ddrg/super_eurlex huggingface dataset:
5.

The proposed regulation will contribute to the overall aim of compiling a consistent system of quarterly government accounts for the European Union and thus for the euro area. It will supplement the existing sets of quarterly government data as specified in Commission Regulation (EC) No 264/2000 of 3 February 2000 on the implementation of Council Regulation (EC) No 2223/96 with respect to short-term public finance statistics (2), Regulation (EC) No 1221/2002 of 10 June 2002 of the European Parliament and of the Council on quarterly non-financial accounts for general government (3) and Regulation (EC) No 501/2004 of the European Parliament and of the Council of 10 March 2004 on quarterly financial accounts for general government (4).
12.

Article 7(3) of the proposed directive provides that, with regard to the service of money transmission, the special provisions on customer identification which will be set out in the as yet unpublished Commission proposal for a regulation of the European Parliament and of the Council on payer's information accompanying funds transfers (hereinafter the ‘draft regulation’) shall apply (8). The purpose of the draft regulation is to ensure that basic payer's information is immediately available to the appropriate authorities to assist them in combating the financing of terrorism. The draft regulation applies to funds transfers in any currency which are sent, received, or both, by a payment service provider established in the EU (9). The draft regulation also contains requirements applicable to payment service providers relating to the retention of payers' information accompanying funds transfers (10). The provisions in the proposed directive concerning payer information do not seem to exempt the application of other customer due diligence procedures to the service of money transmission, including the identification of a beneficial owner. It therefore seems that the proposed directive applies generally to the operation of payment systems. In particular, Article 7(1)(b) of the proposed directive states that identifying a beneficial owner forms part of the customer due diligence requirements, and Article 3(8) provides that beneficial owner means, inter alia, the natural person on whose behalf a transaction or activity is being conducted. The particularities of the structure of payment systems are relevant here. As in the case of postal services, payment system operators are only responsible for the orderly collection, sorting, settling, transferring and delivery of the ‘envelopes’, i.e. payment messages, but generally have neither the mandate to, nor even the technical possibility of, reading or checking the content of the envelopes. A check on the identity of the originator and the beneficiary, including their names and addresses, could only be carried out by their respective financial service providers. This is in line with the requirements of the current Money Laundering Directive, as implemented in the national laws of the Member States. However, as modern payment systems offer fully-automated processing of information, they are not able to carry out any form of quality check, and they usually do not have a business relationship with the originator or ultimate beneficiary of a payment. Payment system operators can only check the mere presence of some information in a field; they cannot check the quality, completeness, accuracy or meaningfulness of that information. The ECB is therefore of the opinion that payment system operators should be exempted from the application of Article 7(1)(b) of the proposed directive, without prejudice to their obligation to ensure that the payment orders entered into such systems can be effectively traced by means of an appropriate identification of the system participants. In some cases, a central bank oversight regulation has been enacted to this end.
3.

The ECB welcomes the extension by six months until October 2006 of the deadline by which Member States must transpose Directive 2004/39/EC (2) into national law and the granting of an extra six months after transposition for the effective application of Directive 2004/39/EC, steps which have proven necessary for both Member States and investment firms. Moreover, the ECB understands that the Council and the European Parliament are currently considering extending the deadlines by a further three months to nine months. The ECB would have no objections to such an extension either.
EN Official Journal of the European Union C 49/35

OPINION OF THE EUROPEAN CENTRAL BANK

of 21 February 2006

at the request of the Council of the European Union on a proposal for a Council regulation repealing Council Regulation (EEC) No 3181/78 and Council Regulation (EEC) No 1736/79 in the area of Monetary Policy

(CON/2006/8)

(2006/C 49/11)

On 1 February 2006 the European Central Bank (ECB) received a request from the Council of the European Union for an opinion on a proposal for a Council regulation repealing Council Regulation (EEC) No 3181/78 and Council Regulation (EEC) No 1736/79 in the area of Monetary Policy (COM(2005) 611 final) (hereinafter the ‘proposed regulation’). The ECB's competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community, since the proposed regulation contains provisions which concern the European Monetary System (EMS) and the tasks of the former European Monetary Institute, which the ECB took over pursuant to Article 44 of the Statute of the European System of Central Banks and of the European Central Bank. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

1. Specific observations

The ECB has two specific observations on the proposed regulation.

1.1. Title of the proposed regulation

The ECB suggests that the title of the proposed regulation be amended to reflect better the subject matter of the two obsolete regulations that are to be repealed, since both regulations relate to the functioning of the EMS rather than to the broader area of monetary policy.

1.2. Reference to the ECB opinion

Under Article 253 of the Treaty, regulations adopted by the Council must refer to any opinions which were required to be obtained pursuant to the Treaty. The ECB therefore suggests that the citations to the proposed regulation should therefore refer to this opinion.

