24.8.2013   

EN

Official Journal of the European Union

C 244/1

1.1.

On 12 July 2013, the Commission received a request from the European Central Bank (ECB) for an opinion on two draft Regulations of the European Central Bank in the field of monetary and financial statistics. The first concerns a draft regulation which, when adopted, will constitute a recast of Regulation (EC) No 25/2009 of the ECB of 19 December 2008 concerning the balance sheet of the monetary financial institutions (MFIs) sector. The second is a draft regulation which, when adopted, will constitute a recast of Regulation (EC) No 63/2002 of the ECB of 20 December 2001 concerning statistics on interest rates applied by MFIs to deposits and loans vis-à-vis households and non-financial corporations.

1.2.

The Commission welcomes this request and recognises that the ECB hereby acts in accordance with its obligation to consult the Commission on draft ECB regulations whenever links with the statistical requirements of the Commission exist as laid down in Article 5(2) of Council Regulation (EC) No 2533/98 concerning the collection of statistical information by the ECB, in order to guarantee the coherence necessary to produce statistics meeting the respective information requirements of the ECB and of the Commission. A good cooperation between the ECB and the Commission is beneficial for both institutions as well as for users and respondents by allowing a more efficient production of European statistics. The Commission also welcomes that explicit reference is made to its opinion in both regulations.

2.1.

The Commission welcomes that many of the proposed new features that it had previously mentioned as important for its work have been taken into account in the revision of the MFI regulations. One important feature that has not been taken into account relates to information on bad assets, provisioning for bad assets and revaluation reserves. There may be valid reasons related to cost and comparability of results that have led to this feature having been discarded. Indeed, the Commission considers that, while meeting user requirements, every effort should be made to limit response burden in the context of these regulations. However, the ECB is invited to pursue its efforts towards the statistical measurement of the subject further.

2.2.

The Commission intends to present in the coming month a proposal for a Regulation establishing a European framework for Money Market Funds (MMFs). The proposal will contain several changes to the way MMFs are defined and can operate in Europe. There is a risk of divergence between the definition and the different details included in the forthcoming proposal and the definition provided in the draft ECB Regulation concerning the balance sheet of the monetary financial institutions sector. This specifically relates to the definition of MMFs provided in Article 2 of the draft ECB Regulation and the specifications for the MMFs’ identification criteria in its Annex 1, Part 1, Section 2. To avoid any inconsistencies, the Commission recommends that the ECB introduces a review clause in its regulation in order to review the definition and criteria of MMFs taking into account the MMF Regulation when it has been adopted by the European Parliament and the Council. The adaptation of the ECB Regulation should coincide with the entry into force of the new MMF Regulation.

2.3.

With regard to both draft regulations, the citations in the beginning of the Preamble (Having regard to) should be brought in line with interinstitutionally agreed practice and thus be limited to the legal basis (i.e. the provision(s) which actually confer competence on the institution to adopt the envisaged act) and, where appropriate, references to the proposal, procedure and opinions. With respect to the legal basis, after a general reference to the Treaty on the Functioning of the European Union, reference should therefore be made only to Articles 5(1) and 6(4) of Regulation (EC) No 2533/98, and for the proposal concerning the balance sheet of the MFIs sector also to Article 6(4) of Regulation (EC) No 2531/98. Neither Article 5 of the Statute of the ESCB and the ECB, nor Article 8 of Regulation (EC) No 2533/98, nor Regulation (EU) No 549/2013, Directive 2013/36/EU or Regulation (EU) No 575/2013 can be considered as legal bases for the draft regulations. If a reference to these other provisions and instruments are deemed useful for a proper understanding of the enacting terms of the draft regulation, they may be referred to in the recitals.

2.4.

In the ECB's request for Commission opinion, it is stated that the aim is for both legal acts to enter into force 20 days after their publication in the Official Journal (planned for September 2013) and to apply from January 2015. For reasons of clarity, Article 9 of the draft Regulation on MFI's interest rates should therefore be brought in line with Article 16 of the draft Regulation concerning the balance sheet of the MFIs sector.

2.5.

In Annex 1, Part 1, Section 1 of the draft Regulation concerning the balance sheet of MFIs sector, ‘Identification of certain MFIs based on principles of substitutability of deposits’, the ways in which the different criteria of substitutability of deposits will be combined should be defined more precisely in order to ensure comparability of the data.

2.6.

The consistency of Part 3 of Annex II to the same draft Regulation, ‘Definitions of sectors’, with ESA 2010 should be checked again. For example, on page 51 in the paragraph relating to financial auxiliaries, the second sentence should be replaced with the wording from ESA 2010 paragraph 2.97 for clarity purposes.

2.7.

The Commission has no further specific observations with regard to the draft Regulation on MFI’s interest rates.

3.1.

The Commission generally supports the draft regulations insofar as they contribute to the efficient cooperation between the European Statistical System (ESS) and the European System of Central Banks (ESCB) in the definition of reporting agents and the promotion of high-quality, consistent statistics at European level. The Commission, however, is of the opinion that the draft regulation on the balance sheet of MFIs could be more specific on the issues raised above, and that consistency of the ECB Regulations with the forthcoming European framework for MMFs should be ensured.

3.2.

Furthermore, the Commission would like to underline the importance of a robust process in practice of classification of units in this area, fully respecting statistical principles.

24.8.2013   

EN

Official Journal of the European Union

C 244/3

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in the merger section of the Competition website of the Commission (http://ec.europa.eu/competition/mergers/cases/). This website provides various facilities to help locate individual merger decisions, including company, case number, date and sectoral indexes,

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in electronic form on the EUR-Lex website (http://eur-lex.europa.eu/en/index.htm) under document number 32013M6973. EUR-Lex is the on-line access to the European law.

24.8.2013   

EN

Official Journal of the European Union

C 244/4

24.8.2013   

EN

Official Journal of the European Union

C 244/5

1.

On 16 August 2013, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which the SNCF Group (‘SNCF’, France) and COMSA-EMTE T&L, S.L. (‘COMSA-EMTE’, Spain), part of the COMSA-EMTE Group (Spain), acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of COMSA Rail Transport, S.A.U. (‘CRT’, Spain) by way of purchase of shares.

2.

The business activities of the undertakings concerned are:

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.6960 — SNCF/COMSA-EMTE/CRT, to the following address:

24.8.2013   

EN

Official Journal of the European Union

C 244/7

1.

On 19 August 2013, the Commission received a notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1) by which the undertaking IF P&C Insurance Holding Ltd (‘IF P&C’, Sweden) ultimately controlled by Sampo Group (Sweden) acquires within the meaning of Article 3(1)(b) of the Merger Regulation de facto sole control of the whole of the undertaking Topdanmark Group A/S (‘TopDK’, Denmark) following an increase in its voting rights.

2.

The business activities of the undertakings concerned are:

3.

On preliminary examination, the Commission finds that the notified transaction could fall within the scope the EC Merger Regulation. However, the final decision on this point is reserved.

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 e-mail to COMP-MERGER-REGISTRY@ec.europa.eu or by post, under reference number COMP/M.6957 — IF P&C/Topdanmark, to the following address:

24.8.2013   

EN

Official Journal of the European Union

C 244/8