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Commission Implementing Decision (EU) 2023/1602 of 31 July 2023 on the primary dealer network and the definition of eligibility criteria for lead and co-lead mandates for syndicated transactions for the purposes of the borrowing activities by the Commission on behalf of the Union and of the European Atomic Energy Community

Type Implementing Decision

Publication 2023-08-04

Last updated 2025-08-02

State In force

Department BUDG, European Commission

Source EUR-Lex

articles 23

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CHAPTER 1 SUBJECT MATTER, SCOPE AND DEFINITIONS

Article 1

Subject matter and scope

This Decision establishes the primary dealer network and lays down the eligibility criteria and procedural provisions for the selection of its members as well as the rights and obligations of those members.

This Decision applies to any borrowing and debt management activity carried out by the Commission on behalf of the Union and Euratom, where the Commission selects private financial counterparties.

Article 2

Definitions

For the purposes of this Decision, the following definitions apply:

(1) ‘auction’ means the issuance process of the Union and Euratom debt securities based on competitive bids through an auction platform on primary market;

(2) ‘borrowing programmes’ means the Union and Euratom programmes involving borrowing activities on the financial markets;

(3) ‘credit institution’ means credit institution as defined in Article 4, paragraph 1 (1), of Regulation (EU) No 575/2013;

(4) ‘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 Euratom;

(5) ‘investment firms’ means investment firms as defined in Article 4(1), point 1 of Directive 2014/65/EU;

(6) ‘interdealer platform’ means a dealer to dealer electronic trading venue, established in the European Union, as defined in Article 4(1), point (24) of Directive (EU) 2014/65/EU, where primary dealers participate as market makers for secondary market trading;

(7) ‘quote’ means firm bid and ask rates or prices placed on interdealer platforms which lead to the automatic conclusion of a transaction if corresponding bid or ask rates or prices have been provided by another participant (central limit order book);

(8) ‘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 15;

(9) ‘European supranational issuer’ means the Council of Europe Development Bank, the European Financial Stability Facility, the European Stability Mechanism, the European Investment Bank or the Nordic Investment Bank;

(10) ‘non-competitive auction allocation’ means the issuance process whereby amounts of the Union and Euratom debt securities additional to the auctioned amounts are allocated to members of the primary dealer network participating in the auction, at their request, based on a set price, within a set period of time following an auction and by using, as appropriate, an auction platform to carry out the allocation.

Article 3

Establishment of the primary dealer network

The Union primary dealer network (‘primary dealer network’) shall comprise a group of credit institutions and investment firms that are eligible to participate in the following borrowing and debt management activities of the Commission:

(a) the placement of debt securities on the primary capital markets, in particular through an auction platform and syndicated transactions;

(b) the promotion of liquidity of Union and Euratom debt securities on the financial markets;

(d) the promotion and development of the placement of Union and Euratom debt securities.

CHAPTER 2 MEMBERSHIP OF THE PRIMARY DEALER NETWORK

Article 4

Eligibility 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 as either of the following:
(i) a credit institution in accordance with Directive 2013/36/EU of the European Parliament and of the Council ([^E0001]); or
(ii) an investment firm authorised to carry out the activity of underwriting of financial instruments 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 understood 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).

Article 5

Commitments

Members of the primary dealer network shall undertake the following commitments:

(a) to buy a minimum weighted average of 0,05 % of volumes auctioned by the Union or the Euratom, on a semi-annual basis in accordance with part 1 of the Annex I. The amounts of Union and the Euratom debt securities issued through non-competitive auction allocations shall be excluded when calculating the minimum weighted average of 0,05 % of volumes auctioned by the Union or the Euratom, on a semi-annual basis in accordance with part 1 of the Annex I;

(b) to comply with the obligation to accurately, timely and integrally report on a monthly basis to the Commission the traded volumes on Union and Euratom debt securities, according to the harmonised reporting format for trading on the secondary European sovereign debt market established by the Sub-Committee on EU Sovereign Debt Markets of the European Union Economic and Financial Committee;

(d) to ensure that the trading authorisations provided to its trading personnel are quarterly reviewed and validly in force;

