Article 1
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 ( *1 ) 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. ( *1 ) 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 ( OJ L 196, 4.8.2023, p. 44 , ELI: http://data.europa.eu/eli/dec_impl/2023/1602/oj ).’;" (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 ( *2 ) shall be duly taken into account. ( *2 ) Commission Decision (EU, Euratom) 2025/369 of 21 February 2025 establishing the role of the Chief Risk Officer overseeing the financial risks arising from the Union’s financial operations ( OJ L, 2025/369, 25.2.2025, ELI: http://data.europa.eu/eli/dec/2025/369/oj ).’;" (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.