The European Citizens' Capital Reserve

1. The European Citizens' Capital Reserve is established. The Reserve shall have legal personality and shall enjoy in each Member State the most extensive legal capacity accorded to legal persons under the law of that Member State.

2. The Reserve shall hold its assets exclusively for the benefit of holders. Its assets and income shall not constitute revenue of the Union or of any Member State and shall not be entered in the general budget of the Union or in any public budget.

3. The Reserve shall be financed exclusively by the instruments referred to in Article 5, by the proceeds of their crystallisation and by the returns on its assets. It shall receive no contribution from, and shall make no payment to, the general budget of the Union or the budget of any Member State.

4. The Reserve shall retain from its realised income in each financial year the amount necessary to preserve the real value of its capital, calculated in accordance with the methodology laid down in Annex II, and shall make the remainder available for distribution pursuant to Article 10(6). No distribution shall be financed by borrowing or by the disposal of holdings effected for the purpose of the distribution.

5. The Reserve shall publish annually audited accounts, the valuation of its holdings and the calculation referred to in paragraph 4.

6. The Reserve shall not be considered an investment firm within the meaning of Directive 2014/65/EU, an alternative investment fund or an alternative investment fund manager within the meaning of Directive 2011/61/EU, or an institution for occupational retirement provision within the meaning of Directive (EU) 2016/2341.

7. The Commission is empowered to adopt delegated acts in accordance with Article 15 to amend the methodology laid down in Annex II where necessary to preserve the real value of the capital of the Reserve in the light of market developments.