(e) to comply with market practices and ethics, in particular:
(i) ensure compliance with conduct rules and highest standards in market practices applicable to their operations on EUR-fixed income business;
(ii) primary dealers and their parent entities 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;
(iii) each primary dealer shall immediately notify the Commission of any judgment or administrative decision, even if not final, relevant under Articles 137 to 148 of Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council ([^E0002]) taken 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, and the initiation of any investigation or action related to any of the misconducts listed in Article 138(1), point (d) of Regulation (EU, Euratom) 2024/2509;
(iv) each primary dealer shall immediately notify the Commission if the primary dealer or its parent entity 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) 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) 2015/849 and listed in Delegated Regulation (EU) 2016/1675 or that do not effectively comply with Union or internationally agreed tax standards on transparency and exchange of information or breaches sanction regimes, in particular restrictive measures under Article 215 TFEU;

(f) to treat all information received from the Commission confidentially.

For the purposes of the paragraph 1, point (b), the quality of the reporting shall be regularly assessed and the results notified the interested primary dealer. The primary dealer shall be notified if the data provided are not accurate.

For the purposes of the first paragraph 1, point (e), the Commission shall evaluate the primary dealers’ conduct during the execution of syndicated transaction and other debt management operations in terms of readiness, market neutrality and, orderly and efficient execution.

Article 6

General terms and conditions

The GTC shall apply to any borrowing and debt management activity carried out by the Commission under the borrowing programmes under this Decision.

The GTC shall, in accordance with this Decision:

(a) establish the details of the obligations for the duration of the participation in the primary dealer network and the details of the eligibility criteria for lead and co-lead mandates;

(b) establish the content of and procedure for the annual review;

(d) establish rules on controls;

(e) establish the details of the rules and procedure for the suspension of membership, lifting of that suspension, and exclusion from the primary dealer network; and

(f) regulate the possibility to withdraw from the primary dealer network;

(g) establish the detailed rules for the quoting arrangements, including the observation period and requirements and the process for recognition of interdealer platform;

(h) establish detailed rules for the use and functioning of auctions and non-competitive auction allocations.

Any time limit shall be calculated as follows:

(a) where a time limit is expressed in days or months from a certain date or event, the day or month on which that date falls or that event occurs is not to be counted as falling within the time limit;

(b) time limits expressed in days shall include business days only. Business days are to be determined in accordance with Luxembourgish calendar of public and bank holidays (https://www.abbl.lu/fr/topic/bank-holidays/);

(c) a time limit expressed in months is to end with the expiry of the day in the last month corresponding to the same day on which the date or the event, from which the time-limit is calculated, fell or occurred;

(d) if, in a time limit expressed in months, the day on which it should expire does not occur in the last month, the time limit is to end with the expiry of the last day of that month;

(e) if a time expressed in months expires on a public or bank holiday day, it is to be extended until the end of the first subsequent business day.

Article 7

Rights of members of the primary dealer network

Members of the primary dealer network shall have the following rights:

(a) to advertise themselves as ‘Member of the European Union Primary Dealer Network’;

(b) to participate and bid in any auction of debt securities of the Union or Euratom and to participate in non-competitive auction allocations, following participation and purchase of debt securities of the Union or Euratom through the corresponding auction;

(c) to receive on a regular basis, at least yearly, feedback on its performance, especially in relation to its ranking in the auctions and in the secondary markets; this feedback shall be based on the internal evaluation process referred to under Article 13 with objective criteria to be communicated to the primary dealers;

(d) without prejudice to Chapter 3, to be eligible for debt management operations, including the following operations:
(i) private placements;
(ii) repurchase transactions as defined in Article 3(9) of Regulation (EU) 2015/2365 of the European Parliament and of the Council ([^E0003]), in cases where such transactions are conducted in order to support secondary market liquidity;
(iii) swaps as defined in Section 1, point 10, of Annex III to Commission Delegated Regulation (EU) 2017/583 ([^E0004]);

(e) to resign at any moment its membership of the primary dealer network by notifying such resignation to the Commission; such a resignation shall take effect the first business day of the first month following the date of the notification.

