2024/1673

7.6.2024

COMMISSION IMPLEMENTING REGULATION (EU) 2024/1673

of 6 June 2024

laying down rules for the application of Council Regulation (EU) No 833/2014 as regards reporting and the implementation of revenue operations for the financial contribution due to the Union

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Council Regulation (EU) No 833/2014 of 31 July 2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine (1), and in particular Article 5a(13) thereof,

Whereas:

(1) On 21 May 2024, the Council adopted Regulation (EU) 2024/1469 (2), which amended Council Regulation (EU) No 833/2014 and introduced additional measures to support Ukraine and its recovery and reconstruction through a financial contribution calculated on the basis of net profits generated from cash balances accumulating exclusively due to restrictive measures.

(2) For this purpose, the central securities depositories holding assets and reserves of the Central Bank of Russia, or those of any legal person, entity or body acting on behalf of, or at the direction of, the Central Bank of Russia, such as the Russian National Wealth Fund, with a total value of more than EUR 1 million are to account for and manage such extraordinary cash balances accumulating due to the immobilisation of assets and reserves of the Central Bank of Russia, or those of any legal person, entity or body acting on behalf of, or at the direction of, the Central Bank of Russia, such as the Russian National Wealth Fund, separately from their other activities and must also keep the unexpected and extraordinary revenues generated separate. A financial contribution to the Union equivalent to 99,7 % of the ensuing net profits accumulating since 15 February 2024 is due by these central securities depositories.

(3) Out of this financial contribution, the central securities depositories may provisionally retain a share not exceeding 10 % in view of complying with capital and risk management requirements and in view of the impact due to the war in Ukraine with regard to the assets held by central securities depositories. If this share becomes insufficient in the future, it is possible for central securities depositories to make a duly justified request to retain an additional percentage of the financial contribution due.

(4) In order to cater for the specific characteristics of the financial contribution and, where needed, to complement horizontal rules on revenue operations, this Regulation should lay down detailed arrangements regarding reporting requirements and the implementation of revenue operations.

(5) In order for the Commission to verify the amounts that are payable biannually and the conditions according to which the amounts are due, this Regulation should establish the general rules on financial reporting.

(6) As a basis for the biannual payments of the financial contribution, it is necessary to specify the different elements that should be disclosed by the central securities depositories in the interim financial reports, including the amount of the financial contribution, and set out a deadline for submission. For the purpose of facilitating a smooth planning of the corresponding expenditure, the central securities depositories should also submit quarterly non-binding forecasts of the financial contribution.

(7) The central securities depositories should submit to the Commission and the national supervisory authorities their statutory annual audited financial statements to allow for the reconciliation of the financial contribution paid in respect of a given year with definitive amounts due for that year on the basis of these audited financial statements. This Regulation should therefore specify the information to be disclosed in the audited financial statements and supporting documentation, and the deadline for its submission.

(8) In order to ensure a transparent collection of the financial contribution, it is appropriate to lay down detailed rules regarding the reporting of amounts provisionally retained. The central securities depositories should provide in particular information about the assumptions and any other necessary information used to determine the amount of the financial contribution provisionally retained, and about the use of these amounts. The national supervisory authorities should report to the Commission on their decisions relating to the provisionally retained amounts or on any supervisory or other measures that they adopt in respect of the central securities depositories without any delay.

(9) The Commission should biannually call the financial contribution based on the interim financial reports. The financial contribution paid should reflect, where applicable, amounts resulting from the reconciliation exercise and provisionally retained amounts that have not been used within five years. This contribution should be paid by the central securities depositories within the deadline specified in this Regulation. The horizontal rules on revenue operations set out in Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council (3) should apply to the collection of the financial contribution. This should include the rules on the transmission of debit notes and on the application of interest for late payments.

(10) The Commission should establish the amount resulting from the reconciliation of the financial contributions paid biannually on the basis of the interim financial reports for the previous year with the definitive amount due on the basis of the audited financial statements and supporting documentation for that year. This amount should be taken into account in the next payment due by the central securities depositories. If no further biannual payment is due by the central securities depositories, the Commission should send a separate debit note in accordance with Article 98(4) of Regulation (EU, Euratom) 2018/1046.

