29.1.2009   

EN

Official Journal of the European Union

L 25/1

(1)

The unprecedented crisis hitting international financial markets has brought about major challenges for the Community, which necessitates a rapid response in order to counter effects on the economy as a whole and, in particular, to support investments in order to promote growth and employment.

(2)

The regulatory framework for the 2007-2013 programming period has been adopted with a view to achieving further simplification in the programming and management of the European Regional Development Fund, the European Social Fund and the Cohesion Fund, their effectiveness and subsidiarity in terms of their implementation.

(3)

The adaptation of certain provisions of Council Regulation (EC) No 1083/2006 of 11 July 2006 laying down general provisions on the European Regional Development Fund, the European Social Fund and the Cohesion Fund (1) is necessary in order to facilitate the mobilisation of Community financial resources for the start-up of operational programmes and assisted projects within the framework of these programmes in such a manner as to accelerate implementation and the impact of such investments on the economy.

(4)

It is necessary to strengthen the possibility of provision by the European Investment Bank (EIB) and the European Investment Fund (EIF) of assistance to Member States in the preparation and implementation of operational programmes.

(5)

Taking account of the status of the EIB and EIF as financial entities recognised by the Treaty, when financial engineering operations are organised involving them as holding funds, it should be possible to directly award them a contract.

(6)

In order to facilitate the use of financial engineering instruments, notably within the field of sustainable urban development, it is necessary to provide for the possibility of in-kind contributions being considered as eligible expenditure in the constitution of, or contributions to, funds.

(7)

In order to support enterprises, and in particular small and medium-sized enterprises, it is also necessary to make more flexible the conditions governing the payment of advances within the framework of State aids under Article 87 of the Treaty.

(8)

In order to accelerate the implementation of major projects, it is necessary to allow expenditures relating to major projects which have not yet been adopted by the Commission to be included in expenditure declarations.

(9)

To bolster the financial resources of Member States thus facilitating the rapid start-up of operational programmes in a crisis context, it is necessary to amend the provisions concerning pre-financing.

(10)

The payment of a payment on account at the beginning of operational programmes should allow a regular cash flow and facilitate payments to beneficiaries during programme implementation. For this reason provisions should be established for such payments on account for the Structural Funds: 7,5 % (for Member States of the European Union as constituted before 1 May 2004) and 9 % (for the Member States that acceded to the European Union on or after 1 May 2004) in order to accelerate the implementation of operational programmes.

(11)

By reason of the principles of equality of treatment and of legal security, the amendments relating to Articles 56(2) and 78(1) should apply during the whole 2007-2013 programming period. Retroactive application is therefore necessary with effect from 1 August 2006, the date on which Regulation (EC) No 1083/2006 came into force. As the unprecedented crisis affecting international financial markets necessitates a rapid response in order to counter effects on the economy as a whole, other amendments should enter into force on the day following its publication in the Official Journal of the European Union.

(12)

Regulation (EC) No 1083/2006 should therefore be amended,

1.

in Article 44, the second paragraph shall be amended as follows:

2.

in Article 46(1), the following second subparagraph shall be added:

‘The EIB or the EIF may, upon request of the Member States, take part in technical assistance activities referred to in the first subparagraph.’;

3.

Article 56(2) shall be replaced by the following:

‘2.   By way of derogation from paragraph 1, contributions in kind, depreciation costs and overheads may be considered as incurred expenditure by beneficiaries for the implementation of operations under the conditions laid down in the third subparagraph of this paragraph.

By way of derogation from paragraph 1, contributions in kind, as regards financial engineering instruments as defined in Article 78(6), first subparagraph, can be treated as expenditure paid at the constitution of the funds or holding funds or contributing to those funds or holding funds, under the conditions established in the third subparagraph of this paragraph.

Expenditure mentioned in the first and second subparagraphs must fulfil the following conditions:

4.

Article 78 shall be amended as follows:

5.

in Article 82(1), second subparagraph, points (a), (b) and (c) shall be replaced by the following:

29.1.2009   

EN

Official Journal of the European Union

L 25/4

29.1.2009   

EN

Official Journal of the European Union

L 25/6

(1)

Regulation (EC) No 327/98 opened and provided for the administration of certain import tariff quotas for rice and broken rice, broken down by country of origin and split into several subperiods in accordance with Annex IX to Regulation.

