2006/558/EC: Commission Decision of  2 August 2006  updating the Annexes to the monetary agreement between the Government of the French Republic, on behalf of the European Community, and the Government of His Serene Highness the Prince of Monaco
Date: 2006-08-02
Institutions: European Commission
Subjects: France, Monaco, application of EU law, economic offence, financial institution, financial legislation, fraud, insurance company, monetary agreement, publication of accounts

10.8.2006

EN

Official Journal of the European Union

L 219/23

COMMISSION

COMMISSION DECISION

of 2 August 2006

updating the Annexes to the monetary agreement between the Government of the French Republic,
on behalf of the European Community, and the Government of His Serene Highness the Prince of
Monaco

(2006/558/EC)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty
Community, and in particular Article 111(3) thereof,

establishing the European

Having regard to the Monetary Agreement of 24 December
2001 between the Government of the French Republic, on
behalf of the European Community, and the Government of
His Serene Highness the Prince of Monaco (1), and, in particular,
Article 11(3) and (5) thereof,

Whereas:

(1)

Article 11(2) of the Monetary Agreement between the
Government of the French Republic, on behalf of the
European Community, and the Government of His
Serene Highness the Prince of Monaco (hereinafter the
Monetary Agreement) requires the Principality of Monaco
to apply the measures adopted by France to implement
certain Community acts concerning the activity and
institutions and the
prudential
prevention of systemic risks to payment and securities
settlement systems. Those acts are listed in Annex A to
the Agreement. A number of acts in Annex A have been
amended and the amending acts should be included in
that Annex. A number of new Community acts falling
within the scope of Article 11(2) of
the Monetary
Agreement have also been adopted and should be
included in Annex A.

supervision of credit

(2)

Directive 2001/65/EC of the European Parliament and of
the Council of 27 September 2001 amending Directives
78/660/EEC, 83/349/EEC and 86/635/EEC as regards the
valuation rules for the annual and consolidated accounts
of certain types of companies as well as of banks and

(1) OJ L 142, 31.5.2002, p. 59.

(3)

(4)

(5)

concerns
institutions

institutions (2)
credit

activity
the
financial
other
and supervision of
and amends
Council Directive 86/635/EEC (3), which is already in
Annex A.
scope of
Article 11(2) of the Monetary Agreement and should
be included in Annex A.

falls within the

therefore

It

Directive 2003/51/EC of the European Parliament and of
the Council of 18 June 2003 amending Directives
78/660/EEC, 83/349/EEC and 91/674/EEC on the
annual and consolidated accounts of certain types of
institutions and
companies, banks and other financial
insurance undertakings (4) concerns
the activity and
and also amends
supervision of
credit
Directive 86/635/EEC.
falls within the
scope of Article 11(2) of the Monetary Agreement and
should also be included in Annex A.

institutions
It

therefore

Directive 2002/47/EC of the European Parliament and of
the Council of 6 June 2002 on financial collateral
arrangements (5) concerns the prevention of systemic
risks to the settlement systems. It therefore falls within
the scope of Article 11(2) of the Monetary Agreement
and should also be included in Annex A.

firms

financial

Directive 2002/87/EC of the European Parliament and of
the Council of 16 December 2002 on the supplementary
supervision of credit institutions, insurance undertakings
and investment
conglomerate,
in a
amending Council Directives 73/239/EEC, 79/267/EEC,
92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and
Directives 98/78/EC and 2000/12/EC of the European
Parliament and of the Council (6) concerns the activity
It therefore falls
and supervision of credit institutions.
within the scope of Article 11(2) of
the Monetary
Agreement and should also be included in Annex A.

(2) OJ L 283, 27.10.2001, p. 28.
(3) OJ L 372, 31.12.1986, p. 1.
(4) OJ L 178, 17.7.2003, p. 16.
(5) OJ L 168, 27.6.2002, p. 43.
(6) OJ L 35, 11.2.2003, p. 1.

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(6)

(7)

(8)

(9)

Directive 2004/39/EC of the European Parliament and of
the Council of 21 April 2004 on markets in financial
instruments amending Council Directives 85/611/EEC
and 93/6/EEC and Directive 2000/12/EC of
the
European Parliament and of the Council and repealing
Council Directive 93/22/EEC (7) concerns the activity and
supervision of credit institutions. It therefore falls within
the scope of Article 11(2) of the Monetary Agreement
and should also be included in Annex A.

Directive 2006/31/EC of the European Parliament and of
the Council of 5 April 2006 amending Directive
instruments, as
2004/39/EC on markets in financial
regards
Directive
It should therefore also be included in
2004/39/EC.
Annex A.

deadlines (8)

amends

certain

One act currently included in Annex A should be
the
removed from that Annex. Directive 97/5/EC of
European Parliament and of the Council of 27 January
1997 on cross-border credit transfers (9) mainly addresses
consumer protection concerns and therefore does not fall
within the scope of Article 11(2) of
the Monetary
Agreement.

Council

Framework

Agreement.

Article 11(4) of the Monetary Agreement requires the
Principality of Monaco to adopt measures equivalent to
those taken by the Member States in order to apply the
Community acts necessary for the implementation of the
Monetary Agreement. Those acts are listed in Annex B to
the
Decision
2001/413/JHA of 28 May 2001 combating fraud and
counterfeiting of non-cash means of payment (10)
is
intended to complete and ensure consistency of
the
securing the protection of all means of
provisions
payment denominated in euros.
falls within the
scope of Article 9 of the Monetary Agreement on the
fight against fraud and counterfeiting, notably in modern
banking
inclusion of
In particular,
Framework Decision 2001/413/JHA is necessary to
complete
Framework
Decision 2000/383/JHA of 29 May 2000 on increasing
protection by criminal penalties and other sanctions
against counterfeiting in connection with the intro-
duction of the euro (11), which is mentioned in Article
9 of the Monetary Agreement. It is therefore necessary
for the implementation of the Monetary Agreement and
should be included in Annex B to the Agreement.

by Council

protection

systems.

the

the

It

(10)

(11)

(12)

Council Regulation (EC) No 2182/2004 of 6 December
2004 concerning medals and tokens similar to euro
coins (12) is intended to prevent the use of medals and
tokens as means of payment in euro and also falls within
the scope of Article 9 of the Monetary Agreement. It is
therefore necessary for
the
the
Monetary Agreement and should also be included in
Annex B to the Agreement.

implementation of

to the Monetary Agreement

should
The Annexes
therefore be amended accordingly. For
the sake of
clarity, the Annexes should be replaced in their entirety.

The Monegasque authorities did not request that the Joint
Committee established by Article 14 of the Monetary
to Article 11(5) of
Agreement be convened pursuant
that Agreement within two weeks
the
following
adoption of Regulation (EC) No 2182/2004 in order to
update Annex B to the Monetary Agreement. Annexes A
and B to the Monetary Agreement must therefore both
be amended by the Commission.

(13) At its meetings on 17 June 2004 and 16 June 2005, the
Commission informed the Joint Committee of the need
to update Annexes A and B to the Monetary Agreement.
The Joint Committee took note of
the Commission's
position,

HAS DECIDED AS FOLLOWS:

Sole Article

to the Monetary Agreement between the
The Annexes
Government of
the
French Republic, on behalf of
European Community, and the Government of His Serene
Highness the Prince of Monaco are replaced by the text in
the Annexes to this Decision.

the

Done at Brussels, 2 August 2006.

For the Commission

Joaquín ALMUNIA
Member of the Commission

(7) OJ L 145, 30.4.2004, p. 1.
(8) OJ L 114, 27.4.2006, p. 60.
(9) OJ L 43, 14.2.1997, p. 25.
(10) OJ L 149, 2.6.2001, p. 1.
(11) OJ L 140, 14.6.2000, p. 1.

(12) OJ L 373, 21.12.2004, p. 1.

