Common use of Multilateral Character of T2S Clause in Contracts

Multilateral Character of T2S. 1. The Parties acknowledge that T2S is multilateral in character in that it aims at facilitat- ing European post-trading integration by supporting securities settlement in Central Bank Money, thereby combining the interests of Central Banks, Signatory CSDs and all other T2S Actors. The Parties agree that actions that would have a material nega- tive impact on any of the non-euro area NCBs in T2S or would not be in line with the aim of achieving securities settlement in Central Bank Money are incompatible with the Multilateral Character of T2S. The T2S Services shall be provided to the non-euro area NCBs in T2S on the basis of uniform requirements and Governance rules, which include a framework for Specific Changes. 2. The Parties acknowledge that this Agreement shall not cover nor affect or prejudice any current or future role or policy or the exercise of any rights and discretions or obligations of Danmarks Nationalbank and the Eurosystem, or require the disclosure of any information in the possession of Danmarks Nationalbank and the Eurosystem in its capacity as operator of a Securities Settlement System or as a T2S User or T2S Actor, except where otherwise provided in this Agreement. 3. The Parties also acknowledge that this Agreement does not cover or affect or prejudice any current or future role or policy or the exercise of any rights and discretions or obligations of Danmarks Nationalbank or the Eurosystem, or require the disclosure of any information in the possession of Danmarks Nationalbank or the Eurosystem, with respect to its tasks or responsibilities under the Treaty or applicable law (including, for monetary policy, the supervision or oversight of payment and securities settlement or clearing systems and financial stability). 4. In view of its Migration, Danmarks Nationalbank shall take, within the extent of its pow- ers, all reasonable measures in relation to Legal and Regulatory Requirements, so that securities transactions in its Currency can be settled in T2S in Central Bank Money in accordance with the process specified in Schedule 4 and by the time stipulated in Schedule 4 annex, as further specified in 0, as well as in order to make efficient use of T2S Services and to maintain the Multilateral Character of T2S. 5. Danmarks Nationalbank shall not prevent the Eurosystem from entering into one or more Parallel CPAs. 6. The Eurosystem shall inform Danmarks Nationalbank reasonably in advance when- ever an Eligible NCB enters into a CPA with the Eurosystem or a CSD enters into a Framework Agreement with the Eurosystem. 7. Notwithstanding the common understanding of the Parties to this Agreement, that its main substantive terms are uniform with regard to all non-euro area NCBs in T2S, and the Multilateral Character of T2S, all rights and obligations of Danmarks Nationalbank under this Agreement are exercised independently from the other non-euro area NCBs in T2S, except where otherwise provided in this Agreement.

Multilateral Character of T2S. 1. The Parties acknowledge that T2S is multilateral in character in that it aims at facilitat- ing facilitating European post-trading integration by supporting securities settlement in Central Bank Money, thereby combining the interests of Central Banks, Signatory Participating CSDs and all other T2S ActorsAc- tors. The Parties agree that actions that would have a material nega- tive negative impact on any of the non-euro area Connected NCBs in T2S or would not be in line with the aim of achieving securities settlement in Central Bank Money are incompatible with the Multilateral Character of T2S. The T2S Services Ser- vices shall be provided to the non-euro area Connected NCBs in T2S on the basis of uniform requirements and Governance Gov- ernance rules, which include a framework for Specific ChangesSpecificChanges. 2. The Parties acknowledge that this Agreement shall not cover nor affect or prejudice any current cur- rent or future role or policy or the exercise of any rights and discretions or obligations of Danmarks Nationalbank the [NCB] and the Eurosystem, or require the disclosure of any information in the possession of Danmarks Nationalbank the [NCB] and the Eurosystem in its capacity as operator of a Securities Settlement System or as a T2S User or T2S Actor, except where otherwise provided in this Agreement. 3. The Parties also acknowledge that this Agreement does not cover or affect or prejudice any current or future role or policy or the exercise of any rights and discretions or obligations of Danmarks Nationalbank the [NCB] or the Eurosystem, or require the disclosure of any information in the possession of Danmarks Nationalbank the [NCB] or the Eurosystem, with respect to its tasks or responsibilities under the Treaty or applicable law (including, for monetary policy, the supervision or oversight of payment and securities settlement or clearing systems and financial stabilityfinancialstability). 4. In view of its Migration, Danmarks Nationalbank The [NCB] shall take, to the extent within the extent powers of its pow- ersthe [NCB], all reasonable measures in relation to Legal and Regulatory Requirements, so that securities transactions in its Currency [currency] can be settled in T2S in Central Bank Money in accordance with the process specified in Schedule 4 and by the time stipulated in Schedule 4 annex2, as further specified in 0Article 15, as well as in order to make efficient use of T2S Services and to maintain the Multilateral Character Char- acter of T2S. 5. Danmarks Nationalbank The [NCB] shall not prevent the Eurosystem from entering into one or more Parallel CPAs. 6. The Eurosystem shall inform Danmarks Nationalbank the [NCB] reasonably in advance when- ever whenever an Eligible NCB enters into a CPA with the Eurosystem or a CSD enters into a Framework Agreement with the Eurosystem. 7. Notwithstanding the common understanding of the Parties to this Agreement, that its main substantive terms are uniform with regard to all non-euro area NCBs in T2SConnected NCBs, and the Multilateral Character Char- acter of T2S, all rights and obligations of Danmarks Nationalbank the [NCB] under this Agreement are exercised independently in- dependently from the other non-euro area Connected NCBs in T2S, except where otherwise provided in this AgreementAgree- ment.