2. Drafting proposals

Where the above advice would lead to changes in the proposed regulation, drafting proposals are enclosed in the annex.

Done at Frankfurt am Main, 21 February 2006. The President of the ECB Jean-Claude TRICHET
2.

The above-mentioned recommendation, which will be submitted for decision to the Heads of State or Government of the Member States which have adopted the euro after consultation of the Governing Council of the ECB and the European Parliament, recommends that Mr Jürgen Stark be appointed as member of the Executive Board of the ECB for a term of office of eight years with effect from 1 June 2006.
EN 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 20 February 2006 
at the request of Magyar Nemzeti Bank 
on a draft regulation on the general terms and co nditions and internal regulations of clearing 
houses for credit institutions 
(CON/2006/7) 
 
1. On 6 December 2005 the European Central Bank (ECB) received a request from Magyar Nemzeti 
Bank for an opinion on a draft regulation on th e general terms and c onditions and internal 
regulations of clearing houses for credit instituti ons (hereinafter the ‘draft regulation’). 
2. The ECB’s competence to deliver an opinion is based on the second, third, fifth and sixth indents of 
Article 2(1) of Council Decision 98/415/EC of 29 June 1998 on the consultation of the European 
Central Bank by national authorities re garding draft legislative provisions1, as the draft regulation 
contains provisions concerning means of paymen t, Magyar Nemzeti Bank, payment and settlement 
systems and rules that materially influence the st ability of financial institutions and markets. In 
accordance with the first sentence of Article 17.5 of  the Rules of Procedure of the European Central 
Bank, the Governing Council has adopted this opinion. 
3. The draft regulation sets out requirements for  the general terms and conditions and internal 
regulations of clearing houses for credit institutions that may include preconditions  to performing 
such activities.  
4. The ECB welcomes such rules as they are essential to Magyar Nemzeti Bank’s oversight function, 
particularly as they take into account recent developments. 
5. In the ECB’s view the draft regulation should specify  that the list of issues to be regulated in the 
terms and conditions of a clearing house for credit institutions is not exha ustive and constitutes a 
list of minimum requirements, therefore making it possible to include additional items in the clearing houses’ terms and conditions.
 
6. Article 20 of the draft regulation on fees requires tr ansparency and equal treatment of participants. 
However, this transparency requirement would not apply to entities that are considering participation and have a strong inte rest in applicable fees when deciding whether to participate. 
Hence, it would be advisable to extend Article  20 to entities considering becoming participants, 
direct submitters or settlement agents. 
                                                 
1  OJ L 189, 3.7.1998, p. 42. 
 
2 7. This opinion will be published on the ECB’s website. 
  Done at Frankfurt am Main, 20 February 2006. 
 
[signed] 
 
The President of the ECB 
Jean-Claude TRICHET
EN 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 10 August 2009 
on strengthening bank resolution techniques 
(CON/2009/65) 
 Introduction and legal basis
 
On 30 July 2009 the European Central Bank (ECB) received a request from the Latvian Financial and 
Capital Market Commission (FCMC) for an opinion on draft amendments to the Law on credit institutions (hereinafter the ‘draft law’).  
The ECB’s competence to deliver an  opinion is based on Article 105(4) of the Treaty establishing the 
European Community and the sixth indent of Article 2(1) of Council Decision 98/415/EC of 
29 June 1998 on the consultation of the European Ce ntral Bank by national authorities regarding draft 
legislative provisions
1, as the draft law relates to rules applicable  to financial institutions insofar as they 
materially influence the stability of financial ins titutions and markets. In accordance with the first 
sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council 
has adopted this opinion. 
 1. Purpose of the draft law The main objective of the draft law is to strengthen bank resolution techniques in Latvia by: (i) allowing 
set-off under certain conditions for banks facing difficu lties, and (ii) by empowering administrators to 
terminate contracts that reduce a credit institution’s assets and are not conclude d to provide financial 
services. The draft law also amends the definition of set-off bringing it in line with international practice 
and clarifies the rights of FCMC authorised representatives appointed to banks facing difficulties. 
 2. General observations 
As noted in its previous opinion on am endments to the Law on credit institutions
2, the ECB welcomes the 
draft law to the extent that it will strengthen the FCMC ’s powers to intervene when the stability of either 
individual credit institutions or the financial system  as a whole is jeopardised. The ECB also welcomes 
                                                 
1  OJ L 189, 3.7.1998, p. 42.  
2 See paragraph 3.2 of Opinion CON/2009/10. All ECB opinions  are available on the ECB website at www.ecb.europa.eu. 
2 the clarification of set-off procedures and the stre ngthening of administrator rights in insolvency 
proceedings insofar as they do not undermine Latvijas Banka’s fulfilment of its tasks. 
 3. Specific observations 
Regarding amendments to Article 117(4)(3) of the Law on credit institutions, the ECB has already 
commented on the transfer of credit institution’s assets and liabilities with the aim of ensuring the 
payment of guaranteed deposits
3. To the extent relevant, the observations made in Opinion CON/2009/31 
also apply to the amendments proposed by the draft law. 
 This opinion will be published on the ECB’s website.    Done at Frankfurt am Main, 10 August 2009. 
 
