13.10.2012

EN

Official Journal of the European Union

C 310/1

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MONETARY AGREEMENT

between the European Union and the Principality of Monaco

2012/C 310/01

THE EUROPEAN UNION, represented by the French Republic and the European Commission,

and

THE PRINCIPALITY OF MONACO,

Whereas:

(1)	On 1 January 1999, the euro replaced the currency of each Member State participating in the third stage of Economic and Monetary Union, among which France, pursuant to Council Regulation (EC) No 974/98 of 3 May 1998.

(2)

The French Republic and the Principality of Monaco were linked before the creation of the euro by bilateral agreements in the monetary and banking fields, most notably through the Franco-Monegasque Agreement of 14 April 1945 concerning foreign exchange control and by the Neighbourhood Agreement of 18 May 1963.

(3)	The Principality of Monaco has been authorised to use the euro as its official currency since 1 January 1999 by virtue of the Council Decision of 31 December 1998 (1).

(4)

The European Union, represented by the French Republic in association with the European Commission and the ECB, concluded, on 24 December 2001, a Monetary Agreement with the Principality of Monaco. Said Agreement resulted in an amendment of the previously established Neighbourhood Agreement between the French Republic and the Principality of Monaco.

(5)

In accordance with the present Monetary Agreement, the Principality of Monaco has the right to continue using the euro as its official currency and to grant legal tender status to euro banknotes and euro coins. The rules of the European Union listed in Annex of the present Agreement shall be applied within the territory of the Principality of Monaco under the conditions and within the limitations foreseen under the present Agreement.

(6)

The Principality of Monaco should ensure that European Union rules on banknotes and coins denominated in euros are applicable within its territory; these coins and banknotes shall be appropriately protected against counterfeiting; it is important that the Principality of Monaco undertakes all measures necessary to combat counterfeiting and cooperates with the European Commission, the ECB, the French Republic and the European Police Office (Europol) in this domain.

(7)

The present Agreement shall not confer any right upon credit institutions or, where appropriate, any other financial institutions authorised to carry out their activities in the territory of the Principality of Monaco in matters related to the freedom of establishment or the provision of services in the European Union. The present Agreement shall not confer any right upon credit institutions or, where appropriate, any other financial institutions authorised to carry out their activities in the territory of the European Union in matters related to the freedom of establishment or the provision of services in the Principality of Monaco.

(8)	This Agreement does not impose any obligation on the ECB or national central banks to include the financial instruments of the Principality of Monaco in the list(s) of securities eligible for monetary policy operations of the European System of Central Banks.

(9)

Without prejudice to Article 11, paragraph six of this Agreement, the Principality of Monaco maintains certain institutions exclusively involved in portfolio management for third parties or the transmission of instructions within its territory whose services are exclusively regulated by Monegasque legislation. These institutions shall not have access to the payment and securities settlement systems.

(10)

In the interest of maintaining the historical links existing between the French Republic and the Principality of Monaco and the principles set forth on the Monetary Agreement of 24 December 2001, the European Union and the Principality of Monaco shall cooperate in good faith to ensure the effective implementation of the present Agreement in its entirety.

(11)

A Joint Committee composed of representatives of the Principality of Monaco, the French Republic, the European Commission, and the ECB has been established in order to examine the application of this Agreement; decide, under the conditions presented in Article 3, the annual ceiling for coin issuance; examine the adequacy of the minimum proportion of coins to be introduced at the face value; and assess the measures taken by the Principality of Monaco for implementing relevant EU legislation.

(12)	The Court of Justice of the European Union shall be the body in charge of settling any disputes which may arise from the application of this Agreement, in cases in which no agreement has been reached by the parties to this Agreement,

HAVE AGREED AS FOLLOWS:

Article 1

The Principality of Monaco shall be entitled to use the euro as its official currency in accordance with Regulations (EC) No 1103/97 and (EC) No 974/98 as amended. The Principality of Monaco shall grant legal tender status to euro banknotes and coins.

Article 2

The Principality of Monaco shall issue neither banknotes nor coins, as long as the conditions for issuance have not been agreed to with the European Union. The conditions for issuing euro coins as from 1 January 2011 are laid down in the following Articles.

Article 3

1.   The annual ceiling (in value terms) for the issuance of euro coins by the Principality of Monaco shall include:

A fixed part, whose initial amount for 2011 is set at EUR 2 340 000.

A variable part, corresponding in value terms to the average per capita coin issuance of the French Republic in the year n-1 multiplied by the number of inhabitants of the Principality of Monaco.

The Joint Committee may revise annually the fixed part with a view to taking into account both inflation — on the basis of HICP inflation of France in the year n-1 — and possible significant trends affecting the euro coins collector market.

2.   The Principality of Monaco may also issue a special commemorative coin and/or collector coins to commemorate special or important events for the Principality. In case this special issuance brings the overall issuance above the ceiling laid down in paragraph 1, the value of that issuance shall be accounted for using the remaining part of the ceiling of the previous year and/or deducted from the ceiling of the following year.

Article 4

1.   Euro coins issued by the Principality of Monaco shall be identical to those issued by the Member States of the European Union which have adopted the euro as far as the face value, legal tender status, technical characteristics, artistic features of the common side and shared artistic features of the national side are concerned.

2.   The Principality of Monaco shall communicate, in advance, a draft of the national sides of its euro coins to the European Commission, which shall check their compliance with the EU rules.

Article 5

The French Republic shall place the Hôtel de la Monnaie de Paris at the disposal of the Principality of Monaco to conduct the minting of coins by the Principality of Monaco, in accordance with Article 18 of the Neighbourhood Agreement established between the French Republic and the Principality of Monaco on 18 May 1963.

Article 6

1.   The volume of euro coins issued by the Principality of Monaco shall be added to the total volume of euro coins issued by the French Republic for the purposes of approval by the European Central Bank of the total volume issued by the French Republic, in accordance with Article 128(2) of the Treaty on the Functioning of the European Union.

2.   No later than 1 September each year, the Principality of Monaco shall notify the French Republic of the total volume and face value of the euro coins that it intends to issue during the following year. The Principality of Monaco shall also inform the Commission of the intended conditions of issuance of these coins.

3.   The Principality of Monaco shall communicate the information referred to in paragraph 2 for the year 2011 as of the signing of this Agreement.

4.   Without prejudice to the issuance of collector coins, at least 80 % of euro coins intended for circulation shall be put into circulation at face value each year by the Principality of Monaco. The Joint Committee shall evaluate the adequacy of this proportion every five years and may decide to increase this proportion.