CHAPTER 3 LEAD AND CO-LEAD MANDATES FOR SYNDICATED TRANSACTIONS

Article 8

Eligibility criteria for lead mandates for syndicated transactions

Members of the primary dealer network are eligible to serve as lead managers for syndicated transactions, subject to the fulfilment of the following criteria:

(a) having bought a minimum share of auctioned volumes by the Union and the Euratom on weighted average based on the last auctions on a rolling basis. The amounts issued through non-competitive auction allocations shall be excluded when calculating the minimum share of auctioned volumes by the Union and the Euratom on weighted average based on the last auctions on a rolling basis;

(b) having provided evidence, based on the transaction data reported in accordance with this Decision, of having a minimum market share among primary dealers in Union and Euratom debt securities on the secondary markets on a rolling basis;

(d) having agreed, as part of the GTC, with the general terms and conditions for mandates for syndicated transactions and with the fee schedule.

The minimum shares referred to in first paragraph, points (a) and (b), the minimum requirements referred to in the first paragraph, point (c), as well as other detailed rules for lead mandates shall be based on best market practices in particular of peer issuers and shall reflect the balance of benefits and obligations for the members of the primary dealer network. Where the criterion includes relative shares, the percentages shall take into account the total number of primary dealers.

Article 9

Eligibility criteria for co-lead mandates for syndicated transactions

Members of the primary dealer network are eligible to serve as co-lead managers for syndicated transactions, subject to the fulfilment of the following criteria:

(a) having agreed, as part of the GTC, with the general terms and conditions for co-lead mandates for syndicated transactions and with the fee schedule;

(b) having complied with the minimum requirements of the quoting arrangements during the observation period; and

The minimum requirements referred to in the first paragraph, point (b) and the observation period referred to in first paragraph, points (b) and (c), as well as other detailed rules for co-lead mandates shall be based on best market practices including those of peer issuers and shall reflect the balance of benefits and obligations for the members of the primary dealer network.

Article 10

Fee schedule

The fee schedule referred to Article 8, first paragraph, point (d) and Article 9, point (a) shall apply to borrowing and debt management operations. The fee schedule shall establish a remuneration commensurate with the costs and risks born by the eligible primary dealers in carrying out Union and Euratom borrowing and debt management operations, while ensuring cost-efficiency for the Union and taking into account specificities of the Union’s debt issuances, in particular volumes and maturities. The fee schedule shall be referred to in an annex to the general terms and conditions for lead and co-lead mandates for syndicated transactions.

Article 11

Quoting arrangements

The minimum requirements of the quoting arrangements referred to under Article 8, first paragraph, point (c) and Article 9, first paragraph, point (b) shall refer to trading time, number of quotes and spreads quoted for specified Union debt securities and on a recognised interdealer platform during the observation period.

Article 12

Additional commitments for lead mandates

Members of the primary dealer network fulfilling the criteria laid down in Article 8 may be awarded a mandate for lead manager for syndicated transactions on the basis of the assessment of their commitment to carry out any of the following activities:

(a) on a best effort basis, to promote the liquidity of Union and Euratom debt securities with a market-making activity, thereby contributing to price discovery, to the efficiency of the secondary market and to an orderly execution of trading;

(b) to provide fair advice and market intelligence to the Commission in order to design and implement the borrowing programmes, and, in particular, to provide advice prior to the publication of the funding programme and in the context of the preparation of the debt management transactions under the borrowing programmes;

(c) to provide the Commission with regular information on market trends, analysis and research on functioning of fixed-income markets and, in particular, the sovereigns, supranationals and agencies;

(d) to promote and develop the placement of Union and Euratom debt securities within a diversified and broad investor community as part of their business strategy.

Article 13

Selection of the syndicate

The selection of syndicates shall respect the principles of transparency and equal treatment in accordance with the provisions of Article 163(5), point (b), of Regulation (EU, Euratom) 2024/2509.

The Commission shall send the requests for proposals to a subgroup of eligible members of the primary dealer network fulfilling the criteria laid down in Articles 8 and 12, soliciting an offer for participation as lead managers.