(2)

The January subperiod is the first subperiod for the quotas provided for under Article 1(1)(a), (b), (c) and (d) of Regulation (EC) No 327/98.

(3)

The notification sent in accordance with Article 8(a) of Regulation (EC) No 327/98 shows that, for the quotas with order numbers 09.4148 — 09.4154 — 09.4112 — 09.4116 — 09.4117 — 09.4118 — 09.4119 — 09.4166, the applications lodged in the first 10 working days of January 2009 under Article 4(1) of that Regulation cover a quantity greater than that available. The extent to which import licences may be issued should therefore be determined and the allocation coefficient to be applied to the quantities applied for under the quotas concerned should be laid down.

(4)

It is also clear from the notification that, for the quotas with order numbers 09.4127 — 09.4128 — 09.4149 — 09.4150 — 09.4152 — 09.4153, the applications lodged in the first 10 working days of January 2009 under Article 4(1) of the Regulation cover a quantity less than that available.

(5)

The total quantities available for the following subperiod should therefore be set for the quotas with order numbers 09.4127 — 09.4128 — 09.4148 — 09.4149 — 09.4150 — 09.4152 — 09.4153 — 09.4154 — 09.4112 — 09.4116 — 09.4117 — 09.4118 — 09.4119 — 09.4166, in accordance with the first paragraph of Article 5 of Regulation (EC) No 327/98,

29.1.2009   

EN

Official Journal of the European Union

L 25/9

(1)

Applications for import licences were submitted to the competent authorities in the period from 19 to 23 January 2009 in accordance with Commission Regulation (EC) No 950/2006 and/or Council Regulation (EC) No 508/2007 of 7 May 2007 opening tariff quotas for imports into Bulgaria and Romania of raw cane sugar for supply to refineries in the marketing years 2006/07, 2007/08 and 2008/09 (3), for a total quantity equal to or exceeding the quantity available for order number 09.4332 (2008-2009).

(2)

In these circumstances, the Commission should establish an allocation coefficient for licences to be issued in proportion to the quantity available and/or inform the Member States that the limit established has been reached,

29.1.2009   

EN

Official Journal of the European Union

L 25/14

(1)

Protocol 2 to the bilateral Free Trade Agreement between the European Economic Community and the Kingdom of Norway (3), and Protocol No 3 to the EEA Agreement (4), determine the trade arrangements for certain agricultural and processed agricultural products between the contracting parties.

(2)

Protocol 3 to the EEA Agreement, as amended by Decision No 138/2004 of the EEA Joint Committee (5), provides for a zero duty applying to certain waters containing added sugar or other sweetening matter or flavoured, classified under CN code 2202 10 00 and certain other non-alcoholic beverages containing sugar, classified under CN code ex 2202 90 10.

(3)

The zero duty for the waters and other beverages in question has been temporarily suspended for Norway by the Agreement in the form of an Exchange of Letters between the European Community and the Kingdom of Norway on Protocol No 2 to the bilateral Free Trade Agreement between the European Economic Community and the Kingdom of Norway (6), hereinafter referred to as ‘the Agreement’, approved by Decision 2004/859/EC. According to point IV of the Agreed Minutes of the Agreement, duty-free imports of goods of the CN codes 2202 10 00 and ex 2202 90 10 originating in Norway are to be permitted only within the limits of a duty-free quota while a duty is to be paid for imports outside the quota allocation.

(4)

Commission Regulation (EC) No 93/2008 (7) withdrew the temporary suspension of the duty-free regime for the period 1 January to 31 December 2008 for the importation into the Community of certain goods of the CN codes 2202 10 00 and ex 2202 90 10 originating in Norway.

(5)

It is necessary to open the tariff quota for the year 2009 for the soft drinks in question. The last annual quota for 2007 for the products in question was opened by Commission Regulation (EC) No 1795/2006 (8). No annual quota was opened for 2008. The quota volume for 2009 should therefore remain the same as for 2007.

(6)

Commission Regulation (EEC) No 2454/93 of 2 July 1993 laying down provisions for the implementation of Council Regulation (EEC) No 2913/92 establishing the Community Customs Code (9), lays down rules for the management of tariff quotas. It is appropriate to provide that the tariff quota opened by this Regulation is to be managed in accordance with those rules.

