### 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 . '


### ' 4 . 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 may develop draft technical standards to specify the conditions of cooperation and exchange of information between competent authorities , including the development of standard forms or templates for such cooperation and exchange of information . ### ' 4 . in order to ensure consistent harmonisation and uniform application of paragraph 2 and to take account of technical developments on financial markets , the european securities and markets authority shall develop draft technical standards to specify the conditions of cooperation and exchange of information between competent authorities , including the development of standard forms or templates for such cooperation and exchange of information .


### 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 article , the european securities and markets authority shall develop draft technical standards to determine the conditions of application relating to the list of information required for the assessment of an acquisition as referred to in paragraph 1 and the modalities of the consultation process between the relevant competent authorities as referred to in article 10 . 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 securities and markets authority shall develop draft technical standards to determine the conditions of application relating to the list of information required for the assessment of an acquisition as referred to in paragraph 1 , the criteria for opposing acquisitions as referred to in paragraph 4 and the modalities of the consultation process between the relevant competent authorities as referred to in article 10 . the authority shall submit those draft technical standards to the commission by 1 january 2014 .


### ' 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 relating to the list of information required for the assessment of an acquisition as referred to in paragraph 1 and the modalities of the consultation process between the relevant competent authorities as referred to in article 10 . the authority shall submit those draft technical standards to the commission by 1 january 2014 . ### ' 8 . 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 conditions of application relating to the list of information required for the assessment of an acquisition as referred to in paragraph 1 , the criteria for the refusal of authorisations as referred to in paragraph 2 and the modalities of the consultation process between the relevant competent authorities as referred to in article 10 . the authority shall submit those draft technical standards to the commission by 1 january 2014 .


### ' 7 . in order to ensure uniform application of this article and establish a uniform notification procedure , the european securities and markets authority may develop draft technical standards to determine the conditions of application regarding the obligation to notify information according to paragraphs 2 and 4 and the process of transmitting this information according to paragraphs 3 and 6 , including the development of standard forms and templates . ### ' 7 . in order to ensure consistent harmonisation and uniform application of this article and establish a uniform notification procedure , the european securities and markets authority shall develop draft technical standards to determine the conditions of application regarding the obligation to notify information according to paragraphs 2 and 4 and the process of transmitting this information according to paragraphs 3 and 6 , including the development of standard forms and templates .


### ' 10 . in order to ensure uniform application of this article and establish a uniform notification procedure , the european securities and markets authority may develop draft technical standards to determine the conditions of application regarding the obligation to notify information according to paragraphs 2 and 4 and the process of transmitting this information according to paragraph 3 , including the development of standard forms and templates . ### ' 10 . in order to ensure consistent harmonisation and uniform application of this article and establish a uniform notification procedure , the european securities and markets authority shall develop draft technical standards to determine the conditions of application regarding the obligation to notify information according to paragraphs 2 and 4 and the process of transmitting this information according to paragraph 3 , including the development of standard forms and templates .


### ' 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 . '


### the existing text is renumbered as paragraph 1 . ### paragraph 1 is replaced by the following : ' the european securities and markets authority or a competent authority of one member state may request the cooperation of the competent authority of another member state in a supervisory activity or for an on - the - spot verification or in an investigation . in the case of investment firms that are remote members of a regulated market the competent authority of the regulated market may choose to address them directly , in which case it shall inform the competent authority of the home member state of the remote member accordingly . '


### ' 2 . in order to ensure uniform application of paragraph 1 , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the obligation for competent authorities to cooperate in supervisory activities , on - the - spot - verifications , and investigations . ### ' 2 . in order to ensure consistent harmonisation and uniform application of paragraph 1 , the european securities and markets authority shall develop draft technical standards to determine the conditions of application of the obligation for competent authorities to cooperate in supervisory activities , on - the - spot - verifications , and investigations .


### ' 4 . 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 of the obligation to exchange information , including the development of standard forms or templates . ### ' 4 . in order to ensure consistent harmonisation and uniform application of paragraphs 1 and 2 , the european securities and markets authority shall develop draft technical standards to establish common procedures for the exchange of information , including the development of standard forms or templates .


### ' 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 obligation to consult other competent authorities prior to granting an authorisation , including the development of standard forms or templates . ### ' 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 obligation to consult other competent authorities prior to granting an authorisation , including the development of standard forms or templates .


### ' 9 . in order to ensure the uniform application of paragraph 1 of this article and to take account of technical developments in 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 establish a harmonised standard form to be used when notifying the required information to the issuer under paragraph 1 of this article or when filing information under article 19 . ### ' 9 . in order to ensure consistent harmonisation and the uniform application of paragraph 1 of this article and to take account of technical developments in 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 establish a standard form to be used when notifying the required information to the issuer under paragraph 1 of this article or when filing information under article 19 .


### ' 3 . in order to ensure the uniform application of paragraph 1 and to take account of technical developments on financial markets , the european securities and markets authority shall develop draft technical standards to establish a harmonised standard form to when notifying the required information to the issuer under paragraph 1 or when filing information under article 19 . ### ' 3 . in order to ensure consistent harmonisation and the uniform application of paragraph 1 and to take account of technical developments on financial markets , the european securities and markets authority shall develop draft technical standards to establish a harmonised standard form to when notifying the required information to the issuer under paragraph 1 or when filing information under article 19 .


