eurosystem shall have to justify overruling the refusal either (i) with the need to safeguard general Eurosystem central bank functions (safeguarding the euro, financial stability, no distortion of competition) or (ii) with the need to preserve the integrity of the T2S Platform for economic, functional or tech- nical reasons. 13. If no amicable solution can be found, then the concerned Connected NCB(s) shall have the right to exit T2S within 24 months in line with paragraph 4 of Article 38. 1. The participation rights of the [NCB] during the Development Phase shall include the follow- ing: (a) the right to submit Change Requests in accordance with the Change and Release Man- agement procedure as described in Article 23 and Schedule 9; (b) the right to be represented and to participate in the Governance as specified in Article 21 and in Schedule 8; and (c) the right to obtain information as otherwise provided for in this Agreement. 2. The participation and controlling rights of the [NCB] during the Operational Phase shall in- clude the following: (a) the right to submit Change Requests in accordance with the Change and Release Man- agement procedure set out in Article 23 and Schedule 9; (b) the right to receive a report on the technical and operational examinations by the External Examiner in line with the multi-year T2S examination plan and the [NCB’s] right to re- quest special examinations by the External Examiner, and to have access to the underly- ing documentation in accordance with Article 24 [if relevant for a Connected NCB: “and Schedule 13”]; (c) the right to receive on request and without delay all information, related to the admini- stration and bookings on the DCAs opened by the [NCB], related to the associated intra- day credit, collateral and accounts where the collateral is held, including but not limited to all relevant manual and system-generated reports, routine descriptions and material al- lowing for the tracing of errors of administration; (d) the right to be represented and to participate in the Governance as specified in Article 21 and in Schedule 8; (e) the right to obtain information as otherwise provided for in this Agreement; and (f) other rights granted by this AgreementthisAgreement. 3. The rights set out in paragraphs 1 and 2 shall be exercised without prejudice to the Multilat- eral Character of T2S and the principle of central bank independence set out in Article 130 and Article 282(3) of the Treaty on the Functioning of the European Union and Article 7 of the Statute of the ESCB as well as in relevant national legislationnationallegislation.

Governance of T2S. ‌ 1. Without prejudice to Article 37 the governance framework applicable during the development and operation of the T2S Services is specified in this Article and Schedule 8. In particular the following principles of relevance to Connected NCBs shallapplyshall apply: 2. Based on Article 127 of the Treaty on the Functioning of the European Union and Article 3 of the Statute of the ESCB, in the T2S context, the Eurosystem shall inparticularin particular: (a) exclusively exercise full control over all cash accounts in euro in T2S, i.e. operate the cash accounts it holds for its banks and safeguard the integrity of the euro which, for the purposes of this Agreement, includes the implementation of monetary policy including all central bank credit operations as well as settlement in Central Bank Money in theeurothe euro; (b) contribute to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system; (c) ensure that it does not distort a level playing field for market participants; and (d) exert efficient oversight of market infrastructure while preserving the separation of this function from its operational activities of T2S. 3. Subject to Schedule 8, Connected NCBs shall have the same rights in T2S as the Eurosystem in relation to their respective currencies. 4. The Eurosystem shall have control and participation rights in the Governance of T2S in the performance of its tasks under the Treaty on the Functioning of the European Union and the Statute of the ESCB and in its capacity as owner and operator of T2S. In particular, this in- cludes the ability to recover its costs and to operate T2S in a safe and efficient manner with due consideration of the rights, interests, prerogatives and obligations of the T2S Stake- holders in line with the Multilateral Character of T2S. The Governing Council shall have ul- timate decision making powers. 5. The Connected NCBs shall have control and participation rights in accordance with the Gov- ernance framework of T2S, in particular through their participation in the relevant Govern- ance bodies as set out in this Article and the decision-making process as outlined in Schedule 8. 