### the rights of access of the data subject are applicable to the personal data processed for the purpose of this directive . however , access by the data subject to information contained in a suspicious transaction report would seriously undermine the effectiveness of the fight against money laundering and terrorist financing . limitations to this right in accordance with the rules laid down in article 13 of directive 95 / 46 / ec may therefore be justified . ### the rights of access of the data subject are applicable to the personal data processed for the purpose of this directive . however , access by the data subject to information contained in a suspicious transaction report , or obtained in order to examine transactions or patterns of transactions , which have no apparent economic or lawful purpose , would seriously undermine the effectiveness of the fight against money laundering and terrorist financing . limitations to this right in accordance with the rules laid down in article 13 of directive 95 / 46 / ec are therefore justified .


### for the purposes of this directive , ‘ terrorist financing’ means the provision or collection of funds , by any means , directly or indirectly , with the intention that they should be used or in the knowledge that they are to be used , in full or in part , in order to carry out any of the offences within the meaning of articles 1 to 4 of council framework decision 2002 / 475 / jha of 13 june 2002 on combating terrorism , as amended by council framework decision 2008 / 919 / jha of 28 november 2008 . ### for the purposes of this directive , ‘ terrorist financing’ means the provision or collection of funds , by any means , directly or indirectly , with the intention that they should be used or in the knowledge that they are to be used , in full or in part , by an individual terrorist or a terrorist organisation , or in order to carry out any of the offences within the meaning of articles 1 to 4 of council framework decision 2002 / 475 / jha of 13 june 2002 on combating terrorism , as amended by council framework decision 2008 / 919 / jha of 28 november 2008 .


### the natural person who ultimately owns or controls a legal entity through direct or indirect ownership or control over a sufficient percentage of the shares or voting rights in that legal entity , including through bearer share holdings , other than a company listed on a regulated market that is subject to disclosure requirements consistent with european union legislation or subject to equivalent international standards . a percentage of 25% plus one share shall be evidence of ownership or control through shareholding and applies to every level of direct and indirect ownership ; ### the natural person who ultimately owns or controls a legal entity through direct or indirect ownership or control over a sufficient percentage of the shares or voting rights in that legal entity , including through bearer share holdings , other than a company listed on a regulated market that is subject to disclosure requirements consistent with european union legislation or subject to equivalent international standards .


### ' foreign politically exposed persons ' means natural persons who are or have been entrusted with prominent public functions by a third country ; ### ' foreign politically exposed persons ' means natural persons who are or have been entrusted with prominent public functions by another third country ;


### ' domestic politically exposed persons ' means natural persons who are or who have been entrusted by a member state with prominent public functions ; ### ' domestic politically exposed persons ' means natural persons who are or who have been entrusted by the member state with prominent public functions ; linguistic amendment


### ' gambling services ' means any service which involves wagering a stake with monetary value in games of chance including those with an element of skill such as lotteries , casino games , poker games and betting transactions that are provided at a physical location , or by any means at a distance , by electronic means or any other technology for facilitating communication , and at the individual request of a recipient of services ; ### “gambling services” means any service which involves wagering a stake with monetary value , or which can be converted into money , in games of chance including those with an element of skill such as lotteries , bingo , casino games , poker games and betting transactions that are provided at a physical location , or by any means at a distance , by electronic means or any other technology for facilitating communication , and at the individual request of a recipient of services ;


### the european banking authority , european insurance and occupational pensions authority and european securities and markets authority shall provide a joint opinion on the money laundering and terrorist financing risks affecting the internal market . the opinion shall be provided within 2 years from the date of entry into force of this directive . ### the european commission shall produce an assessment on the money laundering and terrorist financing risks affecting the internal market . in order to produce such assessment , the european commission will consult europol , the european banking authority , the european insurance and occupational pensions authority , the european securities and markets authority , and other authorities , as necessary . the assessment shall be produced within 2 years from the date of entry into force of this directive .


### in respect of transactions or business relationships with domestic politically exposed persons or a person who is or has been entrusted with a prominent function by an international organisation , member states shall , in addition to the customer due diligence measures set out in article 11 , require obliged entities : ### member states shall require obliged entities :


### to have appropriate risk - based procedures to determine whether the customer or the beneficial owner of the customer is such a person ; ### to take reasonable measures to determine whether a customer or beneficial owner is a domestic pep or a person who is or has been entrusted with a prominent function by an international organisation .


### member states shall ensure that the fiu has access , directly or indirectly , on a timely basis , to the financial , administrative and law enforcement information that it requires to properly fulfil its tasks . in addition , fius shall respond to requests for information by law enforcement authorities in their member state unless there are factual reasons to assume that the provision of such information would have a negative impact on ongoing investigations or analyses , or , in exceptional circumstances , where divulgation of the information would be clearly disproportionate to the legitimate interests of a natural or legal person or irrelevant with regard to the purposes for which it has been requested . ### member states shall ensure that the fiu has access , directly or indirectly , on a timely basis , to the financial , administrative and law enforcement information that it requires to properly fulfil its tasks . in addition , fius shall respond to requests for information by law enforcement authorities in their member state related to investigations of money laundering , associated predicate offences and terrorist financing , unless there are factual reasons to assume that the provision of such information would have a negative impact on ongoing investigations or analyses , or , in exceptional circumstances , where divulgation of the information would be clearly disproportionate to the legitimate interests of a natural or legal person or irrelevant with regard to the purposes for which it has been requested . when the fiu receives such a request , the decision to conduct analysis and / or dissemination of information to the requesting law enforcement authority should remain within the fiu .


### in the case of the customer due diligence , a copy or the references of the evidence required , for a period of five years after the business relationship with their customer has ended . upon expiration of this period , personal data shall be deleted unless otherwise provided for by national law , which shall determine under which circumstances obliged entities may or shall further retain data . member states may allow or require further retention only if necessary for the prevention , detection or investigation of money laundering and terrorist financing . the maximum retention period after the business relationship has ended shall not exceed ten years ; ### in the case of the customer due diligence , a copy or the references of the evidence required , for a period of five years after the business relationship with their customer has ended , or after the date of the occasional transaction . upon expiration of this period , personal data shall be deleted unless otherwise provided for by national law , which shall determine under which circumstances obliged entities may or shall further retain data . member states may allow or require further retention only if necessary for the prevention , detection or investigation of money laundering and terrorist financing . the maximum retention period after the business relationship has ended shall not exceed ten years ;


### having regard to the treaty on the functioning of the european union , and in particular articles 91 , 170 and 171 thereof , ### having regard to the treaty on the functioning of the european union , and in particular articles 4 , 91 , 170 and 171 thereof ,


### in order to enable citizens of the union , economic operators and regional and local authorities to benefit to the full from the advantages deriving from the establishing of an area without internal frontiers , it is appropriate , in particular , to improve the interlinking and interoperability of the national rail networks as well as access thereto , implementing any measures that may prove necessary in the field of technical standardisation . ### in order to enable citizens of the union , economic operators and regional and local authorities to benefit to the full from the advantages deriving from the establishing of an area without internal frontiers and attaining the objective of territorial cohesion , it is appropriate , in particular , to improve the interlinking and interoperability of the national rail networks as well as access thereto , implementing any measures that may prove necessary in the field of technical standardisation .


### this directive&#160 ; establishes the conditions to be met to achieve interoperability within the&#160 ; union ' s rail system in a manner compatible with the provisions of directive&#160 ; [ &#8230 ; / &#8230 ; on the safety of the rail system within the union ] . these conditions concern the design , construction , placing in service , upgrading , renewal , operation and maintenance of the parts of this system as well as the professional qualifications and health and safety conditions of the staff who contribute to its operation and maintenance . ### this directive establishes the conditions to be met to achieve interoperability within the union ' s rail system in a manner compatible with the provisions of directive [ &#8230 ; / &#8230 ; on the safety of the rail system within the union ] . these conditions concern the design , construction , placing in service , upgrading , renewal , operation and maintenance of the parts of this system as well as the professional qualifications and health and safety conditions of the staff who contribute to its operation and maintenance . the pursuit of this objective must lead to the definition of an optimal level of technical harmonisation and make it possible to contribute to the progressive creation of the internal market in equipment and services for the construction , renewal , upgrading and operation of the rail system within the union ;


### networks that are functionally separate from the rest of the rail system and intended only for the operation of local , urban or suburban passenger services , as well as railway undertakings operating solely on these networks . ### networks that are intended only for the operation of local , urban or suburban passenger services , as well as railway undertakings operating solely on these networks .


