Parallel Framework Agree- ment definition
Parallel Framework Agree- ment means an agreement essentially identical, save for the identity of the parties to the agreement entered into between a Participating CSD and the Eurosystem. ‘Participating CSD(s)’ means the CSD(s) other than the Contracting CSD that have signed this Agreement. ‘Payment Bank’ means a commercial bank used to effect money settlements. In the context of securities settlement, a Payment Bank provides cash on behalf of a CSD participant to support the settlement of securities. ‘Payment Free of Delivery (PFoD)’ means a transfer of cash without the delivery of securities. ‘Physical Connectivity Ser- vices’ means the implementing, maintaining and keeping available of a data communication network for the purpose of exchanging files and messages between the Directly Connected T2S Actors and T2S, as more specifically described in the Licence Agreement. ‘Project Managers Group (PMG)’ means the group established by the Steering Level and composed of the relevant T2S Actors that coordinates and monitors activities to ensure that the initial release as well as subsequent releases of T2S go live, as specified in Schedule 2 (T2S Programme Planning and Monitoring), 3 (User Testing) and 4 (Migration). ‘Pricing’ means the set of rules and procedures that is applied to price the T2S Services and T2S-related services provided by the Eurosys- tem, as described in Schedule 7 (Pricing). ‘Real-time Settlement’ means the continuous process in T2S that settles or attempts to settle instructions that are eligible for settlement on a transaction- by-transaction basis. ‘Regulation (EC) No 45/2001’ means Regulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the Community institutions and bodies and on the free movement of such data (OJ L 8, 12.1.2001, p. 1). ‘Release Management’ means the set of rules used and the activities performed to im- plement a set of authorised changes and defect corrections in a new version of the T2S Business Application, as set out in Schedule 9 (Change and Release Management). ‘Relevant Competent Authori- ty’ means any organisation having regulatory, supervisory or over- sight authority over the Contracting CSD or a Participating CSD (as required by the context). ‘Schedule’ means a Schedule to this Agreement. ‘Securities Account’ means an account maintained by a CSD to which securities may be credited or debited. ‘Securities Maintaining Ent...