6. Without prejudice to the ultimate decision-making powers of the Governing Council as set out in Schedule 8, and the decision-making bodies of the Connected NCBs, the T2S Govern- ance bodies shall comprise: (a) the T2S Board, which replaces the T2S Programme Board established by Decision ECB/2009/6; (b) the CSD Steering Group (CSG), whose mandate and composition are annexed to Sched- ule 8 of the Framework Agreement; (c) the Non-euro Currencies Steering Group (NECSG), whose mandate and composition are set out in Schedule 8; (d) the Governors’ Forum, whose mandate and composition are set out in Schedule8Schedule 8; (e) the T2S Advisory Group (AG), whose mandate and composition are set out in the Annex to the T2S Guideline; and (f) the National User Groups (NUGs), whose mandate and composition are set out in the Annex to the T2S Guideline. These T2S Governance Bodies shall draft their respective rules of procedure once they have been established. 7. The [NCB] shall have all necessary rights to exclusively exercise full control in real time over the DCAs in [currency] in T2S, including the right to real-time blocking and unblocking with immediate effect and to close them with immediate effect. 8. The [NCB] shall have the right of the real-time initiation of a change being applicable in T2S on the next Settlement Day, except in special circumstances where the MOP provides for specific manual procedures for implementation in real-time asregardsas regards: (a) the usage of selected securities in its respective currency forautofor auto-collateralisation, (b) the credits granted for securities settlement in [currency] in T2S, (c) the determination of the individual ISINs which may be used as collateral for individual credits in T2S, (d) the valuation of each ISIN, and (e) the identification of the accounts on which the collateral may be held for credit with the [NCB], in each case if relevant for the [NCB’s] collateral procedure. 9. Any amendment to this Agreement or a system change shall be without prejudice to the rights specified in paragraph 8. 10. The refusal of a Change Request by the Connected NCB(s) shall be justified by the need to safeguard central bank functions, i.e. the Connected NCB(s) shall consider the Change Re- quest inappropriate for reasons linked to their responsibilities in terms of safeguarding the in- tegrity of the respective currency or in relation to financialstabilityfinancial stability. 11. In case of disagreement between the Governing Council and the Connected NCB(s) over the latter’s refusal of a Change Request or over any other decision by the T2S Board, the Xxxxx- xxxx’ Forum shall be asked to find an amicable solution for this matter in line with Article 37 and Article 38. 12. If the dispute in the Governors’ Forum is based on the refusal of a Change Request by Con- nected NCB(s) for one of the reasons set out in paragraph 10, the Eurosystem shall have to justify overruling the refusal either (i) with the need to safeguard general Eurosystem central bank functions (safeguarding the euro, financial stability, no distortion of competition) or (ii) with the need to preserve the integrity of the T2S Platform for economic, functional or tech- nical reasons. 13. If no amicable solution can be found, then the concerned Connected NCB(s) shall have the right to exit T2S within 24 months in line with paragraph 4 of Article 38. 1. The participation rights of the [NCB] during the Development Phase shall include the follow- ing: (a) the right to submit Change Requests in accordance with the Change and Release Man- agement procedure as described in Article 23 and Schedule 9; (b) the right to be represented and to participate in the Governance as specified in Article 21 and in Schedule 8; and (c) the right to obtain information as otherwise provided for in this Agreement. 2. The participation and controlling rights of the [NCB] during the Operational Phase shall in- clude the following: (a) the right to submit Change Requests in accordance with the Change and Release Man- agement procedure set out in Article 23 and Schedule 9; (b) the right to receive a report on the technical and operational examinations by the External Examiner in line with the multi-year T2S examination plan and the [NCB’s] right to re- quest special examinations by the External Examiner, and to have access to the underly- ing documentation in accordance with Article 24 [if relevant for a Connected NCB: “and Schedule 13”]; (c) the right to receive on request and without delay all information, related to the admini- stration and bookings on the DCAs opened by the [NCB], related to the associated intra- day credit, collateral and accounts where the collateral is held, including but not limited to all relevant manual and system-generated reports, routine descriptions and material al- lowing for the tracing of errors of administration; (d) the right to be represented and to participate in the Governance as specified in Article 21 and in Schedule 8; (e) the right to obtain information as otherwise provided for in this Agreement; and (f) other rights granted by this Agreement. 3. The rights set out in paragraphs 1 and 2 shall be exercised without prejudice to the Multilat- eral Character of T2S and the principle of central bank independence set out in Article 130 and Article 282(3) of the Treaty on the Functioning of the European Union and Article 7 of the Statute of the ESCB as well as in relevant national legislation.