The selection of the subgroup of eligible primary dealers to whom the request for proposals shall be sent by the Commission, shall be based on objective qualitative and quantitative criteria, relating to the proven capacity of eligible primary dealers in supporting sovereign and supranational issuance in primary and secondary markets, and their ability to distribute debt securities to investors. Those criteria shall also include an assessment of the performance of the activities listed in Article 12. The Commission shall implement a rotation criterion to ensure that all eligible members of the primary dealer network are regularly invited to respond to requests for proposals.

The proposals received from eligible members referred to in paragraph 2 shall be evaluated on the basis of an additional set of objective qualitative and quantitative criteria and in view of the establishment of a syndicate, whose composition is the best possible combination of managers for the optimal performance of a given transaction.

The criteria for the transmission of requests for proposals and for the evaluation of the received proposals shall be communicated to the subgroup of members of the primary dealer network together with the request for proposals.

The Commission may invite primary dealers to express their interest in a mandate as co-lead managers to a syndicated transaction, in addition to joint lead manager or managers, based on the market circumstances and with a view to ensure the optimal performance of a given transaction. The Commission may invite either all primary dealers eligible in accordance with Article 9 of this Decision or a subgroup of them based on alphabetical order and a rotation mechanism. Such invitation shall be considered for at least one syndication transaction within the period covered by a funding plan established in accordance with Article 4 of Commission Implementing Decision (EU, Euratom) 2023/2825 ([^E0005]).

The Commission shall award all primary dealers, who accepted the invitation referred to in paragraph 6, with the mandate for co-lead managers.

CHAPTER 4 APPLICATION FOR MEMBERSHIP AND ESTABLISHMENT OF THE LIST OF THE MEMBERS OF THE PRIMARY DEALER NETWORK AND MONITORING

Article 14

Application for membership and list of primary dealers

Interested credit institutions and investment firms, shall submit to the Commission an application for membership to the primary dealer network by filling in and submitting the application form and the annexed checklist in respect of admission criteria available on the Commission website.

Applications for admission to the primary dealer network shall include proof of compliance with Articles 4 and 5. Evidence and supporting documents to be enclosed are detailed in the application form and its annexes.

In the case of an incomplete application form, incomplete information or insufficient data, the applicant may be requested by the Commission to submit necessary additional information. Failure to provide the necessary additional information within a specified deadline shall result in rejection of the application form.

Provision of false, misleading or incorrect information or documents during the application process shall result in non-admission to the primary dealer network or, as the case may be, may lead to an exclusion from the primary dealer network in accordance with Article 17.

In the application form each primary dealer shall declare its acceptance of the GTC, thereby acknowledging the binding nature of the GTC and committing itself to respecting them.

The application form and the GTC shall be signed and the GTC shall also be initialled on each page by a duly authorised representative of the primary dealer who, based on applicable laws of the relevant jurisdiction and on the relevant corporate documents is empowered to validly commit such primary dealer for the purpose of the performance of the obligations and activities under the GTC. To such end, an extract from the relevant company register shall be provided when submitting the application form.

Any communication, notice or information relating to this Decision and the GTC shall be sent to the address for notice elected by the primary dealers in their application form and shall be addressed to the person who is designated as ‘coordinator’ in the application form.

Article 15

Admission to primary dealer network

The decision as to whether to include an applicant in the list of the primary dealer network shall be adopted, at the latest, within two months of the submission of the relevant application. If an applicant is requested to submit additional information in accordance with paragraph 3 of Article 14, the time limit for a decision relating to that applicant shall be suspended until the date of submission of that additional information. If the applicant informs the Commission that it considers the application to be complete, the decision shall be adopted within 2 months. The decision shall be notified to the applicant.

The non-admission decision shall state reasons on which it is based.

The up-dated list of members of the primary dealer network shall be published once a year in the Official Journal of the European Union.

In order to perform the annual review, the primary dealers shall be invited to represent and declare to the Commission that they continue to fulfil all the eligibility criteria for the membership laid down in Article 4, and that all of the documents submitted by the primary dealers during their application for membership or a subsequent update remain relevant.

Article 16

Monitoring

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 GTC;

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

(c) immediately 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.

