Article 1 
The Agreement between the European Union and the United States of America on the processing and transfer of Financial Messaging Data from the European Union to the United States for the purposes of the Terrorist Finance Tracking Program (the Agreement) is hereby approved on behalf of the Union ( 2 ) . The text of the Agreement is attached to this Decision.
Article 2 
The Commission is invited to submit to the European Parliament and the Council, no later than one year from the date of entry into force of the Agreement, a legal and technical framework for the extraction of data on EU territory. Within three years from the date of entry into force of the Agreement, the Commission is invited to present a report of progress on the development of the equivalent EU system with regard to Article 11 of the Agreement. If, five years after the date of entry into force of the Agreement, the equivalent EU system has not been set up, the Union shall consider whether to renew the Agreement in accordance with Article 21(2) thereof.
Article 3 
The President of the Council shall designate the person(s) empowered to proceed, on behalf of the Union, to the exchange of the instruments of approval provided for in Article 23 of the Agreement, in order to express the consent of the Union to be bound.
Article 4 
This Decision shall enter into force on the day of its adoption.