Chapter 2, Article 5, Point (e) · Commission Decision (EU, Euratom) 2021/625

Contents

(e)to comply with market practices and ethics, in particular

(i)Primary dealers shall comply with conduct rules and highest standards in market practices applicable to their operations on EUR-fixed income business.

(ii)The Commission will evaluate the primary dealers’ conduct during the execution of syndicated transaction and other debt management operations in terms of readiness, market neutrality, orderly and efficient execution;

(iii)Each primary dealer shall notify the Commission immediately of any proceedings initiated against it by a competent authority of a Member State concerning the activity carried out by the primary dealer as credit institution or investment firm referred to in Article 4, point (b)(ii). Each primary dealer shall notify the Commission of any measure or decision taken as a result of these proceedings;

(iv)Each primary dealer shall notify the Commission immediately if the primary dealer or one of its affiliates is convicted of a criminal charge, including tax evasion, or subjected to administrative or disciplinary sanctions, or suspended or excluded from an industry organisation in any Member State;

(v)The primary dealers and their affiliates shall apply measures relating to anti-money laundering (AML) and counterterrorism financing (CTF) in accordance with applicable national and Union laws and regulations in force. If a competent authority of a Member State identifies any AML or CTF deficiencies or imposes any AML or CTF sanction, the primary dealers shall notify the Commission immediately and report on their remedial measures;

(vi)The primary dealer shall ensure not to conclude transactions concerning Union and Euratom debt securities, which would involve any counterparty incorporated or established in a country included in the EU list of non-cooperative jurisdictions for tax purposes or identified as high risk third countries pursuant to Article 9(2) of Directive (EU) No 2015/849 and listed in Delegated Regulation (EU) 1675/2016 or that do not effectively comply with Union or internationally agreed tax standards on transparency and exchange of information and breaches of sanction regimes, in particular restrictive measures under Article 215 TFEU;