### ' 4 . in order to ensure the uniform application of this article and to take account of technical developments in the fight against money laundering or terrorist financing , the european banking authority , the european securities and markets authority and the european insurance and occupational pensions authority may develop draft technical standards in accordance with articles 42 of regulation … / … , regulation … / … and regulation … / … of the european parliament and of the council to determine the type of additional measures referred to in article 31 and the minimum action to be taken by credit and financial institutions where the legislation of the third country does not permit application of the measures required under the first subparagraph of paragraph 1 . ### ' 4 . in order to ensure consistent harmonisation and the uniform application of this article and to take account of technical developments in the fight against money laundering or terrorist financing , the european banking authority , the european securities and markets authority and the european insurance and occupational pensions authority , subject to prior consultation by the committee for the prevention of money laundering and terrorist financing provided for in article 41 , shall develop draft technical standards in accordance with articles 42 of regulation … / … , regulation … / … and regulation … / … of the european parliament and of the council to determine the type of additional measures referred to in article 31 and the minimum action to be taken by credit and financial institutions where the legislation of the third country does not permit application of the measures required under the first subparagraph of paragraph 1 . '


### the name of each credit institution to which authorisation has been granted shall be entered in a list . the european banking authority shall publish that list and shall keep it up - to - date ' . ### the name of each credit institution to which authorisation has been granted shall be entered in a list . the european banking authority shall publish that list on its website and shall keep it up - to - date . '


### ' 9 . in order to ensure uniform application of this article , the european banking authority shall develop draft technical standards regarding the list of information required for the assessment of an acquisition as referred to in paragraph 1 and on the consultation process between the relevant competent authorities as referred to in article 19b . the authority shall submit those draft technical standards to the commission by 1 january 2014 . ### ' 9 . in order to ensure consistent harmonisation and uniform application of this article , the european banking authority shall develop draft technical standards regarding the list of information required for the assessment of an acquisition as referred to in paragraph 1 and on the consultation process between the relevant competent authorities as referred to in article 19b . 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 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 . ### 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 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 .


### ' 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 .


### ' 5 . in order to ensure uniform application of article 25 and 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 article 25 and 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 . ### ' 5 . in order to ensure consistent harmonisation and uniform application of article 25 and this article the european banking authority shall develop draft technical standards to establish a uniform notification procedure and specify the information to be notified according to article 25 and to this article and the process for transmitting this information by electronic means . 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 procedures , methods and conditions of application of the information sharing requirements for the information which is likely to facilitate the monitoring of credit institutions . 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 procedures , methods and formats of the information sharing requirements which are likely to facilitate the monitoring of credit institutions as well as to specify the information contained therein . 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 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 .


### ' 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 their decision and await any decision that the european banking authority may take in accordance with article 11 of that regulation on its proposed decision , 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 , 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 ' .


### ' 2 . paragraph 1 shall not prevent the competent authorities of the various member states from exchanging information or transmitting information to the european banking authority in accordance with this directive and with other directives applicable to credit institutions . that information shall be subject to the conditions of professional secrecy set out in paragraph 1 ' . ### ' 2 . paragraph 1 shall not prevent the competent authorities of the various member states from exchanging information or transmitting information to the european banking authority in accordance with this directive and with other directives applicable to credit institutions , as well as with regulation . . . / . . . [ eba ] . that information shall be subject to the conditions of professional secrecy set out in paragraph 1 ' .


### member states and the european banking authority may conclude cooperation agreements , providing for exchanges of information , with the competent authorities of third countries or with authorities or bodies of third countries as defined in articles 47 and 48 only if the information disclosed is subject to guarantees of professional secrecy at least equivalent to those referred to in article 44 . ### member states and the european banking authority , in accordance with article 18 of regulation . . . / . . . [ eba ] , may conclude cooperation agreements , providing for exchanges of information , with the competent authorities of third countries or with authorities or bodies of third countries as defined in articles 47 and 48 only if the information disclosed is subject to guarantees of professional secrecy at least equivalent to those referred to in article 44 .


### ' member states and the european banking authority may conclude cooperation agreements , providing for exchanges of information , with the competent authorities of third countries or with authorities or bodies of third countries as defined in articles 47 and 48 only if the information disclosed is subject to guarantees of professional secrecy at least equivalent to those referred to in article 44 ' . ### ' member states and the european banking authority , in accordance with article 18 of regulation . . . , may conclude cooperation agreements , providing for exchanges of information , with the competent authorities of third countries or with authorities or bodies of third countries as defined in articles 47 and 48 only if the information disclosed is subject to guarantees of professional secrecy at least equivalent to those referred to in article 44 . information exchanged under the first paragraph shall not be disclosed wihout the express agreement of the competent authorities which have transmitted it and , where appropriate , solely for the purposes for which those authorities gave their agreement . '


### ' in an emergency situation as referred to in article 130 , member states shall allow competent authorities to communicate information to the central banks in the european system of the central banks when this information is relevant for the exercise of their statutory tasks , including the conduct of monetary policy and related liquidity provision , the oversight of payments , clearing and securities settlement systems , and the safeguarding stability of the financial system , and to the european systemic risk board when this information is relevant for the exercise of its statutory tasks . ' ### ' member states shall allow competent authorities to communicate information to the central banks in the european system of the central banks when this information is relevant for the exercise of their statutory tasks , including the conduct of monetary policy and related liquidity provision , the oversight of payments , clearing and securities settlement systems , and the safeguarding stability of the financial system , and to the european systemic risk board under regulation . . . / . . . of the european parliament and of the council [ esrb ] when this information is relevant for the exercise of its statutory tasks . the member states will enable the competent authorities to communicate automatically this kind of information in an emergency situation as refered to in article 130 . '


### ' 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 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 .


### ' in order to ensure uniform application of this paragraph , the european banking authority may develop draft technical standards to determine the practical and procedural application of the conditions under which competent authorities permit credit institutions to use the irb approach . ### ' in order to ensure consistent harmonisation and uniform application of this paragraph , the european banking authority shall develop draft technical standards to determine the practical application of the conditions under which competent authorities permit credit institutions to use the irb approach .