(7)

The measures provided for in this Regulation are in accordance with the opinion of the Management Committee for horizontal questions concerning trade in processed products not listed in Annex I,

29.1.2009   

EN

Official Journal of the European Union

L 25/16

Ms Mary G. BAKER, born in London (United Kingdom) on 27 October 1936,

Mr Mike O'DONOVAN, born in London (United Kingdom) on 26 September 1946,

Ms Lisette TIDDENS-ENGWIRDA, born in Amsterdam (Netherlands) on 25 June 1950

and

Mr Henk VAARKAMP, born in Terschuur (Netherlands) on 22 June 1950,

29.1.2009   

EN

Official Journal of the European Union

L 25/17

(1)

The accounts of the European Central Bank (ECB) and of the national central banks of the Eurosystem shall be audited by independent external auditors recommended by the ECB's Governing Council and approved by the Council of the European Union.

(2)

The mandate of the current external auditors of the Bank Ċentrali ta′ Malta/Central Bank of Malta will end after the audit for the financial year 2008. It is therefore necessary to appoint external auditors as from the financial year 2009.

(3)

The ECB's Governing Council has recommended that KPMG should be appointed as the external auditors for the financial years 2009 to 2013.

(4)

It is appropriate to follow the recommendation of the ECB's Governing Council and amend Council Decision 1999/70/EC (2) accordingly,

29.1.2009   

EN

Official Journal of the European Union

L 25/18

(1)

As part of the so-called Lamfalussy process, the Commission adopted Decision 2001/527/EC of 6 June 2001 establishing the Committee of European Securities Regulators (1) (hereinafter ‘the Committee’). The Committee took up its duties on 7 June 2001, serving as an independent body for reflection, debate and advice of the Commission in the securities field.

(2)

Fulfilling the provisions of Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees (2), the Commission carried out a review of the Lamfalussy process in 2007 and presented its assessment in a Communication of 20 November 2007 entitled ‘Review of the Lamfalussy process — Strengthening supervisory convergence’ (3).

(3)

In the Communication, the Commission pointed out the importance of the Committee of European Securities Regulators, the Committee of European Banking Supervisors and the Committee of European Insurance and Occupational Pensions Supervisors (hereinafter ‘the Committees of Supervisors’) in an increasingly integrated European financial market. A clear framework for the activities of these Committees in the area of supervisory convergence and cooperation was deemed necessary.

(4)

While reviewing the functioning of the Lamfalussy process, the Council invited the Commission to clarify the role of the Committees of Supervisors and consider all different options to strengthen the working of those Committees, without unbalancing the current institutional structure or reducing the accountability of supervisors (4).

(5)

At its meeting of 13 and 14 March 2008, the European Council called for swift improvements to the functioning of the Committees of Supervisors (5).

(6)

On 14 May 2008 (6), the Council invited the Commission to revise the Commission Decisions establishing the Committees of Supervisors so as to ensure coherence and consistency in their mandates and tasks as well as to strengthen their contributions to supervisory cooperation and convergence. The Council noted that specific tasks could be explicitly given to the Committees to foster supervisory cooperation and convergence, and enhance their role in assessing risks to financial stability. Therefore a reinforced legal framework regarding the role and tasks of the Committee in this respect should be provided.

(7)

The Committee should serve as an independent advisory group of the Commission in the securities field.

(8)

The Committee should also contribute to the common and uniform day-to-day implementation of Community legislation and its consistent application by the supervisory authorities.

(9)

The Committee does not have any regulatory powers at Community level. It should carry out peer reviews, promote best practices and issue non-binding guidelines, recommendations and standards in order to increase convergence across the Community.

(10)

Enhanced bilateral and multilateral supervisory cooperation depends on the mutual understanding and trust between supervisory authorities. The Committee should contribute to the improvement of such cooperation.

(11)

The Committee should also foster supervisory convergence across the Community. In order to be more specific about this objective, an indicative and open-ended list of tasks to be carried out by the Committee should be established.

(12)

In order to resolve disputes of a cross-border nature between supervisory authorities, in particular within colleges of supervisors, a voluntary and non-binding mediation mechanism should be provided by the Committee.

(13)

To benefit from the expertise acquired by the Committee and without prejudice to the powers of supervisory authorities, the supervisory authorities should be able to refer matters to the Committee with a view to obtaining its non-binding opinion.