### ‘ interoperability’ means the ability of a rail system to allow the safe and uninterrupted movement of trains which accomplish the required levels of performance for these lines . ### ‘ interoperability’ means the ability of a rail system to allow the safe and uninterrupted movement of trains which accomplish the required levels of performance for these lines . this ability depends on all the regulatory , technical and operational conditions which must be met in order to satisfy the essential requirements ;


### ‘ upgrading’ means any modification work on a subsystem or part of it which results in a change in the technical file accompanying the ' ec ' declaration of verification , if this technical file exists , and which improves the overall performance of the subsystem ; ### ) ‘ upgrading’ means any major modification work on a subsystem or part of it , or on a vehicle or part of it , which improves the overall performance of the subsystem ; each tsi specifies the ‘ major’ modifications for the subsystem or vehicle concerned ;


### ‘ renewal’ means any substitution work on a subsystem or part of it which does not change the overall performance of the subsystem ; ### ‘ renewal’ means any major substitution work on a subsystem or vehicle or part thereof which does not change the overall performance of the subsystem or vehicle ; each tsi specifies the ‘ major’ renewals for the subsystem or vehicle concerned ;


### determine the interoperability constituents and interfaces which must be covered by european specifications , including european standards , which are necessary to achieve interoperability within the rail system ; ### determine the interoperability constituents and interfaces which must be covered by european specifications , including european standards , which are necessary to achieve interoperability within the rail system ; this includes identifying potential railway spare parts to be standardised in accordance with article 41 of the regulation on the european union agency for railways and repealing regulation no 881 / 2004 ;


### the task of the notified conformity assessment body responsible for the ' ec ' verification of a subsystem shall begin at the design stage and cover the entire manufacturing period through to the acceptance stage before the subsystem is placed in service . it may also cover verification of the interfaces of the subsystem in question with the system into which it is incorporated , based on the information available in the relevant tsi and in the registers provided for in articles 44 and 45 . ### the task of the notified conformity assessment body responsible for the ' ec ' verification of a subsystem shall begin at the design stage and cover the entire manufacturing period through to the acceptance stage before the subsystem is placed in service . it shall also cover verification of the interfaces of the subsystem in question with the system into which it is incorporated , based on the information available in the relevant tsi and in the registers provided for in articles 44 and 45 .


### each national safety authority shall authorise the placing in service of the energy and infrastructure subsystems which are located or operated in the territory of its member state . ### each national safety authority shall authorise the placing in service of the energy and infrastructure subsystems which are located or operated in the territory of its member state . for trackside ertms installations , the national safety authority shall consult the european railway agency which is the deciding authority . for all other fixed installations , the national safety authority is the deciding authority .


### the agency shall issue decisions granting vehicle authorisations for placing on the market . those authorisations attest the values of the parameters relevant for checking the technical compatibility between the vehicle and the fixed installations as set out in the tsis . the vehicle authorisation for placing on the market shall also provide information about the vehicle’s compliance with the relevant tsis and sets of national rules , related to these parameters . ### the agency shall issue decisions granting vehicle authorisations for placing on the market . this authorisation shall include : the marketing authorisation . this authorisation is valid in all member states and permits commercial transactions throughout europe . b ) the authorisation for the use of vehicles in the area referred to in paragraph 1a . this authorisation attests the values of the parameters relevant for checking the technical compatibility between the vehicle and the fixed installations of the area concerned as set out in the tsis . the vehicle authorisation for placing on the market shall also provide information about the vehicle’s compliance with the relevant tsis and sets of national rules , related to these parameters . the conditions for the use of the vehicle and other restrictions .


### the agency shall take the decisions referred to in paragraph 2 within a pre - determined , reasonable time , and , in any case , within four months from receipt of all relevant information . those authorisations shall be valid in all member states . ### the agency shall take the decisions referred to in paragraph 2 within a pre - determined , reasonable time , and , in any case , within four months from receipt of all relevant information and within five months in case of appeal .


### the agency shall provide detailed guidance on how to obtain the vehicle authorisation for placing on the market . an application guidance document describing and explaining the requirements for the vehicle authorisation for placing on the market and listing the required documents shall be made available to applicants free of charge . the national safety authorities shall cooperate with the agency in disseminating such information . ### the agency shall provide detailed guidance on how to obtain the vehicle authorisation for placing on the market . an application guidance document describing and explaining the requirements for the vehicle authorisation for placing on the market and listing the required documents shall be made available to applicants free of charge . the national safety authorities shall cooperate with the agency in disseminating such information . the commission shall establish , by means of implementing acts and not later than two years after the entry into force of this directive , detailed rules for the authorisation procedure , including : detailed guidelines for applicants describing and explaining the authorisation requirements for placing a vehicle on the market and listing the documents required ; the procedural formalities for the authorisation procedure , such as the content and the time allowed for each stage of the process ; the assessment criteria for application files ; said implementing acts shall be adopted in accordance with the examination procedure referred to in article 48 .


### the agency may issue vehicle authorisation for placing on the market for a series of vehicles . those authorisations shall be valid in all member states . ### the agency may issue vehicle authorisation for placing on the market for a series of vehicles . those authorisations shall be valid in all member states where ‘ marketing’ is concerned and throughout the relevant field of application described in paragraph 1a for ‘ use’ .


### in the event of renewal or upgrading of existing vehicles which already have a vehicle authorisation for placing on the market : ### in the event of substantial renewal or upgrading of existing vehicles which already have a vehicle authorisation for placing on the market , when the overall security standard of the subsystem involved may be adversely affected by the planned work , or if it is required by the relevant tsis .


### at the request of the applicant , the vehicle authorisation for placing on the market may include a clear indication of the networks or lines or groups of networks or lines where the railway undertaking may place such a vehicle in service without further verifications , checks or tests concerning the technical compatibility between the vehicle and these networks or lines . in that case , the applicant shall include in its request the proof of the technical compatibility of the vehicle with the networks or lines concerned . ### the vehicle authorisation for placing on the market includes a clear indication of the networks or lines or groups of networks or lines where the railway undertaking may place such a vehicle in service without further verifications , checks or tests concerning the technical compatibility between the vehicle and these networks or lines . this indication may be extended to other networks or lines , at the request of the original or another applicant , after the relevant authorisation for placing on the market has been issued .


### the railway undertaking shall communicate its decisions with respect to the placing in service of vehicles to the agency , the infrastructure manager and the national safety authority concerned . these decisions shall be recorded in the national vehicle registers referred to in article 43 . ### the railway undertaking shall communicate its decisions with respect to the placing in service of vehicles to the agency , the infrastructure manager and the national safety authority concerned . these decisions shall be recorded in the vehicle register referred to in article 43 .


### the railway undertaking operating a vehicle shall ensure the vehicle is marked with the assigned evn . ### the registration holder shall ensure that the vehicle bears the correct european vehicle number . the railway undertaking operating a vehicle shall check the registration of the vehicle .


### each member state shall keep a register of the vehicles&#160 ; placed in service in its territory . this register shall meet the following criteria : ### the agency shall keep a register of all vehicles placed in service in the union . this register shall meet the following criteria :


### it shall be accessible to the national safety authorities and investigating bodies designated in articles 16 and 21 of directive [ … / … on the safety of the rail system within the union ] ; it shall also be made accessible , in response to any legitimate request , to the regulatory bodies designated in articles 55 and 56 of directive 2012 / 34 / eu of the european parliament and of the council of 21 november 2012 establishing a single european railway area , and to the agency , the railway undertakings and the infrastructure managers , as well as those persons or organisations registering vehicles or identified in the register . ### it shall be accessible to the public ;


### the commission shall adopt common specifications on content , data format , functional and technical architecture , operating mode , including arrangements for the exchange of data , and rules for data input and consultation for the national vehicle registers by means of implementing acts . those implementing acts shall be adopted in accordance with the examination procedure referred to in article 48 ### the commission shall adopt common specifications on content , data format , functional and technical architecture , operating mode , including arrangements for the exchange of data , and rules for data input and consultation for the european vehicle register by means of implementing acts . those implementing acts shall be adopted in accordance with the examination procedure referred to in article 48 .