Governance of T2S. ‌ 1. Without prejudice to Article 37 0, the governance Governance framework applicable during the development and operation of the T2S Services is specified in this Article and Schedule 8. In particular the following principles of relevance to Connected NCBs shallapply:8 (Govern- ance). 2. Based on Article 127 of the Treaty on the Functioning of the European Union TFEU and Article 3 of the Statute of the ESCB, in the T2S context, the Eurosystem shall inparticularin particular: (a) exclusively exercise full control over all cash accounts in euro in T2S, i.e. operate the cash accounts it holds for its banks and safeguard the integrity of the euro which, for the purposes of this Agreement, includes the implementation of monetary mone- tary policy including all central bank credit operations as well as settlement in Central Cen- tral Bank Money in theeurothe euro; (b) contribute to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system; (c) ensure that it does not distort a level playing field for market participants; and (d) exert efficient oversight of market infrastructure while preserving the separation of this function from its operational activities of T2S. 3. Subject to Schedule 88 (Governance), Connected non-euro area NCBs in T2S shall have the same rights in T2S as the Eurosystem in relation to their respective currencies. 4. The Eurosystem shall have control and participation rights in the Governance of T2S in the performance of its tasks under the Treaty on the Functioning of the European Union TFEU and the Statute of the ESCB and in its capacity as owner and operator of T2S. In particular, this in- cludes includes the ability to recover its costs and to operate T2S in a safe and efficient manner with due consideration of the rights, interests, prerogatives and obligations of the T2S Stake- holders Stakeholders in line with the Multilateral Character of T2S. The Governing Council shall have ul- timate ultimate decision making powers. 5. The Connected non-euro area NCBs in T2S shall have control and participation rights in accordance accord- ance with the Gov- ernance Governance framework of T2S, in particular through their participation in the relevant Govern- ance Governance bodies as set out in this Article and the decision-making process as outlined in Schedule 88 (Governance) and Schedule 9 (Change and Re- lease Management). 6. Without prejudice to the ultimate decision-making powers of the Governing Council as set out in Schedule 88 (Governance), and the decision-making bodies of the Connected NCBsnon-euro area NCBs in T2S, the T2S Govern- ance Governance bodies shall comprise: (a) the T2S Board, which replaces the T2S Programme Board established by Decision ECB/2009/6MIB; (b) the CSD Steering Group (T2S CSG), whose mandate and composition are annexed to Sched- ule Schedule 8 of the T2S Framework Agreement; (c) the Non-euro Currencies Steering Group (T2S NECSG), whose mandate and composition are set out in Schedule 88 (Gov- ernance); (d) the Governors’ Forum, whose mandate and composition are set out in Schedule8Schedule 8 (Governance); (e) the T2S Advisory Group on Market Infrastructures for Securities and Collateral (AGAMI-SeCo), whose mandate and composition are set out in the Annex to the T2S Guideline; and (f) the National User Groups Stakeholder Group (NUGsNSGs), whose mandate and composition are set out in the Annex to the T2S Guideline. These T2S Governance Bodies shall draft their respective rules of procedure once they have been established. 7. The [NCB] Danmarks Nationalbank shall have all necessary rights to exclusively exercise full control con- trol in real time over the DCAs in [currency] its Currency in T2S, including the right to real-time blocking and unblocking with immediate effect and to close them with immediate effect. 