(14)

The exchange of information between the supervisory authorities is fundamental to their functions. It is central for the efficient supervision of securities markets and for financial stability. Whilst the securities legislation imposes clear legal obligations on supervisory authorities to cooperate and exchange information, the Committee should facilitate practical day-to-day exchange of information between them, subject to relevant confidentiality provisions set out in the applicable legislation.

(15)

In order to reduce the duplication of supervisory tasks and thereby streamline the supervisory process as well as reduce the burden imposed on market participants, the Committee should facilitate the delegation of tasks between supervisory authorities, in particular in cases specified in the relevant legislation.

(16)

With a view to fostering convergence and consistency across the colleges of supervisors and thereby ensuring a level playing field, the Committee should monitor their functioning without constraining the independence of the members of the college.

(17)

Quality, comparability and consistency of supervisory reporting are central to the cost-efficiency of Community supervisory arrangements and the compliance burden on cross-border institutions. The Committee should contribute to ensuring that overlap and duplication is eliminated and that the reporting data is comparable and of appropriate quality.

(18)

Financial systems in the Community are closely linked and events in one Member State can have a significant impact on financial institutions and markets in other Member States. The continuing emergence of financial conglomerates and the blurring of distinctions between the activities of firms in the banking, securities and insurance sectors give rise to additional supervisory challenges at national and Community level. In order to safeguard financial stability, a system is needed at the level of the Committee, the Committee of European Banking Supervisors and the Committee of European Insurance and Occupational Pensions Supervisors in order to identify potential risks, across borders and across sectors, at an early stage and, where necessary, inform the Commission and the other Committees. Furthermore, it is essential that the Committee ensures that finance ministries and national central banks of the Member States are informed. The Committee has its role to play in this respect by identifying risks in the securities sectors and regularly reporting on the outcome to the Commission. The Council should also be informed of these assessments. The Committee should also cooperate with the European Parliament and provide it with periodic information on the situation in the securities sector. The Committee should not, in this context, disclose information on individual supervised entities.

(19)

In order to adequately deal with cross-sector issues, the activities of the Committee should be coordinated with those of the Committee of European Banking Supervisors, the Committee of European Insurance and Occupational Pensions Supervisors and the Banking Supervision Committee of the European System of Central Banks. This is of particular importance in addressing possible cross-sectoral risks to financial stability.

(20)

To avoid duplication of work, to prevent inconsistencies, to keep the Committee abreast of progress and to give it the opportunity to exchange information with the Committee of European Banking Supervisors and the Committee of European Insurance and Occupational Pensions Supervisors with regard to supervision of financial conglomerates, the Committee may participate in the Joint Committee on Financial Conglomerates.

(21)

Given the globalisation of financial services and the increased importance of international standards, the Committee should also foster dialogue and cooperation with supervisors outside the Community.

(22)

The accountability of the Committee towards the Community Institutions is of high importance and should be of a well established standard while respecting the independence of supervisors.

(23)

The Committee should draw up its own rules of procedure and fully respect the prerogatives of the institutions and the institutional balance established by the Treaty. The enhanced framework of the activities of the Committee should be accompanied by improved working processes. To this end, if consensus cannot be reached, decisions should be taken by qualified majority corresponding to the rules set out in the Treaty.

(24)

For reasons of legal security and clarity Decision 2001/527/EC should be repealed,

(a)

mediate or facilitate mediation between supervisory authorities in cases specified in the relevant legislation or at the request of a supervisory authority;

(b)

provide opinions to supervisory authorities in cases specified in the relevant legislation or at their request;

(c)

promote the effective bilateral and multilateral exchange of information between supervisory authorities subject to applicable confidentiality provisions;

(d)

facilitate the delegation of tasks between supervisory authorities, in particular by identifying tasks which can be delegated and by promoting best practices;

(e)

contribute to ensuring the efficient and consistent functioning of colleges of supervisors in particular through setting guidelines for the operational functioning of colleges, monitoring the coherence of the practices of the different colleges and sharing best practices;

(f)

contribute to developing high quality and common supervisory reporting standards;

(g)

review the practical application of the non-binding guidelines, recommendations and standards issued by the Committee.

29.1.2009   

EN

Official Journal of the European Union

L 25/23

(1)

As part of the so-called Lamfalussy process, the Commission adopted Decision 2004/5/EC of 5 November 2003 establishing the Committee of European Banking Supervisors (1) (hereinafter the Committee). The Committee took up its duties on 1 January 2004, serving as an independent body for reflection, debate and advice of the Commission in the field of banking regulation and supervision.

(2)

Fulfilling the provisions of Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees (2), the Commission carried out a review of the Lamfalussy process in 2007 and presented its assessment in a Communication of 20 November 2007 entitled ‘Review of the Lamfalussy process — Strengthening supervisory convergence’ (3).

(3)

In the Communication, the Commission pointed out the importance of the Committee of European Securities Regulators, the Committee of European Banking Supervisors and the Committee of European Insurance and Occupational Pensions Supervisors (hereinafter the Committees of Supervisors) in an increasingly integrated European financial market. A clear framework for the activities of these Committees in the area of supervisory convergence and cooperation was deemed necessary.

(4)

While reviewing the functioning of the Lamfalussy process, the Council invited the Commission to clarify the role of the Committees of Supervisors and consider all different options to strengthen the working of those Committees, without unbalancing the current institutional structure or reducing the accountability of supervisors (4).

(5)

At its meeting on 13 and 14 March 2008, the European Council called for swift improvements to the functioning of the Committees of Supervisors (5).

(6)

On 14 May 2008 (6), the Council invited the Commission to revise the Commission Decisions establishing the Committees of Supervisors so as to ensure coherence and consistency in their mandates and tasks as well as to strengthen their contributions to supervisory cooperation and convergence. The Council noted that specific tasks could be explicitly given to the Committees to foster supervisory cooperation and convergence, and their role in assessing risks to financial stability. Therefore a reinforced legal framework regarding the role and tasks of the Committee in this respect should be provided.

(7)

The composition of the Committee should reflect the organisation of banking supervision and should also take account of the role of central banks as regards the overall stability of the banking sector at national and Community level. The respective rights of the different categories of participants should be clearly identified. In particular, chairmanship and voting rights should be reserved to the competent supervisory authorities of each Member State. Participation in confidential discussions about individual supervised institutions should, where appropriate, be restricted to the competent supervisory authorities and to the central banks entrusted with specific operational responsibilities for supervision of the supervised institutions concerned.

(8)

The Committee should serve as an independent advisory group of the Commission in the field of banking supervision.

(9)

The Committee’s mandate should cover the supervision of financial conglomerates. To avoid duplication of work, to prevent any inconsistencies, to keep the Committee abreast of progress, and to give it the opportunity to exchange information, the collaboration with the Committee of European Insurance and Occupational Pensions Supervisors in the supervision of financial conglomerates should be exercised in the Joint Committee on Financial Conglomerates.

(10)

The Committee should also contribute to the common and uniform day-to-day implementation of Community legislation and its consistent application by the supervisory authorities.

(11)

The Committee does not have any regulatory powers at Community level. It should carry out peer reviews, promote best practices and issue non-binding guidelines, recommendations and standards in order to increase convergence across the Community.

(12)

Enhanced bilateral and multilateral supervisory cooperation depends on the mutual understanding and trust between supervisory authorities. The Committee should contribute to the improvement of such cooperation.

(13)

The Committee should also foster supervisory convergence across the Community. In order to be more specific about this objective, an indicative and open-ended list of tasks to be carried out by the Committee should be established.

(14)

In order to resolve disputes of a cross-border nature between supervisory authorities, in particular within colleges of supervisors, a voluntary and non-binding mediation mechanism should be provided by the Committee.

(15)

To benefit from the expertise acquired by the Committee and without prejudice to the powers of supervisory authorities, the supervisory authorities should be able to refer matters to the Committee with a view to obtaining its non-binding opinion.

(16)

The exchange of information between the supervisory authorities is fundamental to their functions. It is central for the efficient supervision of banking groups and for financial stability. Whilst the banking legislation imposes clear legal obligations on supervisory authorities to cooperate and exchange information, the Committee should facilitate practical day-to-day exchange of information between them, subject to relevant confidentiality provisions set out in the applicable legislation.

(17)

In order to reduce the duplication of supervisory tasks and thereby streamline the supervisory process as well as reduce the burden imposed on banking groups, the Committee should facilitate the delegation of tasks between supervisory authorities, in particular in cases specified in the relevant legislation.

(18)

With a view to fostering convergence and consistency across the colleges of supervisors and thereby ensuring a level playing field, the Committee should monitor their functioning without constraining the independence of the members of the college.