Multilateral Character of T2S. 1. The Parties acknowledge that T2S is multilateral in character in that it aims at facilitat- ing facilitating European post-trading integration by supporting securities settlement in Central Bank Money, thereby combining the interests of Central Banks, Signatory Participating CSDs and all other T2S ActorsAc- tors. The Parties agree that actions that would have a material nega- tive negative impact on any of the non-euro area Connected NCBs in T2S or would not be in line with the aim of achieving securities settlement in Central Bank Money are incompatible with the Multilateral Character of T2S. The T2S Services Ser- vices shall be provided to the non-euro area Connected NCBs in T2S on the basis of uniform requirements and Governance Gov- ernance rules, which include a framework for Specific Changes. 2. The Parties acknowledge that this Agreement shall not cover nor affect or prejudice any current cur- rent or future role or policy or the exercise of any rights and discretions or obligations of Danmarks Nationalbank the [NCB] and the Eurosystem, or require the disclosure of any information in the possession of Danmarks Nationalbank the [NCB] and the Eurosystem in its capacity as operator of a Securities Settlement System or as a T2S User or T2S Actor, except where otherwise provided in this Agreement. 3. The Parties also acknowledge that this Agreement does not cover or affect or prejudice any current or future role or policy or the exercise of any rights and discretions or obligations of Danmarks Nationalbank the [NCB] or the Eurosystem, or require the disclosure of any information in the possession of Danmarks Nationalbank the [NCB] or the Eurosystem, with respect to its tasks or responsibilities under the Treaty or applicable law (including, for monetary policy, the supervision or oversight of payment and securities settlement or clearing systems and financial stabilityfinancialstability). 4. In view of its Migration, Danmarks Nationalbank The [NCB] shall take, to the extent within the extent powers of its pow- ersthe [NCB], all reasonable measures in relation to Legal and Regulatory Requirements, so that securities transactions in its Currency [currency] can be settled in T2S in Central Bank Money in accordance with the process specified in Schedule 4 and by the time stipulated in Schedule 4 annex2, as further specified in 0Article 15, as well as in order to make efficient use of T2S Services and to maintain the Multilateral Character Char- acter of T2S. 5. Danmarks Nationalbank The [NCB] shall not prevent the Eurosystem from entering into one or more Parallel CPAs. 6. The Eurosystem shall inform Danmarks Nationalbank the [NCB] reasonably in advance when- ever whenever an Eligible NCB enters into a CPA with the Eurosystem or a CSD enters into a Framework Agreement with the Eurosystem. 7. Notwithstanding the common understanding of the Parties to this Agreement, that its main substantive terms are uniform with regard to all non-euro area NCBs in T2SConnected NCBs, and the Multilateral Character Char- acter of T2S, all rights and obligations of Danmarks Nationalbank the [NCB] under this Agreement are exercised independently in- dependently from the other non-euro area Connected NCBs in T2S, except where otherwise provided in this AgreementAgree- ment.