Article 16a

Monitoring and suspensions

Primary dealers shall periodically, and at least every 3 years, renew the information submitted to the Commission during their application process.

A primary dealer who is in an exclusion situation shall continue to remain eligible to serve as lead and co-lead manager for syndicated transactions during the assessment by the authorising officer by delegation of whether the primary dealer is to be excluded pursuant to Article 138 of Regulation (EU, Euratom) 2024/2509.

The Commission may suspend primary dealers from serving as lead or co-lead managers in syndicated transactions when their selection for the implementation of Union funds would constitute a serious and imminent threat to the financial interests of the Union. The Commission shall communicate the basis for its suspension decision to the primary dealer concerned as soon as possible and give the primary dealer at least 3 days to submit observations before adopting the final suspension decision. In exceptional circumstances, the Commission may adopt the suspension decision and allow the primary dealer concerned to submit observations and objections afterwards.

Article 17

Termination of membership in the primary dealer network

The Commission shall terminate the membership of a primary dealer in the primary dealer network in either of the following cases:

(a) the primary dealer ceases to fulfil any of the conditions referred to in Article 4;

(b) non-compliance with obligations laid down under Article 5, point (c).

The following procedure shall apply to the termination referred to in paragraph 1:

(a) the primary dealer is to be invited, by means of a notice, to submit its observations within a time-limit of no less than 7 days from the receipt of the notice;

(b) the decision on termination is to be notified to the primary dealer and is to take effect on the first business day following the date of its notification.

The Commission may terminate the membership of a primary dealer in the primary dealer network in any of the following cases:

(a) non-compliance with obligations laid down under Article 5, points (a), (b), (d), (e) and (f);

(b) exclusion of the primary dealer pursuant to Articles 137 to 148 of Regulation (EU, Euratom) 2024/2509;

The following procedure shall apply to the situations referred to in paragraph 3:

(a) the primary dealer concerned is to receive a notice indicating the reasons for a finding of non-compliance, a request to submit observations and corrective measures that it intends to take to restore and/or ensure compliance with the relevant criteria and/or obligations and to set a time-limit to submit observations of no less than 7 days from the receipt of the notice;

(b) taking into account the submitted observations and communicated corrective measures, if any, the decision to terminate membership of the non-compliant primary dealer from the primary dealer network may be taken;

(d) the decision on termination is to take effect on the first business day following the date of its notification to the excluded primary dealer.

Termination of the membership in the primary dealer network pursuant to paragraphs 1 to 4 of this Article, or resignation from the primary dealer network pursuant to Article 7, point (e), is to have no effect on the rights and obligations of the primary dealer in question in respect of contracts concluded prior to the effective date of exclusion, suspension or resignation respectively.

The termination of membership of the primary dealer shall not prevent that dealer from reapplying to be, and being readmitted as, a member of the primary network, where the reasons for the termination are no longer present and have been fully remedied. If membership in the primary dealer network is terminated due to an exclusion pursuant to Articles 137 to 148 of Regulation (EU, Euratom) 2024/2509, no reapplication is possible during the duration of the exclusion. Article 14 shall apply to any reapplication.

CHAPTER 5 TRANSITIONAL AND FINAL PROVISIONS

Article 18

Decision (EU, Euratom) 2021/625 is hereby repealed.

References to the repealed Decision shall be construed as references to this Decision and shall be read in accordance with the correlation table in Annex II.

Article 19

Article 8 (a) and (b) of Decision (EU, Euratom) 2021/625 shall continue to apply to syndicated transactions starting before 1 November 2023.

Articles 8, first paragraph, points (a) and (b), Article 9, first paragraph, points (a) and (c) and Article 11 shall apply to syndicated transactions starting as of 1 November 2023;

Article 8 , first paragraph, point (c), Article 9, first paragraph, point (b) and Article 13(6) and (7) shall apply to syndicated transactions starting as of 1 July 2024.

Article 20

This Decision shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

ANNEX I

1. Fulfilment of the obligation to purchase a minimum weighted average of 0,05 % of volumes auctioned by the Union and/or the Euratom on a semi-annual basis

(a) Auctions shall be carried out through an auction system operated by an auction provider selected by the Commission (‘auction provider’).

