### member states shall provide that each supervisory authority must in particular be endowed with : investigative powers , such as powers of access to data forming the subject matter of processing operations and powers to collect all the information necessary for the performance of its supervisory duties ; effective powers of intervention , such as the delivering of opinions before processing is carried out , and ensuring appropriate publication of such opinions , ordering the restriction , erasure or destruction of data , imposing a temporary or definitive ban on processing , warning or admonishing the controller , or referring the matter to national parliaments or other political institutions ; the power to engage in legal proceedings where the provisions adopted pursuant to this directive have been infringed or to bring this infringement to the attention of the judicial authorities . ### member states shall provide that each supervisory authority has the power : to notify the controller or the processor of an alleged breach of the provisions governing the processing of personal data , and , where appropriate , order the controller or the processor to remedy that breach , in a specific manner , in order to improve the protection of the data subject ; to order the controller to comply with the data subject ' s requests to exercise his or her rights under this directive , including those provided by articles 12 to 17 where such requests have been refused in breach of those provisions ; to order the controller or the processor to provide information pursuant to article 10 and and articles 11 , 28 and 29 ; to ensure compliance with opinions on prior consultations referred to in article 26 ; to warn or admonish the controller or the processor ; to order the rectification , erasure or destruction of all data when they have been processed in breach of the provisions adopted pursuant to this directive and the notification of such actions to third parties to whom the data have been disclosed ; to impose a temporary or definitive ban on processing ; to suspend data flows to a recipient in a third country or to an international organisation ; to inform national parliaments , the government or other public institutions as well as the public on the matter . 2 . each supervisory authority shall have the investigative power to obtain from the controller or the processor : access to all personal data and to all information necessary for the performance of its supervisory duties , access to any of its premises , including to any data processing equipment and means , in accordance with national law , where there are reasonable grounds for presuming that an activity in violation of the provisions adopted pursuant to this directive is being carried out there , without prejudice to a judicial authorisation if required by national law . 3 . each supervisory authority shall have the power to bring violations of the provisions adopted pursuant to this directive to the attention of the judicial authorities and to engage in legal proceedings and bring an action to the competent court pursuant to article 53 . 4 . each supervisory authority shall have the power to impose penalties in respect of administrative offences .


### a participant to a securities settlement system that fails to deliver the financial instruments referred to in article 5 to the receiving participant on the intended settlement date shall be subject to a buy - in whereby those instruments shall be bought in the market no later than four days after the intended settlement date and delivered to that receiving participant and other measures in accordance with paragraph 4 . ### a participant to a securities settlement system that fails to deliver the financial instruments referred to in article 5 to the receiving participant on the intended settlement date shall be subject to a buy - in whereby those instruments shall be bought in the market within four days of the date on which settlement was due and delivered to that receiving participant and shall comply with the binding measures in accordance with paragraph 4 .


### for each securities settlement system it operates , a csd shall establish procedures that facilitate settlement of transactions in financial instruments referred to in article 5 that are not settled on the intended settlement date . these procedures shall provide for a sufficiently deterrent penalty mechanism for participants that cause the settlement fails . ### for each securities settlement system it operates , a csd shall establish procedures that facilitate settlement of transactions in financial instruments referred to in article 5 that are not settled on the intended settlement date . these procedures shall provide for a uniform , sufficiently deterrent penalty mechanism for participants that cause the settlement fails .


### where the csd has seriously and systematically infringed the requirements set out in this regulation . ### where the csd has seriously or systematically infringed the requirements set out in this regulation .


### the delegation of power referred to in articles 2 and 10 of this regulation shall be conferred for an indeterminate period of time from the [ date of entry into force of the basic legislative act or from any other date set by the legislator . ] ### the delegation of power referred to in articles 10 and 11 of this regulation shall be conferred for a period of 5 years from the [ date of entry into force of the basic legislative act or from any other date set by the legislator . ]


### subject to the general requirements of articles 7 and 9 and taking into account directive 2006 / 141 / ec , directive 2006 / 125 / ec and directive 1999 / 21 / ec as well as any technical and scientific progress , the commission shall be empowered to adopt delegated regulations , no later than [ 2 years after the date of the entry into force of this regulation ] , in accordance with article 15 , with respect to the following : ### subject to the general requirements of articles 7 and 9 and taking into account directive 2006 / 141 / ec , directive 2006 / 125 / ec and directive 1999 / 21 / ec , and regulation no 41 / 2009 as well as any technical and scientific progress , the commission shall be empowered to adopt delegated regulations for foods covered under article 1 no later than [ 2 years after the date of the entry into force of this regulation ] , in accordance with article 15 , with respect to the following :


### this regulation should provide the criteria for the establishment of the specific compositional and information requirements for infant formula , follow - on formula , processed cereal - based food and baby food , and food for special medical purposes , taking into account commission directive 2006 / 141 / ec , commission directive 2006 / 125 / ec and commission directive 1999 / 21 / ec . in order to adapt the definitions of infant formula , follow - on formula , processed cereal - based food and baby food , and food for special medical purposes laid down in this regulation taking into account technical and scientific progress and relevant developments at international level , to lay down the specific compositional and information requirements with respect to the categories of food covered by this regulation , including for additional labelling requirements to , or derogations from , the provisions of directive 2000 / 13 / ec and for the authorisation of nutrition and health claims , the power to adopt acts in accordance with article 290 of the treaty on the functioning of the european union should be delegated to the commission . it is of particular importance that the commission carries out appropriate consultations during its preparatory work , including at expert level . the commission , when preparing and drawing - up delegated acts , should ensure a simultaneous , timely and appropriate transmission of relevant documents to the european parliament and council . ### this regulation should provide the criteria for the establishment of the specific compositional and information requirements for infant formula , follow - on formula , processed cereal - based food and baby food , food for special medical purposes , and food for people intolerant to gluten , taking into account commission directive 2006 / 141 / ec , commission directive 2006 / 125 / ec and commission directive 1999 / 21 / ec , commission regulation no 41 / 2009 . in order to adapt the definitions of infant formula , follow - on formula , processed cereal - based food and baby food , and food for special medical purposes , and food for people intolerant to gluten laid down in this regulation taking into account technical and scientific progress and relevant developments at international level , to lay down the specific compositional and information requirements with respect to the categories of food covered by this regulation , including for additional labelling requirements to , or derogations from , the provisions of directive 2000 / 13 / ec and for the authorisation of nutrition and health claims , the power to adopt acts in accordance with article 290 of the treaty on the functioning of the european union should be delegated to the commission . it is of particular importance that the commission carries out appropriate consultations during its preparatory work , including at expert level . the commission , when preparing and drawing - up delegated acts , should ensure a simultaneous , timely and appropriate transmission of relevant documents to the european parliament and council .


