Decision 2014/512/CFSP is amended as follows:
(1)
in Article 1a, paragraph 8 is replaced by the following:
‘8. As of 15 February 2024, and 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:
(a)
those cash balances shall be accounted for separately;
(b)
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;
(c)
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.’
;
(2)
in Article 1a, the following paragraphs are added:
‘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.
10.
(a)
Central securities depositories may provisionally retain a share not exceeding 10 % of the financial contribution due (“amounts provisionally retained”), which shall remain due to the Union.
(b)
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 retain an additional percentage of the financial contribution due. Retention of an additional percentage may be authorised only if 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.
(c)
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.
(d)
Amounts provisionally retained that have not been used within five years for the purpose referred to in point (c) shall be transferred to the Union, unless a decision is taken on 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. Amounts no longer retained shall be transferred to the Union.
(e)
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, unless a decision is taken 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.
11. The amounts of the financial contribution paid to the Union shall be used to support Ukraine, through the European Peace Facility established by Council Decision (CFSP) 2021/509 ( *1 ) and through Union programmes which are financed from the Union budget, according to the following key:
(a)
European Peace Facility: 90 %;
(b)
Union programmes financed from the Union budget: 10 %.
This allocation shall be reviewed yearly, and for the first time before 1 January 2025, and may be amended through a Council Implementing Decision, adopted upon a proposal of the High Representative of the Union for Foreign Affairs and Security Policy.
The Union shall take the necessary measures in order to determine the specific allocation among Union programmes of the portion of the financial contribution to be used through Union programmes which are financed from the Union budget.
( *1 ) Council Decision (CFSP) 2021/509 of 22 March 2021 establishing a European Peace Facility, and repealing Decision (CFSP) 2015/528 ( OJ L 102, 24.3.2021, p. 14 ).’."