### ' in order to ensure uniform application of this article , the european banking authority may develop draft technical standards to determine the practical and procedural application of the conditions under which competent authorities permit credit institutions to use the advanced measurement approaches . ### ' in order to ensure consistent harmonisation and uniform application of this article , the european banking authority shall develop draft technical standards to determine the practical and procedural application of the conditions under which competent authorities permit credit institutions to use the advanced measurement approaches .


### 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 , including the measures taken in case of breach of the due diligence and risk management obligations . 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 shall develop draft technical standards for the convergence of supervisory practices with regard to this article , including the measures taken in case of breach of the due diligence and risk management obligations . the authority shall submit those draft technical standards to the commission by 1 january 2014 .


### ' 6 . 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 . ### ' 6 . 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 this article and a common risk assessment procedure and methodology . these standards must differ according to risk and may not prevent competent auhorities from applying prudential standards where this is appropriate , proportionate and compatible with the internal market .


### ' 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 . '


### 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 its 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 .


### ' 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 . '


### ' where the european banking authority has been consulted , all competent authorities shall consider its advice , and explain any significant deviation therefrom ' . ### ' where the european banking authority has been consulted , all competent authorities shall consider its advice , and explain any significant additional prudential deviation therefrom ' .


### ' where an emergency situation , including adverse developments in financial markets , arises , which potentially jeopardises the market liquidity and the stability of the financial system in any of the member state where entities of a group have been authorised or where significant branches referred to in article 42a are established , the consolidating supervisor shall , subject to chapter 1 , section 2 , alert as soon as is practicable , the european banking authority and the authorities referred to in the fourth subparagraph of article 49 and article 50 , and shall communicate all information essential for the pursuance of their tasks . those obligations shall apply to all competent authorities under articles 125 and 126 and to the competent authority identified under article 129 . ### ' where a potential or effective emergency situation , including any potential adverse developments in financial markets or in real economy , arises , which potentially jeopardises the market liquidity and the stability of the financial system in any of the member state where entities of a group have been authorised or where significant branches referred to in article 42a are established , the consolidating supervisor shall , subject to chapter 1 , section 2 , alert as soon as is practicable , the european banking authority and the authorities referred to in the fourth subparagraph of article 49 and article 50 , and shall communicate all information essential for the pursuance of their tasks . those obligations shall apply to all competent authorities under articles 125 and 126 and to the competent authority identified under article 129 .


### ' in order to ensure uniform application of this article and article 42a , the european banking authority shall develop draft technical standards for the operational functioning of colleges , including in relation to article 42a . 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 and article 42a , the european banking authority shall develop draft technical standards for the operational functioning of colleges , including in relation to article 42a . the authority shall submit those draft technical standards to the commission by 1 january 2014 .


### the seventh subparagraph is replaced by the following : ### the sixth subparagraph is replaced by the following :


### ' the competent authority carrying out the verification referred to in the first subparagraph of paragraph 1 shall take into account any such guidance . for this purpose , the competent authority shall consult the european banking authority before adopting a decision ' . ### ' the competent authority carrying out the verification referred to in the first subparagraph of paragraph 1 shall take into account any such guidance . for this purpose , the competent authority shall consult the european banking authority before adopting a decision and decide in conformity ' .


### ' in order to ensure uniform application of this article , the european banking authority shall develop draft technical standards to determine the key aspects on which aggregate statistical data are to be disclosed and the format , structure , contents list and annual publication date of the disclosures provided for in this article . 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 shall develop draft technical standards to determine the key aspects on which aggregate statistical data are to be disclosed and the format , structure , contents list and annual publication date of the disclosures provided for in this article . the authority shall submit those draft technical standards to the commission by 1 january 2014 .


### in article 156 , ' committee of european banking supervisors ' is replaced by ' european banking authority ' . ### article 156 is amended as follows : ' committee of european banking supervisors ' is replaced by ' european banking authority ' . the first subparagraph is replaced by the following : ' the commission , in cooperation with the eba and member states , and taking into account the contribution of the european central bank , shall periodically monitor whether this directive taken as a whole , together with directive 2006 / 49 / ec , has significant effects on the economic cycle and , in the light of that examination , shall consider whether any remedial measures are justified . '


### in article 18 of directive 2006 / 49 / ec , the following paragraph is added : ' 5 . in order to ensure uniform application of paragraph 1 , the european banking authority established by regulation… / …of the european parliament and of the council may develop draft technical standards for endorsement by the commission to determine the practical and procedural application of the conditions under which competent authorities permit credit institutions to use internal models for the purposes of calculating capital requirements under this directive . ### in article 18 of directive 2006 / 49 / ec , the following paragraph is added : ' 5 . in order to ensure consistent harmonisation and uniform application of paragraph 1 , the european banking authority established by regulation… / …of the european parliament and of the council shall develop draft technical standards for endorsement by the commission to determine the practical and procedural application of the conditions under which competent authorities permit institutions to use internal models for the purposes of calculating capital requirements under this directive .


### ' 8 . in order to ensure uniform application of this article , the european securities and markets authority established by regulation… / …of the european parliament and of the council may develop draft technical standards to determine the conditions of application relating to the information to be provided to the competent authorities in the application for authorisation of a ucits . ### ' 8 . in order to ensure consistent harmonisation and uniform application of this article , 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 relating to the information to be provided to the competent authorities in the application for authorisation of a ucits .


### 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 . ### 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 ; develop the information and standard forms , templates and procedures for the notification of the programme of activity foreseen in this article ; and assess the reputation and experience of persons conducting the business of the management company .


### ' 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 this article , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the conditions for the authorisation of the self - managed investment company , with the exception of the conditions established in paragraph 1 of this article . ### ' 5 . 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 conditions of application of the conditions for the authorisation of the self - managed investment company , with the exception of the conditions established in paragraph 1 of this article .


