Commission Implementing Decision (EU, Euratom) 2025/363 of 21 February 2025 amending Implementing Decision (EU, Euratom) 2023/2825 as regards the rules on risk management and compliance framework for borrowing, debt management, liquidity management and lending operations and non-competitive auction allocation

Implementing Decision (EU, Euratom) 2023/2825 is amended as follows: (1) in Article 2, the following point (17) is added: ‘(17) ‘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 established under Commission Decision (EU) 2023/1602 participating in the auction 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. (2) in Article 4(2), the second subparagraph is replaced by the following: ‘When establishing the funding plan, the opinion of the Chief Risk Officer referred to in Article 6, point (b), of Commission Decision (EU, Euratom) 2025/369 shall be duly taken into account. (3) in Article 7(1), point (c) is replaced by the following: ‘(c) borrowing operations may be organised through a mix of syndicated transactions, auctions, non-competitive auction allocations and private placements, in all cases relying on the services of credit institutions and investment firms who are members of the primary dealer network established under Implementing Decision (EU) 2023/1602’; (4) in Article 8(4), the first sentence is replaced by the following: ‘When establishing or amending the liquidity management strategy, the opinion of the Chief Risk Officer referred to in Article 6(c) of Decision (EU, Euratom) 2025/369 shall be duly taken into account.’; (5) in Article 12(2), points (c) and (d) are replaced by the following: ‘(c) establishing arrangements and rules for the organisation of auctions and non-competitive auction allocations, including agreements with external providers of systems and constant oversight of the performance of auctions; (d) implementing individual borrowing transactions through syndicated transactions, auctions, non-competitive auction allocations, and private placements;’; (6) Article 18 is replaced by the following: ‘The financial risk management of the borrowing, debt management, liquidity management and lending operations shall be governed by Decision (EU, Euratom) 2025/369.’; (7) Article 19 is deleted; (8) Articles 20 and 21 are deleted; (9) Articles 22 and 23 are deleted.

This Decision shall enter into force on the third day following that of its publication in the Official Journal of the European Union. Article 1, points (7) and (9), shall apply as of the day of the first meeting of the Risk and Compliance Committee pursuant to Decision (EU, Euratom) 2025/369.