Chapter 4, Article 14 · Commission Decision (EU, Euratom) 2021/625

Contents

Article 14Monitoring#

The Commission may conduct, or may appoint a third party to conduct, verifications to check the compliance of members of the primary dealer network with this Decision. Members of the primary dealer network shall cooperate with and facilitate the conduct of those verifications, especially by providing necessary information and data as well as access thereto.Each member of the primary dealer network shall:

(a)provide the Commission with the risk limit set for the trading activity of the debt securities of the Union and the Euratom in accordance with the General terms and conditions for Union primary dealers referred to in Article 5, point (c);

(b)notify the Commission of any downgrade by the European Securities and Markets Authority recognised rating agencies in the Union;

(c)promptly notify the Commission of any supervening non-compliance with any eligibility criterion laid down in Article 4.

By accepting the GTC, the primary dealer gives its consent to possible audits and verification related to the data transmitted to the Commission in the framework of its reporting obligations, in particular with regard to the data to be used to assess its performance on the secondary market.

Defined terms · 8

Show every defined term

affiliate
means any entity belonging to the same group as defined by Article 2(12) of Directive 2002/87/EC.
auction
means the issuance process of the Union and Euratom debt securities based on competitive bids through an auction platform on primary market;
borrowing programmes
means the Union and the Euratom programmes involving borrowing activities on the financial markets, in particular, financial assistance decided in accordance with Regulation (EU) No 407/2010, Regulation (EC) No 332/2002, the Decisions of the European Parliament and of the Council providing macro-financial assistance to various countries on the basis of a provisioning in accordance with Regulation (EC, Euratom) No 480/2009 or Decision (EU) 2020/701, as well as Regulation (EU) 2020/672, the Euratom programme under Decision 77/270/Euratom, and borrowing on the basis of Article 5 of Decision (EU, Euratom) 2020/2053;
credit institution
means credit institution as defined in Article 4, paragraph 1 (1), of Regulation (EU) No 575/2013 of the European Parliament and of the Council;
debt securities
means notes and/or short term financial instruments, such as treasury bills, as well as any other financial instrument, issued by the Union and/or the Euratom;
European supranational issuer
means the Council of Europe Development Bank, the European Financial Stability Facility, European Stability Mechanism, the European Investment Bank and the Nordic Investment Bank;
Investment firms
means investment firms as defined in Article 4(1), point 1 of Directive 2014/65/EU of the European Parliament and of the Council;
members of the primary dealer network
means any credit institutions or investment firms fulfilling the eligibility criteria set out in Article 4 and included in the list referred to in Article 11;