### the registration holder shall immediately declare any modification to the data entered in the national vehicle register , the destruction of a vehicle or its decision to no longer register a vehicle , to the national safety authority of any member state where the vehicle has been placed in service . ### the registration holder shall immediately declare any modification to the data entered in the european vehicle register , the destruction of a vehicle or its decision to no longer register a vehicle , to the agency .


### every three years and for the first time&#160 ; three years after the publication of this directive , the commission shall report to the european parliament and the council on the progress made towards achieving interoperability of the rail system . that report shall also include an analysis of the cases set out in article&#160 ; 7&#160 ; and of the application of chapter v . ### every three years and for the first time&#160 ; three years after the publication of this directive , the commission shall report to the european parliament and the council on the progress made towards achieving interoperability of the rail system . that report shall also include an analysis of the cases set out in article&#160 ; 7&#160 ; and of the application of chapter v . on the basis of the findings of the report , the commission shall propose improvements and measures to strengthen the agency ' s role in implementing interoperability .


### member states may continue to apply the provisions set out in chapter v of directive 2008 / 57 / ec until [ two years after the date of entry into force ] . ### member states may continue to apply the provisions set out in chapter v of directive 2008 / 57 / ec until [ three years after the date of entry into force ] .


### member states shall bring into force the laws , regulations and administrative provisions necessary to comply with article 1 , article 2 , article 7 to , article 11 , article 13 , article 14 to , article 15 to , articles 17 to 21 , article 22 to , articles 23 to 36 , article 37 , article 38 , article 39 , articles 41 to 43 , article 45 to , article 51 , and annexes i to iii by [ two years after the date of entry into force ] at the latest . they shall forthwith communicate to the commission the text of those measures and a correlation table between those measures and this directive . the correlation tables are needed to enable all actors concerned to clearly identify the relevant provisions applicable at national level for the implementation of this directive . ### member states shall bring into force the laws , regulations and administrative provisions necessary to comply with article 1 , article 2 , article 7 to , article 11 , article 13 , article 14 to , article 15 to , articles 17 to 21 , article 22 to , articles 23 to 36 , article 37 , article 38 , article 39 , articles 41 to 43 , article 45 to , article 51 , and annexes i to iii by [ three years after the date of entry into force ] at the latest . they shall forthwith communicate to the commission the text of those measures and a correlation table between those measures and this directive . the correlation tables are needed to enable all actors concerned to clearly identify the relevant provisions applicable at national level for the implementation of this directive .


### directive 2008 / 57 / ec , as amended by the directives listed in annex iv , part a , is repealed with effect from [ two years after the date of entry into force ] , without prejudice to the obligations of the member states relating to the time limits for the transposition into national law of the directives set out in annex iv , part b . ### directive 2008 / 57 / ec , as amended by the directives listed in annex iv , part a , is repealed with effect from [ three years after the date of entry into force ] , without prejudice to the obligations of the member states relating to the time limits for the transposition into national law of the directives set out in annex iv , part b .


### ‘ authorised representative’ means any natural or legal person established within the union who has received a written mandate from a manufacturer to act on his behalf in relation to specific tasks ; ### ‘ authorised representative’ means any natural or legal person established within the union who has received a written mandate from a manufacturer to act on his behalf in relation to specified tasks ;


### ‘ harmonised standard’ means harmonised standard as defined in article 2 of regulation no [ . . / . . ] [ on european standardisation ] ; ### ‘ harmonised standard’ means a standard as defined in article 2 of regulation no [ . . / . . ] [ on european standardisation ] ;


### ‘ conformity assessment’ means the process demonstrating whether the essential health and safety requirements set out in annex i relating to a lift or a safety component for lifts , process and system have been fulfilled ; ### ‘ conformity assessment’ means the process demonstrating whether the essential health and safety requirements set out in this directive relating to a lift or a safety component for lifts , process and system have been fulfilled ;


### ‘ recall’ means any measure aimed at achieving the return of a safety component for lifts that has already been made available to the installer ; ### ‘ recall’ means any measure aimed at achieving the return of a safety component for lifts that has already been made available to the installer or end - user ;


### ‘ withdrawal’ means any measure aimed at preventing a lift from being placed on the market or a safety component for lifts from being made available on the market ; ### ‘ withdrawal’ means any measure aimed at preventing a lift from being made available on the market or a safety component for lifts from being made available on the market ;


### member states shall take all appropriate measures to ensure that the&#160 ; lifts covered by this directive may be placed on the market and put into service only if they do not&#160 ; endanger the health or safety of persons or , where appropriate , the safety of property , when properly installed and maintained and used for their intended purpose . ### member states shall take all appropriate measures to ensure that the&#160 ; lifts covered by this directive may be placed on the market and put into service only if they do not endanger the health or safety of persons or , where appropriate , the safety of property , when properly installed and maintained and used for their intended purpose or for a purpose that can be reasonably foreseen .


### member states shall take all appropriate measures to ensure that safety components for lifts covered by this directive may be made available on the market and put into service only if the lifts in which they are to be installed do not endanger the health or safety of persons or , where appropriate , the safety of property when properly installed and maintained and used for their intended purpose . ### member states shall take all appropriate measures to ensure that safety components for lifts covered by this directive may be made available on the market and put into service only if the lifts in which they are to be installed do not endanger the health or safety of persons or , where appropriate , the safety of property when properly installed and maintained and used for their intended purpose or for a purpose that can be reasonably foreseen .


### installers shall ensure that the lift is accompanied by the instruction for use referred to in point 6 . 2 of annex i , in a language which can easily be understood by end - users , as determined by the member state in which the lift is installed . ### installers shall ensure that the lift is accompanied by the instructions and safety information referred to in point 6 . 2 of annex i .


### manufacturers shall draw up the required technical file and carry out the conformity assessment procedure referred to in article 15 or have it carried out ### manufacturers shall draw up the required technical documentation and carry out the applicable conformity assessment procedure referred to in article 15 or have it carried out .


### when deemed appropriate with regard to the risks presented by a safety component for lifts , manufacturers shall , to protect the health and safety of consumers , carry out sample testing of safety component for lifts made available on the market , investigate , and , if necessary , keep a register of complaints , of non - conforming safety component for lifts and recalls of the safety component for lifts , and shall keep distributors and installers informed of any such monitoring . ### manufacturers shall ensure that procedures are in place for series production to remain in conformity . changes to product design or characteristics and changes to the harmonised standards or to technical specifications by reference to which conformity of a product is declared shall be adequately taken into account . when deemed appropriate with regard to the risks presented by a safety component for lifts , manufacturers shall , to protect the health and safety of consumers , carry out sample testing of safety component for lifts made available on the market , investigate , and , if necessary , keep a register of complaints , of non - conforming safety component for lifts and recalls of the safety component for lifts , and shall keep distributors and installers informed of any such monitoring .


### manufacturers shall indicate their name , registered trade name or registered trade mark and the address at which they can be contacted on the safety component for lifts or , where that is not possible , a label inseparably attached to the safety component for lifts . the address must indicate a single point at which the manufacturers can be contacted . ### manufacturers shall indicate their name , registered trade name or registered trade mark , their web address in a language easily understood by consumers and market surveillance authorities , and the address at which they can be contacted on the safety component for lifts or , where that is not possible , a label inseparably attached to the safety component for lifts . the address must indicate a single point at which the manufacturers can be contacted .


### manufacturers shall ensure that the safety component for lifts is accompanied by the instruction manual referred to in point 6 . 1 of annex i , in a language which can easily be understood by end - users , as determined by the member state concerned . ### manufacturers shall ensure that the safety component for lifts is accompanied by the instructions referred to in point 6 . 1 of annex i , in a language which can easily be understood by end - users , as determined by the member state concerned . such instructions , as well as any labelling , shall be clear , understandable and intelligible .