(19)

Quality, comparability and consistency of supervisory reporting are central to the cost-efficiency of Community supervisory arrangements and the compliance burden on cross-border institutions. The Committee should contribute to ensuring that overlap and duplication is eliminated and that the reporting data is comparable and of appropriate quality.

(20)

Financial systems in the Community are closely linked and events in one Member State can have a significant impact on financial institutions and markets in other Member States. The continuing emergence of financial conglomerates and the blurring of distinctions between the activities of firms in the banking, securities and insurance sectors give rise to additional supervisory challenges at national and Community level. In order to safeguard financial stability, a system is needed at the level of the Committee, the Committee of European Securities Regulators and the Committee of European Insurance and Occupational Pensions Supervisors in order to identify potential risks, across borders and across sectors, at an early stage and, where necessary, inform the Commission and the other Committees. Furthermore, it is essential that the Committee ensures that finance ministries and national central banks of the Member States are informed. The Committee has its role to play in this respect by identifying risks in the banking sector and regularly reporting on the outcome to the Commission. The Council should also be informed of these assessments. The Committee should also cooperate with the European Parliament and provide it with periodic information on the situation in the banking sector. The Committee should not, in this context, disclose information on individual supervised entities.

(21)

In order to adequately deal with cross-sector issues, the activities of the Committee should be coordinated with those of the Committee of European Securities Regulators, the Committee of European Insurance and Occupational Pensions Supervisors and the Banking Supervision Committee of the European System of Central Banks. This is of particular importance in addressing possible cross-sectoral risks to financial stability.

(22)

Given the globalisation of financial services and the increased importance of international standards, the Committee should also foster dialogue and cooperation with supervisors outside the Community.

(23)

The accountability of the Committee towards the Community Institutions is of high importance and should be of a well established standard while respecting the independence of supervisors.

(24)

The Committee should draw up its own rules of procedure and fully respect the prerogatives of the institutions and the institutional balance established by the Treaty. The enhanced framework of the activities of the Committee should be accompanied by improved working processes. To this end, if consensus cannot be reached, decisions should be taken by qualified majority corresponding to the rules set out in the Treaty.

(25)

For reasons of legal security and clarity Decision 2004/5/EC should be repealed,

(a)

mediate or facilitate mediation between supervisory authorities in cases specified in the relevant legislation or at the request of a supervisory authority;

(b)

provide opinions to supervisory authorities in cases specified in the relevant legislation or at their request;

(c)

promote the effective bilateral and multilateral exchange of information between supervisory authorities subject to applicable confidentiality provisions;

(d)

facilitate the delegation of tasks between supervisory authorities, in particular by identifying tasks which can be delegated and by promoting best practices;

(e)

contribute to ensuring the efficient and consistent functioning of colleges of supervisors in particular through setting guidelines for the operational functioning of colleges, monitoring the coherence of the practices of the different colleges and sharing best practices;

(f)

contribute to developing high-quality and common supervisory reporting standards;

(g)

review the practical application of the non-binding guidelines, recommendations and standards issued by the Committee.

(a)

the national public authorities competent for the supervision of credit institutions, hereinafter ‘the competent supervisory authorities’;

(b)

the national central banks entrusted with specific operational responsibilities for the supervision of individual credit institutions alongside a competent supervisory authority;

(c)

the central banks which are not directly involved in the supervision of individual credit institutions, including the European Central Bank.

29.1.2009   

EN

Official Journal of the European Union

L 25/28

(1)

As part of the so-called Lamfalussy process, the Commission adopted Decision 2004/6/EC of 5 November 2003 establishing the Committee of European Insurance and Occupational Pensions Supervisors (1) (hereinafter ‘the Committee’). The Committee took up its duties on 24 November 2003, serving as an independent body for reflection, debate and advice of the Commission in the insurance, reinsurance and occupational pensions fields.

(2)

Fulfilling the provisions of Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 amending Council Directives 73/239/EEC, 85/611/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees (2), the Commission carried out a review of the Lamfalussy process in 2007 and presented its assessment in a Communication of 20 November 2007 entitled ‘Review of the Lamfalussy process — Strengthening supervisory convergence’ (3).

(3)

In the Communication, the Commission pointed out the importance of the Committee of European Securities Regulators, the Committee of European Banking Supervisors and the Committee of European Insurance and Occupational Pensions Supervisors (hereinafter ‘the Committees of Supervisors’) in an increasingly integrated European financial market. A clear framework for the activities of these Committees in the area of supervisory convergence and cooperation was deemed necessary.