### 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 , the european securities and markets authority may develop draft technical standards to determine the conditions of application of the provisions concerning the categories of assets in which ucits can invest in accordance to this article . ### ' 4 . 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 conditions of application of the provisions concerning the categories of assets in which ucits can invest in accordance to this article .


### ' 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 provisions concerning the content of the prospectus , the annual report and the half - yearly report as laid down in annex i , and the format of these documents . ### ' 5 . 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 conditions of application of the provisions concerning the content of the prospectus , the annual report and the half - yearly report as laid down in annex i , and the format of these documents .


### ' 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 conditions applying to the temporary suspension of the re - purchase or redemption of the units of the ucits as referred to in point of paragraph 2 , once the suspension has been decided . ### ' 4 . in order to ensure consistent harmonisation and uniform application of this article , the european securities and markets authority shall develop draft technical standards to specify the conditions which need to be met by the ucits after the adoption of the temporary suspension of the re - purchase or redemption of the units of the ucits as referred to in point of paragraph 2 , once the suspension has been decided .


### 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 securities and markets authority may develop draft technical standards to determine the conditions of application with regard to the conduct of on - the - spot verifications and investigations as referred to in paragraphs 4 and 5 . ### 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 conditions of application with regard to the conduct of on - the - spot verifications and investigations as referred to in paragraphs 4 , 5 , 6 and 7 .


### in order to ensure uniform application of the provisions in this directive concerning the exchange of information , the european securities and markets authority may develop draft technical standards to determine the conditions of application with regard to the procedures for exchange of information between competent authorities and between the competent authorities and the european securities and markets authority . ### in order to ensure consistent harmonisation and uniform application of the provisions in this directive concerning the exchange of information , the european securities and markets authority shall develop draft technical standards to determine the procedures for exchange of information between competent authorities and between the competent authorities and the european securities and markets authority .


### in accordance with article 26 of the treaty , the internal market is to comprise an area without internal frontiers in which the free movement of goods and services and the freedom of establishment are ensured . the harmonisation of certain aspects of package contracts and assisted travel arrangements is necessary for the creation of a real consumer internal market in this area , striking the right balance between a high level of consumer protection and the competitiveness of businesses . ### in accordance with article 26 of the treaty , the internal market is to comprise an area without internal frontiers in which the free movement of goods and services and the freedom of establishment are ensured . the harmonisation of certain aspects of package contracts and linked travel arrangements is necessary for the creation of a real consumer internal market in this area , striking the right balance between a high level of consumer protection and the competitiveness of businesses .


### since packages are often purchased a long time before their performance , unforeseen events may occur . therefore the traveller should , under certain conditions , be entitled to transfer a package to another traveller . in such situations , the organiser should be able to recover his expenses , for instance if a sub - contractor requires a fee for changing the name of the traveller or for cancelling a transport ticket and issuing a new one . travellers should also have the possibility of cancelling the contract at any time before the start of the package against paying appropriate compensation , as well as the right to terminate the contract without paying compensation where unavoidable and extraordinary circumstances like warfare or a natural disaster will significantly affect the package . unavoidable and extraordinary circumstances should in particular be deemed to exist where reliable and publicly available reports , such as recommendations issued by member state authorities , advise against travelling to the place of destination . ### since packages are often purchased a long time before their performance , unforeseen events may occur . therefore the traveller should , under certain conditions , be entitled to transfer a package to another traveller . in such situations , the organiser should be able to recover his expenses , for instance if a sub - contractor requires a fee for changing the name of the traveller or for cancelling a transport ticket and issuing a new one . travellers should also have the possibility of cancelling the contract at any time before the start of the package against paying appropriate compensation , as well as the right to terminate the contract without paying compensation where unavoidable and extraordinary circumstances related to warfare , natural disasters , public health , public order or terrorism will significantly affect the package . unavoidable and extraordinary circumstances should in particular be deemed to exist where reliable and publicly available reports , such as recommendations issued by member state authorities , advise against travelling to the place of destination .


### in certain cases organisers should be allowed to make unilateral changes to the package travel contract . however , travellers should have the right to terminate the contract if the proposed alterations change significantly any of the main characteristics of the travel services . price increases should be possible only if there has been a change in the cost of fuel for the carriage of passengers , in taxes or fees imposed by a third party not directly involved in the performance of the included travel services or in the exchange rates relevant to the package and if both an upward and downward revision of the price is expressly reserved in the contract . price increases should be limited to 10% of the price of the package . ### in certain cases organisers should be allowed to make unilateral changes to the package travel contract . however , travellers should have the right to terminate the contract if the proposed alterations change significantly any of the main characteristics of the travel services . price increases should be possible only if there has been a change in the cost of fuel for the carriage of passengers , in taxes or fees imposed by a third party not directly involved in the performance of the included travel services or in the exchange rates relevant to the package and if both an upward and downward revision of the price is expressly reserved in the contract . price increases should be limited to 5% of the price of the package .


### it is appropriate to protect travellers in situations where a retailer arranges the booking of a package or an assisted travel arrangement and where the retailer makes mistakes in the booking process . ### it is appropriate to protect travellers in situations where a retailer who arranges the booking of a package , an assisted travel arrangement or a stand - alone travel service makes mistakes in the booking process .


### ‘ package’ means a combination of at least two different types of travel services for the purpose of the same trip or holiday , if : ### ‘ package’ means a combination of at least two different types of travel services for the purpose of the same trip or holiday , irrespective of the distribution channel , if :


### purchased from a single point of sale within the same booking process , ### purchased from a single point of sale within the same booking process , including cases where separate billing is applied ,


### purchased from separate traders through linked online booking processes where the traveller ' s name or particulars needed to conclude a booking transaction are transferred between the traders at the latest when the booking of the first service is confirmed ; ### purchased from the same trader through online booking processes ;


### ‘ assisted travel arrangement’ means a combination of at least two different types of travel services for the purpose of the same trip or holiday , not constituting a package , resulting in the conclusion of separate contracts with the individual travel service providers , if a retailer facilitates the combination : ### ‘ assisted travel arrangement’ means a combination of at least two different types of travel services for the purpose of the same trip or holiday , not constituting a package , resulting in the conclusion of separate contracts with the individual travel service providers , if one of those service providers or a retailer facilitates the combination :


### through the procurement of additional travel services from another trader in a targeted manner through linked online booking processes at the latest when the booking of the first service is confirmed ; ### through the procurement of additional travel services from another trader in a targeted manner through inclusive linked online booking processes at the latest when the booking of the first service is confirmed ;


### the travel destination , itinerary and periods of stay , with dates ; ### the travel destination , itinerary and periods of stay , with dates , and the number of nights included ;


### the location , main features and tourist category of the accommodation ; ### the location , main features , tourist category , and where possible , the name of the accommodation , including the room category and its main characteristics ;


### whether access for persons with reduced mobility is guaranteed throughout the trip or holiday ; ### whether access for persons with reduced mobility , children below a certain age or pregnant women is guaranteed throughout the trip or holiday ;


### the information referred to in paragraph 1 shall be provided in a clear and prominent manner . ### the information referred to in paragraph 1 shall be provided in a clear and prominent manner . with regard to off - premises contracts , the information shall be also provided on paper .


### member states shall ensure that the organiser may not change the information made known to the traveller pursuant to points , , , and of article 4 , unless the organiser reserves the right to make changes to that information and communicates any changes to the traveller in a clear and prominent manner before the conclusion of the contract . ### member states shall ensure that the organiser may not change the information made known to the traveller pursuant to points , , , , , and of article 4 , unless the organiser reserves the right to make changes to that information and communicates any changes to the traveller in a clear and prominent manner before the conclusion of the contract .


### if the information on additional charges , fees or other costs referred to in point of article 4 is not provided prior to the conclusion of the contract , the traveller shall not bear those fees , charges or other costs . ### if the information on additional charges , fees or other costs referred to in point of article 4 is not provided in writing prior to the conclusion of the contract , the traveller shall not bear those fees , charges or other costs .


### the details of a contact point where the traveller can complain about any lack of conformity which he perceives on the spot ; ### the details of a contact point , including a telephone number and email address where the traveller can seek information and assistance and complain about any lack of conformity which he perceives on the spot ; the telephone number shall place the caller in contact with an operator and not an automatic message and the operator shall be required to respond to calls in less than 180 seconds ;


### where minors travel on a package that includes accommodation , information enabling direct contact with the minor or the person responsible at the minor ' s place of stay ; ### where minors travel without a parent or legal guardian on a package that includes accommodation , information enabling direct contact with the minor or the person responsible at the minor ' s place of stay ;


### information on available alternative and online dispute resolution mechanisms ### information on available in - house complaint handling procedures and the possibility and time - limits for having recourse to out - of - court complaint and redress mechanisms .


### in good time before the start of the package , the organiser shall provide the traveller with the necessary receipts , vouchers or tickets , including information on the precise times of departure , intermediate stops , transport connections and arrival . ### in good time before the start of the package , the organiser shall provide the traveller with the necessary receipts , vouchers or tickets , including information on the precise times of departure , intermediate stops , transport connections and arrival , as well as all information referred to in paragraph 2 .


### if , before the start of the package , the organiser is constrained to alter significantly any of the main characteristics of the travel services as defined in point of article 4 or special requirements as referred to in point of article 6 , the organiser shall without undue delay inform the traveller in a clear and prominent manner on a durable medium of : the proposed changes and the fact that the traveller may terminate the contract without penalty within a specified reasonable time - limit and that otherwise the proposed alteration will be considered as accepted . ### if , before the start of the package , the organiser is constrained to alter significantly any of the main characteristics of the travel services as defined in point of article 4 or special requirements as referred to in point of article 6 , the organiser shall without undue delay inform the traveller of the proposed changes in a clear and prominent manner on a durable medium . the traveller shall be entitled to : terminate the contract without penalty ; or accept the changes ; or be offered a substitute package of equivalent , lower or higher quality .


### where the changes to the contract referred to in paragraph 2 result in a package of lower quality or cost , the traveller shall be entitled to an appropriate price reduction . ### where the changes to the contract referred to in paragraph 2 result in a package of lower quality or cost , the traveller shall be accorded an appropriate price reduction or may choose to terminate the contract without any form of penalty .


### where the changes to the contract referred to in paragraph 2 result in a package of lower quality or cost , the traveller shall be entitled to an appropriate price reduction . ### where the changes to the contract or the substitute package referred to in paragraph 2 result in a package of lower quality or cost , the traveller shall be entitled to an appropriate price reduction .


### member states shall ensure that the traveller may terminate the contract before the start of the package against payment of an appropriate compensation to the organiser . the contract may specify reasonable standardised termination fees based on the time of the termination and the customary cost savings and income from alternative deployment of the travel services . in the absence of standardised termination fees , the amount of the compensation shall correspond to the price of the package minus the expenses saved by the organiser . ### member states shall ensure that the traveller may terminate the contract before the start of the package against payment of an appropriate compensation to the organiser . the contract shall specify reasonable standardised termination fees based on the time of the termination and the customary cost savings and income from alternative deployment of the travel services . in no case may the standardised termination fees , exceed the price of the package minus the expenses saved by the organiser .


### the traveller shall have the right to terminate the contract before the start of the package without compensation in the event of unavoidable and extraordinary circumstances occurring at the place of destination or its immediate vicinity and significantly affecting the package . ### the traveller shall have the right to terminate the contract before the start of the package without compensation in the event of unavoidable and extraordinary circumstances occurring or likely to occur at the place of destination or its immediate vicinity and significantly affecting the package . unavoidable and extraordinary circumstances shall be deemed to exist where reliable and publicly available reports , such as recommendations issued by member state authorities , advise against travelling to the place of destination .


### the organiser may terminate the contract without paying compensation to the traveller , if : ### the organiser may terminate the contract without paying compensation to the traveller , only in the following cases :


### the organiser is prevented from performing the contract because of unavoidable and extraordinary circumstances and notifies the traveller of the termination without undue delay before the start of the package . ### the organiser is prevented from performing the contract because of unavoidable and extraordinary circumstances and notifies the traveller by telephone and in writing of the termination without undue delay before the start of the package .


### in cases of termination under paragraphs 1 , 2 and 3 , the organiser shall reimburse any undue payment made by the traveller within fourteen days . ### in cases of termination under paragraphs 1 , 2 and 3 , the organiser shall reimburse any undue payment made by the traveller within three days from notification .


### member states shall ensure that the organiser is responsible for the performance of the travel services included in the contract , irrespective of whether those services are to be performed by the organiser or by other service providers . ### member states shall ensure that the organiser is responsible for the performance of the travel services and compliance with quality standards included in the contract , irrespective of whether those services are to be performed by the organiser or by other service providers .


### where a significant proportion of the services cannot be provided as agreed in the contract , the organiser shall make suitable alternative arrangements , at no extra cost to the traveller , for the continuation of the package , including where the traveller ' s return to the place of departure is not provided as agreed . ### where a significant proportion of the services cannot be provided as agreed in the contract , the organiser shall make suitable alternative arrangements , at no extra cost to the traveller , for the continuation of the package , with service quality at least equivalent to that specified under the contract , including where the traveller ' s return to the place of departure is not provided as agreed .


### the traveller shall not be entitled to price reduction or compensation for damages if : ### the traveller shall not be entitled to compensation for damages if :


### assisting the traveller in making distance communications and alternative travel arrangements . ### assisting the traveller where all or part of the travel package cannot be effected in making distance communications and alternative travel arrangements ; informing the traveller as soon as possible and in any event no more than one hour after the organiser becomes aware that all or part of the travel package cannot be effected and , if a particular leg of the journey cannot be effected , offering the traveller at no extra cost alternative travel services for the remainder of the travel package ; the traveller shall be informed both directly and through the retailer , irrespective of whether this is done in working hours or on working days ; the organiser may not cancel a ticket for a leg of the journey without the express knowledge and consent of the traveller ;


### member states shall ensure that organisers and retailers facilitating the procurement of assisted travel arrangements established in their territory obtain a security for the effective and prompt refund of all payments made by travellers and , insofar as carriage of passengers is included , for the travellers ' effective and prompt repatriation in the event of insolvency . ### member states shall ensure that organisers of packages and retailers facilitating the procurement of assisted travel arrangements established in their territory obtain a security for the effective and prompt refund of all payments made by travellers and for the continuation , where possible , of the package in the event of their insolvency or that of any of the service providers . insofar as carriage of passengers is included , member states shall ensure that passenger carriers established in their territory obtain a security for the travellers ' refunding or effective and prompt repatriation in the event of their insolvency .


### the central contact points shall make available to each other all necessary information on their national insolvency protection schemes and the identity of the body or bodies providing insolvency protection for a particular trader established in their territory . they shall grant each other access to any inventory listing organisers and retailers facilitating the procurement of assisted travel arrangements which are in compliance with their insolvency protection obligations . ### the central contact points shall make available to each other all necessary information on their national insolvency protection schemes and the identity of the body or bodies providing insolvency protection for a particular trader established in their territory . they shall grant each other access to any inventory listing organisers , retailers facilitating the procurement of assisted travel arrangements and passenger carriers which are in compliance with their insolvency protection obligations .


### a service component ensuring access to information covering the following thematic areas : - land monitoring ; - emergency management ; - security ; - monitoring of the marine environment ; - atmosphere monitoring ; - climate change adaptation and mitigation ; ### a service component ensuring access to information covering the following thematic areas : - climate change adaptation and mitigation ; - land , marine environment and atmosphere monitoring ; - emergency management ; - security ;


### the commission shall ensure coordination of the gmes programme with activities at national , community and international level . ### the commission shall ensure coordination of the gmes programme with activities at national , community and international level such as , for example , the global earth observation system of systems .


### the european space agency shall be entrusted with implementation of the gmes space component , relying on the european organisation for the exploitation of meteorological satellites where necessary . ### the european space agency shall be entrusted with implementation of the gmes space component relying on the european organisation for the exploitation of meteorological satellites where necessary , while the european environment agency shall have the role of coordinating the in - situ component , bringing together user needs and contributing to service management .


### lack of access to credit is one of the main obstacles to business creation , especially among people furthest from the labour market . union and national efforts in this area need to be stepped up in order to increase the supply of microfinance and meet demand from those who need it most , and in particular unemployed and vulnerable people who wish to start up or develop a micro - enterprise , including on a self - employed basis , but do not have access to credit . as a first step , in 2010 the european parliament and the council set up the facility . ### lack of access to credit , equity or quasi equity is one of the main obstacles to business creation , especially among people furthest from the labour market . union and national efforts in this area need to be stepped up in order to increase the supply of microfinance and meet demand from those who need it most , and in particular unemployed and vulnerable people who wish to start up or develop a micro - enterprise , including on a self - employed basis , but do not have access to credit . as a first step , in 2010 the european parliament and the council set up the facility .


### the financial appropriations for implementing the programme over the period from 1 january 2014 to 31 december 2020 shall amount to eur 958 . 19 million . ### the prime reference financial envelope , within the meaning of point [ ] of the interinstitutional agreement of xx / 201z between the european parliament , the council and the commission on cooperation in budgetary matters and sound financial management , for implementing the programme over the period from 1 january 2014 to 31 december 2020 shall amount to eur [ 958 . 19 million ] in current prices .


