Access to and use of certain TARGET data
Article 3
1. In accordance with Article 28(3) of Part I of Annex I to Guideline (EU) 2022/912 (ECB/2022/8), CBs may access and use for quantitative analyses and numerical simulations, to the extent necessary, transaction-level data extracted from TARGET from all participants of all TARGET components for the following purposes: (a) ensuring the efficient functioning of TARGET and its oversight; (b) carrying out the analyses necessary for macroprudential oversight, financial stability, financial integration, market operations, resolution and monetary policy functions; (c) carrying out the analyses necessary for the Single Supervisory Mechanism, in accordance with the separation principle. 2. Access to, and use of, the data referred to in paragraph 1 shall be limited to the following: (a) where ensuring efficient functioning and oversight of TARGET, five staff members dealing with the operation of TARGET and five staff members dealing with the oversight of TARGET, each group with separate access to the data; (b) for analyses referred to in paragraph 1, points (b) and (c), a group of up to 15 staff members conducting research, coordinated by the European System of Central Banks’ heads of research. 3. CBs shall appoint the staff members referred to in paragraph 2. Where a member of staff from operations or research is appointed for the purposes of paragraph 2, that appointment shall be subject to approval by the Market Infrastructure Board (MIB). The appointment of staff members from oversight for the purposes of paragraph 2(a) shall be subject to approval by the Market Infrastructure and Payments Committee (MIPC). The procedures referred to in this Article shall also apply for their replacement, where relevant. 4. The MIB shall establish specific rules for guaranteeing the confidentiality of transaction-level data. CBs shall ensure compliance with these rules by their staff members appointed in accordance with paragraphs 2 and 3. In cases of non-compliance with those specific rules established by the MIB, CBs shall ensure that staff members appointed in accordance with paragraph 3 no longer have access to, or make use of, the data referred to in paragraph 1. The MIB shall monitor compliance with the provisions of this paragraph. 5. The Governing Council may also grant access to other users and shall set out the precise rules for such access. In such a case, the MIB shall monitor their use of the data and, in particular, their compliance with the rules of confidentiality, both as established by the MIB and as set out in Article 28 of Part I of Annex I to Guideline (EU) 2022/912 (ECB/2022/8).