(11) The Commission consulted, in accordance with Article 5a(13), last sentence of Council Regulation (EU) No 833/2014, the relevant national supervisory authorities as defined in this Regulation on the rules provided for in this Regulation.

(12) In the light of the situation in Ukraine, this Regulation should enter into force as a matter of urgency on the day following that of its publication in the

Official Journal of the European Union

,

HAS ADOPTED THIS REGULATION:

CHAPTER I

GENERAL PROVISIONS

Article 1

Subject matter

This Regulation lays down specific detailed rules for:

(a) reporting to the Commission and the national supervisory authorities; and

(b) the implementation of revenue operations.

Article 2

Definitions

For the purposes of this Regulation, the following definitions shall apply:

(1) ‘central securities depositories’ means legal persons as defined in point 1 of Article 2(1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council (4), and subject to the obligations set out in paragraphs 8 to 12 of Article 5a of Regulation (EU) No 833/2014;

(2) ‘financial contribution’ means the financial contribution referred to in the second subparagraph of Article 5a(9) of Regulation (EU) No 833/2014;

(3) ‘national supervisory authorities’ means the authorities designated by a Member State pursuant to Article 11 of Regulation (EU) No 909/2014 responsible for supervising the central securities depositories as defined in point 1;

(4) ‘interim financial report’ means the interim financial report referred to in the first subparagraph of Article 5a(11) of Regulation (EU) No 833/2014;

(5) ‘statutory audit’ means an audit of annual financial statements or consolidated financial statements as defined in Article 2(1) of Directive 2006/43/EC of the European Parliament and of the Council (5).

CHAPTER II

REPORTING

Article 3

General rules

1.   For the purpose of separate accounting for cash balances, revenues and net profits set out in Article 5a(8) of Regulation (EU) No 833/2014, the central securities depositories’ standard reports shall be used to the extent possible.

2.   The reports to be submitted to the Commission shall be prepared on the basis of the accounting rules applied by the central securities depositories.

3.   Reports to be submitted to the Commission shall be expressed in euro. These reports may be drawn from financial statements denominated in other currencies as per the central securities depositories’ requirements. Where necessary, amounts shall be converted into euro. In this case the reports should indicate the foreign exchange rates used.

4.   The reports, forecasts and information referred to in Articles 4 to 6 shall be submitted to the Commission electronically signed with qualified electronic signature as defined in Regulation (EU) No 910/2014 of the European Parliament and of the Council (6) to the addresses communicated by the Commission.

5.   The central securities depositories shall keep financial and accounting documents concerning the financial contribution for a term of five years following the final approval of the accounts. Records and documents pertaining to audits, appeals, litigation, the pursuit of claims relating to legal commitments or pertaining to investigations shall be retained until such audits, appeals, litigation, pursuit of claims or investigations have been closed.

Article 4

Interim financial report

1.   The central securities depositories shall submit to the Commission and to the national supervisory authorities the interim financial report in respect of the period from 1 January to 30 June, at the latest on the first working day after 25 July of the same year and in respect of the period from 1 July to 31 December at the latest on the first working day after 25 March of the following year. The interim financial report for the period from 1 January to 30 June 2024 shall be submitted at the latest on the first working day after 19 July 2024 and shall reflect the fact that the rules in paragraphs 8 to 14 of Article 5a of Regulation (EU) No 833/2014 apply from 15 February 2024.

2.   The interim financial report shall disclose:

(a) the cash balances, revenues and expenses referred to in points (a), (b) and (c) of Article 5a(8) of Regulation (EU) No 833/2014, as well as accruals for corporate tax under the general regime of the Member State concerned for the respective semester;

(b) the net profits referred to in point (c) of Article 5a(8) of Regulation (EU) No 833/2014.

3.   The central securities depositories shall determine in the interim financial report the financial contribution, reduced by the amounts provisionally retained pursuant to points (a), (b) and (c) of Article 5a(10) of that Regulation and, where appropriate increased by the amounts to be transferred to the Union pursuant to Article 9.