[signed] 
 
The President of the ECB 
Jean-Claude TRICHET 
 
                                                 
3  See paragraphs 3.5 and 3.6 of ECB Opinion CON/2009/31.
EN Official Journal of the European Union C 58/3

OPINION OF THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK

of 4 March 2010

on a Council recommendation on the appointment of the Vice-President of the European Central Bank

(CON/2010/19)

2010/C 58/03

Introduction and legal basis

On 24 February 2010 the European Central Bank (ECB) received a request from the President of the European Council for an opinion on a Council Recommendation on the appointment of the Vice-President of the European Central Bank.

The competence of the ECB’s Governing Council to deliver an opinion is based on Article 283(2) of the Treaty on the Functioning of the European Union.

General observations

1. The Council’s recommendation, which was submitted to the European Council and on which the European Parliament and the ECB’s Governing Council are being consulted, recommends that Vítor CONSTÂNCIO be appointed as the Vice-President of the ECB for a term of office of eight years with effect from 1 June 2010.

2. The ECB’s Governing Council is of the opinion that the proposed candidate is a person of recognised standing and professional experience in monetary or banking matters as required by Article 283(2) of the Treaty.

3. The ECB’s Governing Council has no objection to the Council’s recommendation to appoint Vítor CONSTÂNCIO as the Vice-President of the ECB.
EN 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 14 January 2011 
on the sanctioning powers of the Cyprus Stock Exchange 
(CON/2011/2) 
 
Introduction and legal basis  
On 6 December 2010, the European Central Bank (ECB) received a request from the Cypriot Ministry of 
Finance for an opinion on a draft law amending the Laws on securities and the Cyprus Stock Exchange 
(Central Securities Depository and Central Registry) of 1996 to 2010 (hereinafter the ‘draft law’). 
The ECB’s competence to deliver an opinion is based on  Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union and the third indent of Article 2(1) of Council Decision 98/415/EC of 
29 June 1998 on the consultation of the European Central Bank by national authorities regarding draft 
legislative provisions1, as the draft law relates to the Central Bank  of Cyprus. In accordance with the first 
sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council 
has adopted this opinion. 
 
1.  Purpose of the draft law The purpose of the draft law is to empower the Board of the Cyprus Stock Exchange to impose fines for 
infringements of the Laws on securities and the Cypr us Stock Exchange (Central Depository and Central 
Securities Registry) of 1996 to 2010 (hereinafter the ‘Basic Law’) and/or any regulatory or administrative acts adopted thereunder, as well as bring proceedings for any failure to pay fines that it has imposed.  
 
2.  Application to the Central Bank of Cyprus 
While not expressly mentioned, the Central Bank of Cyprus is not excluded from the scope of application 
of the draft law. It follows that the Central Bank of Cyprus could be subject to fines imposed by the Board 
of the Cyprus Stock Exchange which raises the ques tion whether the draft law is compatible with the 
principle of central bank independ ence in Article 130 of the Treaty. The ECB understands that the Basic 
Law, as amended by the draft law, is not related to and does not interfere with the pursuit, by the Central 
Bank of Cyprus, of its core activities. Considering th at (i) the purpose of the principle of central bank 
independence is not to immunise national central ba nks from national laws which are not related to and 
                                                 
1  OJ L 189, 3.7.1998, p. 42. 
2 do not interfere with the pursuit of their tasks specifi ed in their statutes and the Statute of the European 
System of Central Banks and the European Central Bank, and that (ii) any sanctions imposed on the Central Bank of Cyprus may be challenged before the High Court, the ECB is satisfied that the draft law 
is compatible with the principle of central bank independence. 
 This opinion will be published on the ECB’s website. 
 
 Done at Frankfurt am Main, 14 January 2011. 
 