### the commission , in cooperation with the member states , shall ensure that activities carried out under the programme are consistent with , and complementary to other union action , in particular under the european social fund and in such areas as social dialogue , justice and fundamental rights , education , vocational training and youth policy , research and innovation , entrepreneurship , health , enlargement and external relations , and general economic policy . ### the commission , in cooperation with the member states , shall ensure that activities carried out under the programme are consistent with , and complementary to other union action , in particular under the european social fund , especially to provide assistance to the beneficiaries of the microfinance facility . consistency and complementarity shall also be ensured in such areas as social dialogue , justice and fundamental rights , notably with the&#160 ; multi annual program 2014 - 2020 ' rights and citizenship ' ; education , vocational training and youth policy , notably with the&#160 ; multi annual programme 2014 - 2020 ' erasmus for all ' ; research and innovation , entrepreneurship , health , enlargement and external relations , and general economic policy .


### a mid - term evaluation of the programme shall be carried out by the end of 2017 to measure progress made in meeting its objectives , to determine whether its resources have been used efficiently and to assess its union added value . ### a mid - term evaluation of the programme shall be carried out by mid - 2017 to measure progress made in meeting its objectives , to determine whether its resources have been used efficiently and to assess its union added value .


### persons who have lost or are at risk of losing their jobs , or who have difficulty in entering or re - entering the labour market , persons at risk of social exclusion and vulnerable persons who are in a disadvantaged position with regard to access to the conventional credit market and who wish to start up or develop their own micro - enterprises ; ### persons who have lost or are at risk of losing their jobs , or who have difficulty in entering or re - entering the labour market , persons at risk of social exclusion and vulnerable persons who are in a disadvantaged position with regard to accessing the conventional credit market or holding the necessary equity or semi - equity and who wish to start up or develop their own micro - enterprises ;


### public and private bodies that carry out activities as referred to in paragraph 1 shall adhere to high standards concerning governance , management and customer protection in line with the principles of the european code of good conduct for microcredit provision and shall seek to prevent persons and undertakings from becoming over - indebted . ### public and private bodies that carry out activities as referred to in paragraph 1 shall adhere to high standards concerning governance , management and customer protection in line with the principles of the european code of good conduct for microcredit provision and access to equity or quasi equity and shall seek to prevent persons and undertakings from becoming over - indebted .


### in accordance with article 18 of the financial regulation , revenues and payments generated by one financial instrument shall be assigned to that financial instrument . for financial instruments already set up in the previous multiannual financial framework , revenues and payments generated by operations started in the previous period shall be assigned to the financial instrument in the current period . ### in accordance with the relevant provisions of the financial regulation , revenues and payments generated by one financial instrument shall be assigned to that financial instrument , as long as that financial instrument is in place . for financial instruments already set up in the previous multiannual financial framework , revenues and payments generated by operations started in the previous period shall be assigned to the financial instrument in the current period .


### ensuring product identification and the traceability of products throughout the entire supply chain helps to identify economic operators and to take effective corrective measures against unsafe products , such as targeted recalls . product identification and traceability thus ensure that consumers and economic operators obtain accurate information regarding unsafe products which enhances confidence in the market and avoids unnecessary disruption of trade . products should therefore bear information allowing their identification and the identification of the manufacturer and , if applicable , of the importer . manufacturers should also establish technical documentations regarding their products for which they may choose the most appropriate and cost - efficient way such as by electronic means . moreover , economic operators should be required to identify the operators who supplied them and to whom they supplied a product . directive 95 / 46 / ec of the european parliament and of the council of 24 october 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data18 is applicable to the processing of personal data for the purposes of this regulation . ### ensuring product identification and the traceability of products throughout the entire supply chain helps to identify economic operators and to take effective corrective measures against unsafe products , such as targeted recalls and product destruction . product identification and traceability thus ensure that consumers and economic operators obtain accurate information regarding unsafe products which enhances confidence in the market and avoids unnecessary disruption of trade . products should therefore bear information allowing their identification and the identification of the manufacturer and , if applicable , of the importer . manufacturers should also establish technical documentations regarding their products for which they may choose the most appropriate and cost - efficient way such as by electronic means . moreover , economic operators should be required to identify the operators who supplied them and to whom they supplied a product . directive 95 / 46 / ec of the european parliament and of the council of 24 october 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data18 is applicable to the processing of personal data for the purposes of this regulation .


### the union should be able to respond in a flexible and timely manner to evolving and / or unforeseen needs in order to make its commitment to promote its interests in its relations with third countries more effective , by adopting special measures not covered by multi - annual indicative programmes . ### the union should be able to respond in a flexible and timely manner to evolving and / or unforeseen needs in order to make its commitment to promoting its interests , and protecting its investments , in its relations with third countries more effective , by adopting special measures not covered by multi - annual indicative programmes .


### implementing the international dimension of the &#8220 ; europe 2020&#8221 ; strategy by supporting union ' s bilateral , regional and inter - regional cooperation partnership strategies , by promoting policy dialogues and by developing collective approaches and responses to challenges of global concern such as energy security , climate change and environment . this objective shall be measured by the uptake of the &#8220 ; europe 2020&#8221 ; policies and objectives by key partner countries ; ### implementing the international dimension of the &#8220 ; europe 2020&#8221 ; strategy in order to strengthen the complementary relationship between internal and external union policies &#8211 ; especially in the field of innovation , research , and competitiveness &#8211 ; by supporting the union ' s bilateral , regional and inter - regional cooperation partnership strategies , by promoting policy dialogues and by developing collective approaches and responses to challenges of global concern such as energy security , climate change and environment . this objective shall be measured by the uptake of the &#8220 ; europe 2020&#8221 ; policies and objectives by key partner countries ;