4.   The central securities depositories shall submit to the Commission an indicative, non-binding forecast of the amounts of the financial contribution due to the Union at the latest on the first working day after the 25th day of the month following each quarter.

Article 5

Audited financial statements and reports

1.   The central securities depositories shall submit to the Commission and to national supervisory authorities the statutory annual financial statements, established in accordance with the applicable national standards and audited by a statutory auditor in line with Directive 2006/43/EC, by 31 May of the year n+1 in respect of the year n.

2.   The statutory audited annual financial statements shall separately disclose the total amount of cash balances, revenues, net profits referred to in points (a), (b) and (c) of Article 5a(8) of Regulation (EU) No 833/2014 respectively.

3.   The central securities depositories shall submit to the Commission and to the national supervisory authorities, together with the statutory audited annual financial statements, a separate report setting out:

(a) the annual amounts provisionally retained by the central securities depositories, which constitute liabilities towards the Union pursuant to point (a) of Article 5a(10) of Regulation (EU) No 833/2014 unless they are used in accordance with point (d) of Article 5a(10) of that Regulation;

(b) the cumulated total amounts remaining provisionally retained according to Article 5a(10) of Regulation (EU) No 833/2014;

(c) the amounts which ceased to be due to the Union pursuant to point (d) of Article 5a(10) of Regulation (EU) No 833/2014;

(d) the total financial contribution in respect of the year n:

(i) reduced by the amount provisionally retained pursuant to points (a), (b) and (c) of Article 5a(10) of Regulation (EU) No 833/2014;

(ii) increased by the amounts to be transferred to the Union pursuant to points (e) and (f) of Article 5a(10) of Regulation (EU) No 833/2014.

(e) the breakdown by currency of denomination of the cash balances and revenues referred to in the previous paragraph and in point (a) of Article 4(2).

This report should be accompanied by an assurance report from the central securities depositories’ statutory auditor and reconciled with the annual statutory financial statements.

4.   The central securities depositories shall, upon request of the Commission, submit to it any additional information related to the financial statements or reporting referred to in this Article.

Article 6

Reporting by central securities depositories and national supervisory authorities on the amounts provisionally retained

1.   The central securities depositories shall submit to the Commission and national supervisory authorities, together with each of the interim financial reports referred to in Article 4 and the audited financial statements and reports referred to in Article 5, a separate document setting out:

(a) the assumptions and any other necessary information used to determine the amount of the financial contribution provisionally retained pursuant to points (a), (b) and (c) of Article 5a(10) of Regulation (EU) No 833/2014;

(b) information on the use of the amounts provisionally retained in accordance with point (d) of Article 5a(10) of Regulation (EU) No 833/2014.

The information referred to in point (b) of the first subparagraph of this Article shall comprise a detailed quantification of the expenses, risks and losses incurred or provisioned due to the war in Ukraine with regard to the assets held by these central securities depositories, and of the amounts thereof which can be covered by the internal resources of the central securities depositories at the time of their occurrence.

2.   The information by the national supervisory authorities about its decision pursuant to point (e) of Article 5a(10) of Regulation (EU) No 833/2014 that amounts provisionally retained 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, shall comprise a detailed description of those needs and their estimate and assumptions used for the estimate, together with any additional information that the national supervisory authorities may deem relevant. The national supervisory authorities shall immediately notify the Commission of any supervisory or other measure it adopts in respect of the central securities depositories which may affect the amounts retained pursuant to Article 5a(10) of Regulation (EU) No 833/2014.

3.   The national supervisory authorities shall, upon request of the Commission, submit to it without any delay any additional information related to the quantification of the expenses, risks and losses incurred or provisioned due to the war in Ukraine with regard to the assets held by the central securities depositories, or to the quantification of internal resources used to cover these risks.

The central securities depositories and the national supervisory authorities shall cooperate with the Commission in respect of the exchange of information used for the decision on the retained amounts.