(4)

While reviewing the functioning of the Lamfalussy process, the Council invited the Commission to clarify the role of the Committees of Supervisors and consider all different options to strengthen the working of those Committees, without unbalancing the current institutional structure or reducing the accountability of supervisors (4).

(5)

At its meeting of 13 and 14 March 2008, the European Council called for swift improvements to the functioning of the Committees of Supervisors (5).

(6)

On 14 May 2008 (6), the Council invited the Commission to revise the Commission Decisions establishing the Committees of Supervisors so as to ensure coherence and consistency in their mandates and tasks as well as to strengthen their contributions to supervisory cooperation and convergence. The Council noted that specific tasks could be explicitly given to the Committees to foster supervisory cooperation and convergence, and their role in assessing risks to financial stability. Therefore a reinforced legal framework regarding the role and tasks of the Committee in this respect should be provided.

(7)

The Committee should serve as an independent advisory group of the Commission in the insurance, reinsurance and occupational pensions fields. However, as regards the occupational pensions field, while the Committee should consider the regulatory and supervisory aspects relating to such arrangements, it should not address labour and social law aspects, such as the organisation of occupational regimes, and in particular, issues relating to compulsory membership (affiliation) or collective agreements.

(8)

The Committee’s mandate should cover the supervision of financial conglomerates. To avoid duplication of work, to prevent any inconsistencies, to keep the Committee abreast of progress, and to give it the opportunity to exchange information, the collaboration with the Committee of European Banking Supervisors in the supervision of financial conglomerates should be exercised in the Joint Committee on Financial Conglomerates.

(9)

The Committee should also contribute to the common and uniform day-to-day implementation of Community legislation and its consistent application by the supervisory authorities.

(10)

The Committee does not have any regulatory powers at Community level. It should carry out peer reviews, promote best practices and issue non-binding guidelines, recommendations and standards in order to increase convergence across the Community.

(11)

Enhanced bilateral and multilateral supervisory cooperation depends on the mutual understanding and trust between supervisory authorities. The Committee should contribute to the improvement of such cooperation.

(12)

The Committee should also foster supervisory convergence across the Community. In order to be more specific about this objective, an indicative and open-ended list of tasks to be carried out by the Committee should be established.

(13)

In order to resolve disputes of a cross-border nature between supervisory authorities, in particular within colleges of supervisors, a voluntary and non-binding mediation mechanism should be provided by the Committee.

(14)

To benefit from the expertise acquired by the Committee and without prejudice to the powers of supervisory authorities, the supervisory authorities should be able to refer matters to the Committee with a view to obtaining its non-binding opinion.

(15)

The exchange of information between the supervisory authorities is fundamental to their functions. It is central for the efficient supervision of insurance groups and for financial stability. Whilst the insurance legislation imposes clear legal obligations on supervisory authorities to cooperate and exchange information, the Committee should facilitate practical day-to-day exchange of information between them, subject to relevant confidentiality provisions set out in applicable legislation.

(16)

In order to reduce the duplication of supervisory tasks and thereby streamline the supervisory process as well as reduce the burden imposed on insurance groups, the Committee should facilitate the delegation of tasks between supervisory authorities, in particular in cases specified in the relevant legislation.

(17)

With a view to fostering convergence and consistency across the colleges of supervisors and thereby ensuring a level playing field, the Committee should monitor their functioning without constraining the independence of the members of the college.

(18)

Quality, comparability and consistency of supervisory reporting are central to the cost-efficiency of Community supervisory arrangements and the compliance burden on cross-border institutions. The Committee should contribute to ensuring that overlap and duplication is eliminated and that the reporting data is comparable and of appropriate quality.

(19)

Financial systems in the Community are closely linked and events in one Member State can have a significant impact on financial institutions and markets in other Member States. The continuing emergence of financial conglomerates and the blurring of distinctions between the activities of firms in the banking, securities and insurance sectors give rise to additional supervisory challenges at national and Community level. In order to safeguard financial stability, a system is needed at the level of the Committee, the Committee of European Banking Supervisors and the Committee of European Securities Regulators in order to identify potential risks, across borders and across sectors, at an early stage and, where necessary, inform the Commission and the other Committees. Furthermore, it is essential that the Committee ensures that finance ministries and national central banks of the Member States are informed. The Committee has its role to play in this respect by identifying risks in the insurance, reinsurance and occupational pension sectors and regularly reporting on the outcome to the Commission. The Council should also be informed of these assessments. The Committee should also cooperate with the European Parliament and provide it with periodic information on the situation in the insurance sector. The Committee should not, in this context, disclose information on individual supervised entities.