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ANNEX A

1. 86/635/EEC

Council Directive of 8 December 1986 on the annual accounts and consolidated accounts of banks and other
financial institutions (for provisions applying to credit institutions)

(OJ L 372, 31.12.1986, p. 1)

as amended by:

2001/65/EC

the European Parliament and of

Directive of
the Council of 27 September 2001 amending Directives
78/660/EEC, 83/349/EEC and 86/635/EEC as regards the valuation rules for the annual and consolidated
accounts of certain types of companies as well as of banks and other financial institutions

(OJ L 283, 27.10.2001, p. 28)

2003/51/EC

Directive of the European Parliament and of the Council of 18 June 2003 amending Directives 78/660/EEC,
83/349/EEC, 86/635/EEC and 91/674/EEC on the annual and consolidated accounts of certain types of
companies, banks and other financial institutions and insurance undertakings

(OJ L 178, 17.7.2003, p. 16)

2. 89/117/EEC

Council Directive of 13 February 1989 on the obligations of branches established in a Member State of credit
institutions and financial institutions having their head offices outside that Member State regarding the publication of
annual accounting documents

(OJ L 44, 16.2.1989, p. 40)

3. 93/6/EEC

Council Directive of 15 March 1993 on the capital adequacy of investment firms and credit institutions (for
provisions applying to credit institutions)

(OJ L 141, 11.6.1993, p. 1)

as amended by:

2002/87/EC

Directive of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision
of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending
Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives
98/78/EC and 2000/12/EC of the European Parliament and of the Council

(OJ L 35, 11.2.2003, p. 1)

2004/39/EC

Directive of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments
amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament
and of the Council and repealing Council Directive 93/22/EEC

(OJ L 145, 30.4.2004, p. 1)

4. 93/22/EEC

Council Directive of 10 May 1993 on investment services in the securities field (for provisions applying to credit
institutions) with the exceptions of Titles III and IV — Directive repealed by Directive 2004/39/EC, as amended by
Directive 2006/31/EC, as from 1 November 2007 (see infra)

(OJ L 141, 11.6.1993, p. 27)

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5. 94/19/EC

Directive of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes

(OJ L 135, 31.5.1994, p. 5)

6. 98/26/EC

Directive of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and
securities systems

(OJ L 166, 11.6.1998, p. 45)

7. 2000/12/EC

Directive of the European Parliament and of the Council of 20 March 2000 relating to the taking-up and pursuit of
the business of credit institutions — with the exception of Titles III and IV

(OJ L 126, 26.5.2000, p. 1)

as amended by:

2000/28/EC

Directive of the European Parliament and of the Council of 18 September 2000 amending Directive 2000/12/EC
relating to the taking up and pursuit of the business of credit institutions

(OJ L 275, 27.10.2000, p. 37)

2000/46/EC

Directive of the European Parliament and of the Council of 18 September 2000 on the taking-up, pursuit of and
prudential supervision of the business of electronic money institutions

(OJ L 275, 27.10.2000, p. 39)

2002/87/EC

Directive of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision
of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending
Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives
98/78/EC and 2000/12/EC of the European Parliament and of the Council

(OJ L 35, 11.2.2003, p. 1)

2004/39/EC

Directive of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments
amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament
and of the Council and repealing Council Directive 93/22/EEC

(OJ L 145, 30.4.2004, p. 1)

8. 2001/24/EC

Directive of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding-up of
credit institutions

(OJ L 125, 5.5.2001, p. 15)

9. 2002/47/EC

Directive of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements

(OJ L 168, 27.6.2002, p. 43)

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10. 2002/87/EC

Directive of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of
credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council
Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and
2000/12/EC of the European Parliament and of the Council

(OJ L 35, 11.2.2003, p. 1)

11. 2004/39/EC

Directive of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments
amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and
of the Council and repealing Council Directive 93/22/EEC — for provisions applying to credit institutions and with
the exception of Articles 15, 31 to 33 and Title III

(OJ L 145, 30.4.2004, p. 1)

as amended by:

2006/31/EC

Directive of the European Parliament and of the Council of 5 April 2006 amending Directive 2004/39/EC on
markets in financial instruments, as regards certain deadlines

(OJ L 114, 27.4.2006, p. 60)

ANNEXE B

1. 97/9/EC

Directive of the Parliament and of the Council of 3 March 1997 on investment compensation schemes

(OJ L 84, 26.3.1997, p. 22)

2. 2001/413/JHA

Council Framework Decision of 28 May 2001 combating fraud and counterfeiting of non cash means of payment

(OJ L 149, 2.6.2001, p. 1)

3. (EC) No 2182/2004

Council Regulation of 6 December 2004 concerning medals and tokens similar to euro coins

(OJ L 373, 21.12.2004, p. 1)