### currently , the statements ‘ gluten - free’ and ‘ very low gluten’ may be used for food intended for particular nutritional uses and for food for normal consumption under the rules specified in commission regulation no 41 / 2009 concerning the composition and labelling of foodstuffs suitable for people intolerant to gluten . such statements could be construed as nutrition claims , as defined in regulation no 1924 / 2006 . for the sake of simplification , those statements should be regulated solely by regulation no 1924 / 2006 and comply with requirements therein . it is necessary that technical adaptations pursuant to regulation no 1924 / 2006 , incorporating the nutrition claims ' gluten - free ' and ' very low gluten ' and their associated conditions of use as regulated under regulation no 41 / 2009 be completed prior to the entry into application of this regulation . ### currently , the statements ‘ gluten - free’ and ‘ very low gluten’ may be used for food for specialised nutrition intended for people intolerant to gluten under the rules specified in article 3 of commission regulation no 41 / 2009 concerning the composition and labelling of foodstuffs suitable for people intolerant to gluten . in addition , the statement ' gluten - free ' may be used for foodstuffs for normal consumption and other food for specialised nutrition suitable for people intolerant to gluten under the rules specified in article 4 of commission regulation no 41 / 2009 concerning the composition and labelling of foodstuffs suitable for people intolerant to gluten , which do not allow the use of the statement ' very low gluten ' for these foods . such food for specialised nutrition intended for people intolerant to gluten shall be maintained in this regulation , as providing such safe food intended for people intolerant to gluten and informing coeliacs about the absence of gluten is vital to the management of the disease . this is in line with the international standard for food for special dietary use for persons intolerant to gluten . also the conditions of use of the claim ‘ gluten - free’ for food for normal consumption should be maintained in regulation no 41 / 2009 .


### the dissemination of any useful information or recommendations with reference to the categories of food referred to in article 1 may be made exclusively by persons having qualifications in medicine , nutrition , pharmacy or other professionals responsible for maternal and child health care . ### responsibility for disseminating any useful information or recommendations with reference to the categories of food referred to in article 1 shall lie exclusively with persons having qualifications in medicine , nutrition , pharmacy or other professionals responsible for maternal and child health care and shall be based on scientific data that can be independently verified .


### a limited number of categories of food constitutes the sole source of nourishment of certain groups of the population or represent a partial source of nourishment ; such categories of food are vital for the management of certain conditions and / or are essential to maintain the intended nutritional adequacy for certain well - established vulnerable groups of the population . those categories of food include infant formulae and follow - on formulae , processed cereal - based food and baby food and food for special medical purposes . experience has shown that the provisions laid down in commission directive 2006 / 141 / ec , commission directive 2006 / 125 / ec , as well as commission directive 1999 / 21 / ec ensure the free movement of such food in a satisfactory manner , while ensuring a high level of protection of public health . it is therefore appropriate that this regulation focuses on the general compositional and information requirements for infant formula and follow - on formulae , processed cereal - based food and baby food for infants and young children and to food for special medical purposes , taking into account commission directive 2006 / 141 / ec , commission directive 2006 / 125 / ec and commission directive 1999 / 21 / ec . ### a limited number of categories of food constitutes the sole source of nourishment of certain groups of the population or represent a partial source of nourishment ; such categories of food are vital for the management of certain conditions and / or are essential to maintain the intended nutritional adequacy for certain well - established vulnerable groups of the population . those categories of food include infant formulae and follow - on formulae , processed cereal - based food and baby food , food for medical purposes , and food for people intolerant to gluten . experience has shown that the provisions laid down in commission directive 2006 / 141 / ec , commission directive 2006 / 125 / ec , commission directive 1999 / 21 / ec and commission regulation no 41 / 2009 ensure the free movement of such food in a satisfactory manner , while ensuring a high level of protection of public health . it is therefore appropriate that this regulation focuses on the general compositional and information requirements for infant formula and follow - on formulae , processed cereal - based food and baby food for infants and young children , food for special medical purposes , and food for people intolerant to gluten , taking into account commission directive 2006 / 141 / ec , commission directive 2006 / 125 / ec , commission directive 1999 / 21 / ec and commission regulation no 41 / 2009 .


### the delegation of power referred to in articles 2 and 10 of this regulation shall be conferred for an indeterminate period of time from the [ date of entry into force of the basic legislative act or from any other date set by the legislator . ] ### the delegation of power referred to in articles 2 and 10 of this regulation shall be conferred for a period of five years starting from the date of its entry into force . the commission shall submit a report on the delegation of power no later than six months before the closure of the five - year period . the delegation of power shall be prolonged tacitly for identical periods of time , except where the european parliament or the council have expressed their opposition to such prolongation no later than three months before the closure of a given period .


### directive 2009 / 39 / ec foresees that specific provisions could be adopted regarding the two following specific categories of food falling within the definition of foodstuffs for particular nutritional uses : ' food intended to meet the expenditure of intense muscular effort , especially for sportsmen ' and ' food for persons suffering from carbohydrate metabolism disorders ' . with regard to food intended to meet the expenditure of intense muscular effort , no successful conclusion could be reached as regard the development of specific provisions due to widely diverging views among member states and stakeholders concerning the scope of the specific legislation , the number of sub - categories of the food to be included , the criteria for establishing composition requirements and the potential impact on innovation in product development . as regards special provisions for food for persons suffering from carbohydrate metabolism disorders , a commission report concludes that the scientific basis for setting specific compositional requirements is lacking . ### directive 2009 / 39 / ec foresees that specific provisions could be adopted regarding the two following specific categories of food falling within the definition of foodstuffs for particular nutritional uses : ' food intended to meet the expenditure of intense muscular effort , especially for sportsmen ' and ' food for persons suffering from carbohydrate metabolism disorders ' . with regard to food intended to meet the expenditure of intense muscular effort , no successful conclusion could be reached as regard the development of specific provisions due to widely diverging views among member states and stakeholders concerning the scope of the specific legislation , the number of sub - categories of the food to be included , the criteria for establishing composition requirements and the potential impact on innovation in product development . with a view to the proper functioning of the internal market this category of food should be governed by regulation 1924 / 2006 and should meet the requirements laid down in that regulation . as regards special provisions for food for persons suffering from carbohydrate metabolism disorders , a commission report concludes that the scientific basis for setting specific compositional requirements is lacking .


### adequate transitional measures are necessary to enable food business operators to adapt to the requirements of this regulation . ### the commission will take adequate measures to ensure legal certainty during the transition to the implementation of this regulation and to enable food business operators to adapt to the requirements of this regulation .


### the labelling , presentation and advertising of food referred to in article 1 shall provide adequate consumer information and must not be misleading . ### the labelling , presentation and advertising of food referred to in article 1 shall provide adequate consumer information , must not be misleading and shall be based on scientific data validated by the authority .