### before placing a safety component for lifts on the market , importers shall ensure that the appropriate conformity assessment procedure has been carried out by the manufacturer . they shall ensure that the manufacturer has drawn up the technical file , that the safety component for lifts bears the ce marking and is accompanied by the eu declaration of conformity and the instruction manual and that the manufacturer has complied with the requirements set out in article 8 and 8 . ### before placing a safety component for lifts on the market , importers shall ensure that the appropriate conformity assessment procedure has been carried out by the manufacturer . they shall ensure that the manufacturer has drawn up the technical documentation , that the safety component for lifts bears the ce marking and is accompanied by the eu declaration of conformity and the instructions referred to in point 6 . 1 of annex i and that the manufacturer has complied with the requirements set out in article 8 and 8 .


### importers shall indicate their name , registered trade name or registered trade mark and the address at which they can be contacted on the safety component for lifts or , where that is not possible , on its packaging or in a document accompanying the safety component . ### importers shall indicate their name , registered trade name or registered trade mark , their web address in a language easily understood by consumers and market surveillance authorities , and the address at which they can be contacted on the safety component for lifts or , where that is not possible , on its packaging or in a document accompanying the safety component .


### before making a safety component for lifts available on the market , distributors shall verify that the safety component for lifts bears the ce marking , that it is accompanied by the eu declaration of conformity and by the instruction manual and that the manufacturer and the importer have complied with the requirements set out in article 8 and 8 , and article 10 . ### before making a safety component for lifts available on the market , distributors shall verify that the safety component for lifts bears the ce marking , that it is accompanied by the eu declaration of conformity and by the instructions referred to in point 6 . 1 of annex i and that the manufacturer and the importer have complied with the requirements set out in article 8 and 8 , and article 10 .


### economic operators shall , on request , identify the following to the market surveillance authorities : ### economic operators shall , on request , specify the following to the market surveillance authorities :


### economic operators shall be able to present the information referred to in the first paragraph for a period of 10 years after they have been supplied with a safety component for lifts and for a period of 10 years after they have supplied a safety component for lifts . ### economic operators shall present the information referred to in the first paragraph for a period of 10 years after they have been supplied with a safety component for lifts and for a period of 10 years after they have supplied a safety component for lifts . economic operators shall not be required to update that information after supply is finalised .


### the eu declaration of conformity shall have the model structure set out in annex ii , shall contain the elements specified in the relevant modules set out in annex v , viii , x , xi or xii , and shall be continuously updated . it shall be translated into the language or the languages required by the member state on which market the lift or the safety component for lifts is placed or made available . ### the eu declaration of conformity shall have the model structure set out in annex ii , shall contain the elements specified in the relevant modules set out in annex v , viii , x , xi or xii , and shall be continuously updated . it shall be translated into the language or the languages required by the member state on which market the lift or the safety component for lifts is placed or made available . upon the request of the market surveillance authorities , the economic operator shall provide a copy of the eu declaration of conformity in paper form or by electronic means .


### by drawing up the eu declaration of conformity , the manufacturer shall assume responsibility for the compliance of the safety component for lifts and the installer shall assume responsibility for the compliance of the lift . ### by drawing up the eu declaration of conformity , the manufacturer shall assume responsibility for the compliance of the safety component for lifts with this directive and the installer shall assume responsibility for the compliance of the lift with this directive .


### the approval of the full quality assurance system referred to in annex xi . ### the full quality assurance system referred to in annex xi .


### the approval of the product quality assurance system referred to in annex vi ; ### the product quality assurance system referred to in annex vi ;


### the approval of the full quality assurance system referred to in annex vii . ### the full quality assurance system referred to in annex vii .


### member states shall designate a notifying authority that shall be responsible for setting up and carrying out the necessary procedures for the assessment and notification of conformity assessment bodies and the monitoring of notified bodies , including compliance with article&#160 ; 26 . ### member states shall designate a single notifying authority that shall be responsible for setting up and carrying out the necessary procedures for the assessment and notification of conformity assessment bodies and the monitoring of notified bodies , including compliance with article&#160 ; 26 .


### where the commission ascertains that a notified body does not meet or no longer meets the requirements for its notification , it shall inform the notifying member state accordingly and request it to take the necessary corrective measures , including withdrawal of the notification if necessary . ### where the commission ascertains that a notified body does not meet or no longer meets the requirements for its notification , it shall inform the notifying member state accordingly and request it to take the necessary corrective measures , including de - notification if necessary .


### where the market surveillance authorities of one member state have taken action pursuant to article 20 of regulation no 765 / 2008 , or where they have sufficient reason to believe that a lift or a safety component for lifts covered by this directive presents a risk to the health or safety of persons or , where appropriate , to the safety of property , they shall carry out an evaluation in relation to the lift or the safety component for lifts concerned covering all the requirements laid down in this directive . the relevant economic operators shall cooperate as necessary with the market surveillance authorities . ### where the market surveillance authorities of one member state have taken action pursuant to article 20 of regulation no 765 / 2008 , or where they have sufficient reason to believe that a lift or a safety component for lifts covered by this directive presents a risk to the health or safety of persons or to other aspects of public interest protection , they shall carry out an evaluation in relation to the lift or the safety component for lifts concerned covering all the relevant requirements laid down in this directive . the relevant economic operators shall cooperate as necessary with the market surveillance authorities .


### where the installer does not take adequate corrective action within the period referred to in the second subparagraph of paragraph 1 , the market surveillance authorities shall take all appropriate provisional measures to restrict the placing on their national market or the putting into service . ### where the installer does not take adequate corrective action within the period referred to in the second subparagraph of paragraph 1 , the market surveillance authorities shall take all appropriate provisional measures to restrict the placing on their national market and the putting into service .


### failure of the lift or the safety component for lifts to meet the essential health and safety requirements set out in annex i ; ### failure of the lift or the safety component for lifts to meet the essential health and safety requirements set out in this directive ;


### where , within 2 months of receipt of the information referred to in paragraph 4 , no objection has been raised by either a member state or the commission in respect of a provisional measure taken by a member state , that measure shall be deemed justified . ### where , within three months of receipt of the information referred to in paragraph 4 , no objection has been raised by either a member state or the commission in respect of a provisional measure taken by a member state , that measure shall be deemed justified .


### member states shall ensure that appropriate restrictive measures are taken , without delay , in respect of the lift or the safety component for lifts concerned . ### member states shall ensure that appropriate restrictive measures , such as withdrawal from their market , are taken , without delay , in respect of the lift or the safety component for lifts concerned .


### if the national measure relating to a lift is considered justified , all member states shall take the measures necessary to ensure that the non - compliant lift is restricted to be placed on their national market or put into service . ### if the national measure relating to a lift is considered justified , all member states shall take the measures necessary to ensure that the non - compliant lift is restricted to be placed on their national market and put into service .


### the ce marking has been affixed in violation article 30 of regulation no 765 / 2008 or of article 18 and 19 of this directive ; ### the ce marking has been affixed in violation article 30 of regulation no 765 / 2008 or of article 19 of this directive ;


### member states shall lay down the rules on penalties applicable to infringements of the national provisions adopted pursuant to this directive and shall take all measures necessary to ensure that they are enforced . ### member states shall build upon existing mechanisms to ensure correct application of the regime governing the ce marking and shall be obliged to take appropriate action in the event of improper use of the marking . member states shall lay down the rules on penalties applicable to infringements by economic operators of the national provisions adopted pursuant to this directive and shall take all measures necessary to ensure that they are enforced . such rules may include criminal penalties for serious infringements .


### the penalties provided for must be effective , proportionate and dissuasive . ### the penalties referred to in the first paragraph shall be effective , proportionate to the seriousness of the offence , and dissuasive .


### member states shall notify those provisions to the commission by [ …the date set out in the second subparagraph of article 46 ] and shall notify it without delay of any subsequent amendment affecting them . ### member states shall notify those provisions to the commission by [ …the date set out in the second subparagraph of article 46 ] and shall notify it without delay of any subsequent amendment affecting them . the commission shall make those provisions publicly available by publishing them on the internet .


### member states shall communicate to the commission the text of the main provisions of national law which they adopt in the field covered by this directive . ### member states shall communicate to the commission the text of the main provisions of national law which they adopt in the field covered by this directive . the commission shall make those texts publicly available by publishing them on the internet .


### 8 . the car should be adequately lit whenever in use or whenever a door is opened ; there must also be emergency lighting . ### 8 . the car must be adequately lit whenever in use or whenever a door is opened ; there must also be emergency lighting .


### 9 . the means of communication referred to in point 4 . 5 and the emergency lighting referred to in point 4 . 8 must be designed and constructed so as to function even without the normal power supply . their period of operation should be long enough to allow normal operation of the rescue procedure . ### 9 . the means of communication referred to in point 4 . 5 and the emergency lighting referred to in point 4 . 8 must be designed and constructed so as to function even without the normal power supply . their period of operation must be long enough to allow normal operation of the rescue procedure .


### instructions for use ### instructions and safety information


### 1 . the safety components for lifts referred to in annex iii must be accompanied by an instruction manual drawn up in a language which can be easily understood by consumers and other end - users , as determined by the member state concerned , so the following can be carried out effectively and without danger : ### 1 . the safety components for lifts referred to in annex iii must be accompanied by instructions drawn up in an official language of the member state of the lift installer or another union language acceptable to him , so the following can be carried out effectively and without danger :


### an instruction manual containing the plans and diagrams necessary for normal use and relating to maintenance , inspection , repair , periodic checks and the rescue operations referred to in point 4 . 4 ### instructions containing the plans and diagrams necessary for normal use and relating to maintenance , inspection , repair , periodic checks and the rescue operations referred to in point 4 . 4


### the financial crisis in 2007 / 2008 exposed important shortcomings in financial supervision , both in particular cases and in relation to the financial system as a whole . nationally - based supervisory models have lagged behind the integrated and interconnected reality of european financial markets , in which many financial firms operate across borders . the crisis exposed shortcomings in the area of cooperation , coordination , consistent application of community law and trust between national supervisors . ### the financial crisis in 2007 / 2008 exposed important shortcomings in financial supervision , both in particular cases and in relation to the financial system as a whole . nationally - based supervisory models have lagged behind the integrated and interconnected reality of european financial markets , in which many financial firms operate across borders . the crisis exposed shortcomings in the area of cooperation , coordination , consistent application of union law and trust between national supervisors .


### the financial crisis in 2007 / 2008 exposed important shortcomings in financial supervision , both in particular cases and in relation to the financial system as a whole . nationally - based supervisory models have lagged behind the integrated and interconnected reality of european financial markets , in which many financial firms operate across borders . the crisis exposed shortcomings in the area of cooperation , coordination , consistent application of community law and trust between national supervisors . ### the financial crisis in 2007 / 2008 exposed important shortcomings in financial supervision , both in particular cases and in relation to the financial system as a whole . nationally - based supervisory models have proven to be insufficient to cope with the integrated and interconnected reality of european financial markets , in which many financial firms operate across borders . the crisis exposed shortcomings in the area of cooperation , coordination , consistent application of community law and trust between national supervisors .


### the european system of financial supervisors should be a network of national and community supervisory authorities , leaving day - to - day supervision of financial market participants at the national level , and according a central role in the supervision of cross - border groups to colleges of supervisors . greater harmonisation and the coherent application of rules for financial market participants and markets across the community should also be achieved . a european securities and markets authority should be established , along with a european insurance and occupational pensions authority and a european banking authority . ### the european system of financial supervisors should be a network of national and union supervisory authorities , leaving day - to - day supervision of financial market participants that do not have a union dimension to the national level . colleges of supervisors should exert supervision over cross - border institutions that do not have a union dimension . the european supervisory authority should gradually take over supervision of institutions with a union dimension . greater harmonisation and the coherent application of rules for financial market participants and markets across the union should also be achieved . in addition to the authority , a european supervisory authority and a european supervisory authority as well as a european supervisory authority should be established . the european systemic risk board should be party to the european system of financial supervision .


### the european system of financial supervisors should be a network of national and community supervisory authorities , leaving day - to - day supervision of financial market participant at the national level , and according a central role in the supervision of cross - border groups to colleges of supervisors . greater harmonisation and the coherent application of rules for financial market participants and markets across the community should also be achieved . a european securities and markets authority should be established , along with a european insurance and occupational pensions authority and a european banking authority . ### the european system of financial supervisors should be a network of national and european union supervisory authorities , leaving day - to - day supervision of financial institutions that have no eu dimension at the national level . colleges of supervisors shall exert supervision of institutions operating as cross borders that have no eu dimension . the authority shall gradually take over supervision of institutions with european union dimension . greater harmonisation and the coherent application of rules for financial institutions and markets across the union should also be achieved . a european securities and markets authority should be established , along with a european supervisory authority and a european supervisory authority as well as a european supervisory authority . the european systemic risk board shall form part of a european system of financial supervision .


### ensuring the correct and full application of community law is a core prerequisite for the integrity , efficiency and orderly functioning of financial markets , the stability of the financial system , and for neutral conditions of competition for financial market participants in the community . a mechanism should therefore be established whereby the authority addresses instances of incorrect or insufficient application of community law . this mechanism should apply in areas where community legislation defines clear and unconditional obligations . ### ensuring the correct and full application of union law is a core prerequisite for the integrity , efficiency and orderly functioning of financial markets , the stability of the financial system , and for neutral conditions of competition for financial market participants in the union . a mechanism should therefore be established whereby the authority addresses instances of non - application of union law . this mechanism should apply in areas where community legislation defines clear and unconditional obligations .


### where the national authority does not comply with the recommendation , the commission should be empowered to address a decision to the national supervisory authority concerned in order to ensure compliance with community law , creating direct legal effects which can be invoked before national courts and authorities and enforced under article 226 of the treaty . ### where the national authority does not comply with the recommendation within a deadline fixed by the authority , the authority should address a decision without delay to the national supervisory authority concerned in order to ensure compliance with union law , creating direct legal effects which can be invoked before national courts and authorities and enforced under article 258 of the treaty .


### in order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different member states , the authority should be able to settle disagreements between those competent authorities with binding effect , including within colleges of supervisors . a conciliation phase should be provided for , during which the competent authorities may reach an agreement . the authority ' s competence should cover disagreements on procedural obligations in the cooperation process as well as on the interpretation and application of community law in supervisory decisions . existing conciliation mechanisms provided for in sectoral legislation have to be respected . in the event of inaction by the national supervisory authorities concerned , the authority should be empowered to adopt , as a last resort , decisions directly addressed to financial market participants in areas of community law directly applicable to them . ### in order to ensure efficient and effective supervision and a balanced consideration of the positions of the competent authorities in different member states , the authority should be able to settle disagreements between those competent authorities with binding effect , including within colleges of supervisors . a conciliation phase should be provided for , during which the competent authorities may reach an agreement . the authority ' s competence in that respect should be specified in the sectoral legislation referred to in article 1 . existing conciliation mechanisms provided for in sectoral legislation have to be respected . in the event of inaction by the national supervisory authorities concerned , the authority should be empowered to adopt , as a last resort , decisions directly addressed to financial market participants in areas of community law directly applicable to them .


### the delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks , foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions . the regulation should therefore provide a clear legal basis for such delegation . delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority , while the responsibility for supervisory decisions remains with the delegating authority . by delegation of responsibilities one national supervisory authority , the delegatee , shall be able to decide upon a certain supervisory matter in its name in lieu of another national supervisory authority . delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter . a reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope , of coherence in group supervision , and of optimal use of technical expertise among national supervisory authorities . relevant community legislation may further specify the principles for reallocation of responsibilities upon agreement . the authority should facilitate delegation agreements between national supervisory authorities by all appropriate means . it should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate . it should centralise the publication of such agreements to ensure timely , transparent and easily accessible information about agreements for all parties concerned . ### the delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks , foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions . the regulation should therefore provide a clear legal basis for such delegation . delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority , while the responsibility for supervisory decisions remains with the delegating authority . by delegation of responsibilities one national supervisory authority , the delegatee , shall be able to decide upon a certain supervisory matter in its name in lieu of the authority or in lieu of another national supervisory authority . delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter . a reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope , of coherence in group supervision , and of optimal use of technical expertise among national supervisory authorities . relevant union legislation may further specify the principles for reallocation of responsibilities upon agreement . the authority should facilitate delegation agreements between national supervisory authorities by all appropriate means . it should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate . it should centralise the publication of such agreements to ensure timely , transparent and easily accessible information about agreements for all parties concerned . it should identify and promulgate best practices regarding delegation and delegation agreements .


### the delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks , foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions . the regulation should therefore provide a clear legal basis for such delegation . delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority , while the responsibility for supervisory decisions remains with the delegating authority . by delegation of responsibilities one national supervisory authority , the delegatee , shall be able to decide upon a certain supervisory matter in its name in lieu of another national supervisory authority . delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter . a reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope , of coherence in group supervision , and of optimal use of technical expertise among national supervisory authorities . relevant community legislation may further specify the principles for reallocation of responsibilities upon agreement . the authority should facilitate delegation agreements between national supervisory authorities by all appropriate means . it should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate . it should centralise the publication of such agreements to ensure timely , transparent and easily accessible information about agreements for all parties concerned . ### the delegation of tasks and responsibilities can be a useful instrument in the functioning of the network of supervisors in order to reduce the duplication of supervisory tasks , foster cooperation and thereby streamline the supervisory process as well as reduce the burden imposed on financial institutions . the regulation should therefore provide a clear legal basis for such delegation . a member state may restrict the powers of the national supervisory authority to delegate its tasks . delegation of tasks means that tasks are carried out by another supervisory authority instead of the responsible authority , while the responsibility for supervisory decisions remains with the delegating authority . by delegation of responsibilities one national supervisory authority , the delegatee , shall be able to decide upon a certain supervisory matter in its name in lieu of another national supervisory authority . delegations should be governed by the principle of allocating supervisory competence to a supervisor which is well placed to take action in the subject matter . a reallocation of responsibilities can be appropriate for example for reasons of economies of scale or scope , of coherence in group supervision , and of optimal use of technical expertise among national supervisory authorities . relevant union legislation may further specify the principles for reallocation of responsibilities upon agreement . the authority should facilitate delegation agreements between national supervisory authorities by all appropriate means . it should be informed in advance of intended delegation agreements to be able to express an opinion where appropriate . it should centralise the publication of such agreements to ensure timely , transparent and easily accessible information about agreements for all parties concerned .


### peer reviews are an efficient and effective tool for fostering consistency within the network of financial supervisors . the authority should therefore develop the methodological framework for such reviews and conduct them on a regular basis . reviews should focus not only on convergence of supervisory practices but also on the capacity of supervisors to achieve high quality supervisory outcomes as well as the independence of competent authorities . ### peer reviews are an efficient and effective tool for fostering consistency within the network of financial supervisors . the authority should therefore develop the methodological framework for such reviews and conduct them on a regular basis . reviews should focus not only on convergence of supervisory practices but also on the capacity of supervisors to achieve high quality supervisory outcomes as well as the independence of competent authorities . the outcome of peer reviews should be made public and best practices should be identified and made public .


### in order to safeguard financial stability it is necessary to identify , at an early stage , trends , potential risks and vulnerabilities stemming from the micro - prudential level , across borders and across sectors . the authority should monitor and assess such developments in the area of its competence and , where necessary , inform the european parliament , the council , the commission , the other european supervisory authorities and the european systemic risk board on a regular and , as necessary , ad hoc basis . the authority should also coordinate community - wide stress tests to assess the resilience of financial market participants to adverse market developments , ensuring an as consistent as possible methodology is applied at the national level to such tests . ### in order to safeguard financial stability it is necessary to identify , at an early stage , trends , potential risks and vulnerabilities stemming from the micro - prudential level , across borders and across sectors . the authority should monitor and assess such developments in the area of its competence and , on a regular basis , inform the european parliament , the council , the commission , the other european supervisory authorities and the european systemic risk board as well as the competent national authorities . the authority should also coordinate union - wide stress tests to assess the resilience of financial market participants to adverse market developments , ensuring an as consistent as possible methodology is applied at the national level to such tests .


### in order to effectively carry out its duties , the authority should have the right to request all necessary information . to avoid duplication of reporting obligations for financial market participants , that information should normally be provided by the national supervisory authorities who are closest to financial markets and market participants . however , the authority should have the power to request information directly from financial market participants and other parties where a national competent authority does not or cannot provide such information in a timely fashion . member states ' authorities should be obliged to assist the authority in enforcing such direct requests . ### in order to effectively carry out its duties , the authority should have the right to request all necessary information . to avoid duplication of reporting obligations for financial market participants , that information should normally be provided by the national supervisory authorities who are closest to financial markets and market participants , subject to the requirement that confidential information is not made available to bodies or authorities that are not entitled to it . however , the authority should have the power to request information directly from financial market participants and other parties where a national competent authority does not or cannot provide such information in a timely fashion . member states ' authorities should be obliged to assist the authority in enforcing such direct requests .


### close cooperation between the authority and the european systemic risk board is essential to give full effectiveness to the functioning of the european systemic risk board and the follow - up to its warnings and recommendations . the authority should share any relevant information with the european systemic risk board . data related to individual undertakings should be provided only upon reasoned request . upon receipt of warnings or recommendations addressed by the european systemic risk board to the authority or a national supervisory authority , the authority should take immediate action and ensure follow - up . ### close cooperation between the authority and the european systemic risk board is essential to give full effectiveness to the functioning of the european systemic risk board and the follow - up to its warnings and recommendations . the authority should share any relevant information with the european systemic risk board . data related to individual undertakings should be provided only upon reasoned request and should be protected systematically and in accordance with union law . upon receipt of warnings or recommendations addressed by the european systemic risk board to the authority or a national supervisory authority , the authority should take immediate action and ensure follow - up .


### where appropriate , the authority should consult interested parties on technical standards , guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures . for reasons of efficiency , a securities and markets stakeholder group should be established for that purpose , representing in balanced proportions community financial market participants , their employees , and consumers and other retail users of financial services , including smes . the securities and markets stakeholder group should actively work as an interface with other user groups in the financial services area established by the commission or community legislation . ### the authority should consult interested parties on technical standards , guidelines and recommendations and provide them with a reasonable opportunity to comment on proposed measures . before adopting such draft technical standards , guidelines and recommendations the authority should carry out an impact assessment . for reasons of efficiency , a securities and markets stakeholder group should be established for that purpose , representing in balanced proportions union financial market participants , their employees , academia and consumers and other retail users of financial services , including smes . the securities and markets stakeholder group should actively work as an interface with other user groups in the financial services area established by the commission or by union legislation .


### member states have a core responsibility in preserving financial stability in crisis management , in particular with regard to stabilising and resolving individual ailing financial market participants . measures by the authority in emergency or settlement situations affecting the stability of a financial market participant should not impinge on the fiscal responsibilities of member states . a mechanism should be established whereby member states may invoke this safeguard and ultimately bring the matter before the council for decision . it is appropriate to confer on the council a role in this matter given the particular responsibilities of the member states in this respect . ### member states have a core responsibility in preserving financial stability in crisis situations , in particular with regard to stabilising and resolving individual ailing financial institutions . measures by the authority in emergency or settlement situations affecting the stability of a financial institution should not impinge on the fiscal responsibilities of member states . a mechanism should be established whereby member states may request that the decision of the authority be reconsidered .


### a full time chairperson , selected by the board of supervisors through an open competition , should represent the authority . the management of the authority should be entrusted to an executive director , who should have the right to participate in meetings of the board of supervisors and the management board without the right to vote . ### a full - time chairperson , selected by the european parliament following an open competition managed by the commission and the subsequent drawing - up of a shortlist by the commission , should represent the authority . the management of the authority should be entrusted to an executive director , who should have the right to participate in meetings of the board of supervisors and the management board without the right to vote .


### in order to ensure cross - sectoral consistency in the activities of the european supervisory authorities , those authorities should coordinate closely in a joint committee of european supervisory authorities and reach common positions where appropriate . the joint committee of european supervisory authorities should assume all of the functions of the joint committee on financial conglomerates . where relevant , acts also falling within the area of competence of the european insurance and occupational pensions authority or the european banking authority should be adopted in parallel by the european supervisory authorities concerned . ### in order to ensure cross - sectoral consistency in the activities of the european supervisory authorities , those authorities should coordinate closely through the european supervisory authorities joint committee and reach common positions where appropriate . the joint committee should coordinate the functions of the three european supervisory authorities in relation to financial conglomerates . where relevant , acts also falling within the area of competence of the european supervisory authority or the european supervisory authority should be adopted in parallel by the european supervisory authorities concerned . the joint committee should be chaired for a 12 - month term on a rotating basis by the chairpersons of the three european supervisory authorities . the chairperson of the joint committee should be a vice - chair of the esrb . the joint committee should have a permanent secretariat , staffed on secondment from the three european supervisory authorities , to allow for informal information - sharing and the development of a common cultural approach across the three european supervisory authorities .


### the authority shall act within the scope of directive 97 / 9 / ec , directive 98 / 26 / ec , directive 2001 / 34 / ec , directive 2002 / 47 / ec , directive&#160 ; 2002 / 87 / ec , directive 2003 / 6 / ec , directive 2003 / 71 / ec , directive 2004 / 25 / ec , directive 2004 / 39 / ec , directive 2004 / 109 / ec , directive 2005 / 60 / ec , directive 2009 / 65 / ec , directive 2002 / 65 / ec , directive 2006 / 49 / ec , directive &#8230 ; [ future aifm directive ] , and regulation &#8230 ; [ future cra regulation ] , including all directives , regulations , and decisions based on these acts , and of any further community act which confers tasks on the authority . ### the authority shall act within the scope of this regulation and of directive 97 / 9 / ec , directive 98 / 26 / ec , directive 2001 / 34 / ec , directive 2002 / 47 / ec , directive&#160 ; 2002 / 87 / ec , directive 2003 / 6 / ec , directive 2003 / 71 / ec , directive 2004 / 25 / ec , directive 2004 / 39 / ec , directive 2004 / 109 / ec , directive 2005 / 60 / ec , directive 2009 / 65 / ec , directive 2002 / 65 / ec , directive 2006 / 49 / ec , directive &#8230 ; [ future aifm directive ] , and regulation &#8230 ; [ future cra regulation ] , including all directives , regulations , and decisions based on these acts , and of any further union act which confers tasks on the authority .


### contribute to a consistent application of community legislation , in particular by contributing to a common supervisory culture , ensuring consistent , efficient and effective application of the legislation referred to in article 1 , preventing regulatory arbitrage , mediating and settling disagreements between competent authorities , promoting a coherent functioning of colleges of supervisors and taking actions in emergency situations ; ### contribute to a consistent application of standards and legislation , in particular by contributing to a common supervisory culture , ensuring consistent , efficient and effective application of this regulation and the legislation referred to in article 1 , preventing regulatory arbitrage , mediating and settling disagreements between competent authorities , ensuring effective and consistent supervision of financial institutions with a union dimension and a coherent functioning of colleges of supervisors and taking actions , inter alia , in emergency situations ;


### contribute to the establishment of high quality common regulatory and supervisory standards and practices , in particular by providing opinions to the community institutions and by developing guidelines , recommendations , and draft technical standards which shall be based on the legislation referred to in article 1 ; ### contribute to a consistent application of union law , in particular by contributing to a common supervisory culture , ensuring consistent , efficient , and effective application of the legislation referred to in article 1 , preventing regulatory arbitrage , mediating and settling disagreements between competent authorities , ensuring a coherent functioning of colleges of supervisors and taking actions , inter alia , in emergency situations ;


### the authority shall , with a view to establishing consistent , efficient and effective supervisory practices within the esfs , and to ensuring the common , uniform and consistent application of community legislation , issue guidelines and recommendations addressed to competent authorities or financial market participants . ### the authority shall , with a view to establishing consistent , efficient and effective supervisory practices within the esfs , in order to prevent a possible ' race to the bottom ' of national authorities concerning deliberately relaxing supervisory standards to increase the competitiveness of their financial centres and to ensuring the common , uniform and consistent application of union legislation , issue guidelines and recommendations addressed to competent authorities or financial market participants .


### the authority shall , with a view to establishing consistent , efficient and effective supervisory practices within the esfs , and to ensuring the common , uniform and consistent application of community legislation , issue guidelines and recommendations addressed to competent authorities or financial market participants . the competent authorities shall make every effort to comply with those guidelines and recommendations . where the competent authority does not apply those guidelines or recommendations it shall inform the authority of its reasons . ### the authority shall , with a view to establishing consistent , efficient and effective supervisory practices with the esfs , and to ensuring the common , uniform and consistent application of community legislation , issue guidelines and recommendations addressed to competent authorities or financial market participants . the authority shall conduct open public consultations on guidelines and recommendations and shall analyse the potential related costs and benefits . the guidelines shall be published on the authority ' s website . the competent authorities shall make every effort to comply with those guidelines and recommendations . where a competent authority does not apply those guidelines or recommendations it shall inform the authority of its reasons . the authority shall publish those reasons , giving the competent authority due notice of its intention to do so .


### upon request from one or more competent authorities , from the commission or on its own initiative and after having informed the competent authority concerned , the authority may investigate the alleged incorrect application of community law . ### upon request from one or more competent authorities from the european parliament , the council , the commission or the securities and markets stakeholder group , or on its own initiative and after having informed the competent authority concerned , the authority may investigate the alleged breach or non - application of union law .


### the authority and the competent authorities shall provide the commission with all necessary information . ### the competent authorities shall provide the authority with all necessary information in order to prevent moral hazard problems .


### where the commission has adopted a decision pursuant to paragraph 1 , the authority may adopt individual decisions requiring competent authorities to take the necessary action in accordance with the legislation referred to in article 1 to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and competent authorities satisfy the requirements laid down in that legislation . ### where the esrb has adopted a decision pursuant to paragraph 1 , the authority may adopt individual decisions requiring competent authorities to take the necessary action in accordance with this regulation and the legislation referred to in article 1 to address any risks that may jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system by ensuring that financial market participants and competent authorities satisfy the requirements laid down in that legislation .


### without prejudice to the powers laid down in article 9 , where a competent authority disagrees on the procedure or content of an action or inaction by another competent authority in areas where the legislation referred to in article 1 requires cooperation , coordination or joint decision making by competent authorities from more than one member state , the authority , at the request of one or more of the competent authorities concerned , may assist the authorities in reaching an agreement in accordance with the procedure set out in paragraph 2 . ### without prejudice to the powers laid down in article 9 , where a competent authority disagrees on the procedure or content of an action or inaction by another competent authority in areas where the legislation referred to in article 1 requires cooperation , coordination or joint decision making by competent authorities from more than one member state , the authority , on its own initiative or at the request of one or more of the competent authorities concerned , shall take the lead in assisting the authorities in reaching an agreement with respect to national interests and in accordance with the procedure set out in paragraphs 2 to 4 .


### the authority shall set a time limit for conciliation between the competent authorities taking into account any relevant time periods specified in the legislation referred to in article 1 and the complexity and urgency of the matter . ### the authority shall set a time limit for conciliation between the competent authorities taking into account any relevant time periods specified in the legislation referred to in article 1 and the complexity and urgency of the matter . at that stage the authority shall at act as a mediator .


### if , at the end of the conciliation phase , the competent authorities concerned have failed to reach an agreement , the authority may take a decision requiring them to take specific action or to refrain from action in order to settle the matter , in compliance with community law . ### if , at the end of the conciliation phase , the competent authorities concerned have failed to reach an agreement , the authority shall in accordance with the procedure set out in the second subparagraph of article 29 take a decision to settle the disagreement and to require them to take specific action , in compliance with union law with binding effects on the competent authorities concerned .


### the authority shall contribute to promote the efficient and consistent functioning of colleges of supervisors and foster the coherence of the application of community legislation across colleges . ### the authority shall contribute to promote and monitor the efficient effective and consistent functioning of the colleges of supervisors referred to in directive 2006 / 48 / ec and foster the coherence of the application of union law across colleges .


### the authority shall contribute to promote the efficient and consistent functioning of colleges of supervisors and foster the coherence of the application of community legislation across colleges . ### the system of colleges of supervisors may apply to key financial market participants , in the conditions defined by union law . where applicable , the authority shall contribute to promote the efficient and consistent functioning of colleges of supervisors and control the coherence of the application of union legislation across colleges .