8. The [NCB] Danmarks Nationalbank shall have the right of the real-time initiation of a change being applicable in T2S on the next Settlement Day, except in special circumstances where the MOP provides for specific manual procedures for implementation in real-time asregardsas regards: (a) the usage of selected securities in its respective currency forautofor auto-collateralisation, (b) the credits granted for securities settlement in [currency] its Currency in T2S, (c) the determination of the individual ISINs which may be used as collateral for individual indi- vidual credits in T2S, (d) the valuation of each ISIN, and (e) the identification of the accounts on which the collateral may be held for credit with the [NCB]Danmarks Nationalbank, in each case if relevant for the [NCB’s] Danmarks Nationalbank’s collateral procedure. 9. Any amendment to this Agreement or a system change shall be without prejudice to the rights specified in paragraph 8. 10. The refusal of a Change Request by the Connected non-euro area NCB(s) in T2S shall be justified by the need to safeguard central bank functions, i.e. the Connected non-euro area NCB(s) in T2S shall consider the Change Re- quest Request inappropriate for reasons linked to their responsibilities responsi- bilities in terms of safeguarding the in- tegrity integrity of the respective currency or in relation to financialstabilityfinancial stability. 11. In case of disagreement between the Governing Council and the Connected non-euro area NCB(s) in T2S over the latter’s refusal of a Change Request or over any other decision by the T2S BoardMIB, the Xxxxx- xxxxGovernors’ Forum shall be asked to find an amicable solution for this matter in line with Article 37 0 and Article 380. 12. If the dispute in the Governors’ Forum is based on the refusal of a Change Request by Con- nected the non-euro area NCB(s) in T2S for one of the reasons set out in paragraph 10, the Eurosystem shall have to justify overruling the refusal either (i) with the need to safeguard general Eurosystem central bank functions (safeguarding the euro, financial stability, no distortion of competition) or (ii) with the need to preserve the integrity of the T2S Platform for economic, functional or tech- nical technical reasons. 13. If no amicable solution can be found, then the concerned Connected non-euro area NCB(s) in T2S shall have the right to exit T2S within 24 months in line with paragraph 4 of Article 380. 1. The participation rights of the [NCB] during the Development Phase shall include the follow- ing: (a) the right to submit Change Requests in accordance with the Change and Release Man- agement procedure as described in Article 23 and Schedule 9; (b) the right to be represented and to participate in the Governance as specified in Article 21 and in Schedule 8; and (c) the right to obtain information as otherwise provided for in this Agreement. 2. The participation and controlling rights of the [NCB] during the Operational Phase shall in- clude the following: (a) the right to submit Change Requests in accordance with the Change and Release Man- agement procedure set out in Article 23 and Schedule 9; (b) the right to receive a report on the technical and operational examinations by the External Examiner in line with the multi-year T2S examination plan and the [NCB’s] right to re- quest special examinations by the External Examiner, and to have access to the underly- ing documentation in accordance with Article 24 [if relevant for a Connected NCB: “and Schedule 13”]; (c) the right to receive on request and without delay all information, related to the admini- stration and bookings on the DCAs opened by the [NCB], related to the associated intra- day credit, collateral and accounts where the collateral is held, including but not limited to all relevant manual and system-generated reports, routine descriptions and material al- lowing for the tracing of errors of administration; (d) the right to be represented and to participate in the Governance as specified in Article 21 and in Schedule 8; (e) the right to obtain information as otherwise provided for in this Agreement; and (f) other rights granted by this Agreement. 3. The rights set out in paragraphs 1 and 2 shall be exercised without prejudice to the Multilat- eral Character of T2S and the principle of central bank independence set out in Article 130 and Article 282(3) of the Treaty on the Functioning of the European Union and Article 7 of the Statute of the ESCB as well as in relevant national legislation.