(1)

Membership of European sovereign and supranational primary dealer networks is typically opened to credit institutions authorised under Directive 2013/36/EU of the European Parliament and of the Council (2) and to investment firms authorised under Directive 2014/65/EU of the European Parliament and of the Council (3).

(2)

Article 4, point (c), of Commission Decision (EU, Euratom) 2021/625 (4) lays down as one of the eligibility criteria for membership of the Union primary dealer network the membership of credit institutions of a European sovereign or supranational primary dealer network. Given their experience gained through the membership of European sovereign or supranational primary dealer networks, investment firms authorised to carry out the activities of underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis under Directive 2014/65/EU should also be eligible for membership of the Union primary dealer network. Those activities are relevant for the tasks of the members of the Union primary dealer network, which may participate in auctions on a firm commitment basis and may act as lead managers for syndicated transactions committing to underwrite debt securities.

(3)

In addition, in accordance with the new regulatory framework applicable to investment firms, in particular Regulation (EU) 2019/2033 of the European Parliament and of the Council (5), certain investment firms carrying out the activities of underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis under Directive 2014/65/EU should qualify as credit institutions from 26 June 2021. Nevertheless, until that date and as long as authorisation as credit institution under the new regulatory framework is granted, those entities would still transitorily qualify as investment firms.

(4)

Decision (EU, Euratom) 2021/625 should therefore be amended accordingly.

(5)

Taking into account the need to set up the first list of the Union primary dealer network, for which a call for application has already been launched and selection is ongoing, as well as the transitory period under the new regulatory framework and in the interest of legal certainty of the interested applicants for membership in the Union primary dealer network, this Decision should enter into force as a matter of urgency and should apply retroactively as from the date of entry into force of Decision (EU, Euratom) 2021/625,

(1)

Article 2 is amended as follows:

(2)

in Article 3, the introductory part is replaced by the following:

‘The Union primary dealer network (“primary dealer network”) shall be a group of credit institutions and investment firms referred to in Article 4, point (b)(ii), eligible to participate in the following borrowing and debt management activities of the Commission:’;

(3)

Article 4 is amended as follows:

(4)

in Article 5, point (e)(iii) is replaced by the following:

(5)

in Article 12, paragraph 1 is replaced by the following: