### the joint committee shall serve as a forum in which the authority shall cooperate regularly and closely and ensure cross - sectoral consistency with the european insurance and occupational pensions authority and the banking authority . ### the joint committee shall serve as a forum in which the authority shall cooperate regularly and closely and ensure cross - sectoral consistency within all pillars of the european supervisory authority in particular regarding : - financial conglomerates ; - accounting and auditing ; - micro - prudential analyses for financial stability ; - retail investment products ; and - anti - money laundering measures .


### 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 existence of an emergency situation is declared pursuant to paragraph 1 , the authority shall adopt individual decisions necessary to ensure that 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 .


### 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 second subparagraph of article 29 , take a decision to settle the disagreement and to require them to settle the matter , in compliance with union law , with binding effects on the competent authorities concerned .


### where the competent authority has not complied with community law within one month from receipt of the authority ' s recommendation , the commission may , after having been informed by the authority or on its own initiative , take a decision requiring the competent authority to take the action necessary to comply with community law . ### where the competent authority has not complied with union law within the ten working days set out in paragraph 3 of this article from receipt of the authority ' s recommendation , the authority shall take a decision requiring the competent authority to take the action necessary to comply with union law .


### the authority should actively promote a coordinated community supervisory response , in particular where adverse developments could potentially jeopardise the orderly functioning and integrity of financial markets or the stability of the financial system in the community . in addition to its powers for action in emergency situations , it should therefore be entrusted with a general coordination function within the european system of financial supervisors . the smooth flow of all relevant information between competent authorities should be a particular focus of the authority ' s actions . ### the authority should actively promote a coordinated union supervisory response , in particular to ensure the orderly functioning and integrity of financial markets or the stability of the financial system in the union . in addition to its powers for action in emergency situations , it should therefore be entrusted with a general coordination function . the smooth flow of all relevant information between competent authorities should be a particular focus of the authority ' s actions .


### in the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the community , the commission , upon its own initiative or following a request by the authority , the council , or the esrb , may adopt a decision addressed to the authority , determining the existence of an emergency situation for the purposes of this regulation . ### in the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets , investor protection or the stability of the whole or part of the financial system in the union , the esrb , upon its own initiative or following a request by the authority , the european parliament , the council or the commission , may issue a warning declaring the existence of an emergency situation for the purposes of this regulation , in order to enable the authority without further requirements to adopt the individual decisions referred to in paragraph 3 .


### without prejudice to the powers of the commission under article 226 of the treaty , where a competent authority does not comply with the decision of the authority , and thereby fails to ensure that a financial market participant complies with requirements directly applicable to it by virtue of the legislation referred to in article 1 , the authority may adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under community law , including the cessation of any practice . ### without prejudice to the powers of the commission under article 258 of the treaty , where a competent authority does not comply with the decision of the authority , and thereby fails to ensure that a financial market participant complies with requirements directly applicable to it by virtue of the legislation referred to in article 1 , the authority shall adopt an individual decision addressed to a financial market participant requiring the necessary action to comply with its obligations under union law , including the cessation of any practice .


### the competent authority shall , within ten working days of receipt of the decision referred to in paragraph 4 , inform the commission and the authority of the steps it has taken or intends to take to implement the commission ' s decision . ### the competent authority shall , within ten working days of receipt of the decision referred to in paragraph 4 , inform the commission and the authority of the steps it has taken or intends to take to implement the authority ' s decision .


### 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 .


### 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 union supervisory authorities , leaving day - to - day supervision of financial market participant that are not significant cross - border financial market participants at the national level . greater harmonisation and the coherent application of rules for financial market participants and markets across the union should also be achieved . a european supervisory authority should be established , along with a european supervisory authority and a european supervisory authority as well as a european supervisory authority .


### there is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure , also through a single rulebook , a level playing field and an adequate protection investors and consumers across europe . as a body with highly specialised expertise , it is efficient and appropriate to entrust the authority , in areas defined by community law , with the elaboration of draft technical standards , which do not involve policy choices . the commission should endorse those draft technical standards in accordance with community law in order to give them binding legal effect . the draft technical standards have to be adopted by the commission . they would be subject to amendment if , for example , the draft technical standards were incompatible with community law , would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of community financial services legislation . to ensure a smooth and expedited adoption process for those standards , the commission should be subject to a time limit for its decision on the endorsement . ### there is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure , also through a single rulebook , a level playing field and an adequate protection investors and consumers across europe . as a body with highly specialised expertise , it is efficient and appropriate to entrust the authority , in areas defined by union law , with the elaboration of draft technical standards , which do not involve policy choices . the commission should be empowered to adopt delegated acts in accordance with article 290 of the treaty on the functioning of the european union concerning technical standards in financial services .


### there is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure , also through a single rulebook , a level playing field and an adequate protection investors and consumers across europe . as a body with highly specialised expertise , it is efficient and appropriate to entrust the authority , in areas defined by community law , with the elaboration of draft technical standards , which do not involve policy choices . the commission should endorse those draft technical standards in accordance with community law in order to give them binding legal effect . the draft technical standards have to be adopted by the commission . they would be subject to amendment if , for example , the draft technical standards were incompatible with community law , would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of community financial services legislation . to ensure a smooth and expedited adoption process for those standards , the commission should be subject to a time limit for its decision on the endorsement . ### there is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure , also through a single rulebook , a level playing field and an adequate protection investors and consumers across europe . as a body with highly specialised expertise , it is efficient and appropriate to entrust the authority , in areas defined by union law , with the elaboration of draft technical standards , which do not involve policy choices . the commission should endorse those draft technical standards in accordance with union law in order to give them binding legal effect . the draft technical standards have to be adopted by the commission . they should not be subject to amendment by the commission . the commission should reject the draft technical standards only if they were incompatible with european union law , would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of european union financial services legislation . to ensure a smooth and expedited adoption process for those standards , the commission should be subject to a time limit for its decision on the endorsement .


### the european parliament may also call upon the chairperson to submit a report on the performance of his duties . ### the european parliament may also call upon the chairperson to 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 .


### there is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure , also through a single rulebook , a level playing field and an adequate protection investors and consumers across europe . as a body with highly specialised expertise , it is efficient and appropriate to entrust the authority , in areas defined by community law , with the elaboration of draft technical standards , which do not involve policy choices . the commission should endorse those draft technical standards in accordance with community law in order to give them binding legal effect . the draft technical standards have to be adopted by the commission . they would be subject to amendment if , for example , the draft technical standards were incompatible with community law , would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of community financial services legislation . to ensure a smooth and expedited adoption process for those standards , the commission should be subject to a time limit for its decision on the endorsement . ### there is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure , also through a single rulebook , a level playing field and an adequate protection of depositors , investors and consumers across europe . as a body with highly specialised expertise , it is efficient and appropriate to entrust the authority , in areas defined by union law , with the elaboration of draft technical standards , which do not involve policy choices . when drafting the technical standards the authority should take into consideration the different structures and risk profiles of financial institutions . in particular , the authorities should seek to ensure that unnecessary burden is not placed on financial institutions that are union - based , member - owned and play an important role with regards to combating social exclusion . the commission should endorse those draft technical standards in accordance with union law in order to give them binding legal effect . the draft technical standards have to be adopted by the commission . they would be subject to amendment if , for example , the draft technical standards were incompatible with union law , would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of union financial services legislation . to ensure a smooth and expedited adoption process for those standards , the commission should be subject to a time limit for its decision on the endorsement .


### for the purposes of article 11 , the board of supervisors shall convoke a panel to facilitate the settlement of the disagreement , consisting of the chairperson and two of its members , who are not representatives of the competent authorities which are parties to the disagreement . ### for the purposes of article 11 , the board of supervisors shall convoke an independent panel to facilitate an impartial settlement of the disagreement , consisting of the chairperson and two of its members , who are not representatives of the competent authorities which are parties to the disagreement and who shall not have any interest in the conflict .


### on the basis of the peer review the authority may issue recommendations to the competent authorities concerned . ### on the basis of the peer review the authority may issue guidelines and recommendations pursuant to article 8 to the competent authorities concerned , adopt a decision addressed to competent authorities or adopt draft technical standards in accordance with articles 7 to 7d .


### proposal for a regulation of the european parliament and of the council establishing a european securities and markets authority ### proposal for a regulation of the european parliament and of the council establishing a european supervisory authority


### the process for the development of technical standards in this regulation is without prejudice to the commission ' s powers to adopt on its own initiative implementing measures under comitology procedures at level 2 of the lamfalussy structure as laid out in the relevant community legislation . the matters concerned by the technical standards do not involve policy decisions , and their content is framed by the community acts adopted at level 1 . development of the draft standards by the authority ensures that they fully benefit from the specialised expertise of national supervisory authorities . ### the commission should endorse those draft technical standards in order to give them binding legal effect . they will be subject to amendment if , for example , they are incompatible with union law , do not respect the principle of proportionality or run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of european union financial services legislation . to ensure a smooth and expeditious adoption process for those standards , the commission should be subject to a time limit for its decision on the endorsement .


### 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 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 eu legislation may further specify the principles for reallocation of responsibilities upon agreement . the authority should facilitate and monitor 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 .


### 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 be able to 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 .


### the board of supervisors shall also elect from among its members an alternate who shall carry out the functions of the chairperson in his absence . ### the board of supervisors shall also elect from among its members an alternate who shall carry out the functions of the chairperson in his or her absence . that alternate shall not be a member of the management board .


### 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 in accordance with the procedure set out in paragraphs 2 to 4 .


### in the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets or the stability of the whole or part of the financial system in the community , the commission , upon its own initiative or following a request by the authority , the council , or the esrb , may adopt a decision addressed to the authority , determining the existence of an emergency situation for the purposes of this regulation . ### in the case of adverse developments which may seriously jeopardise the orderly functioning and integrity of financial markets , investor protection or the stability of the whole or part of the financial system in the union , the esrb , upon its own initiative or following a request by the authority , the european parliament , the council or the commission , may issue a warning declaring the existence of an emergency situation for the purposes of this regulation , in order to enable the authority without further requirements to adopt the individual decisions referred to in paragraph 3 .


### the authority may also request information to be provided at recurring intervals . ### the authority may also request information to be provided at recurring intervals . those requests shall use common reporting formats to be fulfilled , where appropriate , at a consolidated level .


### where the authority maintains its decision , the council , acting by qualified majority as defined in article 205 of the treaty , shall , within two months , decide whether the authority ' s decision is maintained or revoked . ### where the authority maintains its decision , the council shall take a decision whether the authority ' s decision is maintained or revoked on the basis of a qualified majority of its members , as defined in article 16 of the treaty on european union and in article 3 of the protocol on transitional provisions annexed to the treaty on european union and to the treaty on the functioning of the european union , at a meeting no later than two months after the authority has informed the member state as set out in subparagraph 4 .


### the authority may develop technical standards in the areas specifically set out in the legislation referred to in article 1 . the authority shall submit its draft standards to the commission for endorsement . ### the authority may develop technical standards to complete and modify elements that are not essential to the legislative acts referred to in article 1 . the technical standards do not represent strategic decisions and their content shall be limited by the legislation on which they are based .


### 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 commission , the council or a member of 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 incorrect application of union law .


### the competent authorities shall make every effort to comply with those guidelines and recommendations . ### within two months of the issuance of a guideline or recommendation , each competent authority shall decide whether it intends to comply with that guideline or recommendation . in the event that it does not intend to comply , it shall inform the authority , stating its reasons . the authority shall publish those reasons .


### 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 .


### the authority should actively promote a coordinated community supervisory response , in particular where adverse developments could potentially jeopardise the orderly functioning and integrity of financial markets or the stability of the financial system in the community . in addition to its powers for action in emergency situations , it should therefore be entrusted with a general coordination function within the european system of financial supervisors . the smooth flow of all relevant information between competent authorities should be a particular focus of the authority ' s actions . ### the authority should actively promote a coordinated union supervisory response , in particular to ensure the orderly functioning and integrity of financial markets or the stability of the financial system in the union . in addition to its powers for action in emergency situations , it should therefore be entrusted with a general coordination function . the smooth flow of all relevant information between competent authorities should be a particular focus of the authority ' s actions .


### the commission shall take such a decision no later than three months from the adoption of the recommendation . the commission may extend this period by one month . ### the authority shall take such a decision no later than one month from the adoption of the recommendation .


### for the purposes of article 11 , the board of supervisors shall convoke a panel to facilitate the settlement of the disagreement , consisting of the chairperson and two of its members , who are not representatives of the competent authorities which are parties to the disagreement . ### for the purposes of article 11 , the board of supervisors shall convoke an independent panel to facilitate an impartial settlement of the disagreement , consisting of the chairperson and two of its members , who are not representatives of the competent authorities which are parties to the disagreement and who shall not have any interest in the conflict .


### given the globalisation of financial services and the increased importance of international standards , the authority should foster the dialogue and cooperation with supervisors outside the community . it shall fully respect the existing roles and competences of the european institutions in relations with authorities outside the community and in international forums . ### given the globalisation of financial services and the increased importance of international standards , the authority should represent the european union in the dialogue and cooperation with supervisors outside the union .


### 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 court of first instance or the court of justice , in accordance with article 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 .


### the joint committee shall be composed of the chairperson and the chairpersons of the european insurance and occupational pensions authority and the european banking authority , and , where applicable , the chairperson of a sub - committee established under article 43 . ### the joint committee shall be composed of each of the chairpersons of the european supervisory authorities , and , where applicable , the chairperson of a sub - committee established under article&#160 ; 43 .


### the process for the development of technical standards in this regulation is without prejudice to the commission ' s powers to adopt on its own initiative implementing measures under comitology procedures at level 2 of the lamfalussy structure as laid out in the relevant community legislation . the matters concerned by the technical standards do not involve policy decisions , and their content is framed by the community acts adopted at level 1 . development of the draft standards by the authority ensures that they fully benefit from the specialised expertise of national supervisory authorities . ### the commission should endorse those draft technical standards in order to give them binding legal effect . they will be subject to amendment if , for example , they are incompatible with union law , do not respect the principle of proportionality or run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of european union financial services legislation . to ensure a smooth and expeditious adoption process for those standards , the commission should be subject to a time limit for its decision on the endorsement .


### 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 . ### 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 stakeholder group shall be consulted on all relevant decisions and actions of the authority . if case of urgency immediate consultation is impossible , the stakeholder group has to be informed about the decision as quick as possible .


### the european parliament may invite the chairperson or his or her alternate , while fully respecting his or her independence , to make a statement regularly before its competent committee and answer questions put by members of that committee . ### the chairperson shall make a statement before the european parliament and answer any questions put by its members .


### 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 draft technical standards , guidelines and recommendations the authority should carry out an impact study . 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 eu legislation .


### there is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure , also through a single rulebook , a level playing field and an adequate protection investors and consumers across europe . as a body with highly specialised expertise , it is efficient and appropriate to entrust the authority , in areas defined by community law , with the elaboration of draft technical standards , which do not involve policy choices . the commission should endorse those draft technical standards in accordance with community law in order to give them binding legal effect . the draft technical standards have to be adopted by the commission . they would be subject to amendment if , for example , the draft technical standards were incompatible with community law , would not respect the principle of proportionality or would run counter to the fundamental principles of the internal market for financial services as reflected in the acquis of community financial services legislation . to ensure a smooth and expedited adoption process for those standards , the commission should be subject to a time limit for its decision on the endorsement . ### there is a need to introduce an effective instrument to establish harmonised technical standards in financial services to ensure , also through a single rulebook , a level playing field and an adequate protection investors and consumers across europe . as a body with highly specialised expertise , it is efficient and appropriate to entrust the authority , in areas defined by union law , with the elaboration of draft technical standards , which do not involve policy choices . the commission should be empowered to adopt delegated acts in accordance with article 290 of the treaty on the functioning of the european union concerning technical standards in financial services .


### 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 in accordance with the procedure set out in paragraphs 2 to 4 .


### 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 union supervisory authorities , leaving day - to - day supervision of financial market participant that are not significant cross - border financial market participants at the national level . greater harmonisation and the coherent application of rules for financial market participants and markets across the union should also be achieved . a european supervisory authority should be established , along with a european supervisory authority and a european supervisory authority as well as a european supervisory authority .


### 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 be able to 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 .


### where the competent authority has not complied with community law within one month from receipt of the authority ' s recommendation , the commission may , after having been informed by the authority or on its own initiative , take a decision requiring the competent authority to take the action necessary to comply with community law . ### where the competent authority has not complied with union law within the ten working days set out in paragraph 3 of this article from receipt of the authority ' s recommendation , the authority shall take a decision requiring the competent authority to take the action necessary to comply with union law .


### 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 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 ;


### before taking the decisions provided for in article 9 , article 10 and and article 11 and , the authority shall inform the addressee of its intention to adopt the decision , setting a time limit within which the addressee may express its views on the matter , taking full account of the urgency of the matter . ### before taking the decisions provided for in this regulation , the authority shall inform the addressee of its intention to adopt the decision , setting a time limit within which the addressee may express its views on the matter , taking full account of the urgency of the matter .


### quality standards related to items such as equipment features of stops and of rolling stock , punctuality and reliability , cleanliness , customer service and information , complaint handling and redress , monitoring of service quality ; ### quality standards related to items such as equipment features of stops and of rolling stock , keeping customers informed when problems arise and public address announcements ;


### where competent authorities , in accordance with national law , require public service operators to comply with certain quality and social standards or establish social and qualitative criteria , these standards and criteria shall be included in the tender documents and in the public service contracts . ### the competent authorities shall , in accordance with national law , set the quality and social standards , determine appropriate social and qualitative criteria , such as the obligation to retain workers employed by the previous operator on at least the same terms , and include these in the tender documents and in the public service contracts , regardless of the type of award procedure involved . when the award criteria are set , social and qualitative criteria must each be given a weighting of 20 % .


### where competent authorities , in accordance with national law , require public service operators to comply with certain quality and social standards or establish social and qualitative criteria , these standards and criteria shall be included in the tender documents and in the public service contracts . ### the competent authorities shall , without prejudice to national law and union law , including collective agreements concluded between social partners , lay down the quality , social and environmental standards applicable , determine appropriate social and qualitative criteria and include these standards and criteria in the tender documents and in the public service contracts , regardless of the award procedure , unless at a national , regional or local level a law , a regulation or a binding sector - wide collective agreement , including binding social standards and compulsory transfer of staff in case of change of operator , exists for the staff concerned .


### ' competent authorities may decide that , in order to increase competition between railway undertakings , contracts for public passenger transport by rail covering parts of the same network or package of routes shall be awarded to different railway undertakings . to this end the competent authorities may decide before launching the tender procedure to limit the number of contracts to be awarded to the same railway undertaking . ' ### ' competent authorities may decide whether , in order to increase competition between railway undertakings , contracts for public passenger transport by rail covering parts of the same network or package of routes shall or shall not be awarded to different railway undertakings .


### the establishment of an internal market for passenger transport services by rail requires common rules on competitive tendering for public service contracts in this sector to be applied in a harmonised manner in all member states . ### the establishment of an internal market for passenger transport services by rail requires common rules which respect also the social objectives and the services of general interest obligations set out in the teu and the tfeu , on competitive tendering for public service contracts in this sector to be applied in a harmonised manner in all member states – taking into account the specific circumstances of each country – to ensure a level - playing field between all potential bidders .


### the establishment of an internal market for passenger transport services by rail requires common rules on competitive tendering for public service contracts in this sector to be applied in a harmonised manner in all member states . ### the establishment of an internal market for passenger transport services by rail requires common rules on competitive tendering for public service contracts in this sector to be applied in a harmonised manner in all member states . however , this does not mean that competitive tendering should apply by default throughout the eu , based on a standardized and formatted tendering process .


### when competent authorities organise their public passenger transport services they need to ensure that public service obligations and the geographical scope of public service contracts are appropriate , necessary and proportionate to achieve the objectives of the public passenger transport policy in their territory . this policy should be set out in public transport plans leaving scope for market based transport solutions . the process of defining public transport plans and public service obligations should be made transparent to relevant stakeholders including potential market entrants . ### when competent authorities organise their public passenger transport services they need to ensure that public service obligations and the geographical scope of public service contracts are appropriate , necessary and proportionate to achieve the objectives of the public passenger transport policy in their territory , and that the social objectives of the teu , the charter of fundamental rights of the european union , the protocol no 26 as well as the united nations convention on the rights of people with disabilities are respected . this policy should be set out in all plans for sustainable public transport leaving scope for transport solutions based on the needs of users , including families , elderly and disabled people . the process of defining such multimodal public transport plans and public service obligations should integrate an economic , social and ecological dimension and be made transparent to relevant stakeholders including potential market entrants .


### when competent authorities organise their public passenger transport services they need to ensure that public service obligations and the geographical scope of public service contracts are appropriate , necessary and proportionate to achieve the objectives of the public passenger transport policy in their territory . this policy should be set out in public transport plans leaving scope for market based transport solutions . the process of defining public transport plans and public service obligations should be made transparent to relevant stakeholders including potential market entrants . ### when competent authorities organise their public passenger transport services they need to ensure that public service obligations and the geographical scope of public service contracts are appropriate , necessary and proportionate to achieve the objectives of the public passenger transport policy in their territory . this policy should be set out in plans for shared multimodal public transport leaving scope for transport solutions based on users’ needs and the development of territories , in an approach favouring a modal shift from road to rail . the process of devising these shared multimodal public transport plans and public service obligations should incorporate three dimensions – economic , social and environmental – and should be made transparent to relevant stakeholders including potential market entrants .


### competent authorities shall establish and regularly update public passenger transport plans covering all relevant transport modes for the territory for which they are responsible . these public transport plans shall define the objectives of public transport policy and the means to implement them covering all relevant transport modes for the territory for which they are responsible . they shall at least include : ### competent authorities shall establish and regularly update public passenger transport plans covering all relevant transport modes for the territory for which they are responsible . these public transport plans may compile and , where appropriate , complete and update chapters or elements of already existing plans , such as the sustainable urban mobility plans , where these are relevant . they shall define the objectives of public transport policy and the means envisaged to implement them covering all relevant transport modes for the territory for which they are responsible . they shall at least include :


### ' the scope of public service obligations shall exclude all public transport services that go beyond of what is necessary to reap local , regional or sub - national network effects . ### the definition of public service obligations may in some cases make it possible to reap network effects at a particular geographical level or to optimise the costs incurred in meeting these obligations .


### where an application concerns a document originating from a member state , other than documents transmitted in the framework of procedures leading to a legislative act or a non - legislative act of general application , the authorities of that member state shall be consulted . the institution holding the document shall disclose it unless the member state gives reasons for withholding it , based on the exceptions referred to in article 4 or on specific provisions in its own legislation preventing disclosure of the document concerned . the institution shall appreciate the adequacy of reasons given by the member state insofar as they are based on exceptions laid down in this regulation . ### where an application concerns a document originating from a member state , other than documents transmitted in the framework of procedures leading to a legislative act or a non - legislative act of general application , or information submitted to the commission concerning the implementation of union legislation , until such time as any court proceedings relating to it have begun , the authorities of that member state shall be consulted . the institution , body , office or agency holding the document shall disclose it unless the member state gives reasons for withholding it , based on the exceptions referred to in article 4 . the institution shall appreciate the adequacy of such reasons given by the member state .


### consultations as regards third - party documents , the institution shall consult the third party with a view to assessing whether an exception referred to&#160 ; in article 4 is applicable , unless it is clear that the document shall or shall not be disclosed . 2 . where an application concerns a document originating from a member state , other than documents transmitted in the framework of procedures leading to a legislative act or a non - legislative act of general application , the authorities of that member state shall be consulted . the institution holding the document shall disclose it unless the member state gives reasons for withholding it , based on the exceptions referred to in article 4 or on specific provisions in its own legislation preventing disclosure of the document concerned . the institution shall appreciate the adequacy of reasons given by the member state insofar as they are based on exceptions laid down in this regulation . 3 . where a member state receives a request for a document in its possession , which originates from an institution , unless it is clear that the document shall or shall not be disclosed , the member state shall consult with the institution concerned in order to take a decision that does not jeopardise the objectives of this regulation . the member state may instead refer the request to the institution . ### consultation of third parties as regards third - party documents , the institution , bodies , offices and agencies , shall consult the third party with a view to assessing whether an exception referred to&#160 ; in article 4 is applicable , unless it is clear that the document shall or shall not be disclosed . documents provided to institutions , bodies , offices or agencies for the purpose of influencing policy - making by lobbyists and other interested parties should be made public . 2 . where an application concerns a document originating from a member state , other than documents transmitted in the framework of procedures leading to a legislative act or a delegated or implementing act of general application the authorities of that member state shall be consulted . the institution holding the document shall disclose it unless the member state gives reasons for withholding it , based on the exceptions referred to in article 4 or on specific provisions in its own legislation preventing disclosure of the document concerned . the institution shall appreciate the adequacy of reasons given by the member state insofar as they are based on exceptions laid down in this regulation . 3 . where a member state receives a request for a document in its possession , which originates from an institution , body , office or agency , unless it is clear that the document shall or shall not be disclosed , the member state shall consult with the institution concerned in order to take a decision that does not jeopardise the objectives of this regulation . the member state may instead refer the request to the institution .


### documents drawn up or received in the course of procedures for the adoption of eu legislative acts or non - legislative acts of general application shall , subject to articles 4 and 9 , be made directly accessible to the public . ### the institutions , bodies and offices and agencies shall make documents directly accessible to the public in electronic form or through registers , particularly those drawn up or received in the course of procedures for the adoption of union legislative acts or non - legislative acts of general application which shall , subject to articles 4 and 9 , be made directly accessible to the public . with regard to documents containing environmental information such access shall be granted in accordance with article 4 of regulation 1367 / 2006 .


### the minimum set of data sent by the ecall in - vehicle system shall include only the minimum information required for the appropriate handling of emergency calls . ### when processing data , ecall service providers and third party service providers shall comply with the data minimisation principle meaning that only the data necessary to achieve the purpose pursued should be collected . consequently , the ' minimum set of data ' sent by the ecall in - vehicle system shall include only the time of incident , the precise location including direction of driving , the vehicle identification , the ecall identifier giving the severity of the incident , information about a possible service provider .


### where payments in kind are made to a government , they shall be reported in value or in volume . where they are reported in terms of value , supporting notes shall be provided to explain how their value has been determined . ### where payments in kind are made to a government , they shall be reported in value and in volume . where they are reported in terms of value , supporting notes shall be provided to explain how their value has been determined .


### ' undertaking active in the extractive industry ' means an undertaking with any activity involving the exploration , discovery , development , and extraction of minerals , oil and natural gas deposits , as referred to in section b - divisions 05 to 08 of annex i to regulation no 1893 / 2006 of the european parliament and of the council . ### ' undertaking ' means the highest level parent company publishing accounts within the european union where the group of companies for which that parent company prepares consolidated financial statements includes subsidiary companies , branches , permanent establishments , joint ventures and associate undertakings .


### the reports should serve to facilitate governments of resource - rich countries in implementing the eiti principles and criteria and account to their citizens for payments such governments receive from undertakings active in the extractive industry or loggers of primary forests operating within their jurisdiction . the report should incorporate disclosures on a country and project basis , where a project is considered as the lowest level of operational reporting unit at which the undertaking prepares regular internal management reports , such as a concession , geographical basin , etc and where payments have been attributed to such projects . in the light of the overall objective of promoting good governance in these countries , the materiality of payments to be reported should be assessed in relation to the recipient government . various criteria on materiality could be envisaged such as payments of an absolute amount , or a percentage threshold and these can be defined through a delegated act . the reporting regime should be subject to a review and a report by the commission within five years of the entry into force of the directive . the review should consider the effectiveness of the regime and take into account international developments including issues of competitiveness and energy security . the review should also take into account the experience of preparers and users of the payments information and consider whether it would be appropriate to include additional payment information such as effective tax rates and recipient details , such as bank account information . ### in the reports by large undertakings and public interest entities which are active in the extractive industry or logging of primary forests payments to governments should also be disclosed on a project basis , where project means an operational unit set up on the basis of one or several licences , concessions , contracts or other specific legal agreements which give rise to fiscal or parafiscal liabilities . however , the disclosure requirements on a project basis should be limited to projects for which the total amount of payments exceeds eur 50 000 . the reports should include types of payments comparable to those disclosed by an undertaking participating in the extractive industries transparency initiative . the initiative is also complementary to the eu flegt action plan and the timber regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the eu market . the reports should serve to facilitate governments of resource - rich countries in implementing the eiti principles and criteria and account to their citizens for payments such governments receive from undertakings active in the extractive industry or loggers of primary forests operating within their jurisdiction .


### member states shall require large undertakings and all public interest entities active in the extractive industry or the logging of primary forests to prepare and make public a report on payments made to governments on an annual basis . ### member states shall require all undertakings and public interest entities to prepare , have audited and make public a report on payments made to governments in their annual reports .


### member states shall require large undertakings and all public interest entities active in the extractive industry or the logging of primary forests to prepare and make public a report on payments made to governments on an annual basis . ### member states shall require large undertakings and all public interest entities to prepare , have audited and make public , as part of their annual financial statements , payments made to governments on an annual basis .


### paragraph 2 shall not apply to deposit guarantee schemes referred to in article 1 . ### paragraph 2 shall not apply to deposit guarantee schemes referred to in article 1 or to building societies .


### the contributions to deposit guarantee schemes referred to in article 9 shall be determined for each member on the basis of the degree of risk incurred by it . credit institutions shall not pay less than 75% or more than 200% of the amount that a bank with an average risk would have to contribute . member states may decide that members of schemes referred to in article 1 and pay lower contributions to deposit guarantee schemes but not less than 37 . 5% of the amount that a bank with an average risk would have to contribute . ### the contributions to deposit guarantee schemes referred to in article 9 shall be determined for each member on the basis of the degree of risk incurred by it . credit institutions shall not pay less than 75% or more than 200% of the amount that a bank with an average risk would have to contribute . member states may decide that members of schemes referred to in article 1 and pay lower contributions to deposit guarantee schemes but not less than 37 . 5% of the amount that a bank with an average risk would have to contribute . deposits with building societies shall be taken into account at a rate of 20% in the calculation of contributions and of the target level .


### experience has shown that union co - financing ensures that beneficiaries benefit from clear , stable , diversified , sound and adequate funding and it contributes to enabling the beneficiaries to accomplish their public interest mission in an independent and efficient manner . therefore , sufficient funding should continue to be provided by means of a union contribution towards the functioning of international accounting and auditing standard - setting , and in particular to the ifrs foundation , efrag and the piob . ### experience has shown that union co - financing has not prevented beneficiaries from accomplishing their largely private interest mission . therefore , funding should only continue to be provided by means of a union contribution towards the functioning of international accounting and auditing standard - setting if appropriate beneficiaries apart from piob have been identified .


### taking into account efrag ' s key role in supporting internal market law and policy and in representing european interests in the standard - setting process at international level , it is necessary for the union to ensure efrag ' s stable financing and thus contribute to its funding . ### taking into account efrag ' s single role in ensuring that ifrs are compliant with the requirements of union company law and policy , as laid out in the ias regulation 2002 , it is necessary for the union to ensure efrag ' s stable financing and thus contribute to its funding . such financing arrangements should be reassessed in the light of any decision taken to give efrag more responsibilities in terms of influencing the iasb in addition to fulfilling the basic task required by the ias regulation 2002 .


### financing under the programme shall be provided in the form of operating grants . ### financing under the programme shall be provided in the form of operating grants , renewed annually after the commission has conducted an assessment of whether the beneficiaries have achieved the goals laid out in the programme and subject to approval from the european parliament .


### in a global economy , there is a need for a global accounting language . international financial reporting standards developed by the international accounting standards board are adopted and used in many jurisdictions around the world . such international accounting standards need to be developed under a transparent and democratically accountable process . to ensure that the interests of the union are respected and that global standards are of high quality and compatible with union law , it is essential that the interests of the union are adequately taken into account in that international standard - setting process . ### in a global economy , there is a need for a global accounting language , while taking into account the many different accounting traditions and languages already used . international financial reporting standards developed by the international accounting standards board are adopted and used in many jurisdictions around the world , although it must be noted that there are no processes currently in place to ensure that ifrs have been fully implemented in those jurisdictions . such international accounting standards need to be developed under a transparent and democratically accountable process . to ensure that the interests of the union are respected and that global standards are of high quality and compatible with union law , it is vital that the iasb accepts the central idea at the heart of european accounting , which is the requirement for accounts to be prepared on a prudent basis and to be true and fair for all the functions required of accounts by union law .


### taking into account efrag ' s key role in supporting internal market law and policy and in representing european interests in the standard - setting process at international level , it is necessary for the union to ensure efrag ' s stable financing and thus contribute to its funding . ### taking into account efrag ' s single role in ensuring that ifrs are compliant with the requirements of union company law and policy , as laid out in the ias regulation 2002 , it is necessary for the union to ensure efrag ' s stable financing and thus contribute to its funding provided its board structure and working rules are reformed and its mission is clarified . such financing arrangements should be further reassessed in the light of any decision taken to give efrag more responsibilities in terms of influencing the iasb in addition to fulfilling the basic task required by the ias regulation 2002 . the european commission is invited to come forward at the latest by beginning 2014 with a legislative proposal taking into account the conclusions of philippe maystadt , whose mission will focus on a review of the governance of eu bodies in the field of financial reporting and accounting and the accounting regulatory committee ) .


### the european financial reporting advisory group was founded in 2001 by european organisations representing issuers , investors and the accountancy profession involved in the financial reporting process . in accordance with regulation no 1606 / 2002 , efrag provides the commission with opinions on whether an accounting standard issued by the iasb or an interpretation issued by the ifrs interpretations committee , which is to be endorsed , complies with the endorsement criteria set out in that regulation . efrag is also taking up the role of the ‘ single european accounting voice’ in the global arena . in that capacity , efrag provides input to the iasb ' s standard - setting process . ### the european financial reporting advisory group was founded in 2001 by european organisations representing issuers , investors and the accountancy profession involved in the financial reporting process . in accordance with regulation no 1606 / 2002 , efrag provides the commission with opinions on whether an accounting standard issued by the iasb or an interpretation issued by the ifrs interpretations committee , which is to be endorsed , complies with the endorsement criteria set out in that regulation .


### in addition to changing their funding patterns , the ifrs foundation and efrag have undergone governance reforms to ensure that through their structure and processes they accomplish their public interest mission in an independent , efficient , transparent and democratically accountable manner . in relation to the ifrs foundation , the monitoring board was created in 2009 to ensure public accountability and oversight , the effectiveness of the standards advisory council has been enhanced , transparency has been improved and the role of impact assessments has been formalised as part of the due process of the iasb . ### in addition to changing their funding patterns , the ifrs foundation and efrag have failed to undergo meaningful governance reforms to ensure that through their structure and processes they would accomplish a public interest mission in an independent , efficient , transparent and democratically accountable manner . in relation to the ifrs foundation , the commission has started to recognise the serious shortcomings and conferred a special mission to philippe maystadt .


### the co - financing programme to be established by this regulation is expected to contribute to the objectives of ensuring comparability and transparency of company accounts throughout the eu , to the global harmonization of financial reporting standards by promoting the international acceptance of ifrs and to promoting convergence and high quality international standards for auditing in all member states . this programme also contributes to the europe 2020 strategy by reinforcing the single market of financial services and capital , and contributes to the strategy ' s external dimension as well . ### the co - financing programme to be established by this regulation is expected to contribute to the objectives of ensuring comparability and transparency of company accounts throughout the eu and to promoting convergence and high quality international standards for auditing in all member states . this programme also contributes to the europe 2020 strategy by reinforcing the single market of financial services and capital . the co - financing programme should not be used to encourage the adoption of or market ifrs in third countries .


### bodies working in the field of accounting and auditing are highly dependent on funding and play major roles in the union which are decisive for the functioning of the internal market . the proposed beneficiaries of the programme established by decision no 716 / 2009 / ec have been co - financed by operating grants from the union budget , which has allowed them to increase their independence from private - sector and ad - hoc funding , thereby raising their capacity and credibility . ### bodies working in the field of accounting and auditing are highly dependent on funding and play major roles in the union which are decisive for the functioning of the internal market . the proposed beneficiaries of the programme established by decision no 716 / 2009 / ec have been co - financed by operating grants from the union budget , which has allowed them to increase their financial independence from private - sector and ad - hoc sources , thereby raising their capacity and credibility . public funding in itself however should not be seen as having confirmed this independence from the private sector . in particular , greater transparency around membership of the iasb ' s and efrag ' s board and other committees should be required to ensure all stakeholders are represented in the endorsement process . all employees of efrag and iasb should be required to declare other relevant financial or job interests or commitments .


### other tourist services , such as admission to concerts , sport events , excursions or event parks are services that , in combination with either carriage of passengers , accommodation and / or car rental , should be considered as capable of constituting a package or an assisted travel arrangement . however , such packages should only fall within the scope of this directive if the relevant tourist service accounts for a significant proportion of the package . generally , the tourist service should be considered as a significant proportion of the package if it accounts for more than 20% of the total price or otherwise represents an essential feature of the trip or holiday . ancillary services , such as travel insurance , transport of luggage , meals and cleaning provided as part of accommodation , should not be considered as tourist services in their own right . ### other tourist services , such as admission to concerts , sport events , excursions or event parks are services that , in combination with either carriage of passengers , accommodation and / or car rental , should be considered as capable of constituting a package or an assisted travel arrangement . however , such packages should only fall within the scope of this directive if the relevant tourist service accounts for a significant proportion of the package . generally , the tourist service should be considered as a significant proportion of the package if is specifically referred to as such , accounts for more than 40% of the total price or otherwise represents an essential feature of the trip or holiday . ancillary services , such as , in particular , travel insurance , transport between the station and the accommodation , transport at the beginning of the trip and as part of excursions , transport of luggage , the sale of ski passes , bicycle or car hire , meals and cleaning provided as part of accommodation , should not be considered as tourist services in their own right .


### through the procurement of additional travel services from another trader in a targeted manner through linked online booking processes at the latest when the booking of the first service is confirmed ; ### through linked online booking processes where the traveller ' s name or another form of identification of the traveller is transferred between the traders at the latest when the booking of the first service is confirmed ;


### other tourist services , such as admission to concerts , sport events , excursions or event parks are services that , in combination with either carriage of passengers , accommodation and / or car rental , should be considered as capable of constituting a package or an assisted travel arrangement . however , such packages should only fall within the scope of this directive if the relevant tourist service accounts for a significant proportion of the package . generally , the tourist service should be considered as a significant proportion of the package if it accounts for more than 20% of the total price or otherwise represents an essential feature of the trip or holiday . ancillary services , such as travel insurance , transport of luggage , meals and cleaning provided as part of accommodation , should not be considered as tourist services in their own right . ### other tourist services , such as admission to concerts , sport events , excursions or event parks are services that , in combination with either carriage of passengers , accommodation and / or car rental , should be considered as capable of constituting a package or a linked travel arrangement . however , such packages should only fall within the scope of this directive if the relevant tourist service accounts for a significant proportion of the package . generally , the tourist service should be considered as a significant proportion of the package if it is specifically referred to as such , accounts for more than 20% of the total price or otherwise represents an essential feature of the trip or holiday . ancillary services , such as , in particular , travel insurance , transport between the station and the accommodation , transport at the beginning of the trip and as part of excursions , transport of luggage , the sale of ski passes , bicycle hire , meals and cleaning provided as part of accommodation , should not be considered as tourist services in their own right .


### in order to ensure consistency , it is appropriate to align the provisions of this directive with international conventions covering travel services and with the union legislation on passenger rights . where the organiser is liable for failure to perform or improper performance of the services included in the package travel contract , the organiser should be able to invoke the limitations of the liability of service providers set out in such international conventions as the montreal convention of 1999 for the unification of certain rules for international carriage by air18 , the convention of 1980 concerning international carriage by rail 19 and the athens convention of 1974 on the carriage of passengers and their luggage by sea20 . where it is impossible , because of unavoidable and extraordinary circumstances , to ensure the traveller ' s return to the place of departure , the organiser ' s obligation to bear the cost of the travellers ' continued stay at the place of destination should be aligned with the commission ' s proposal21 aimed to amend regulation no 261 / 2004 of the european parliament and of the council of 11 february 2004 establishing common rules on compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights22 . __________________ 18 2001 / 539 / ec : council decision of 5 april 2001 on the conclusion by the european community of the convention for the unification of certain rules for international carriage by air . 19 2013 / 103 / eu : council decision of 16 june 2011 on the signing and conclusion of the agreement between the european union and the intergovernmental organisation for international carriage by rail on the accession of the european union to the convention concerning international carriage by rail . 20 2012 / 22 / eu : council decision of 12 december 2011 concerning the accession of the european union to the protocol of 2002 to the athens convention relating to the carriage of passengers and their luggage by sea , 1974 , with the exception of articles 10 and 11 thereof . 21 proposal for a regulation of the european parliament and of the council amending regulation no 261 / 2004 establishing common rules on compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights and regulation no 2027 / 97 on air carrier liability in respect of the carriage of passengers and their baggage by air - com / 2013 / 130 final . 22 oj l 46 , 17 . 2 . 2004 , p . 1 . ### in order to ensure consistency , it is appropriate to align the provisions of this directive with international conventions covering travel services and with the union legislation on passenger rights , the latter prevailing where applicable . where the organiser is liable for failure to perform or improper performance of the services included in the package travel contract , the organiser should be able to invoke the limitations of the liability of service providers set out in such international conventions as the montreal convention of 1999 for the unification of certain rules for international carriage by air18 , the convention of 1980 concerning international carriage by rail 19 and the athens convention of 1974 on the carriage of passengers and their luggage by sea20 . where it is impossible , because of unavoidable and extraordinary circumstances , to ensure the traveller ' s return to the place of departure , the organiser ' s obligation to bear the cost of the travellers ' continued stay at the place of destination should be aligned with the commission ' s proposal21 aimed to amend regulation no 261 / 2004 of the european parliament and of the council of 11 february 2004 establishing common rules on compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights22 . __________________ 18 2001 / 539 / ec : council decision of 5 april 2001 on the conclusion by the european community of the convention for the unification of certain rules for international carriage by air . 19 2013 / 103 / eu : council decision of 16 june 2011 on the signing and conclusion of the agreement between the european union and the intergovernmental organisation for international carriage by rail on the accession of the european union to the convention concerning international carriage by rail . 20 2012 / 22 / eu : council decision of 12 december 2011 concerning the accession of the european union to the protocol of 2002 to the athens convention relating to the carriage of passengers and their luggage by sea , 1974 , with the exception of articles 10 and 11 thereof . 21 proposal for a regulation of the european parliament and of the council amending regulation no 261 / 2004 establishing common rules on compensation and assistance to passengers in the event of denied boarding and of cancellation or long delay of flights and regulation no 2027 / 97 on air carrier liability in respect of the carriage of passengers and their baggage by air - com / 2013 / 130 final . 22 oj l 46 , 17 . 2 . 2004 , p . 1 .


### therefore , member states should provide for certain minimum types and levels of sanctions . the concept of minimum penalties is currently provided for in a majority of member states . it is consistent and appropriate to adopt this approach at union level . ### therefore , member states should provide for certain minimum types and levels of sanctions . the concept of minimum penalties is currently provided for in a majority of member states .


### member states shall ensure that information is made available to the commission on the implementation of this directive , on representative data on emissions and other forms of pollution , on emission limit values , on the application of best available techniques in accordance with articles&#160 ; 14 and 15 and on progress made concerning the development and application of emerging techniques in accordance with article 27 . member states shall make the information available in an electronic format . ### member states shall ensure that information is made available to the commission on the implementation of this directive , on representative data on the emissions and other environmental effects , on emission limit values , on the application of best available techniques in accordance with articles 14 and 15 , the derogations granted in accordance with article 15 , and on the progress made concerning the development and application of emerging techniques in accordance with article 27 . member states shall develop and regularly upgrade national information systems to make available to the commission in an electronic format the information referred to in the first subparagraph . member states shall make available to the public a summary of the information provided .


### in the case of continuous measurements , the emission limit values set out in parts 1 and 2 shall be regarded as having been complied with if the evaluation of the measurement results indicates , for operating hours within a calendar year , that all of the following conditions have been met : no validated monthly average value exceeds the relevant emission limit values set out in parts 1 and 2 ; no validated daily average value exceeds 110 % of the relevant emission limit values set out in parts 1 and 2 ; in cases of combustion plants composed only of boilers using coal with a total rated thermal input below 50 mw , no validated daily average value exceeds 150 % of the relevant emission limit values set out in parts 1 and 2 , 95 % of all the validated hourly average values over the year do not exceed 200 % of the relevant emission limit values set out in parts 1 and 2 . ### in the case of continuous measurements , the emission limit values set out in parts 1 and 2 shall be regarded as having been complied with if the evaluation of the measurement results indicates , for operating hours within a calendar year , that all of the following conditions have been met : no validated daily average value exceeds the relevant emission limit values set out in parts 1 and 2 ; 95 % of all the validated hourly average values over the year do not exceed 200 % of the relevant emission limit values set out in parts 1 and 2 .


### in order to avoid duplication of regulation , the permit for an installation covered by directive 2003 / 87 / ec of the european parliament and of the council of 13 october 2003 establishing a scheme for greenhouse gas emission allowance trading within the community should not include an emission limit value for direct emissions of the greenhouse gases specified in annex i to that directive except where it is necessary to ensure that no significant local pollution is caused or where an installation is excluded from that scheme . ### in order to avoid duplication of regulation , the permit for an installation covered by directive 2003 / 87 / ec of the european parliament and of the council of 13 october 2003 establishing a scheme for greenhouse gas emission allowance trading within the community is not required to include an emission limit value for direct emissions of the greenhouse gases specified in annex i to that directive except where it is necessary to ensure that no significant local pollution is caused or where an installation is excluded from that scheme .


### within five years of publication of decisions on bat conclusions in accordance with article 13 relating to the main activity of an installation , the competent authority shall ensure that : ### within four years of publication of decisions on bat conclusions in accordance with article 13 relating to the activity of an installation , the competent authority shall ensure that :


### member states shall ensure that information is made available to the commission on the implementation of this directive , on representative data on emissions and other forms of pollution , on emission limit values , on the application of best available techniques in accordance with articles&#160 ; 14 and 15 and on progress made concerning the development and application of emerging techniques in accordance with article 27 . member states shall make the information available in an electronic format . ### member states shall ensure that information is made available to the commission on the implementation of this directive , on representative data on the emissions and other environmental effects , on emission limit values , on the application of best available techniques in accordance with articles 14 and 15 and on the derogations granted in accordance with article 15 . member states shall develop and regularly upgrade national information systems to make available to the commission in an electronic format the information referred to in the first subparagraph . member states shall make available to the public a summary of the information provided .


### where emissions of a greenhouse gas from an installation are specified in annex i to directive 2003 / 87 / ec in relation to an activity carried out in that installation , the permit shall not include an emission limit value for direct emissions of that gas , unless necessary to ensure that no significant local pollution is caused . ### where emissions of a greenhouse gas from an installation are specified in annex i to directive 2003 / 87 / ec in relation to an activity carried out in that installation , member states may choose not to impose an emission limit value for direct emissions of that gas , unless necessary to ensure that no significant local pollution is caused .


### upon definitive cessation of the activities , the operator shall assess the state of the soil and groundwater contamination by relevant hazardous substances used , produced or released by the installation . where the installation has caused significant pollution of soil or groundwater by relevant hazardous substances compared to the state established in the baseline report referred to in paragraph 2 , the operator shall take the necessary measures to address that pollution so as to return the site to that state . for that purpose , the technical feasibility of such measures may be taken into account . ### upon definitive cessation of the activities , the operator shall inform the competent authority and assess the state of the soil and groundwater contamination by relevant hazardous substances used , produced or released by the installation . where the installation has caused pollution of soil or groundwater by relevant hazardous substances compared to the state established in the baseline report referred to in paragraph 2 , the operator shall take the necessary measures to address that pollution so as to return the site to that state . member states may require the operator to bring the site in a state leading to further improvements of soil and groundwater quality compared to the state established in the baseline report .


### ' operating hours ' means the time , expressed in hours , during which a combustion plant , in whole or in part , is operating and discharging emissions into the air , excluding start - up and shut - down periods ; ### ' operating hours ' means the time , expressed in hours , during which a combustion plant , in whole or in part , is operating and discharging emissions into the air , including start - up and shut - down periods ;


### “4 . activities relating to pharmacovigilance , to the operation of communications networks and to market surveillance shall be under the permanent control of the management board in order to guarantee the independence of the agency . this shall not preclude the collection of fees to be paid by marketing authorisation holders for the carrying out of these activities by the agency . ' ### “4 . activities relating to pharmacovigilance , to the operation of communications networks and to market surveillance shall receive adequate public funding commensurate with the task conferred . '


### identifying the beneficial owner and taking reasonable measures to verify his identity so that the institution or person covered by this directive is satisfied that it knows who the beneficial owner is , including , as regards legal persons , trusts and similar legal arrangements , taking reasonable measures to understand the ownership and control structure of the customer ; ### identifying the beneficial owners and taking reasonable measures to verify their identity so that the institution or person covered by this directive is satisfied that it knows who the beneficial owners are , including , as regards legal persons , trusts and similar legal arrangements , taking reasonable measures to understand the ownership and control structure of the customer ;


### the commission may lend such assistance as may be needed to facilitate coordination , including the exchange of information between fius within the union . it may regularly convene meetings with representatives from member states’ fius to facilitate co - operation and to exchange views on co - operation related issues . ### the commission shall lend such assistance as may be needed to facilitate coordination , including the exchange of information between fius within the union . it shall regularly convene meetings with representatives from member states’ fius to facilitate co - operation and to exchange views on co - operation related issues .


### where , following the selection procedure laid down in articles 7 to 10 , a supplier of groundhandling services mentioned in paragraph 1 loses its authorisation to provide these services , member states may require supplier of groundhandling services which subsequently provide these services to grant staff previously hired to provide these services the rights to which they would have been entitled if there had been a transfer within the meaning of council directive 2001 / 23 / ec . ### where , following the selection procedure laid down in articles 7 to 10 , a supplier of groundhandling services mentioned in paragraph 1 loses its authorisation to provide these services or where a service provider ceases to provide groundhandling services to an airport user or where a self - handling airport user decides to cease self - handling , member states shall require supplier of groundhandling services or self - handling airport users which subsequently provide these services to grant staff previously hired to provide these services the rights to which they would have been entitled if there had been a transfer within the meaning of council directive 2001 / 23 / ec . article 4 , second sentence , of directive 2001 / 23 / ec shall not apply to the cases referred to in the first sentence of this paragraph . dismissal on economic , technical or organisational grounds shall not be permitted .


### specific derogations from regulation no … / 2013 [ h2020 rfp ] are necessary as the aal programme is intended as a close to market innovation programme , in which many different national funding streams are joined up . those national programmes have by their nature different participation rules and cannot be expected to fully align with regulation no … / 2013 [ horizon 2020 rules for participation ] . in addition , the aal programme is targeting in particular small and medium - sized enterprises and user organisations not usually participating in union research and innovation activities . in order to facilitate the participation of those enterprises and organisations , the union financial contribution is provided in accordance with the well - known rules of their national funding programmes and implemented through a single grant combining union funding with the corresponding national funding . ### the aal programme is intended as a close to market innovation programme , in which many different national funding streams are joined up . although national programmes have by their nature different participation rules , participation under this programme should be aligned with regulation no . . . / 2013 [ horizon 2020 rules for participation ] . in addition , the aal programme is targeting in particular small and medium - sized enterprises and user organisations not usually participating in union research and innovation activities . in order to facilitate the participation of those enterprises and organisations , the union financial contribution may be provided through the national funding bodies and implemented through a single grant combining union funding with the corresponding national funding .


### specific derogations from regulation no … / 2013 [ h2020 rfp ] are necessary as the aal programme is intended as a close to market innovation programme , in which many different national funding streams are joined up . those national programmes have by their nature different participation rules and cannot be expected to fully align with regulation no … / 2013 [ horizon 2020 rules for participation ] . in addition , the aal programme is targeting in particular small and medium - sized enterprises and user organisations not usually participating in union research and innovation activities . in order to facilitate the participation of those enterprises and organisations , the union financial contribution is provided in accordance with the well - known rules of their national funding programmes and implemented through a single grant combining union funding with the corresponding national funding . ### specific derogations from regulation no … / 2013 [ h2020 rfp ] are necessary as the aal programme is intended as a close to market innovation programme , in which many different national funding streams are joined up . those national programmes have by their nature different participation rules and cannot be expected to immediately fully align with regulation no … / 2013 [ horizon 2020 rules for participation ] . however , the aal programme should further address the complexity arising from different countries ' financial and national eligibility and its effects on implementation and participation . in addition , the aal programme is targeting in particular small and medium - sized enterprises and user organisations not usually participating in union research and innovation activities . in order to facilitate the participation of those enterprises and organisations , the union financial contribution should be provided in accordance with the well - known rules and implemented through a single grant combining union funding with the corresponding national funding .