National vehicles

1. Each Member State shall designate, within 12 months of the entry into force of this Regulation, one or more national vehicles to administer entitlements. Existing institutions within the meaning of Directive (EU) 2016/2341, providers within the meaning of Regulation (EU) 2019/1238 and statutory funds may be designated. By way of derogation from Article 7 of Directive (EU) 2016/2341, an institution designated as a national vehicle may carry out the account administration and distribution activities provided for in this Regulation. A provider within the meaning of Regulation (EU) 2019/1238 designated as a national vehicle shall maintain holders' accounts separately from any product governed by that Regulation, and the requirements of that Regulation shall not apply to those accounts.

2. A national vehicle shall:
(a) maintain an individual account in the name of each holder registered with it;
(b) credit distributions to holders' accounts without deduction other than charges permitted under paragraph 3;
(c) treat amounts standing to a holder's account as the holder's property in accordance with Article 10(4)(b);
(d) apply no condition of access other than identity and the condition in Article 10(1).

3. Charges levied by a national vehicle on holders shall not exceed the costs actually incurred in administering the accounts and in any event 0,3 % annually of the amounts administered. A Member State may compensate a national vehicle for verifiable net costs exceeding that ceiling; such compensation shall not be charged to holders or to the Reserve.

4. Where a Member State has not designated a national vehicle, or where the designated vehicle does not comply with paragraph 2, a holder residing in that Member State may register with a national vehicle of another Member State, which shall not refuse the registration on grounds of residence.

5. National vehicles shall process personal data in accordance with Regulation (EU) 2016/679 and only for the purposes of this Regulation.