Multilateral Character of T2S. 1. The Parties acknowledge that T2S is multilateral in character in that it aims at facilitat- ing facilitating European post-trading integration by supporting securities settlement in Central Bank Money, thereby combining the interests of Central Banks, Signatory Participating CSDs and all other T2S ActorsAc- tors. The Parties agree that actions that would have a material nega- tive negative impact on any of the non-euro area Connected NCBs in T2S or would not be in line with the aim of achieving securities settlement in Central Bank Money are incompatible with the Multilateral Character of T2S. The T2S Services Ser- vices shall be provided to the non-euro area Connected NCBs in T2S on the basis of uniform requirements and Governance Gov- ernance rules, which include a framework for Specific Changes. 2. The Parties acknowledge that this Agreement shall not cover nor affect or prejudice any current cur- rent or future role or policy or the exercise of any rights and discretions or obligations of Danmarks Nationalbank the [NCB] and the Eurosystem, or require the disclosure of any information in the possession of Danmarks Nationalbank the [NCB] and the Eurosystem in its capacity as operator of a Securities Settlement System or as a T2S User or T2S Actor, except where otherwise provided in this Agreement. 3. The Parties also acknowledge that this Agreement does not cover or affect or prejudice any current or future role or policy or the exercise of any rights and discretions or obligations of Danmarks Nationalbank the [NCB] or the Eurosystem, or require the disclosure of any information in the possession of Danmarks Nationalbank the [NCB] or the Eurosystem, with respect to its tasks or responsibilities under the Treaty or applicable law (including, for monetary policy, the supervision or oversight of payment and securities settlement or clearing systems and financial stability). 4. In view of its Migration, Danmarks Nationalbank The [NCB] shall take, to the extent within the extent powers of its pow- ersthe [NCB], all reasonable measures in relation to Legal and Regulatory Requirements, so that securities transactions in its Currency [currency] can be settled in T2S in Central Bank Money in accordance with the process specified in Schedule 4 and by the time stipulated in Schedule 4 annex2, as further specified in 0Article 15, as well as in order to make efficient use of T2S Services and to maintain the Multilateral Character Char- acter of T2S. 5. Danmarks Nationalbank The [NCB] shall not prevent the Eurosystem from entering into one or more Parallel CPAs. 6. The Eurosystem shall inform Danmarks Nationalbank the [NCB] reasonably in advance when- ever whenever an Eligible NCB enters into a CPA with the Eurosystem or a CSD enters into a Framework Agreement with the Eurosystem. 7. Notwithstanding the common understanding of the Parties to this Agreement, that its main substantive terms are uniform with regard to all non-euro area NCBs in T2SConnected NCBs, and the Multilateral Character Char- acter of T2S, all rights and obligations of Danmarks Nationalbank the [NCB] under this Agreement are exercised independently in- dependently from the other non-euro area Connected NCBs in T2S, except where otherwise provided in this AgreementAgree- ment.

Multilateral Character of T2S. ‌ 1. The Parties acknowledge that T2S is multilateral in character in that it aims at facilitat- ing facilitating European post-trading integration by supporting securities settlement in Central Bank Money, thereby combining the interests of Central Banks, Signatory Participating CSDs and all other T2S ActorsAc- tors. The Parties agree that actions that would have a material nega- tive negative impact on any of the non-euro area Connected NCBs in T2S or would not be in line with the aim of achieving securities settlement in Central Bank Money are incompatible with the Multilateral Character of T2S. The T2S Services Ser- vices shall be provided to the non-euro area Connected NCBs in T2S on the basis of uniform requirements and Governance Gov- ernance rules, which include a framework for Specific Changes. 2. The Parties acknowledge that this Agreement shall not cover nor affect or prejudice any current cur- rent or future role or policy or the exercise of any rights and discretions or obligations of Danmarks Nationalbank the [NCB] and the Eurosystem, or require the disclosure of any information in the possession of Danmarks Nationalbank the [NCB] and the Eurosystem in its capacity as operator of a Securities Settlement System or as a T2S User or T2S Actor, except where otherwise provided in this Agreement. 3. The Parties also acknowledge that this Agreement does not cover or affect or prejudice any current or future role or policy or the exercise of any rights and discretions or obligations of Danmarks Nationalbank the [NCB] or the Eurosystem, or require the disclosure of any information in the possession of Danmarks Nationalbank the [NCB] or the Eurosystem, with respect to its tasks or responsibilities under the Treaty or applicable law (including, for monetary policy, the supervision or oversight of payment and securities settlement or clearing systems and financial stability). 4. In view of its Migration, Danmarks Nationalbank The [NCB] shall take, to the extent within the extent powers of its pow- ersthe [NCB], all reasonable measures in relation to Legal and Regulatory Requirements, so that securities transactions in its Currency [currency] can be settled in T2S in Central Bank Money in accordance with the process specified in Schedule 4 and by the time stipulated in Schedule 4 annex2, as further specified in 0Article 15, as well as in order to make efficient use of T2S Services and to maintain the Multilateral Character Char- acter of T2S. 5. Danmarks Nationalbank The [NCB] shall not prevent the Eurosystem from entering into one or more Parallel CPAs. 6. The Eurosystem shall inform Danmarks Nationalbank the [NCB] reasonably in advance when- ever whenever an Eligible NCB enters into a CPA with the Eurosystem or a CSD enters into a Framework Agreement with the Eurosystem. 7. Notwithstanding the common understanding of the Parties to this Agreement, that its main substantive terms are uniform with regard to all non-euro area NCBs in T2SConnected NCBs, and the Multilateral Character Char- acter of T2S, all rights and obligations of Danmarks Nationalbank the [NCB] under this Agreement are exercised independently in- dependently from the other non-euro area Connected NCBs in T2S, except where otherwise provided in this AgreementAgree- ment.