CHAPTER III

REVENUE OPERATIONS

Article 7

Payment of the financial contribution

After having examined the interim financial report referred to in Article 4 of this Regulation, the Commission shall send a debit note in accordance with Article 98(4) of Regulation (EU, Euratom) 2018/1046 biannually to call the financial contribution due. The central securities depositories shall pay the financial contribution at the latest within 5 working days from the date of the call for the financial contribution.

The amounts called biannually shall:

(a) be increased or decreased, where appropriate, by the amount resulting from the reconciliation of the financial contribution paid in the previous year with the definitive amount due on the basis of the audited financial statements for that year, referred to in Article 5 of this Regulation; and

(b) include the amount provisionally retained that is not needed any more to meet risk management requirements and was reported by the central securities depositories pursuant to point (d)(ii) of Article 5(3) of this Regulation.

Article 8

Reconciliation of the financial contribution paid with definitive amounts due

1.   The Commission shall establish the definitive amount of the financial contribution due in respect of a given year on the basis of the statutory audited annual financial statements.

2.   If the annual amount of the financial contribution due for a given year, where appropriate reduced by the amounts provisionally retained pursuant to points (a), (b) and (c) of Article 5a(10) of Regulation (EU) No 833/2014 and, where appropriate increased by the amounts to be transferred to the Union pursuant to Article 9, is lower than the sum of the amounts of the biannual payments made in respect of this year pursuant to Article 7 of this Regulation, the difference shall be deducted from the next payment due by the central securities depositories to the Union.

3.   The amount due by the central securities depositories resulting from the netting pursuant to the previous sentence shall not be lower than zero.

4.   If the annual amount of the financial contribution due for a given year, where appropriate reduced by the amounts provisionally retained pursuant to points (a), (b) and (c) of Article 5a(10) of Regulation (EU) No 833/2014 and, where appropriate increased by the amounts to be transferred to the Union pursuant to Article 9, is higher than the sum of the amounts of the biannual payments made in respect of this year pursuant to Article 7 of this Regulation, the Commission shall add the amount of the difference to the next payment due by the central securities depositories to the Union or send a separate debit note in accordance with Article 98(4) of Regulation (EU, Euratom) 2018/1046 concerning this amount if no further biannual payment is due by the central securities depositories.

Article 9

Transfer of the amounts provisionally retained

Once informed by the central securities depositories pursuant to the second subparagraph of Article 5a(11) of Regulation (EU) No 833/2014 that amounts provisionally withheld are not needed any more 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 Commission shall add those amounts to the next payment due by the central securities depositories to the Union pursuant to Article 7 or send a separate debit note in accordance with Article 98(4) of Regulation (EU, Euratom) 2018/1046 concerning this amount if no further biannual payment is due by the central securities depositories.

This separate debit note may also include, where appropriate, a reconciliation of the biannual financial contributions paid with the definitive amounts due referred to in Article 8.

CHAPTER IV

FINAL PROVISIONS

Article 10

Entry into force

This Regulation shall enter into force on the day following that of its publication in the

Official Journal of the European Union

.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 6 June 2024.

For the Commission

The President

Ursula VON DER LEYEN

(1)  

OJ L 229, 31.7.2014, p. 1

, ELI:

http://data.europa.eu/eli/reg/2014/833/oj

.

(2)  Council Regulation (EU) 2024/1469 of 21 May 2024 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine (

OJ L, 2024/1469, 22.5.2024, ELI: http://data.europa.eu/eli/reg/2024/1469/oj

).

(3)  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

, ELI:

http://data.europa.eu/eli/reg/2018/1046/oj

).

(4)  Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (

OJ L 257, 28.8.2014, p. 1

, ELI:

http://data.europa.eu/eli/reg/2014/909/oj

).

(5)  Directive 2006/43/EC of the European Parliament and of the Council of 17 May 2006 on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (

OJ L 157, 9.6.2006, p. 87

, ELI:

http://data.europa.eu/eli/dir/2006/43/oj

).

(6)  Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC (

OJ L 257, 28.8.2014, p. 73

, ELI:

http://data.europa.eu/eli/reg/2014/910/oj

).

ELI: http://data.europa.eu/eli/reg_impl/2024/1673/oj

ISSN 1977-0677 (electronic edition)