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Accreditation procedures for manufacturers of euro-secure items and euro items

Accreditation procedures for manufacturers of euro-secure items and euro items

 

SUMMARY OF:

Decision (EU) 2020/637 on accreditation procedures for manufacturers of euro-secure items and euro items

WHAT IS THE AIM OF THE DECISION?

It updates the principles, requirements and procedures that manufacturers* must respect in order to receive European Central Bank (ECB) accreditation* to carry out euro-related activities.

KEY POINTS

The decision provides for the updated accreditation principles, requirements (security, quality, environmental, health and safety, location, international quality management and ethical requirements) and procedures to be followed by the relevant manufacturers and the ECB. The decision adds the ethical conduct of business as a new main requirement for accredited manufacturers.

The decision also specifically establishes the cases of non-compliance with these rules and their consequences (which range from warnings to the revocation of the accreditation and financial penalties) as well as the legal remedies available for the resolution of disputes.

FROM WHEN DOES THE DECISION APPLY?

Decision (EU) 2020/637 applies from 18 May 2021.

To ensure a smooth transition from the previous accreditation procedures, the previous legal regime (Decision ECB/2013/54) will remain in place for 12 months and manufacturers will have 30 months, until 16 November 2022, to meet the new ethical requirements.

KEY TERMS

Manufacturer: a legal entity that may have the capability to perform a euro-secure item activity or a euro item activity, with the exception of legal entities that are only involved in the transport or destruction of euro-secure items.
Accreditation: the permission, granted to a manufacturer by means of an ECB decision, to perform a euro-secure item activity or a euro item activity at a specific manufacturing site.

MAIN DOCUMENT

Decision (EU) 2020/637 of the European Central Bank of 27 April 2020 on accreditation procedures for manufacturers of euro secure items and euro items (ECB/2020/24) (recast) (OJ L 149, 12.5.2020, pp. 12-35)

RELATED DOCUMENTS

Consolidated version of the Treaty on the Functioning of the European Union — Part Three — Union policies and internal actions — Title VIII — Economic and monetary policy — Chapter 2 — Monetary policy — Article 128 (ex Article 106 TEC) (OJ C 202, 7.6.2016, p. 103)

Consolidated version of the Treaty on the Functioning of the European Union — Protocol (No 4) on the Statute of the European System of Central Banks and of the European Central Bank (OJ C 202, 7.6.2016, pp. 230-250)

Council Regulation (EC) No 2532/98 of 23 November 1998 concerning the powers of the European Central Bank to impose sanctions (OJ L 318, 27.11.1998, pp. 4-7)

Successive amendments to Regulation (EC) No 2532/98 have been incorporated into the original text. This consolidated version is of documentary value only.

last update 30.10.2020

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