### currently , the statements ‘ gluten - free’ and ‘ very low gluten’ may be used for food intended for particular nutritional uses and for food for normal consumption under the rules specified in commission regulation no 41 / 2009 concerning the composition and labelling of foodstuffs suitable for people intolerant to gluten . such statements could be construed as nutrition claims , as defined in regulation no 1924 / 2006 . for the sake of simplification , those statements should be regulated solely by regulation no 1924 / 2006 and comply with requirements therein . it is necessary that technical adaptations pursuant to regulation no 1924 / 2006 , incorporating the nutrition claims ‘ gluten - free’ and ‘ very low gluten’ and their associated conditions of use as regulated under regulation no 41 / 2009 be completed prior to the entry into application of this regulation . ### currently , the statements ‘ gluten - free’ and ‘ very low gluten’ may be used for food for specialised nutrition intended for people intolerant to gluten under the rules specified in article 3 of commission regulation no 41 / 2009 concerning the composition and labelling of foodstuffs suitable for people intolerant to gluten . in addition , the statement ‘ gluten - free’ may be used for foodstuffs for normal consumption and other food for specialised nutrition suitable for people intolerant to gluten under the rules specified in article 4 of commission regulation no 41 / 2009 concerning the composition and labelling of foodstuffs suitable for people intolerant to gluten which do not allow the use of the statement ‘ very low gluten’ for these foods . such food for specialized nutrition intended for people intolerant to gluten shall be maintained in this regulation , as providing such safe food intended for people intolerant to gluten and informing coeliacs about the absence of gluten is vital to the management of the disease . this is in line with the international standard for food for special dietary use for persons intolerant to gluten . also the conditions of use of the claim ‘ gluten - free’ for food for normal consumption should be maintained in regulation no 41 / 2009 .


### the european parliament and the council should be kept informed of committee proceedings on a regular basis . ### the european parliament and the council should be promptly and fully informed in an equal manner of committee proceedings as soon as relevant documents are available and should have equal access to information concerning those proceedings .


### the examination procedure should only apply for the adoption of measures of general scope designed to implement basic acts and specific measures with a potentially important impact . that procedure should provide for the control of the member states in such a way that measures cannot be adopted if they are not in conformity with the opinion of the committee , except in very exceptional circumstances , where the commission should be able , in spite of a negative opinion , to adopt and apply measures for a limited period of time . the commission should be able to review the draft measures in the event that no opinion is delivered by the committee , taking into account the views expressed within the committee . ### the examination procedure should provide for the control in such a way that measures cannot be adopted if they are not in conformity with the opinion of the committee , except in very exceptional circumstances , where the commission should be able , in spite of a negative opinion , to adopt and apply measures for a limited period of time . the commission should be able to review the draft measures in the event that no opinion is delivered by the committee , taking into account the views expressed within the committee .


### the european parliament and the council shall have access to the information referred to in paragraph 1 . ### the european parliament and the council shall at the same time as the committee have access to the information referred to in paragraph 1 as well as to all other information subject to committee proceedings . subsequent modifications to documents submitted to the european parliament and the council shall be clearly identified , but under no circumstances shall those modifications reduce interinstitutional transparency .


### the european parliament and the council shall have access to the information referred to in paragraph 1 . ### the european parliament , the council and the member states shall have equal access to the information referred to in paragraph 1 . to that end , the european parliament and the council shall be sent , at the same time as the members of the committees and on the same terms , all the information referred to in paragraph 1 .


### the european parliament and the council shall have access to the information referred to in paragraph 1 . ### the european parliament , the council and the member states shall have equal access to the information referred to in paragraph 1 . to that end , the european parliament and the council shall be sent , at the same time as the members of the committees and on the same terms , all information referred to in paragraph 1 .


### if no opinion is delivered , the commission may adopt the draft measures . where the commission does not adopt the draft measures , the chairperson may submit to the committee an amended version of the draft measures . ### if no opinion is delivered , the commission shall not adopt the draft measures . the chairperson may submit to the committee the draft measures for further deliberation or submit to the committee an amended version of the draft measures . by way of derogation from the first subparagraph , if no opinion is delivered in the area of the common agricultural policy , the commission may adopt the draft measures . where the commission does not adopt the draft measures , the chairperson may submit to the committee an amended version of the draft measures .


### the european parliament and the council shall have access to the information referred to in paragraph 1 . ### the european parliament and the council shall have equal access to , and shall receive at the same time and on the same terms , the information referred to in paragraph 1 as soon as such information is available .


### criteria should be laid down to determine the procedure to be used for the adoption of implementing acts . in order to achieve greater consistency and in order to ensure that procedural requirements are proportionate to the nature of the implementing acts to be adopted , those criteria should be binding . ### without prejudice to the procedure to be used for the adoption of implementing acts , which is determined in the basic act , the examination procedure should in principle be used for the adoption of general implementing measures , where uniform conditions are needed .


### the examination procedure should only apply for the adoption of measures of general scope designed to implement basic acts and specific measures with a potentially important impact . that procedure should provide for the control of the member states in such a way that measures cannot be adopted if they are not in conformity with the opinion of the committee , except in very exceptional circumstances , where the commission should be able , in spite of a negative opinion , to adopt and apply measures for a limited period of time . the commission should be able to review the draft measures in the event that no opinion is delivered by the committee , taking into account the views expressed within the committee . ### the examination procedure should provide for control in such a way that measures cannot be adopted if they are not in conformity with the opinion of the committee , except in very exceptional circumstances , where the commission should be able , in spite of a negative opinion , to adopt and apply measures for a limited period of time . the commission should be able to review the draft measures in the event that no opinion is delivered by the committee , taking into account the views expressed within the committee .


### the european parliament and the council shall have access to the information referred to in paragraph 1 . ### the european parliament and the council shall have equal access to the information referred to in paragraph 1 . to that end , the european parliament and the council shall be sent all information referred to in paragraph 1 at the same time and on the same terms as it is sent to the committee members .


### ' conferred powers and committee procedures ' ### ' delegated powers '


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


### the regulations establishing the esfs provide for a mechanism to settle disagreements between competent national authorities . where a competent authority disagrees on the procedure or content of an action or inaction by another competent authority in areas where the relevant legislation requires cooperation , coordination or joint decision making by competent national authorities from more than one member state , the european supervisory authorities , at the request of one of the competent authorities concerned , may assist the authorities in reaching an agreement within the time limit set by the european supervisory authority which takes into account any relevant time limits in the relevant legislation , and the urgency and complexity of the disagreement . in the event that such disagreement persists , the european supervisory authorities may settle the matter . ### the regulations establishing the esfs provide for a mechanism to settle disagreements between competent national authorities . where a competent authority disagrees with the procedure or content of an action or inaction by another competent authority in areas specified in union legislation in accordance with regulation . . . / . . . [ eba ] , regulation . . . / . . . [ esma ] and regulation . . . / . . . [ eiopa ] , where the relevant legislation requires cooperation , coordination or joint decision making by competent national authorities from more than one member state , the european supervisory authorities , at the request of one of the competent authorities concerned , may assist the authorities in reaching an agreement within the time limit set by the european supervisory authority which takes into account any relevant time limits in the relevant legislation , and the urgency and complexity of the disagreement . in the event that such disagreement persists , the european supervisory authorities may settle the matter .


### ' 6 . in order to ensure uniform application of paragraphs 1 and 2 , the european securities and markets authority may develop draft technical standards to determine the conditions of application relating to the obligation for competent authorities to cooperate according to paragraph 1 and to the content of the cooperation agreements according to paragraph 2 , including the development of standard forms and templates . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### ' 6 . in order to ensure uniform application of paragraphs 1 and 2 , the european securities and markets authority shall develop draft technical standards to determine the conditions of application relating to the obligation for competent authorities to cooperate according to paragraph 1 and to the content of the cooperation agreements according to paragraph 2 , including the development of standard forms and templates . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts pursuant article 291 of the treaty on the functioning of the european union . '


### ' 2 . member states shall provide that reporting shall be carried out at least twice a year . the competent authorities shall apply , from 31 december 2012 , uniform formats , frequencies , language and dates of reporting . in order to ensure uniform application of the directive , the european banking authority shall develop draft technical standards to introduce , within the community , uniform formats , frequencies , language and dates of reporting before 1 january 2012 . the reporting formats shall be proportionate to the nature , scale and complexity of the credit institutions ' activities . ### ' 2 . member states shall provide that reporting shall be carried out at least twice a year . the competent authorities shall apply , from 31 december 2012 , uniform formats , frequencies , it language and dates of reporting . in order to ensure consistent harmonisation and uniform application of the directive , the european banking authority shall develop draft technical standards to introduce , within the community , uniform formats , frequencies , it language and dates of reporting before 1 january 2012 . the reporting formats shall be proportionate to the nature , scale and complexity of the credit institutions ' activities .


### ' if , at the end of the two month period , a competent authority has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall await any decision that the european banking authority may take in accordance with article 11 of that regulation , and shall act in conformity with that decision . the two month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the two month period or after a joint decision has been reached ' . ### ' if , at the end of the initial two month period , any of the competent authorities concerned has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the competent authorities of the host member state shall await the decision that the european banking authority may take in accordance with article 11 of that regulation to settle the matter in order to ensure compliance with eu law , and shall take their final decision in conformity with the authority ' s decision . the authority ' s decision shall not replace the prudential judgement of the competent authorities of the member state . the two month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the initial two month period or after a joint decision has been reached ' .


### in article 51 , the following paragraph 5 is added : ' 5 . in order to ensure uniform application of this article , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the criteria and rules referred to in points , and of paragraph 4 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### the following paragraph 5 is added : ' 5 . in order to ensure uniform application of this article , the european securities and markets authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the criteria and rules referred to in points , and of paragraph 4 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts in accordance with article 291 of the treaty on the functioning of the european union . '


### in order to ensure uniform application of this directive , the european insurance and occupational pension authority shall develop draft technical standards listing for each member state provisions of prudential nature relevant to the field of occupational pension schemes which are not covered by the reference to national social and labour law in paragraph 1 . the authority shall submit those draft technical standards to the commission by 1 january 2014 . ### in order to ensure uniform application of this directive , the european insurance and occupational pension authority shall develop draft technical standards listing for each member state provisions of prudential nature relevant to the field of occupational pension schemes . the authority shall submit those draft technical standards to the commission by 1 january 2014 .


### in order for the european system of financial supervisors to work effectively , changes to community legislation in the field of operation of the three authorities are necessary . these changes concern the definition of the scope of certain powers of the european supervisory authorities , the integration of certain powers in existing processes established in relevant community legislation and amendments to ensure a smooth and effective functioning in the context of the european system of financial supervisors . ### in order for the european system of financial supervisors to work effectively , changes to union legislation in the field of operation of the three authorities are necessary . these changes concern the definition of the scope of certain powers of the european supervisory authorities , the integration of certain powers established in union legislation and amendments to ensure a smooth and effective functioning in the context of the european system of financial supervisors .


### the establishment of the three european supervisory authorities should be accompanied by the development of a single set of harmonised rules so as to ensure uniform application and thus contribute to a more effective functioning of the internal market . the regulations establishing the esfs provide that the european supervisory authorities may develop draft technical standards in the areas specifically set out in the relevant legislation , to be submitted to the commission for adoption by means of regulations or decisions . the relevant legislation should define those areas where the european supervisory authorities are empowered to develop draft technical standards . ### the establishment of the three european supervisory authorities should be accompanied inter alia by the development of a single rule book to ensure consistent harmonisation and uniform application and thus contribute to a more effective functioning of the internal market .


### in those areas where the authorities are under an obligation to develop draft technical standards , those draft technical standards should be submitted to the commission within three years of the creation of the authorities . ### in those areas where the authorities are under an obligation to develop draft technical standards , those draft technical standards should be submitted to the commission within three years of the creation of the authorities unless another deadline is established by the relevant regulation .


### ' 11 . in order to ensure uniform application of this directive , the european insurance and occupational pension authority shall develop draft technical standards listing for each member state provisions of prudential nature relevant to the field of occupational pension schemes which are not covered by the reference to national social and labour law in paragraph 1 . the authority shall submit those draft technical standards to the commission by 1 january 2014 . ### ' 11 . in order to ensure consistent harmonisation and uniform application of this directive , the european insurance and occupational pension authority shall develop draft technical standards listing for each member state provisions of prudential nature relevant to the field of occupational pension schemes which are not covered by the reference to national social and labour law in paragraph 1 . the authority shall submit those draft technical standards to the commission by 1 january 2014 .


### in article 61 , the following paragraph 4 is added : ' 4 . in order to ensure uniform application of this article , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the agreement and types of irregularities referred to in points and of paragraph 3 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### the following paragraph 4 is added : ' 4 . in order to ensure uniform application of this article , the european securities and markets authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the agreement and types of irregularities referred to in points and of paragraph 3 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts in accordance with article 291 of the treaty on the functioning of the european union . '


### in order to ensure uniform application of this article , the european banking authority shall develop draft technical standards to determine the conditions of application of this article and a common risk assessment procedure . the authority shall submit those draft technical standards to the commission by 1 january 2014 . ### in order to ensure uniform application of this article , the european banking authority shall develop draft technical standards to determine the conditions of application of this article and a common risk assessment procedure and methodology . the authority shall submit those draft technical standards to the commission by 1 january 2014 .


### in order to ensure uniform application of this article and of articles 7 , 9 - , 10 - , and 12 , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the requirements and procedures for such authorisation as laid down in this article and in articles 7 , 9 - , 10 - and 12 . ### in order to ensure consistent harmonisation and uniform application of this article and of article 5 , article 9 to , article 10 and , and article 12 , the european securities and markets authority shall develop draft technical standards to : specify the requirements regarding the head office under article 5 ; determine the information to be provided to the competent authorities under article 7 ; determine the information and develop standard forms , templates and procedures for the notification provided for in article 9 ; specify the requirements under article 9 to and article 10 and ; and specify the initial capital requirement under article 12 .