Article 7

1.   The Principality of Monaco may issue euro collector coins. These coins shall be included in the annual ceiling stipulated in Article 3. The issuance of euro collector coins by the Principality of Monaco shall be in accordance with the European Union guidelines laid down for euro collector coins, which, inter alia, require the adoption of technical characteristics, artistic features and denominations that enable euro collector coins to be distinguished from coins intended for circulation.

2.   Collector coins issued by the Principality of Monaco shall not be legal tender in the European Union.

Article 8

The Principality of Monaco shall take all necessary measures to combat the counterfeiting of euro banknotes and coins and cooperate with the European Commission, the ECB, the French Republic and the European Police Office (Europol) in this domain.

Article 9

The Principality of Monaco shall undertake to:

(a)

Apply all appropriate EU legal acts or rules listed in Annex A relevant to the application of Article 11(2), including those which are directly applied by the French Republic or those measures taken by the French Republic for the transposition of the relevant legal acts or rules in accordance with the modalities set out in Articles 11(2) and 11(3);

(b)

Adopt measures to comply with the legal acts or rules listed in Annex B, which are either directly applied or transposed by the Member States, in accordance with the modalities set out in Articles 11(4), 11(5), and 11(6) of this Agreement, in the following fields: — banking and financial legislation, as well as the prevention of money laundering in the domains and in accordance with the modalities set out in Article 11, — prevention of fraud and counterfeiting of cash and non-cash means of payment, medals and tokens.

(c)

Apply directly on its territory all legal acts and rules of the European Union related to euro banknotes and coins as well as those measures necessary for the use of the euro as a single currency adopted under Article 133 of the Treaty on the Functioning of the European Union, except in those cases for which this Agreement foresees different rules. The European Commission, via the Joint Committee, shall keep the Monegasque authorities informed of legal acts or rules relevant hereto.

Article 10

1.   Credit institutions and, where appropriate, other financial institutions authorised to carry out their activities in the territory of the Principality of Monaco may, under the conditions stipulated in Article 11, participate in the interbank settlement and payment and securities settlement systems of the European Union under the same terms and conditions as credit institutions and, where relevant, other financial institutions established in the territory of the French Republic, under the proviso that said institutions fulfil the conditions required for access to those systems.

2.   Credit institutions and, where appropriate, other financial institutions located in the territory of the Principality of Monaco are subject, under the conditions stipulated in Article 11, to the same measures adopted by the Banque de France in implementation of ECB provisions laying down the monetary policy instruments and procedures as those credit institutions and other financial institutions located in the territory of the French Republic.

Article 11

1.   The legal acts adopted by the Council for the application of Article 129(4) of the Treaty on the Functioning of the European Union, in conjunction with Articles 5(4), 19(1), or 34(3) of the Statues of the European System of Central Banks and the European Central Bank (hereinafter: the Statues), by the ECB in application of the above-mentioned legal acts adopted by the Council or pursuant to Articles 5, 16, 18, 19, 20, 22, or 34(3) of the Statues, or by the Banque de France for the purpose of implementing the legal acts adopted by the ECB, shall apply to the territory of the Principality of Monaco. This shall also apply to all possible amendments of these acts.

2.   The Principality of Monaco shall apply the same rules as those established in the French Republic for the purposes of transposing European Union legal acts concerning the activities and prudential regulation of credit institutions and the prevention of systemic risks to payment and securities settlement systems contained in Annex A. To that effect, the Principality of Monaco shall apply, firstly, the provisions of the French Monetary and Financial Code relative to the activities and monitoring of credit institutions, in addition to implementing regulations in accordance with the Franco-Monegasque Agreement of 14 April 1945 concerning foreign exchange control and to the Exchanges of Letters between the Government of the French Republic and the Government of His Serene Highness the Prince of Monaco of 18 May 1963, 10 May 2001, 8 November 2005, and 20 October 2010, concerning banking regulations, and, secondly, the provisions of the French Monetary and Financial Code concerning the prevention of systemic risks to payment and securities settlement systems.

3.   The list of texts contained in Annex A shall be amended by the Commission upon amendment of any relevant texts and also each time a new text is adopted by the European Union, taking into account the date of entry into force and of transposition of the texts. The legal acts and rules enumerated in Annex A shall be applied by the Principality of Monaco as of the date of their inclusion in French law, pursuant to the provisions mentioned in paragraph 2. At the time of each amendment, the Commission shall publish the updated list of texts in the Official Journal of the European Union (OJEU).

4.   The Principality of Monaco shall adopt measures equivalent to those adopted by the Member States to apply the legal acts of the European Union enumerated in Annex B necessary for the implementation of this Agreement. The Joint Committee referred to in Article 13, via a procedure to be defined by the Joint Committee, shall examine the equivalence between the measures adopted by the Principality of Monaco and those adopted by Member States in the application of the above-mentioned acts.

5.   Notwithstanding the procedure foreseen in paragraph 9 of this Article, the list of texts contained in Annex B shall be amended by a decision of the Joint Committee. To this effect, the Commission shall inform the Principality of Monaco as soon as it adopts a new piece of legislation in one of the domains covered by this Agreement and if it determines that said legislation should be included in the list of acts contained in Annex B. The Principality of Monaco will receive a copy of the proposals made by the institutions of the European Union during the various stages of the legislative process. The Commission shall publish the updated Annex B in the Official Journal of the European Union (OJEU).

The Joint Committee shall also decide on appropriate and reasonable deadlines for implementation, by the Principality of Monaco, of new legal acts and rules added in Annex B.

6.   The Principality of Monaco shall adopt measures equivalent in effect to the Directives of the European Union contained in Annex B in relation to the combat of money laundering pursuant to the recommendations of the Financial Action Task Force (FATF). The Joint Committee shall decide, on a case-by-case basis, whether regulations of the European Union related to the combat of money laundering should be included in Annex B. The financial intelligence unit of the Principality of Monaco and those of the Member States of the European Union should actively pursue and coordinate their efforts to combat money laundering.

7.   Credit institutions and, where appropriate, other financial institutions and reporting agents located within the territory of the Principality of Monaco shall be subject to sanctions and disciplinary procedures in case of infringement of the legal acts and rules referred to in the preceding paragraphs. The Principality of Monaco shall oversee the enforcement of sanctions imposed by the competent authorities, in accordance with the provisions of the present Article.

