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Repeal
1. Decision C(2020) 5154 on establishing the Steering Committee on Contingent Liabilities arising from Budgetary Guarantees is repealed. 2. References to the repealed Decision shall be construed as references to this Decision. 3. Decision C(2024) 745 on the adoption of a Charter of tasks and responsibilities for the Commission’s Chief Risk Officer for borrowing, debt management and lending operations is repealed.
Transitional provisions
1. The High Level and Risk Compliance Policy adopted under Decision (EU) 2023/2825 shall remain valid in respect to categories of the Union’s financial operations covered therein until replaced by the High Level and Risk Compliance Policy referred to in Article 8. 2. Manuals and other relevant documents relating to the risk management of asset management operations adopted prior to the entry into force of this Decision shall be reviewed by the Chief Risk Officer. The manuals and other relevant documents approved by the Steering Committee on Contingent Liabilities as well as the manuals and documents of the Directorates-General responsible for the Union’s financial operations setting out the financial risk management rules for existing programmes shall remain valid until their replacement by thematic risk and compliance policies. 3. Appointments of the members of the Risk and Compliance Committee pursuant to points (c), (e) and (f) of Article 16(2) shall be notified to the Chief Risk Officer within one month from the entry into force of this Decision or from the date a Directorate-General receives authorising officer responsibilities for the Union’s financial operations. 4. The decision adopting the High Level Risk and Compliance Policy and thematic risk and compliance policies shall provide for transitory provisions to ensure that the risks are managed within the risk appetite as defined for the programmes or instruments authorising budgetary guarantees adopted before the entry into force of this Decision. 5. Without prejudice to the risk appetite determined by the legislative acts establishing those programmes, the ex post assessment, monitoring and reporting on financial risks of programmes and instruments authorising budgetary guarantees and loans adopted before the entry into force of this Decision shall be carried out by using the methodologies set out in the thematic risk and compliance policies adopted on the basis of this decision.
Entry into force and application
1. This Decision shall enter into force on the third day following that of its publication in the Official Journal of the European Union . 2. Article 18 and paragraph 1 of Article 19 shall apply as of the day of the first meeting of the Risk and Compliance Committee, which shall be duly convened by the Chief Risk Officer.
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