### ' 4 . in order to ensure uniform application of this article and of articles 7 , 9 - , 10 - , and 12 , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the requirements and procedures for such authorisation as laid down in this article and in articles 7 , 9 - , 10 - and 12 . ### ' 4 . in order to ensure consistent harmonisation and uniform application of this article and of articles 5 , 9 - , 10 - , and 12 , the european securities and markets authority shall develop draft technical standards : to specify the requirements regarding the head office under article 5 ; to determine the information to be provided to the competent authorities under article 7 ; to determine the information and to develop standard forms , templates and procedures for the notification provided for in article 9 and article 9 ; to specify the requirements under articles 9 to 9 and 10 and ; and to specify the initial capital requirement under article 12 .


### in order to ensure uniform application of this directive and to take account of technical developments on financial markets , the european securities and markets authority may develop draft technical standards to determine the conditions of application relating to the procedures for the notification of the certificate of approval , the copy of the prospectus , the translation of the summary and any supplement to the prospectus . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### in order to ensure uniform application of this directive and to take account of technical developments on financial markets , the european securities and markets authority shall develop draft technical standards to determine the conditions of application relating to the procedures for the notification of the certificate of approval , the copy of the prospectus , the translation of the summary and any supplement to the prospectus . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure subparagraph in accordance with the procedure for implementing acts pursuant to article 291 of the treaty on the functioning of the european union . '


### if , at the end of the two month period , a competent authority has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall await any decision that the european banking authority may take in accordance with article 11 of that regulation , and shall act in conformity with that decision . the two month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the two month period or after a joint decision has been reached . ### if , at the end of the two month period following receipt of a request under the first subparagraph any of the competent authorities concerned has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the competent authorities of the host member state shall await the decision that the european banking authority may take in accordance with article 11 of that regulation to settle the matter in order to ensure compliance with union law , and shall take their final decision in conformity with the authority ' s decision . the authority ' s decision shall not replace the prudential judgement of the competent authorities of the member state . the two month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of that two month period or after a joint decision has been reached .


### ' 3 . in order to ensure uniform application of this article , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the criteria , principles and steps referred to in points , , and of the first subparagraph of this article . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### ' 3 . in order to ensure uniform application of this article , the european securities and markets authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the criteria , principles and steps referred to in points , , and of paragraph 2 of this article . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts pursuant article 291 of the treaty . '


### if , at the end of the six month period , a competent authority has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall await any decision that the european banking authority may take in accordance with article 11 of that regulation , and shall act in conformity with that decision . the six month period shall be deemed the conciliation period within the meaning of the regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the six month period or after a joint decision has been reached ### if , at the end of the six - month period , any of the competent authorities concerned has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall defer its decision and await any decision that the european banking authority may take in accordance with article 11 of that regulation on its decision , and shall take its decision in conformity with the european banking authority ' s decision . the six - month period shall be deemed to be the conciliation period within the meaning of the regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the six - month period or after a joint decision has been reached . decisions taken by the european banking authority shall not replace the lawful exercise of judgment by the competent authorities of the consolidating supervisor pursuant to this directive .


### if , at the end of the six month period , a competent authority has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall await any decision that the european banking authority may take in accordance with article 11 of that regulation , and shall act in conformity with that decision . the six month period shall be deemed the conciliation period within the meaning of the regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the six month period or after a joint decision has been reached . ### if , at the end of the six month period , any of the competent authorities concerned has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall defer its decision and await any decision that the european banking authority may take in accordance with article 11 of that regulation to settle the matter in order to ensure compliance with union law , and shall take its final decision in conformity with the authority ' s decision . the authority ' s decision according to the precautionary principle shall not replace the consolidating supervisor ' s additional prudential judgement . the six month period shall be deemed the conciliation period within the meaning of the regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the six month period or after a joint decision has been reached .


### in article 95 , paragraph 2 is replaced by the following : ' 2 . in order to ensure uniform application of article 93 , the european securities and markets authority may develop draft technical standards to determine the conditions of application with regard to : the form and contents of a standard model notification letter to be used by ucits for the purpose of notification referred to in article 93 , including an indication as to which documents the translations refer to ; the form and contents of a standard model attestation to be used by competent authorities of member states referred to in article 93 ; the procedure for the exchange of information and the use of electronic communication between competent authorities for the purpose of notification under the provisions of article 93 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### paragraph 2 is replaced by the following : ' 2 . in order to ensure uniform application of article 93 , the european securities and markets authority shall develop draft technical standards to specify : the form and contents of a standard model notification letter to be used by ucits for the purpose of notification referred to in article 93 , including an indication as to which documents the translations refer to ; the form and contents of a standard model attestation to be used by competent authorities of member states referred to in article 93 ; the procedure for the exchange of information and the use of electronic communication between competent authorities for the purpose of notification under the provisions of article 93 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing actsin accordance with article 291 of the treaty on the functioning of the european union . '


### ' in order to ensure uniform application of this article , the european banking authority , in consultation with the european securities and market authority , shall develop draft technical standards to determine the conditions of application of the assessment methodology relating to credit assessments . the authority shall submit those draft technical standards to the commission by 1 january 2014 . ### ' in order to ensure consistent harmonisation and uniform application of this article , the european banking authority , in consultation with the european securities and market authority , shall develop draft technical standards to specify the assessment methodology relating to credit assessments . the authority shall submit those draft technical standards to the commission by 1 january 2014 .


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


### in the absence of such a joint decision between the competent authorities within four months , a decision on the application of articles 123 and 124 and article 136 shall be taken on a consolidated basis by the consolidating supervisor after duly considering the risk assessment of subsidiaries performed by relevant competent authorities . if , at the end of the four month period , a competent authority has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall await any decision that the european banking authority may take in accordance with article 11 of that regulation , and shall act in conformity with that decision . the four month period shall be deemed the conciliation period within the meaning of the regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the four month period or after a joint decision has been reached . ### in the absence of such a joint decision between the competent authorities within four months , a decision on the application of articles 123 and 124 and article 136 shall be taken on a consolidated basis by the consolidating supervisor after duly considering the risk assessment of subsidiaries performed by relevant competent authorities . if , at the end of the four month period , any of the competent authorities concerned has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall defer its decision and await any decision that the european banking authority may take in accordance with article 11 of that regulation to settle the matter in order to ensure compliance with union law , and shall take its final decision in conformity with the authority ' s decision . the authority ' s decision according to the precautionary principle shall not replace the consolidating supervisor ' s additional prudential judgement . the four month period shall be deemed the conciliation period within the meaning of the regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the four month period or after a joint decision has been reached .


