(1)

In Article 5a, paragraphs 8 to 10 are replaced by the following: ‘8. As of 15 February 2024, and for as long as the restrictive measures set out in paragraph 4 are maintained, central securities depositories within the meaning of Regulation (EU) No 909/2014 holding assets and reserves referred to in paragraph 4 of this Article with a total value exceeding EUR 1 million shall apply the following rules regarding cash balances accumulating exclusively due to the restrictive measures: 9. The net profits referred to in point (c) of paragraph 8 shall be subject to a financial contribution due by the central securities depositories to the Union. The rate of the financial contribution shall be 99,7 % of those net profits. The Commission shall call for financial contributions, in accordance with Regulation (EU, Euratom) 2018/1046 (*1), from the central securities depositories concerned biannually on the basis of the interim financial report referred to in paragraph 11 of this Article. The Commission shall establish the definitive amounts of the financial contribution due annually on the basis of the statutory audited financial statements for year N after they are available in year N+1. If the definitive annual amount of the financial contribution due for year N is lower than the sum of amounts of the biannual payments made in respect of year N, the difference shall be deducted from the next payment due by the central securities depositories to the Union in the year N+1, including biannual payments and transfer of amounts provisionally retained in accordance with paragraph 10, points (e) and (f). The amount due by the central securities depositories resulting from the netting pursuant to the previous sentence shall not be lower than zero. The Commission shall inform the Council biannually on the amounts transferred by the CSDs. (*1) Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012 (OJ L 193, 30.7.2018, p. 1).’;" those cash balances shall be accounted for separately; revenues accruing from or generated by the cash balances referred to in point (a) from 15 February 2024 shall be registered separately in the financial accounts of central securities depositories; without prejudice to paragraphs 9 and 10, net profits determined in respect of revenues referred to in point (b) of this paragraph in accordance with national law, including by deducting all relevant expenses linked to or resulting from the management of the immobilised assets and the risk management associated with the immobilised assets and after deduction of corporate tax under the general regime of the Member State concerned, shall not be disposed of by way of distribution in the form of dividends or in whatever form to the benefit of shareholders or any third party. This prohibition shall not apply to the net profits not constituting the financial contribution referred to in paragraph 9. Central securities depositories may provisionally retain a share not exceeding 10 % of the financial contribution (“amounts provisionally retained”), which shall remain due to the Union. If the share referred to in point (a) is not sufficient in the light of risk management requirements, a central securities depository may submit a request to the national supervisory authority, as designated in accordance with Article 11 of Regulation (EU) No 909/2014, to retain an additional percentage of the financial contribution due. The national supervisory authority shall consult the Commission and, where appropriate, the European Central Bank and shall take a decision accordingly. The national supervisory authority may approve the retention of an additional percentage only after having determined that it is strictly necessary to comply with risk management requirements in view of the impact due to the war in Ukraine with regard to the assets held by central securities depositories. If the national supervisory authority has approved an additional percentage, that percentage shall become definitive in respect of that financial year, unless the Commission decides, within five days after notification, that the additional percentage does not comply with the conditions set out in this point. The Commission may determine a lower additional percentage which constitutes the maximum additional percentage the national supervisory authority may approve. Where, in its notification to the Commission, the national supervisory authority invokes an emergency, the Commmission shall decide within 24 hours after such notification. For the purpose of its decision under this point, the Commission shall consult the European Central Bank. The Commission shall inform the Council without delay of any decision of the national supervisory authority to retain an additional percentage under this point. Where the Commission considers that the additional percentage referred to in point (b) is no longer strictly necessary to comply with risk management requirements in view of the impact due to the war in Ukraine with regard to the assets held by central securities depositories, the Commission shall, after consulting the national supervisory authority and where appropriate, the European Central Bank, decide on a decrease of such additional percentage. The Commission may adopt a decision under this point not earlier than four months after the decision of the national supervisory authority to retain an additional percentage has became definitive. It shall base its decision on the most recent information available. Amounts provisionally retained by a central securities depository in accordance with this paragraph shall be used exclusively to cover the expenses, risks and losses incurred by it due to the war in Ukraine with regard to the assets held by that central securities depository, and only to the extent that such expenses, risks and losses cannot be covered by the internal resources of the central securities depository at the time of their occurrence. Amounts provisionally retained which have been used in accordance with this point shall cease to be due to the Union. Any information provided or received in accordance with this paragraph shall be used exclusively for the purposes for which it has been provided or received. If amounts provisionally retained have not been used within five years for the purpose referred to in point (d), the national supervisory authority shall, after consulting the Commission and, where appropriate, the European Central Bank, determine whether those amounts or part of those amounts are still needed to meet risk management requirements in view of the impact due to the war in Ukraine with regard to the assets held by central securities depositories. The national supervisory authority shall notify the Commission without delay about its decision on determination of those amounts and the time for which those amounts may continue to be retained. The decision of the national supervisory authority shall become definitive unless the Commission decides, within five days after notification, that the conditions set out in this point are not complied with. The Commission shall consult the European Central Bank to that effect. Amounts no longer retained shall be transferred to the Union. The central securities depositories shall transfer to the Union all remaining unused amounts provisionally retained at the latest when the restrictive measures under this Article are discontinued. The national supervisory authority may, after consulting the Commission and, where appropriate, the European Central Bank, decide to retain the amounts thereafter if those amounts or part of those amounts are still needed to meet relevant risk management requirements in view of the impact due to the war in Ukraine with regard to the assets held by central securities depositories. The decision of the national supervisory authority shall become definitive unless the Commission decides, within five days after notification, that the conditions set out in this point are not complied with. The Commission shall consult the European Central Bank to that effect. Amounts no longer retained shall be transferred to the Union.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-17 · Text as adopted (Official Journal); later amendments are not incorporated in this text.