[signed] 
 
The President of the ECB 
Jean-Claude TRICHET
EN ECB-PUBLIC  
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 7 August 2013 
on the financial statements register 
(CON/2013/58) 
 
Introduction and legal basis 
On 4 July 2013, the European Central Bank (ECB)  received a request from the Slovak Ministry of 
Finance for an opinion on a draft law amending Law No 431/2002 on accounting and amending some laws (hereinafter the ‘draft law’). 
The ECB’s competence to deliver an  opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union and the third indent  of Article 2(1) of Council Decision 98/415/EC of 
29 June 1998 on the consultation of the European Ce ntral Bank by national authorities regarding draft 
legislative provisions
1, as the draft law relates to Národná banka  Slovenska (NBS). In accordance with the 
first sentence of Article 17.5 of the Rules of Pro cedure of the European Central Bank, the Governing 
Council has adopted this opinion. 
 1.  Purpose of the draft law 
The draft law, inter alia , continues the legislative process of finalising and improving the financial 
statements register
2. The draft law provides that the financial st atements register will also include annual 
reports3. As a consequence, entities supervised by NBS w ill register their annual reports centrally, instead 
of submitting them to NBS4. Some of these entities will also regi ster their auditors’ reports centrally5. The 
non-public section of the register will include docum ents of supervised branches of foreign entities6; NBS 
will have access to them7. The supervised entities’ interim fi nancial statements will no longer be 
registered8, but submitted to NBS9. 
                                                 
1  OJ L 189, 3.7.1998, p. 42. 
2  See the third bullet point of the second paragraph of the general part of the explanatory memorandum. 
3  Article I (19) of the draft law. 
4  Article IX (2) and (6), Article X (2) and (5), Ar ticle XIV (1) and Article XXVIII (1) of the draft law. 
5  Article IX (1), Article 10 (1), (2) and (4), Article XIV (3), Article XXVIII (4), Article XXXIV (1) and (2), Article XL (1) 
and (7) of the draft law. 
6  Article I (22) of the draft law. 
7  Article I (35) of the draft law. 
8  Article I (19) of the draft law. 
9  Article XXII (1), Article IX (3) and (4),  Article XL (2) and (4) of the draft law. 
 ECB-PUBLIC  
2 2. Interim financial reporting  
The ECB considers that the consulting authority s hould ensure that investors have direct access to 
information regarding interim financ ial statements, both individual and consolidated, prepared by listed 
entities. The ECB believes that, as regards listed entities,  periodic financial reporting is an important data 
source that assists investors in making more informed  investment decisions and supports efficient capital 
allocation. 
  This opinion will be published on the ECB’s website.   Done at Frankfurt am Main, 7 August 2013. 
 
[signed] 
 
The Vice-President of the ECB 
Vítor  CONSTÂNCIO
EN ECB-PUBLIC  
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 24 June 2014  
on non-bank financial institutions that provide loans to consumers 
(CON/2014/45) 
 
Introduction and legal basis 
On 22 May 2014, the European Central Bank (ECB) received a request from Българска  народна  банка  
(the Bulgarian National Bank (BNB)) for an opinion on a draft law on non-bank fi nancial institutions that 
provide loans to consumers (hereinafter the ‘draft law’). 
The ECB’s competence to deliver an  opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union and the third and sixth indents of Article 2(1) of Council Decision 
98/415/EC1, as the draft law contains provisions related to  the BNB and to rules applicable to financial 
institutions insofar as they materially influence th e stability of financial institutions and markets. In 
accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central 
Bank, the Governing Council has adopted this opinion. 
 1.  Purpose of the draft law 
1.1 The draft law aims at regulating the licensi ng, supervision and activities of non-bank financial 
institutions that provide loans to consumers. It also aims at enhancing their transparency and 
stability, as well as ensuring confidence in their activities and the protection of consumers’ rights 
and interests. 
1.2 Furthermore, the draft law aims at achieving a clearer distinction betw een the BNB’s competence 
for the supervision of banks, and the Financ ial Supervision Commission’s (FSC) competence for 
the supervision of ot her institutions in the financial sector, including those that provide loans to 
consumers. 
 2. General observations  2.1 The ECB welcomes the draft law in view of its aims referred to in paragraphs 1.1-1.2 above.  
2.2 The ECB notes that, at present, non-bank financia l institutions that provide loans to consumers are 
subject to registration  with the BNB. Following the adoption of  the draft law, these institutions will 
be licensed and supervised by the FSC. Howeve r, no change is made to the existing legal 
                                                 
1  Council Decision 98/415/EC of 29 June 1998 on the consultatio n of the European Central Bank by national authorities 
regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42). 
ECB-PUBLIC  
2 provisions regarding non-bank financ ial institutions that provide lo ans to legal entities, which will 
continue to be subject to registration  with the BNB.  
2.3 The ECB understands that the new legal framework  for the licensing and s upervision by the FSC of 
non-bank financial institutions that provide loans to  consumers does not entail any transfer of assets 
or existing legal obligations from the BNB to th e FSC. The ECB further understands that the FSC 
will use its own resources and procedures for th e licensing and supervisi on of non-bank financial 
institutions that provide loans to consumers. 
 This opinion will be published on the ECB’s website.    Done at Frankfurt am Main, 24 June 2014. 
 
[signed] 
 
The President of the ECB 
Mario DRAGHI