### in article 78 , the following paragraph 8 is added : ' 8 . in order to ensure uniform application of this article , the european securities and markets authority may develop draft technical standards for endorsement by the commission to determine the conditions of application of the implementing measures adopted by the commission regarding the information referred to in paragraph 3 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### the following paragraph 8 is added : ' 8 . in order to ensure uniform application of this article , the european securities and markets authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission according to paragraph 7 regarding the information referred to in paragraph 3 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts pursuant article 291 of the treaty '


### ' 4 . in order to ensure uniform application of this article and establish a uniform notification procedure by electronic means , the european banking authority shall develop draft technical standards to determine the conditions of application of the information referred to in this article and the process for transmitting this information . the authority shall submit those draft technical standards to the commission by 1 january 2014 . ### ' 4 . in order to ensure consistent harmonisation and uniform application of this article the european banking authority shall develop draft technical standards to establish a uniform notification procedure applicable and specify the information to be notified according to this article and the process for transmitting this information by secure electronic means . the authority shall submit those draft technical standards to the commission by 1 january 2014 .


### ' if , at the end of the two month period , a competent authority has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall await any decision that the european banking authority may take in accordance with article 11 of that regulation , and shall act in conformity with that decision . the two month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the two month period or after a joint decision has been reached ' . ### ' if , at the end of the initial two month period , any of the competent authorities concerned has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the competent authorities of the host member state shall await the decision that the european banking authority may take in accordance with article 11 of that regulation to settle the matter in order to ensure compliance with eu law , and shall take their final decision in conformity with the authority ' s decision . the authority ' s decision shall not replace the prudential judgement of the competent authorities of the member state . the two month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the initial two month period or after a joint decision has been reached ' .


### in order for the european system of financial supervisors to work effectively , changes to community legislation in the field of operation of the three authorities are necessary . these changes concern the definition of the scope of certain powers of the european supervisory authorities , the integration of certain powers in existing processes established in relevant community legislation and amendments to ensure a smooth and effective functioning in the context of the european system of financial supervisors . ### in order for the european system of financial supervisors to work effectively , changes to union legislation in the field of operation of the three authorities are necessary . these changes concern the definition of the scope of certain powers of the european supervisory authorities , the integration of certain powers established in union legislation and amendments to ensure a smooth and effective functioning in the context of the european system of financial supervisors .


### ' the decision on the application of articles 123 and 124 and article 136 shall be taken by the respective competent authorities responsible for supervision of subsidiaries of an eu parent credit institution or an eu parent financial holding company on an individual or sub - consolidated basis after duly considering the views and reservations expressed by the consolidating supervisor . if , at the end of the four month period , the consolidating supervisor has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the competent authorities shall await any decision that the european banking authority shall take in accordance with article 11 of that regulation , and shall act in conformity with that decision . the four month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the four month period or after a joint decision has been reached . ' ### ' the decision on the application of articles 123 and 124 and article 136 shall be taken by the respective competent authorities responsible for supervision of subsidiaries of an eu parent credit institution or an eu parent financial holding company on an individual or sub - consolidated basis after duly considering the views and reservations expressed by the consolidating supervisor . if , at the end of the four month period , any of the competent authorities concerned has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the competent authorities shall defer their decision and await any decision that the european banking authority shall take in accordance with article 11 of that regulation to settle the matter in order to ensure compliance with union law , and shall take its final decision in conformity with the authority ' s decision . the authority ' s decision according to the precautionary principle shall not replace the consolidating supervisor ' s additional prudential judgement . the four month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the four month period or after a joint decision has been reached . '


### ' in order to ensure uniform application of this paragraph , the european banking authority shall develop draft technical standards in order to determine the conditions of application of the exemptions in point and . the authority shall submit those draft technical standards to the commission by 1 january 2014 . the commission may adopt those draft technical standards in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ eba ] ' . ### ' in order to ensure consistent harmonisation and uniform application of this paragraph , the european banking authority shall develop draft technical standards in order to specify exemptions in point and . the authority shall submit those draft technical standards to the commission by 1 january 2014 . the commission may adopt those draft technical standards in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ eba ] ' .


### ' 7 . in order to ensure uniform application of this article , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the agreement , measures and procedures referred to in points , and of paragraph 6 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### ' 7 . in order to ensure uniform application of this article , the european securities and markets authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the agreement , measures and procedures referred to in points , and of paragraph 6 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts in accordace with article 291 of the treaty on the functioning of the european union . '


### matters subject to technical standards should be genuinely technical , where their development requires the expertise of supervisory experts . the technical standards should determine the conditions of application of the rules included in basic instruments adopted by the european parliament and the council and , where applicable , in commission implementing measures without amending non - essential elements of those acts , inter alia by deleting some of those elements or by supplementing the act by the addition of new non - essential elements . technical standards should not therefore involve policy choices . in cases where the technical standards are designed to determine the conditions of application of a commission implementing measure , they should only be developed once the commission implementing measure has been adopted . in certain cases where at present the commission is empowered to adopt implementing measures in accordance with committee procedures pursuant to council decision 1999 / 468 / ec of 28 june 1999 laying down the procedures for the exercise of implementing powers conferred on the commission , and the content of those implementing measures is limited to determining the conditions of application of rules included in the basic instruments , which do not require further supplementing , it is appropriate for the sake of consistency to introduce the procedure for adoption of technical standards provided for in article 7 of regulations no . … / … [ eba ] , no . … / … [ esma ] , and no . … / … [ eiopa ] . ### matters subject to technical standards should be genuinely technical , where their development requires the expertise of supervisory experts . the technical standards adopted as delegated acts should further develop , specify and determine the conditions for consistent harmonisation and uniform application of the rules included in basic instruments adopted by the european parliament and the council , supplementing or amending certain non - essential elements of the legislative act . on the other hand , technical standards adopted as implementing acts cannot amend any element of legally binding union acts . technical standards should not involve policy choices .


### ' 2 . member states shall provide that reporting shall be carried out at least twice a year . the competent authorities shall apply , from 31 december 2012 , uniform formats , frequencies , language and dates of reporting . in order to ensure uniform application of the directive , the european banking authority shall develop draft technical standards to introduce , within the community , uniform formats , frequencies , language and dates of reporting before 1 january 2012 . the reporting formats shall be proportionate to the nature , scale and complexity of the credit institutions ' activities . ### ' 2 . member states shall provide that reporting shall be carried out at least twice a year . the competent authorities shall apply , from 31 december 2012 , uniform formats , frequencies , it language and dates of reporting . in order to ensure consistent harmonisation and uniform application of the directive , the european banking authority shall develop draft technical standards to introduce , within the community , uniform formats , frequencies , it language and dates of reporting before 1 january 2012 . the reporting formats shall be proportionate to the nature , scale and complexity of the credit institutions ' activities .