8.   The legal acts referred to in the first paragraph of this Article shall enter into force in the Principality of Monaco on the same day as in the European Union for those acts published in the OJEU, and on the same day as in France for those acts that are published in the Official Journal of the French Republic (OJFR). The legal acts of general application referred to in the first paragraph of the present Article and not published in the OJEU or of the OJFR shall enter into force as of communication to the relevant Monegasques authorities. The legal acts of an individual nature referred to in the first paragraph of the present Article shall apply as of the date of notification to the party concerned.

9.   Before granting authorisation to investment firms seeking to establish themselves in the territory of the Principality of Monaco for the purposes of offering investment services other than investment management for third parties and the transmission of orders, and without prejudice to the obligations laid down in paragraph 6 of the present Article, the Principality of Monaco shall undertake measures equivalent in effect to existing European Union legal acts governing these services. By way of derogation from the procedure laid down in paragraph 5 of the present Article, these acts shall be integrated into the list of acts contained in Annex B by the Commission.

Article 12

1.   The Court of Justice of the European Union shall have exclusive competence for settling any dispute between the parties of this Agreement which may arise from any infringement of this Agreement, and which has not been solved within the Joint Committee. The parties to this Agreement commit to do whatever is necessary to first resolve any dispute within the confines of the Joint Committee.

2.   If no amicable conclusion can be reached, the European Union — acting on a recommendation from the Commission, after consultation with the French Republic and the ECB on matters falling within its field of competence — or the Principality of Monaco may bring the matter before the Court of Justice, if the Joint Committee determines that one of the parties has not fulfilled an obligation or provision under the present Agreement. The judgment of the Court shall be binding on the Parties, which shall take the necessary measures to comply with the judgment within a period to be decided by the Court in its judgment.

3.   In the event that the European Union or the Principality of Monaco fails to take the necessary measures to comply with the judgment within the specified period, the other Party may immediately terminate the Agreement.

4.   All questions concerning the validity of decisions of the institutions or bodies of the European Union implemented by virtue of this Agreement shall fall within the exclusive competence of the Court of Justice. In particular, any natural or legal person domiciled in the territory of the Principality of Monaco may exercise any right of appeal available to any natural or legal person located in the territory of the French Republic against legal acts addressed to them, whatever their form or nature.

Article 13

1.   The Joint Committee shall be composed of representatives of the Principality of Monaco and of the European Union. It shall exchange views and information and adopt decisions under Articles 3, 6, and 11. It shall similarly examine the measures taken by the Principality of Monaco and try to resolve any disputes arising from the application of this Agreement. It shall adopt its own Rules of Procedure.

2.   The delegation of the European Union shall be composed of representatives of the French Republic (holding the chairmanship), the European Commission, together with representatives of the European Central Bank. The delegation of the European Union shall adopt its rules and procedures by consensus.

3.   The Monegasque delegation shall be composed of representatives designated by the Ministry of State and shall be presided by the Counsellor of Government for Finance and the Economy or his/her representative.

4.   The Joint Committee shall meet at least once a year, as well as at such time as one of the members determines a meeting is necessary to ensure the functioning of the present Agreement, notably taking into account the relevant European, French, or Monegasque legislative developments. The chair of the Joint Committee shall rotate on an annual basis between the chair of the delegation of the European Union and the chair of the delegation of Monaco. The Joint Committee shall adopt its decisions unanimously.

5.   The Secretariat of the Joint Committee shall be composed of two persons appointed, one by the chair of the delegation of Monaco, and the other by the chair of the delegation of the European Union. The Secretariat shall also participate in meetings of the Joint Committee.

Article 14

Each Party may terminate this Agreement subject to one year’s notice.

Article 15

This Agreement shall be concluded and signed in French and, where necessary, may be translated into other languages of the European Union. Only the French version shall be considered authentic.

Article 16

The present Monetary Agreement shall enter into force on 1 December 2011.

Article 17

The Monetary Agreement of 24 December 2001 shall be repealed on the date on which this Agreement enters into force. References to the Agreement of 24 December 2001 shall be understood as meaning references to this Agreement.

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(1)  OJ L 30, 4.2.1999, p. 31.

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13.10.2012

EN

Official Journal of the European Union

C 310/12

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OPINION OF THE EUROPEAN CENTRAL BANK

of 1 August 2012

on a proposal for a regulation on improving securities settlement in the European Union and on central securities depositories

(CON/2012/62)

2012/C 310/02

Introduction and legal basis

On 3 April 2012 the European Central Bank (ECB) received a request from the Council of the European Union for an opinion on a proposal for a regulation on improving securities settlement in the European Union and on central securities depositories (CSDs) and amending Directive 98/26/EC (1) (hereinafter the ‘proposed regulation’). On 19 April 2012 the ECB received a request from the European Parliament for an opinion on the proposed regulation.

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 since the proposed regulation contains provisions which relate to the ECB’s definition and implementation of the monetary policy of the euro area and promotion of the smooth operation of payment systems under Article 127(2) of the Treaty, as well as the ECB’s contribution to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system under Article 127(5) of the Treaty. Furthermore, Article 22 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’) provides that the ECB and the national central banks may provide facilities, and the ECB may make regulations, to ensure efficient and sound clearing and payment systems within the Union and with other countries. 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.

General observations

Together with Directive 2004/39/EC (2) and the proposal for a regulation on OTC derivatives, central counterparties and trade repositories (3), the proposed regulation will be part of the regulatory framework for market infrastructures and trading venues. Because of their size, complexity and systemic interconnectedness, CSDs are deemed to be systemically important (4) and therefore require a comprehensive regulatory framework for supervision and oversight that combines micro- and macro-prudential tools. The ECB strongly supports the Commission’s proposal to strengthen the legal framework applicable to CSDs and to harmonise the rules underpinning the operation, authorisation and supervision of CSDs, as well as those relating to the issuance, holding and transfer of securities through such CSDs in the Union (5).

The Eurosystem is developing TARGET2-Securities (T2S) with the aim of delivering a single settlement engine for Europe. Also in this context, the ECB strongly supports the proposed regulation, which will enhance the legal and operational conditions for cross-border settlement in the Union in general and in T2S in particular. In this respect, the ECB recommends that the proposed regulation, and the corresponding implementing acts, is adopted prior to the launch of T2S planned for June 2015.

1.   Scope of the regulation

The proposed regulation lays down uniform requirements for the settlement of financial instruments (6). Under Directive 2004/39/EC (7)‘financial instruments’ includes transferable securities, money market instruments, units in collective investment undertakings, derivative contracts, financial contracts for differences and emission allowances. The ECB notes in this respect that the proposed regulation does not define ‘financial instruments’ and that some parts of it apply only to ‘securities’ or transferable securities (8), whereas others also apply to money market instruments (9), units in collective investment undertakings and emission allowances (10). In addition, the proposed regulation defines CSDs as legal persons that operate a securities settlement system and perform at least one other core service listed in the Annex (11). The ECB is of the view that all three core services should be regulated. Against this backdrop, for the sake of legal clarity, the ECB recommends further clarifying the scope of the proposed regulation, both as regards the type of instruments it applies to and the definition of CSD.

The definition of CSD should be amended to avoid regulatory arbitrage stemming from the creation by a CSD of two or three legal entities to perform different core activities without being subject to the Regulation applicable to CSDs. The ECB considers that each legal person offering any of the three core services indicated in Section A of the Annex should be subject to the Regulation.

2.   Cooperation between authorities

2.1.

The proposed regulation grants a predominant role to competent supervisory authorities and a supporting role to the members of the European System of Central Banks (ESCB) as relevant authorities with respect to CSDs. Taking into account the role of central banks as overseers and/or central banks of issue, as well as the fact that central banks use CSDs’ services for the settlement of monetary policy operations, the proposed regulation should ensure that the powers of competent authorities and the European Securities and Markets Authority (ESMA) are complemented and balanced by an adequate involvement of the members of the ESCB. Central banks and securities regulators in the Committee on Payment and Settlement Systems (CPSS) and the International Organisation of Securities Commissions (IOSCO) have recognised the importance of regulation, supervision and oversight in financial market infrastructures, including CSDs (12). The ECB considers that the proposed regulation should be consistent with the CPSS-IOSCO principles. An effective and close cooperation should be fostered between competent authorities and the members of the ESCB, both from an oversight perspective and as central banks of issue and without prejudice to central bank powers (13).

2.2.

The ECB further notes that the proposed regulation already identifies a number of areas of cooperation and suggests some additional areas where it considers that this ESMA-ESCB involvement is also required. Moreover, the ECB stresses the need for joint ESMA-ESCB work on the development of draft technical standards. This should ensure that members of the ESCB do not need to develop additional, and potentially different, requirements in oversight measures, including legal acts. In addition, it would avoid the need for the continual assessment of CSDs taking part in the settlement of monetary policy operations against user standards (14) which would otherwise be required to meet the ESCB legal obligations. Timely and adequate exchange of necessary information, including for financial stability, oversight and statistical purposes, is also of particular importance in this context.

2.3.

The draft regulation should therefore provide for cooperation rules enabling the competent and relevant authorities to fulfil their responsibilities both domestically and in a cross-border context in accordance with the CPSS-IOSCO principles (15). The proposed regulation should facilitate comprehensive supervision and oversight in a cross-border context given the expected development of cross-border operations and settlement, as well as links between CSDs, a feature which will be facilitated and even fostered by the launch of the T2S common platform. Competent authorities should have the option of deciding on the appropriate form of cooperation arrangements. Against this backdrop, the option to establish colleges of authorites could be envisaged in particular when a CSD engages in cross-border activity through a subsidiary or a branch or where the provision of cross-border services becomes substantial (16).

3.   Macro-prudential oversight

It has been recognised that robust financial market infrastructures, including securities settlement systems, are an essential contribution to financial stability by reducing systemic risk (17). The ECB notes that macro-prudential oversight by the European Systemic Risk Board and by relevant national authorities as appropriate should be performed without prejudice to the respective powers of the members of the ESCB.

4.   Central bank money settlement

The proposed regulation allows CSDs to offer cash settlement in commercial bank money when settlement in central bank money is not practical and available (18). This is in line with the CPSS-IOSCO principles and the ESCB-CESR recommendations (19), evidencing that central bank liquidity and commercial bank money are not equivalent options in terms of risk. Where a CSD is allowed to offer cash settlement in commercial bank money, it should be required to establish and monitor adherence to strict criteria for the credit institution acting as settlement bank (20). The ECB further welcomes that the proposed regulation does not regulate access to central bank credit, including emergency liquidity assistance, which is a prerogative of central banks and is directly linked to monetary policy.

5.   CSDs and banking type of ancillary services

5.1.

The proposed regulation provides that CSDs cannot themselves provide any banking type of ancillary services and that they should instead be authorised to designate one or more credit institutions to perform certain banking type of ancillary services defined in the proposed regulation. However, by way of derogation and taking account of certain safeguards, some CSDs may be granted a limited authorisation to perform such services (21).

5.2.

This requires a careful review to ensure consistency with the Union competition rules and systemic macroprudential oversight and banking legislative frameworks (22), as well as an appropriate allocation of tasks between the CSDs’ supervisory authorities and the banking supervisory authorities. In this respect and as pointed out in a previous opinion the ECB favours the systematic involvement of the European Banking Authority (EBA) to undertake any prior technical analysis regarding Union banking legislation (23). More specifically, the proposed regulation distinguishes between banking type of ancillary services for the participants of a securities settlement system related to settlement service on the one hand, and banking type of ancillary services related to other core or ancillary services on the other hand (24). It also empowers the Commission to adopt delegated acts to specify these ancillary services (25). The ECB is of the view that the above distinction is not clear and that the banking type of ancillary services referred to should be aligned as much as possible to the terminology in European banking legislation.

5.3.

The framework for the provision of ancillary banking services should be guided by an appropriate mitigation of risks whilst safeguarding the efficiency of CSDs in providing their services. Given the crucial nature of this issue, a more comprehensive assessment of the various options for the provision of ancillary banking services may be warranted. Such an assessment would be of assistance in fully determining (a) different risks, including resolution-based risks as well as legal, credit, liquidity, operational and business risks, and (b) efficiency profiles inherent to these options and it would help to define the safest and most efficient model. The ECB is prepared to contribute to such an assessment. Furthermore, there should be no uncertainty as to the exact scope of the ancillary banking services which designated credit institutions would be authorised to perform (26), the prudential requirements to which they would be subject, and their degree of autonomy vis-à-vis the banking legislative framework (27).

5.4.

The proposed regulation limits the services to be provided by a designated credit institution that belongs to the same group as the CSD (28). The ECB understands that this limitation is driven by risk considerations, in particular the avoidance of spillover effects. The ECB recommends extending this limitation to all credit institutions providing banking services listed in Section C of the Annex for the participants of a securities settlement system having regard to the potential adverse effects on the ability of the CSD to continue to perform its functions, in particular those based on a delivery versus payment mechanism, in the case of a resolution or insolvency of the credit institution.

5.5.

Lastly, the ECB considers that the proposed procedure for granting a derogation is rather complex and could be streamlined to achieve the necessary degree of certainty and uniformity. In particular, the adoption of objective criteria, including quantitative criteria where possible, in addition to the necessary qualitative criteria provided for in the proposal, should be ensured for determining whether a derogation may be granted or not.

6.   Consistency with global standards for CSDs

The proposed regulation recognises that the Regulation should follow the existing recommendations developed by CPSS-IOSCO (29). Nevertheless, there are some inconsistencies between the CPSS-IOSCO principles and the proposed regulation, which the ECB recommends addressing. For example, requirements for tiered participation (30) are not addressed by the proposed regulation. Furthermore, the proposed regulation mentions the need to manage risks stemming from interdependencies (31) only in the context of operational risk (32). There are also inconsistencies concerning the management of liquidity risk (33), i.e. the proposed regulation does not distinguish between deferred net settlement systems (DNS) that provide a settlement guarantee and those DNS that do not. This is not in line with the CPSS-IOSCO principles which require DNS providing a settlement guarantee to cover credit and liquidity exposures fully, while DNS without a settlement guarantee need to cover the credit exposures to the largest two participants and their affiliates and the liquidity exposure to the largest participant and its affiliates.

7.   Outsourcing to public entities

The proposed regulation introduces requirements that CSDs have to fulfil when outsourcing part of their activities (34). An exemption is made for situations where a CSD outsources certain of its operations to public entities, provided that an appropriate legal, regulatory and operational framework governs this arrangement. The ECB notes that this exemption would cover the current T2S project undertaken by the Eurosystem. The ECB welcomes this exemption, which takes into account that such outsourcing may result in significant benefits for the economy, contributes to the performance of Eurosystem tasks and is subject to a framework agreement containing safeguards (35).

8.   Conflict of laws

The proposed regulation provides as a general rule that any question with respect to proprietary aspects in relation to securities held by a CSD is governed by the law of the country where the securities account is maintained (36). While such a general rule is consistent with the approach followed in other Union legal acts of applying the law of the place of the relevant intermediary to proprietary aspects in relation to securities (37), the ECB strongly objects to the introduction of the additional conflict of laws rules which would be inconsistent with existing Union legislation and would affect legal certainty (38).

In addition, and as pointed out in a previous opinion, while a clear and simple conflict of laws rule for all aspects of book-entry securities is important for the efficient and secure cross-border holding and transfer of financial instruments, the practical application of a single conflict of laws regime for cross-border securities clearing and settlement in the Union continues to reveal differences between Member States concerning the interpretation of ‘location of an account’ (39). In this respect, the ECB considers it necessary to harmonise the various Union legal frameworks for holding and disposing of securities and the exercise of rights attached to securities in line with the final report of the Legal Certainty Group (40).

9.   Specific regime for resolution of CSDs

As the proposed regulation does not contain a specific, comprehensive regime for the resolution of CSDs, the ECB recommends adopting such a regime.

Where the ECB recommends that the proposed regulation is amended, specific drafting proposals are set out in the Annex accompanied by explanatory text to this effect.

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(1)  COM(2012) 73 final.

(2)  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 (OJ L 145, 30.4.2004, p. 1). Currently under review. See the proposal for a directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council, COM(2011) 656 final, and the proposal for a regulation of the European Parliament and of the Council on markets in financial instruments and amending regulation [EMIR] on OTC derivatives, central counterparties and trade repositories, COM(2011) 652 final.

(3)  See the proposal for a regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories, COM(2010) 484 final.

(4)  See paragraph 1 of the explanatory memorandum to the proposed regulation.

(5)  See also the ECB services response of 22 March 2011 (hereinafter ‘the ECB response’) to the Commission’s public consultation on central securities depositories and on the harmonisation of certain aspects of securities settlement in the European Union (hereinafter the ‘Commission consultation’). The ECB response is available on the ECB’s website at http://www.ecb.int

(6)  See Article 1(1) of the proposed regulation.

(7)  Directive 2004/39/EC. The Commission’s proposal to repeal Directive 2004/39/EC (see footnote 3) also incorporates the notion of emission allowances.

(8)  See Article 4(18) of Directive 2004/39/EC.

(9)  See Article 4(19) of Directive 2004/39/EC.

(10)  Emission allowances are defined in the proposed regulation by reference to Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC (OJ L 275, 25.10.2003, p. 32).

(11)  See Article 2(1)(1) of and Section A of the Annex to the proposed regulation.

(12)  See CPSS-IOSCO, ‘Principles for financial market infrastructures’, April 2012, available on the BIS website at http://www.bis.org, in particular Chapter 4 (hereinafter the ‘CPSS-IOSCO principles’).

(13)  See ECB Opinion CON/2011/1 of 13 January 2011 on a proposal for a regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories (OJ C 57, 23.2.2011, p. 1). All ECB opinions are published on the ECB’s website at http://www.ecb.europa.eu

(14)  Standards for the use of EU securities settlement systems in ESCB credit operations, European Monetary Institute, January 1998.

(15)  See in particular Responsibility E (Cooperation with other authorities) of the CPSS-IOSCO principles.

(16)  Both the EU EMIR legislative framework and Directive 2006/48/EC relating to the taking up and pursuit of the business of credit institutions (OJ L 177, 30.6.2006, p. 1) and the CPSS-IOSCO principles already provide for the establishment of colleges.

(17)  See Financial Stability Board, ‘Reducing the moral hazard posed by systemically important financial institutions — recommendations and time lines’, October 2010, p. 8.

(18)  Article 37(2) of the proposed regulation.

(19)  See in this respect principle 9 of the CPSS-IOSCO principles, and Recommendation 10 of the ESCB-CESR ‘Recommendations for securities settlement systems and recommendations for central counterparties in the European Union’, May 2009 (hereinafter the ‘ESCB-CESR recommendations’).

(20)  See in this respect principle 9 of the CPSS-IOSCO principles and Recommendation 10 of the ESCB-CESR recommendations.

(21)  See in particular Title IV and Section C of the Annex to the proposed regulation.

(22)  See Directive 2006/48/EC and the amendments currently under discussion in the presidency compromise texts.

(23)  See in this respect paragraph 3.2 of ECB Opinion CON/2012/5 of 25 January 2012 on a proposal for a directive on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms and a proposal for a regulation on prudential requirements for credit institutions and investment firms (OJ C 105, 11.4.2012, p. 1).

(24)  See Section C of the Annex to the proposed regulation.

(25)  See Article 2(2) of the proposed regulation.

(26)  See Article 54 of the proposed regulation.

(27)  See in this respect Articles 57 and 58 of the proposed regulation.

(28)  See Article 52(5) of the proposed regulation.

(29)  See recital 25 of the proposed regulation.

(30)  See principle 19 of the CPSS-IOSCO principles.

(31)  See principle 3 of the CPSS-IOSCO principles.

(32)  Article 42(6) of the proposed regulation.

(33)  See principle 7 of the CPSS-IOSCO principles and Article 57 of the proposed regulation.

(34)  See Article 28 of the proposed regulation.

(35)  See the Commission consultation and the ECB response.

(36)  See Article 46(1) of the proposed regulation.

(37)  See Article 9 of Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45), Article 9 of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements (OJ L 168, 27.6.2002, p. 43), and Article 24 of Directive 2001/24/EC 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).

(38)  See Article 46(2) of the proposed regulation.

(39)  See in this respect ECB Opinion CON/2008/37 of 7 August 2008 on a proposal for a directive amending Directive 98/26/EC and Directive 2002/47/EC (OJ C 216, 23.8.2008, p. 1), paragraph 8.

(40)  See http://ec.europa.eu/internal_market/financial-markets/docs/certainty/2ndadvice_final_en.pdf

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13.10.2012

EN

Official Journal of the European Union

C 310/32

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List of national football information points (NFIPs)

2012/C 310/03

Updates should be sent to: lewp@consilium.europa.eu

MS	Service	Address	Telephone/Fax	E-mail
BE	Police fédérale Direction générale de la police administrative Direction des opérations et informations Sécurité intégrale football (SIF)	Rue Fritz Toussaintstraat 8 1050 Bruxelles	+32 26426019 +32 26426070 +32 26464940 (Fax)	ivv-sif@skynet.be
BG	National Information Centre — Sport Events Security Unit Criminal Police Department National Police Chief Directorate Ministry of Interior	Alexander Malinov blvd. 1 1715 Sofia	+359 29828610 +359 29316080 (Fax)	nfip@mvr.bg
CZ	Policejní prezidium České republiky Úřad služby kriminální policie a vyšetřování (Police Presidium of the Czech Republic Bureau of Criminal Police and Investigation Service)	Strojnická 27 PO Box 62/KPV 170 89 Praha 7	+420 974824105 +420 974824150 +420 603190315 +420 603190084 +420 974824289 (Fax)	uskpv.podatelna@mvcr.cz cz.sis@mvcr.cz
DK	Danish National Police Communication Centre	Ejby Industrivej 125-135 2620 Glostrup	+45 33430601 +45 33322771 (Fax)	NEC@politi.dk
DE	Landesamt für Zentrale Polizeiliche Dienste Nordrhein-Westfalen (LZPD NRW) Zentrale Informationsstelle Sporteinsätze (ZIS) Central Sports Intelligence Unit Germany	Hammfelddamm 4a 41460 Neuss	+49 2034175-4130 +49 2034175-4131 +49 2034175-4257 +49 2034175-4258 +49 2034175-4904 (Fax)	zis@polizei.nrw.de
EE	Coordination Division Development Bureau Public Order Police Department Police and Border Guard Board	Ädala 4e 10614 Tallinn	+372 6123229 +372 6123910 (24 h) +372 6123209 (Fax)	nfip.estonia@list.pol.ee
EL	Ministry of Public Order and Citizen Protection/Hellenic Police Headquarters/General Policing Division	P. Kanellopoulou Ave. 4 101 77 Athens	+30 2106924929 +30 6977788519 +30 2106998150 (Fax)	nfipgreece@astynomia.gr
ES	National Sport Office -Oficina Nacional de Deportes- Secretaría General de la Comisaría General de Seguridad Ciudadana	Calle Julián González Segador, s/n 28043 Madrid	+34 915822710 +34 915822711 +34 915822712 (Fax)	ond@policia.es
FR	Direction centrale de la sécurité publique Division nationale de lutte contre le hooliganisme	11 rue Cambacérès 75011 Paris	+33 149274845 +33 140072279 (Fax)	dcsp.pnif@interieur.gouv.fr
IE	National Football Information Points, National Criminal Intelligence Security and Intelligence	Garda Headquarters Phoenix Park Dublin 8	+353 16661815	SI_NCIU@garda.ie
IT	Ministero dell'Interno Dipartimento della Pubblica Sicurezza Ufficio Ordine Pubblico	Piazza del Viminale 1 00184 Roma RM	+39 0646527993 +39 0646547798 (Fax)	cnims@interno.it
CY	Ministry of Justice and Public Order Cyprus Police Headquarters, Operations Branch National Football Information Point	Antistratigou Evangelou Floraki str. 1478 Nicosia	+357 22808559 +357 22808341 (Fax)	nfiphq@police.gov.cy
LV	Central Public Order Police Department of State Police	Čiekurkalna 1. līnija K-4 Rīga, LV-1026	+371 67829335 +371 67829449 (Fax)	pasakumi@vp.gov.lv
LT	Police Department under the MoI Public Police Board	Saltoniskiu g. 19 LT-08105 Vilnius	+370 52719867 +370 52717951 (Fax)	nfip-lithuania@policija.lt
	For urgent cases (24/7 service) Lithuanian Criminal Police Bureau International Liaison Office	Liepyno g. 7 LT-08105 Vilnius	+370 52719900 +370 52719924 (Fax)	office@ilnb.lt
LU	Direction générale de la police Grand-Ducale Direction des opérations et de la prévention	2957 Luxembourg	+352 49972360 +352 49972399 (Fax)	dop@police.etat.lu
HU	Hungarian National Police Law Enforcement Directorate Public Order Department	Budapest Teve u. 4–6. 1139	+36 14435507 +36 14435543 (Fax)	nfiphungary@orfk.police.hu
MT	Police General Headquarters Protective Services Malta Police Force	Police General Headquarters St. Calcidonio Square Floriana FRN 1530	+356 21224001 +356 21226183 (Fax)	carmelo.magri@gov.mt
NL	National Football Information Point, CIV	PO Box 8300 3503 RH Utrecht	+31 306577222 +31 306577239 (Fax)	civ@wxs.nl civ@utrecht.politie.nl http://www.civ-voetbal.com
AT	Bundesministerium für Inneres (Ministry of Interior) Generaldirektion für die öffentliche Sicherheit Abteilung II/11 — Sportangelegenheiten	Türkenstraße 22 1090 Wien	+43 13131085501 +43 13131085590 (Fax)	BMI-II-11@bmi.gv.at
PL	General Headquarters of Police General Police Staff National Football Information Point	ul. Puławska 148/150 02-624 Warszawa	+48 226015034 +48 226013537 +48 226012823 +48 226015001 (Fax)	kpk@policja.gov.pl
PT	Polícia de Segurança Pública Direcção Nacional Departamento de Informações Policiais	Largo da Penha de França 1.o 1199-010 Lisboa	+351 218111000 +351 218147705 (Fax)	pnif@psp.pt
RO	Ministry of Administration and Interior/General Inspectorate of Romanian Gendarmerie — National Football Information Point	Str. Jandarmeriei nr. 9-11, sector 1 013894 București	+40 213198065 +40 214096557 +40 213198065 (Fax)	nfip@mai.gov.ro
SI	Ministry of the Interior Uniformed Police Directorate General Police Division	Štefanova ulica 2 SI-1501 Ljubljana	+386 14284989 +386 14284751 +386 14284791 (Fax)	ssp.uup@policija.si
SK	Národné informačné centrum NUI Bratislava (NFIP Bratislava)	Vajnorská 25 Bratislava	+421 0961050318 +421 0961059002 (Fax)	divackenasilie@minv.sk nic@nui.minv.sk (non EU countries only)
FI	Helsinki Police, Operational Policing Department	Pasilanraitio 11 FI-00240 Helsinki	+358 718776111 +358 718772812 (Fax)	nfip-fin@poliisi.fi
SE	National Bureau of Investigation, International Police Cooperation Division (IPO)	Box 12256 SE-102 26 Stockholm	+46 105637000 +46 86514203 (Fax)	ipo@rkp.police.se
UK	UKFPU (United Kingdom Football Policing Unit)	PO Box 51997 London SW9 6TN	+44 2077857161-82 +44 2077857184 (Fax)	footballdesk@fpu.pnn.police.uk
Europol		Visitors address: Eisenhowerlaan 73 2517 KK Den Haag NEDERLAND   Postal address: Europol PO Box 908 50 2509 LW Den Haag NEDERLAND	+31 703531022	O1@europol.europa.eu navarroj@europol.europa.eu

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13.10.2012

EN

Official Journal of the European Union

C 310/36

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Euro exchange rates (1)

12 October 2012

2012/C 310/04

1 euro =

	Currency	Exchange rate
USD	US dollar	1,2970
JPY	Japanese yen	101,70
DKK	Danish krone	7,4589
GBP	Pound sterling	0,80650
SEK	Swedish krona	8,6830
CHF	Swiss franc	1,2093
ISK	Iceland króna
NOK	Norwegian krone	7,4005
BGN	Bulgarian lev	1,9558
CZK	Czech koruna	24,950
HUF	Hungarian forint	281,40
LTL	Lithuanian litas	3,4528
LVL	Latvian lats	0,6961
PLN	Polish zloty	4,0978
RON	Romanian leu	4,5648
TRY	Turkish lira	2,3437
AUD	Australian dollar	1,2654
CAD	Canadian dollar	1,2678
HKD	Hong Kong dollar	10,0541
NZD	New Zealand dollar	1,5815
SGD	Singapore dollar	1,5834
KRW	South Korean won	1 441,35
ZAR	South African rand	11,1779
CNY	Chinese yuan renminbi	8,1267
HRK	Croatian kuna	7,5223
IDR	Indonesian rupiah	12 438,76
MYR	Malaysian ringgit	3,9658
PHP	Philippine peso	53,744
RUB	Russian rouble	40,2000
THB	Thai baht	39,740
BRL	Brazilian real	2,6428
MXN	Mexican peso	16,6949
INR	Indian rupee	68,5060

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(1)  Source: reference exchange rate published by the ECB.

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13.10.2012

EN

Official Journal of the European Union

C 310/37

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Call for expressions of interest in membership in the multisectoral and independent expert panel to provide advice on effective ways of investing in health

2012/C 310/05

This call is addressed to experts who wish to be considered for membership in the multisectoral and independent expert panel to provide advice on effective ways of investing in health (‘the panel’) established by Commission Decision 2012/C 198/06 of 5 July 2012 (1).

The role of the panel is to provide the Commission with independent and multisectoral advice on effective ways of investing in health. The work of the panel is based on the principles of excellence, independence, multisectoral approach and transparency.

Composition and remit of the panel

The panel will consist of a maximum of 17 members and may associate, at its own initiative and with agreement from the Commission, external experts, as well as experts from other EU bodies to contribute to its work on specific issues. These associated experts participate in the activities and deliberations concerning the subject considered with the same functions, responsibilities and rights as the members of the panel.

Members of the panel are appointed by the Commission on the basis of their expertise in one or more of the fields of competence and collectively cover the widest possible range of disciplines. The fields of expertise are set out in Annex I to Decision 2012/C 198/06.

Members are appointed to the panel for a term of three years and may not serve more than three consecutive terms. They remain in office until they are replaced or their appointments are renewed.

Interested experts may apply for membership in the panel.

Eligibility

Applicants must have:

—	a university degree in a relevant scientific area,

—	at least 10 years’ professional experience,

—	good knowledge of the English language.

This call for expressions of interest is open to experts from Europe and elsewhere.

Selection criteria

Preference will be given to candidates who possess:

—	professional experience of relevance for application to the fields of expertise listed in Annex I to Decision 2012/C 198/06,

—	experience in policy development and implementation, at regional, national, and international level, with special reference to the health sector,

—	proven scientific excellence in one or preferably several fields linked to the area covered by the panel,

—	professional experience in a multi-disciplinary and international environment, with special reference to the European context,

—	managerial and communication skills, in particular in chairing and organising working groups, and in managing complex information and preparing synthesis documents.

Selection process

The selection process will consist of three stages:

(i)	verification of the admissibility of the applications and eligibility of applicants;

(ii)	comparative evaluation and establishment of a list of the most suitable applicants; and

(iii)

appointment of members of the panel from this list.

