Contents
Article 4Eligibility criteria for the primary dealer network#
Credit institutions and investment firms fulfilling the following criteria shall be eligible for membership of the primary dealer network:
(a)being a legal entity established and having its head office in the Union or in a European Economic Area country;
(b)being supervised by a Union competent authority and being authorised to carry out the business of either of the following:
(i)credit institution in accordance with Directive 2013/36/EU of the European Parliament and of the Councilnote; or
(ii)investment firm authorised to carry out the activity of underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis in accordance with Directive 2014/65/EU; and
(c)being a member of a European sovereign or supranational primary dealer network established for the purpose of serving as counterparty of a Member State or of a European supranational issuer. For the purpose of this Decision a European sovereign or supranational primary dealer network shall be intended as either of the following entities:
(i)a network, group or organised system of financial institutions that is appointed by a sovereign or supranational issuer to serve as market counterparty in the framework of public debt management, whose membership typically entails participation in public debt securities issuances through auctions;
(ii)a primary dealership mechanism that is substantially equivalent to the network, group or organised system referred to in point (i).
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