### ' in order to ensure uniform application of this article , the european banking authority established by regulation … / … of the european parliament and of the council may develop draft technical standards to determine the conditions of application of the requirements and procedures for such authorisation as laid down in articles 7 , 8 , 10 , 11 and 12 , with the exception of the conditions established in the second sentence of article 11 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ eba ] . ' ### ' in order to ensure consistent harmonisation and uniform application of this article , the european banking authority established by regulation … / … of the european parliament and of the council shall develop draft technical standards to determine the conditions of application of the requirements and procedures for such authorisation as laid down in articles 7 , 8 , 10 , 11 and 12 , with the exception of the conditions established in the second sentence of article 11 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ eba ] . '


### ' in the absence of such a joint decision between the competent authorities within four months , a decision on the application of articles 123 and 124 and article 136 shall be taken on a consolidated basis by the consolidating supervisor after duly considering the risk assessment of subsidiaries performed by relevant competent authorities . if , at the end of the four month period , a competent authority has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall await any decision that the european banking authority may take in accordance with article 11 of that regulation , and shall act in conformity with that decision . the four month period shall be deemed the conciliation period within the meaning of the regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the four month period or after a joint decision has been reached . ' ### ' in the absence of such a joint decision between the competent authorities within four months , a decision on the application of articles 123 and 124 and article 136 shall be taken on a consolidated basis by the consolidating supervisor after duly considering the risk assessment of subsidiaries performed by relevant competent authorities . if , at the end of the four month period , any of the competent authorities concerned has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall defer their decision and await any decision that the european banking authority may take in accordance with article 11 of that regulation to settle the matter in order to ensure compliance with union law , and shall take its final decision in conformity with the authority ' s decision . the authority ' s decision according to the precautionary principle shall not replace the consolidating supervisor ' s additional prudential judgement . the four month period shall be deemed the conciliation period within the meaning of the regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the four month period or after a joint decision has been reached . '


### ' 6 . in order to ensure uniform application of this article , the european securities and markets authority may develop draft technical standards to further determine the conditions of application of the requirements for the authorisation of the management company , with the exception of the conditions established in paragraph 1 of this article . ### ' 6 . in order to ensure consistent harmonisation and uniform application of this article , the european securities and markets authority shall develop draft technical standards to : determine the information to be provided to the competent authority in the application for the authorisation of the management company ; b ) develop the information and standard forms , templates and procedures for the notification of the programme of operations foreseen in this article ; c ) assess the reputation and experience of persons conducting the business of the management company ;


### ' 5 . in order to ensure uniform application of paragraph 2 and to take account of technical developments on financial markets , the european securities and markets authority established by regulation… / …of the european parliament and of the council shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission according to paragraph 4 . the authority shall submit those draft technical standards to the commission by 1 january 2014 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### ' 5 . in order to ensure uniform application of paragraph 2 and to take account of technical developments on financial markets , the european securities and markets authority established by regulation… / …of the european parliament and of the council shall develop draft technical standards to determine the conditions of application of the delegated acts adopted by the commission according to paragraph 4 . the authority shall submit those draft technical standards to the commission by 1 january 2014 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts pursuant to article 291 of the treaty on the functioning of the european union . '


### in order to ensure uniform application of this article and of articles 7 , 9 - , 10 - , and 12 , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the requirements and procedures for such authorisation as laid down in this article and in articles 7 , 9 - , 10 - and 12 . ### in order to ensure consistent harmonisation and uniform application of this article and of article 5 , article 9 to , article 10 and , and article 12 , the european securities and markets authority shall develop draft technical standards to : specify the requirements regarding the head office under article 5 ; determine the information to be provided to the competent authorities under article 7 ; determine the information and develop standard forms , templates and procedures for the notification provided for in article 9 ; specify the requirements under article 9 to and article 10 and ; and specify the initial capital requirement under article 12 .


### ' in order to ensure uniform application of this article , the european banking authority shall develop draft technical standards to determine the conditions of application of the joint decision process referred to in this paragraph , with regard to the application of articles 123 , 124 and 132 and with a view to facilitating joint decisions . the authority shall submit those draft technical standards to the commission by 1 january 2014 . the commission may adopt the draft technical standards referred to in the tenth subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ eba ] ' ### ' in order to ensure consistent harmonisation and uniform application of this article , the european banking authority shall develop draft technical standards to determine the conditions of application of the joint decision process referred to in this paragraph , with regard to the application of articles 123 , 124 and 132 and with a view to facilitating joint decisions . the authority shall submit those draft technical standards to the commission by 1 january 2014 . the commission may adopt the draft technical standards referred to in the tenth subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ eba ] '


### in article 61 , the following paragraph 4 is added : ' 4 . in order to ensure uniform application of this article , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the agreement and types of irregularities referred to in points and of paragraph 3 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### the following paragraph 4 is added : ' 4 . in order to ensure uniform application of this article , the european securities and markets authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the agreement and types of irregularities referred to in points and of paragraph 3 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts in accordance with article 291 of the treaty on the functioning of the european union . '


### ' in order to ensure uniform application of this article , the european banking authority , in consultation with the european securities and market authority , shall develop draft technical standards to determine the conditions of application of the assessment methodology relating to credit assessments . the authority shall submit those draft technical standards to the commission by 1 january 2014 . ### ' in order to ensure consistent harmonisation and uniform application of this article , the european banking authority , in consultation with the european securities and market authority , shall develop draft technical standards to specify the assessment methodology relating to credit assessments . the authority shall submit those draft technical standards to the commission by 1 january 2014 .


### ' 3 . in order to ensure uniform application of this article , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the criteria , principles and steps referred to in points , , and of the first subparagraph of this article . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### ' 3 . in order to ensure uniform application of this article , the european securities and markets authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the criteria , principles and steps referred to in points , , and of paragraph 2 of this article . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts pursuant article 291 of the treaty . '


### if , at the end of the two month period , a competent authority has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall await any decision that the european banking authority may take in accordance with article 11 of that regulation , and shall act in conformity with that decision . the two month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the two month period or after a joint decision has been reached . ### if , at the end of the two month period following receipt of a request under the first subparagraph any of the competent authorities concerned has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the competent authorities of the host member state shall await the decision that the european banking authority may take in accordance with article 11 of that regulation to settle the matter in order to ensure compliance with eu law , and shall take their final decision in conformity with the authority ' s decision . the two month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of that two month period or after a joint decision has been reached .


### ' for the communication of these calculations by credit institutions , competent authorities shall apply , from 31 december 2012 , uniform formats , frequencies , language and dates of reporting . in order to ensure uniform application of the directive , the european banking authority shall develop draft technical standards to introduce , within the community , uniform formats , frequencies , languages and dates of reporting before 1 january 2012 . the reporting formats shall be proportionate to the nature , scale and complexity of the credit institutions ' activities . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ eba ] ' . ### ' for the communication of these calculations by credit institutions , competent authorities shall apply , from 31 december 2012 , uniform formats , frequencies , it language and dates of reporting . in order to consistent harmonisation and ensure uniform application of the directive , the european banking authority shall develop draft technical standards to introduce , within the community , uniform formats , frequencies , it languages and dates of reporting before 1 january 2012 . the reporting formats shall be proportionate to the nature , scale and complexity of the credit institutions ' activities . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ eba ] ' .