A selection board will be set up for stages (i) and (ii), composed of Commission officials responsible for policy and legislation in the areas of public health, health systems and scientific research, and external expertise.

In the process, the Commission will consider the selection criteria; independence (potential conflicts of interest); representation from different geographic regions and gender balance.

Appointment of members

The Director-General for Health and Consumers will appoint the members of the panel from the list of candidates established by the selection board.

The names of the appointed members of the panel will be published in the Register of the Commission expert groups and other similar entities (2) and on the website of the Directorate-General for Health and Consumers (3).

Independence

The members of the panel are appointed in a personal capacity. Applicants are required to include a declaration of commitment to act independently of any external influence and a declaration of any interests which might be considered prejudicial to their independence. They will be asked to confirm that, if appointed, they will agree to make both annual written declarations of interest and written and/or oral subject specific declarations of interest knowing that these will be made public.

Workload and indemnities

Applicants should be prepared to attend meetings on a regular basis, to contribute actively to scientific discussions, to examine documents and to make comments during meetings of the panel, to attend workshops and hearings on invitation and act as ‘chairs’ and/or ‘rapporteurs’ of working groups, on an ad hoc basis. Most of the working documents are in English and the meetings are also conducted in English. Applicants should take into account that meetings in general involve preparatory work. It is estimated that the panel will meet in plenary sessions between 5 and 10 times per year. Applicants should be willing to work with electronic methods for the management and exchange of documents and attend video or audio meetings.

Members of the panel and the external experts will be entitled to an indemnity related to their participation in the meetings of the panel and for serving as a rapporteur on a specific question. The indemnities are provided for in Annex II to Decision 2012/C 198/06.

Members will also be entitled to travel and subsistence allowances, in accordance with the rules laid down by the Commission.

Application procedure

Interested experts are invited to fill in and submit the online application form, which includes a curriculum vitae and a list of publications as attachments.

The announcement for the application procedure, the application form and the specific privacy statement are available at:

http://ec.europa.eu/health/healthcare/consultations/call_expertpanel_healthinnovation_en.htm

The deadline for submitting applications is 23 November 2012.

Only online applications submitted via the Internet link above will be considered.

An application will be deemed admissible only if it includes:

—	a completed obligatory application form,

—	a curriculum vitae, preferably not exceeding three pages (attached to the application form),

—	a list of the applicant's scientific publications (attached to the application form),

—	a declaration of interests completed in a true manner (included in the application form).

Supporting documents may be requested at a later stage. All expressions of interest will be treated confidentially.

The Commission will inform the candidates of the result of the selection procedures as soon as possible.

Contact information

For any further information on this call, please contact:

SANCO-CALL-PANEL@ec.europa.eu

Protection of personal data

The Commission will ensure that applicants’ personal data are processed as required by Regulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the Union institutions and bodies and on the free movement of such data (OJ L 8, 12.1.2001, p. 1). This applies in particular to the confidentiality and security of such data.

The Controller for the processing of personal data in the framework of this call is Tapani Piha, Head of Unit D3 of the Directorate-General for Health and Consumers.

For more detailed information on the scope, purposes and means of the processing of their personal data in the context of this call, applicants are invited to consult the specific privacy statement published on the call webpage at the address mentioned above.

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(1)  http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2012:198:0007:0011:EN:PDF

(2)  http://ec.europa.eu/transparency/regexpert/

(3)  http://ec.europa.eu/dgs/health_consumer/index_en.htm

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13.10.2012

EN

Official Journal of the European Union

C 310/40

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Notice to economic operators — New round of requests for the suspension of the autonomous Common Customs Tariff duties on certain industrial and agricultural products

2012/C 310/06

Economic operators are informed that the Commission has received requests in accordance with the administrative arrangements foreseen in the Commission communication concerning autonomous tariff suspensions and quotas (2011/C 363/02) (1) for the July round of 2013.

The list of the products for which a duty suspension is requested is now available on the Commission's thematic (Europa) website on the customs union (2).

Economic operators are also informed that the deadline for objections against new requests to reach the Commission, via the national administrations, is 10 December 2012 which is the date of the second scheduled meeting of the Economic Tariff Questions Group.

Interested operators are advised to consult the list regularly in order to be informed on the status of the requests.

More information on the autonomous tariff suspension procedure can be found on the Europa website:

http://ec.europa.eu/taxation_customs/customs/customs_duties/tariff_aspects/suspensions/index_en.htm

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(1)  OJ C 363, 13.12.2011, p. 6.

(2)  http://ec.europa.eu/taxation_customs/dds2/susp/susp_home.jsp?Lang=en

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13.10.2012

EN

Official Journal of the European Union

C 310/41

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Prior notification of a concentration

(Case COMP/M.6721 — First Reserve Management/SK Capital Partners/TPC)

Candidate case for simplified procedure

(Text with EEA relevance)

2012/C 310/07

1.

On 8 October 2012, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which the undertakings First Reserve Management, LP (‘First Reserve’, USA) and SK Capital Partners (‘SK’, USA) acquire within the meaning of Article 3(1)(b) of the Merger Regulation, joint control of the undertaking TPC Group Inc. (‘TPC’, USA) by way of purchase of shares.

2.

The business activities of the undertakings concerned are: — for First Reserve: private equity and infrastructure investment specialising in the energy industry, including oilfield services, energy infrastructure and power and energy reserves, — for SK: private investment firm with a focus on the specialty materials, chemicals and healthcare sectors, and, — for TPC: manufacture of value added products derived from petrochemical raw materials, such as C4 and C3 hydrocarbons, which are used in the manufacture of performance and specialty chemicals.

3.

On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the EC Merger Regulation. However, the final decision on this point is reserved. Pursuant to the Commission Notice on a simplified procedure for treatment of certain concentrations under the EC Merger Regulation (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.

4.

The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission. Observations must reach the Commission not later than 10 days following the date of this publication. Observations can be sent to the Commission by fax (+32 22964301), by email to COMP-MERGER-REGISTRY@ec.europa.eu or by post, under reference number COMP/M.6721 — First Reserve Management/SK Capital Partners/TPC, to the following address: European Commission Directorate-General for Competition Merger Registry J-70 1049 Bruxelles/Brussel BELGIQUE/BELGIË

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(1)  OJ L 24, 29.1.2004, p. 1 (the ‘EC Merger Regulation’).

(2)  OJ C 56, 5.3.2005, p. 32 (‘Notice on a simplified procedure’).

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