### the authority shall participate as an observer in colleges of supervisors as it deems appropriate . for the purpose of that participation , it shall be considered a ' competent authority ' within the meaning of the relevant legislation and , at its request , shall receive all relevant information shared with any member of the college . ### the authority shall participate as an observer in colleges of supervisors as it deems appropriate . for the purpose of that participation , it shall be considered a ' competent authority ' within the meaning of the relevant legislation and shall receive all relevant information shared with any member of the college .


### contribute to developing high quality and uniform supervisory standards , including reporting standards ; ### contribute to developing high quality and uniform supervisory standards , including accounting and reporting standards ;


### without prejudice to the competences of the community institutions , the authority may develop contacts with supervisory authorities from third countries . it may enter into administrative arrangements with international organisations and the administrations of third countries . ### without prejudice to the competences of the union institutions and member states , the authority may develop contacts and enter into administrative arrangements with supervisory authorities , international organisations and the administrations of third countries .


### without prejudice to the competences of the community institutions , the authority may develop contacts with supervisory authorities from third countries . it may enter into administrative arrangements with international organisations and the administrations of third countries . ### without prejudice to the competences of the eu institutions , the authority may develop contacts with supervisory authorities from third countries . it may enter into administrative arrangements with international organisations and the administrations of third countries . such arrangements shall not create legal obligations on the part of the union and its member states .


### the authority shall cooperate closely with the esrb . it shall provide the esrb with regular and up - to - date information necessary for the achievement of its tasks . any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the esrb upon a reasoned request , as specified in article [ 15 ] of regulation no … . / … [ esrb ] . ### the authority shall cooperate closely with the esrb . it shall provide the esrb with regular and up - to - date information necessary for the achievement of its tasks . any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the esrb upon a reasoned request , as specified in article [ 15 ] of regulation no … . / … [ esrb ] . the authority shall develop an appropriate protocol for the disclosure of confidential information regarding individual financial institutions .


### 2the authority shall cooperate closely with the esrb . it shall provide the esrb with regular and up - to - date information necessary for the achievement of its tasks . any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the esrb upon a reasoned request , as specified in article [ 15 ] of regulation no … . / … [ esrb ] . ### 2the authority shall cooperate closely with the esrb . it shall provide the esrb with regular and up - to - date information necessary for the achievement of its tasks . any data necessary for the achievement of its tasks that are not in summary or collective form shall be provided without delay to the esrb upon a reasoned request , as specified in article [ 15 ] of regulation no … . / … [ esrb ] . the authority shall develop an adequate protocol for the disclosure of confidential information regarding individual financial institutions .


### securities and markets stakeholder group ### establishment of a securities and markets stakeholder group


### for the purpose of consultation with stakeholders in areas relevant to the tasks of the authority , a securities and markets stakeholder group shall be established . ### the authority shall establish a securities and markets stakeholder group for the purpose of consultation with stakeholders in areas relevant to the tasks of the authority .


### the securities and markets stakeholder group may submit opinions and advice to the authority on any issue related to the tasks of the authority specified in articles 7 and 8 . ### the securities and markets stakeholder group shall submit opinions and advice to the authority on any issue . any conflict of interest of members of the securities and market stakeholder group has to be disclosed whenever the stakeholder group issues opinions and advice .


### the decisions which the authority takes pursuant to articles 9 , 10 and 11 shall be made public and shall state the identity of the competent authority or financial market participant concerned and the main content of the decision , having regard to the legitimate interest of financial market participants in the protection of their business secrets . ### the decisions which the authority takes pursuant to articles 9 , 10 and 11 shall be made public and shall state the identity of the competent authority or financial market participant concerned and the main content of the decision , unless the publication would be in conflict with having regard to the legitimate interest of financial market participants in the protection of their business secrets or may seriously jeopardise the stability of the whole or part of the financial system in the community .


### the executive director shall participate in meetings of the management board without the right to vote . ### the executive director and a representative of the commission shall participate in meetings of the management board without the right to vote .


### the european parliament may also call upon the chairperson to submit a report on the performance of his duties . ### the chairperson shall submit a report on the performance of his or her duties to the european parliament when requested and at least 15 days before making the statement referred to in paragraph 1 .


### the executive director shall be appointed by the board of supervisors on the basis of merit , skills , knowledge of financial market participants and markets , and experience relevant to financial supervision and regulation and managerial experience , following an open selection procedure . ### the executive director shall be appointed by the board of supervisors on the basis of merit , skills , knowledge of financial market participants and markets , and experience relevant to financial supervision and regulation and managerial experience , following an open selection procedure organised and managed by the commission and after endorsement by the european parliament .


### the authority shall contribute adequate resources to the administrative support of the joint committee of european supervisory authorities . this includes staff , administrative , infrastructure , and operational expenses . ### the joint committee shall have a permanent secretariat , staffed by personnel on secondment from the three european supervisory authorities . the authority shall contribute a fair proportion of the administrative , infrastructure and operational expenses .


### any natural or legal person , including competent authorities , may appeal against a decision of the authority referred to in articles 9 , 10 and 11 and any other decision taken by the authority according to legislation as referred to in article 1 which is addressed to that person , or against a decision which , although in the form of a decision addressed to another person , is of direct and individual concern to that person . ### any natural or legal person , including competent authorities , may appeal against a decision of the authority referred to in articles 9 , 10 and 11 and any other decision taken by the authority according to legislation as referred to in article 1 which is addressed to that person , or against a decision which , although in the form of a decision addressed to another person , is of direct and individual concern to that person . they may also appeal against an alleged incorrect application of union law .


### an action may be brought before the court of first instance or the court of justice , in accordance with article 230 of the treaty , contesting a decision taken by the board of appeal or , in cases where there is no right of appeal before the board of appeal , by the authority . ### an action may be brought before the specific panel attached to the court of first instance or the court of justice , in accordance with articles 257 and 263 of the treaty , contesting a decision taken by the board of appeal or , in cases where there is no right of appeal before the board of appeal , by the authority .


### by 15 february each year , the executive director shall draw up a draft statement of estimates of revenue and expenditure for the following financial year , and shall forward this preliminary draft budget to the management board , together with the establishment plan . each year , the management board shall , on the basis of the preliminary draft drawn up by the executive director , produce a statement of estimates of revenue and expenditure of the authority for the following financial year . that statement of estimates , including a draft establishment plan , shall be transmitted by the management board to the commission by 31 march . prior to adoption of the statement of estimates , the draft prepared by the executive director shall be approved by the board of supervisors . ### with the exception of the first year of operation of the authority ending 31 december 2011 as laid down in article 49 , by 15 february each year , the executive director shall draw up a draft statement of estimates of revenue and expenditure for the following financial year , and shall forward this preliminary draft budget to the management board and the board of supervisors , together with the establishment plan . each year , the management board shall , on the basis of the preliminary draft drawn up by the executive director and approved of the management board , produce a statement of estimates of revenue and expenditure of the authority for the following financial year . that statement of estimates , including a draft establishment plan , shall be transmitted by the board of supervisors to the commission by 31 march . prior to adoption of the statement of estimates , the draft prepared by the executive director shall be approved by the management board .


### the staff regulations , the conditions of employment of other servants and the rules adopted jointly by the european community institutions for the purpose of applying these shall apply to the staff of the authority , including its executive director . ### the staff regulations , the conditions of employment of other servants and the rules adopted jointly by the european union institutions for the purpose of applying these shall apply to the staff of the authority , excluding its chairpeson .


### all members of staff under contracts referred to in paragraph 1 shall be offered the possibility of concluding temporary agent contracts under article 2 of the conditions of employment of other servants at the various grades as set out in the authority’s establishment plan . ### in order to allow the smooth transition of the existing staff to the authority all members of staff under contracts referred to in paragraph 1 , including secondment contracts , shall be offered the possibility of concluding temporary agent contracts with equivalent or comparable economic and legal conditions , in accordance with the relevant legal framework .


### an internal selection limited to staff who have contracts with the committee of european securities regulators or its secretariat shall be carried out after the entry into force of this regulation by the authority authorised to conclude contracts in order to check the ability , efficiency and integrity of those to be engaged . ### an internal selection limited to staff who have contracts with the level 3 committee or its secretariat shall be carried out after the entry into force of this regulation by the authority authorised to conclude contracts in order to check the ability , efficiency and integrity of those to be engaged . the internal selection procedure should take full account of the skills and experience demonstrated by the individual in the performance of his / her role prior to the transition .