### in article 95 , paragraph 2 is replaced by the following : ' 2 . in order to ensure uniform application of article 93 , the european securities and markets authority may develop draft technical standards to determine the conditions of application with regard to : the form and contents of a standard model notification letter to be used by ucits for the purpose of notification referred to in article 93 , including an indication as to which documents the translations refer to ; the form and contents of a standard model attestation to be used by competent authorities of member states referred to in article 93 ; the procedure for the exchange of information and the use of electronic communication between competent authorities for the purpose of notification under the provisions of article 93 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### paragraph 2 is replaced by the following : ' 2 . in order to ensure uniform application of article 93 , the european securities and markets authority shall develop draft technical standards to specify : the form and contents of a standard model notification letter to be used by ucits for the purpose of notification referred to in article 93 , including an indication as to which documents the translations refer to ; the form and contents of a standard model attestation to be used by competent authorities of member states referred to in article 93 ; the procedure for the exchange of information and the use of electronic communication between competent authorities for the purpose of notification under the provisions of article 93 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing actsin accordance with article 291 of the treaty on the functioning of the european union . '


### ' 3 . member states shall establish a register of all investment firms . the register shall be publicly accessible and shall contain information on the services or activities for which the investment firm is authorised . it shall be updated on a regular basis . the european securities and markets authority established by regulation… / …of the european parliament and of the council shall establish a list of all investment firms in the community . the european securities and markets authority shall publish that list and shall keep it up to date . ' ### ' 3 . member states shall establish a register of all investment firms . the register shall be publicly accessible and shall contain information on the services or activities for which the investment firm is authorised . it shall be updated on a regular basis . every authorisation shall be notified to the european securities and markets authority . the european securities and markets authority established by regulation… / …of the european parliament and of the council shall establish a list of all investment firms in the community . the list shall contain information on the services or activities for which the investment firm is authorised . the european securities and markets authority shall publish that list on its website and shall keep it up to date . '


### ' if , at the end of the two month period , a competent authority has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall await any decision that the european banking authority may take in accordance with article 11 of that regulation , and shall act in conformity with that decision . the two month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the two month period or after a joint decision has been reached ' . ### ' if , at the end of the initial two month period , any of the competent authorities concerned has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the competent authorities of the host member state shall await the decision that the european banking authority may take in accordance with article 11 of that regulation to settle the matter in order to ensure compliance with eu law , and shall take their final decision in conformity with the authority ' s decision . the authority ' s decision shall not replace the prudential judgement of the competent authorities of the member state . the two month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the initial two month period or after a joint decision has been reached ' .


### if , at the end of the six month period , a competent authority has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall await any decision that the european banking authority may take in accordance with article 11 of that regulation , and shall act in conformity with that decision . the six month period shall be deemed the conciliation period within the meaning of the regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the six month period or after a joint decision has been reached . ### if , at the end of the six month period , any of the competent authorities concerned has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the consolidating supervisor shall defer its decision and await any decision that the european banking authority may take in accordance with article 11 of that regulation to settle the matter in order to ensure compliance with union law , and shall take its final decision in conformity with the authority ' s decision . the authority ' s decision according to the precautionary principle shall not replace the consolidating supervisor ' s additional prudential judgement . the six month period shall be deemed the conciliation period within the meaning of the regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the six month period or after a joint decision has been reached .


### ' the decision on the application of articles 123 and 124 and article 136 shall be taken by the respective competent authorities responsible for supervision of subsidiaries of an eu parent credit institution or an eu parent financial holding company on an individual or sub - consolidated basis after duly considering the views and reservations expressed by the consolidating supervisor . if , at the end of the four month period , the consolidating supervisor has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the competent authorities shall await any decision that the european banking authority shall take in accordance with article 11 of that regulation , and shall act in conformity with that decision . the four month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the four month period or after a joint decision has been reached . ' ### ' the decision on the application of articles 123 and 124 and article 136 shall be taken by the respective competent authorities responsible for supervision of subsidiaries of an eu parent credit institution or an eu parent financial holding company on an individual or sub - consolidated basis after duly considering the views and reservations expressed by the consolidating supervisor . if , at the end of the four month period , any of the competent authorities concerned has referred the matter to the european banking authority in accordance with article 11 of regulation … / … [ eba ] , the competent authorities shall defer their decision and await any decision that the european banking authority shall take in accordance with article 11 of that regulation to settle the matter in order to ensure compliance with union law , and shall take its final decision in conformity with the authority ' s decision . the authority ' s decision according to the precautionary principle shall not replace the consolidating supervisor ' s additional prudential judgement . the four month period shall be deemed the conciliation period within the meaning of that regulation . the european banking authority shall take its decision within one month . the matter shall not be referred to the authority after the end of the four month period or after a joint decision has been reached . '


### ' 6 . in order to ensure uniform application of this article , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the content , format and method by which the information referred to in paragraphs 1 and 3 of this article should be provided . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### ' 6 . in order to ensure uniform application of this article , the european securities and markets authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the content , format and method by which the information referred to in paragraphs 1 and 3 of this article should be provided . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts in accordance with article 291 of the treaty on the functioning of the european union . '


### the establishment of the three european supervisory authorities should be accompanied by the development of a single set of harmonised rules so as to ensure uniform application and thus contribute to a more effective functioning of the internal market . the regulations establishing the esfs provide that the european supervisory authorities may develop draft technical standards in the areas specifically set out in the relevant legislation , to be submitted to the commission for adoption by means of regulations or decisions . the relevant legislation should define those areas where the european supervisory authorities are empowered to develop draft technical standards . ### the establishment of the three european supervisory authorities should be accompanied inter alia by the development of a single rule book to ensure consistent harmonisation and uniform application and thus contribute to a more effective functioning of the internal market .


### in article 64 , the following paragraph 5 is added : ' 5 . in order to ensure uniform application of this article , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the information and procedure referred to in points and of paragraph 4 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure laid down in article 7 of regulation . . . / . . . . [ esma ] . ' ### the following paragraph 5 is added : ' 5 . in order to ensure uniform application of this article , the european securities and markets authority shall develop draft technical standards to determine the conditions of application of the implementing measures adopted by the commission regarding the format and the manner of the information provided and procedure referred to in points and of paragraph 4 . the commission may adopt the draft technical standards referred to in the first subparagraph in accordance with the procedure for implementing acts in accordance with article 291 of the treaty on the functioning of the european union . '


### ' 4 . in order to ensure uniform application of this article and establish a uniform notification procedure by electronic means , the european banking authority shall develop draft technical standards to determine the conditions of application of the information referred to in this article and the process for transmitting this information . the authority shall submit those draft technical standards to the commission by 1 january 2014 . ### ' 4 . in order to ensure consistent harmonisation and uniform application of this article the european banking authority shall develop draft technical standards to establish a uniform notification procedure applicable and specify the information to be notified according to this article and the process for transmitting this information by secure electronic means . the authority shall submit those draft technical standards to the commission by 1 january 2014 .