(b) Participation in the auctions and purchase of auctioned debt securities shall take place in accordance with auction rules arranged by the auction provider and endorsed by the Commission. The primary dealers shall subscribe to the auction rules and comply with them.

(c) It should be understood by all primary dealers, that they act and participate in the auctions at their own risk and that the Commission shall not be responsible in any manner for the decisions of any participant in the auctions and in particular for any losses, direct or indirect, arising in relation to any transaction entered into by such participants.

(d) The primary dealers shall take all measures to ensure that they are able to participate in the auction, in particular conclude the contracts with the auction provider, complete any step and formality necessary to participate in the auctions, and have in place the technical infrastructure to participate.

(e) The Commission shall not bear any costs or responsibility towards the primary dealer in relation to the contracts between the auction provider and the primary dealer or in relation to the technical infrastructure for the auction.

(f) Primary dealers may only be dispensed from the fulfilment of their obligation under Article 5(a) in cases of force majeure, which shall in particular not comprise cases of malfunctioning or technical issues relating to the infrastructure.

(g) The calculations of the volume purchased by primary dealers over the relevant 6-month period, shall be weighted in accordance with the following table: Residual maturity 3,5] ]3,5 m-1Y] ]1Y-4Y] ]4Y-8Y] ]8Y-12Y] ]12Y-17Y] ]17Y-23Y] Above 23 Coeff. 0,5 1 2,5 5,5 10 15 20 25

(h) This calculation shall be applied for 6-month periods, running from April to September and from October to March. In 2023, the following period shall apply: from January to June and from July to March of the following period. Article 5(a) of this Decision shall temporarily not apply to primary dealers that have been admitted to the primary dealer network after the beginning of the 6-month period defined in point (h). It shall start applying at the end of the successive 6-month period following the date on which the respective primary dealer is admitted to the primary dealer network.

2. Reporting obligations

(a) The primary dealers shall, on request, submit information on the risk limit that this primary dealer has set, for the purpose of its own position management, for the trading activity of the debt securities of the Union and the Euratom as well as on the extent to which the risk limit is used. The information to be submitted shall be specified in the request.

(b) The primary dealers shall immediately notify the Commission in case it is subject to rating upgrades or downgrades by one of the external rating agencies recognised by ESMA in accordance with Article 18(3) of Regulation (EC) No 1060/2009 of the European Parliament and of the Council ([^E0006]).

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

(d) The primary dealers shall submit to the Commission any change in contact details communicated through the application form by using the template attached to the application form within two weeks of the date when the change took effect.

(e) The primary dealers shall submit to the Commission, on its request, any information relevant for the execution of its activities of primary dealer, in particular on its primary or secondary market activities related to the debt securities of the Union and the Euratom.

ANNEX II

Correlation table


Correlation table	Correlation table
Decision (EU, Euratom) 2021/625 of 14 April 2021	This Decision
Article 1	Article 1
Article 2	Article 2
Article 3	Article 3
Article 4	Article 4
Article 5	Article 5
Article 6	Article 6
Article 7	Article 7
Article 8	Article 8
Article 9	Article 10
Article 10	Article 12
Article 11	Article 13
Article 12	Article 14
Article 13	Article 15
Article 14	Article 16
Article 15	Article 17
Article 16	Articles 18 and 19
Article 17	Article 20

[^E0001]: Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).

[^E0002]: Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union (OJ L, 2024/2509, 26.9.2024, ELI: http://data.europa.eu/eli/reg/2024/2509/oj).

[^E0003]: Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (OJ L 337, 23.12.2015, p. 1).

[^E0004]: Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (OJ L 87, 31.3.2017, p. 229).

[^E0005]: Commission Implementing Decision (EU, Euratom) 2023/2825 of 12 December 2023 establishing the arrangements for the administration and implementation of the Union borrowing and debt management operations under the diversified funding strategy and related lending operations (OJ L, 2023/2825, 18.12.2023, ELI: http://data.europa.eu/eli/dec_impl/2023/2825/oj).

[^E0006]: Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (OJ L 302, 17.11.2009, p. 1).

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