### improving market access and developing trade , investment and business opportunities for european companies by means of economic partnerships and by business and legal and taxation regulatory cooperation . this objective shall be measured by the union’s share in foreign trade with key partner countries and by trade and investments flows to partner countries specifically targeted by actions , programmes and measures under this regulation ; ### improving access to third - country markets , boosting trade , eliminating barriers to trade and investment while also counteracting unwarranted protectionist measures and regulatory barriers , not least by promoting international standards , improving the protection of intellectual property rights , and creating a secure climate for investment and new trading opportunities for european companies – in particular small and medium - sized enterprises – on the world stage by means of economic partnerships , business and legal and taxation regulatory cooperation , and support programmes and instruments to promote sme internationalisation ; this objective shall be measured by the union’s share in foreign trade with key partner countries and by trade and investment flows to all partner countries specifically targeted by actions , programmes and measures under this regulation ;


### the facilitation of trade relations and trade integration processes , including south - south , support to union investment flows and economic partnerships , including a focus on small and medium - sized enterprises ; ### the facilitation of economic and trade relations and trade integration processes , including south - south , and the consolidation of trading relations with emerging macro - areas important to the union , support to union investment flows and economic partnerships , including a focus on small and medium - sized enterprises ; support measures and instruments to promote sme internationalisation ; improvements to the protection of intellectual property rights , intensification of regulatory dialogue , and facilitation of access to third - country markets ;


### the promotion of initiatives and actions of union or mutual interest in areas such as climate change , environmental matters including biodiversity , resource efficiency , raw materials , energy , transport , science , research and innovation , employment and social policy , sustainable development , including promotion of decent work , and corporate social responsibility , south - south trade and cooperation , education , culture , tourism , information and communication technologies , health , justice , customs , taxation , financial , statistics and any other matter pertaining to the union’s specific interests or of mutual interest between the union and third countries ; ### the promotion of initiatives and actions of union or mutual interest in areas such as climate change , environmental matters including biodiversity , resource efficiency , raw materials , energy , transport , science , research and innovation , employment and social policy , sustainable development , including promotion of decent work , and corporate social responsibility , south - south trade and cooperation , education , culture , tourism , information and communication technologies , health , justice , customs , intellectual property rights , data protection , taxation , financial , statistics and any other matter pertaining to the union’s specific interests or of mutual interest between the union and third countries ;


### this regulation aims to ensure the functioning of the internal market as regards in vitro diagnostic medical devices , taking as a base a high level of protection of health . at the same time , this regulation sets high standards of quality and safety for devices to meet common safety concerns as regards those products . both objectives are being pursued simultaneously and are inseparably linked whilst one not being secondary to the other . as regards article 114 of the treaty on the functioning of the european union , this regulation harmonises the rules for the placing on the market and putting into service of in vitro diagnostic medical devices and their accessories on the union market which may then benefit from the principle of free movement of goods . as regards article 168 of the treaty on the functioning of the european union , this regulation sets high standards of quality and safety for those devices by ensuring , among other things , that data generated in clinical performance studies is reliable and robust and that the safety of subjects participating in clinical performance studies is protected . ### this regulation aims to ensure the functioning of the internal market as regards in vitro diagnostic medical devices , taking as a base a high level of protection of health for patients , users and operators . at the same time , this regulation sets high standards of quality and safety for devices to meet common safety concerns as regards those products . both objectives are being pursued simultaneously and are inseparably linked whilst one not being secondary to the other . as regards article 114 of the treaty on the functioning of the european union , this regulation harmonises the rules for the placing on the market and putting into service of in vitro diagnostic medical devices and their accessories on the union market which may then benefit from the principle of free movement of goods . as regards article 168 of the treaty on the functioning of the european union , this regulation sets high standards of quality and safety for those devices by ensuring , among other things , that data generated in clinical performance studies is reliable and robust and that the safety of subjects participating in clinical performance studies is protected .


### key elements of the existing regulatory approach , such as the supervision of notified bodies , risk classification , conformity assessment procedures , clinical evidence , vigilance and market surveillance should be significantly reinforced , whilst provisions ensuring transparency and traceability regarding in vitro diagnostic medical devices should be introduced to improve health and safety . ### key elements of the existing regulatory approach , such as the supervision of notified bodies , conformity assessment procedures , clinical investigations and clinical evaluation , vigilance and market surveillance should be significantly reinforced , whilst provisions ensuring transparency and traceability regarding in vitro diagnostic medical devices should be introduced , to improve health and safety for health professionals , patients , users and operators , including in the waste disposal chain .


### it should be the responsibility of the member states to decide on a case - by - case basis whether or not a product falls within the scope of this regulation . if necessary , the commission may decide , on a case - by - case basis , whether or not a product falls within the definition of an in vitro diagnostic medical device or of an accessory to an in vitro diagnostic medical device . ### in order to ensure consistent classification across all member states , it should be the responsibility of the commission to decide on a case - by - case basis whether or not a product or groups of products fall within the scope of this regulation and within the definition of an in vitro diagnostic medical device or of an accessory to an in vitro diagnostic medical device .


### transparency and better information are essential to empower patients and healthcare professionals and to enable them to make informed decisions , to provide a sound basis for regulatory decision - making and to build confidence in the regulatory system . ### transparency and better information are essential to empower patients , healthcare professionals and all others concerned , and to enable them to make informed decisions , to provide a sound basis for regulatory decision - making and to build confidence in the regulatory system .


### transparency and better information are essential to empower patients and healthcare professionals and to enable them to make informed decisions , to provide a sound basis for regulatory decision - making and to build confidence in the regulatory system . ### transparency and adequate access to information , appropriately presented for the intended user , are essential to empower patients and healthcare professionals and to enable them to make informed decisions , to provide a sound basis for regulatory decision - making and to build confidence in the regulatory system .