(20)

In order to adequately deal with cross-sector issues, the activities of the Committee should be coordinated with those of the Committee of European Securities Regulators, the Committee of European Banking Supervisors and the Banking Supervision Committee of the European System of Central Banks. This is of particular importance in addressing possible cross-sectoral risks to financial stability.

(21)

Given the globalisation of financial services and the increased importance of international standards, the Committee should also foster dialogue and cooperation with supervisors outside the Community.

(22)

The accountability of the Committee towards the Community Institutions is of high importance and should be of a well established standard while respecting the independence of supervisors.

(23)

The Committee should draw up its own rules of procedure and fully respect the prerogatives of the institutions and the institutional balance established by the Treaty. The enhanced framework of the activities of the Committee should be accompanied by improved working processes. To this end, if consensus cannot be reached, decisions should be taken by qualified majority corresponding to the rules set out in the Treaty.

(24)

For reasons of legal security and clarity Decision 2004/6/EC should be repealed,

(a)

mediate or facilitate mediation between supervisory authorities in cases specified in the relevant legislation or at the request of a supervisory authority;

(b)

provide opinions to supervisory authorities in cases specified in the relevant legislation or at their request;

(c)

promote the effective bilateral and multilateral exchange of information between supervisory authorities subject to applicable confidentiality provisions;

(d)

facilitate the delegation of tasks between supervisory authorities, in particular by identifying tasks which can be delegated and by promoting best practices;

(e)

contribute to ensuring the efficient and consistent functioning of colleges of supervisors in particular through setting guidelines for the operational functioning of colleges, monitoring the coherence of the practices of the different colleges and sharing best practices;

(f)

contribute to developing high quality and common supervisory reporting standards;

(g)

review the practical application of the non-binding guidelines, recommendations and standards issued by the Committee.

29.1.2009   

EN

Official Journal of the European Union

L 25/33

(1)

Annex VII to the Agreement was amended by Decision of the EEA Joint Committee No 50/2008 of 25 April 2008 (1).

(2)

Commission Regulation (EC) No 755/2008 of 31 July 2008 amending Annex II to Directive 2005/36/EC of the European Parliament and of the Council on the recognition of professional qualifications (2) is to be incorporated into the Agreement,

‘—

32008 R 0755: Commission Regulation (EC) No 755/2008 of 31 July 2008 (OJ L 205, 1.8.2008, p. 10).’

29.1.2009   

EN

Official Journal of the European Union

L 25/35

(1)

Annex XIII to the Agreement was amended by Decision of the EEA Joint Committee No 119/2008 of 7 November 2008 (1).

(2)

Commission Directive 2008/65/EC of 27 June 2008 amending Directive 91/439/EEC on driving licences (2) is to be incorporated into the Agreement,

‘—

32008 L 0065: Commission Directive 2008/65/EC of 27 June 2008 (OJ L 168, 28.6.2008, p. 36).’

29.1.2009   

EN

Official Journal of the European Union

L 25/36

(1)

Annex XIII to the Agreement was amended by Decision of the EEA Joint Committee No 119/2008 of 7 November 2008 (1).

(2)

Commission Decision 2008/217/EC of 20 December 2007 concerning a technical specification for interoperability relating to the ‘infrastructure’ subsystem of the trans-European high-speed rail system (2) is to be incorporated into the Agreement.

(3)

Commission Decision 2008/231/EC of 1 February 2008 concerning the technical specification of interoperability relating to the operation subsystem of the trans-European high-speed rail system adopted referred to in Article 6(1) of Council Directive 96/48/EC and repealing Commission Decision 2002/734/EC (3) is to be incorporated into the Agreement.

(4)

Decision 2008/217/EC repeals Commission Decision 2002/732/EC (4), which is incorporated into the Agreement and which is consequently to be repealed under the Agreement.

(5)

Decision 2008/231/EC repeals Commission Decision 2002/734/EC (5), which is incorporated into the Agreement and which is consequently to be repealed under the Agreement,

1.

the text of point 37ac (Commission Decision 2002/732/EC) shall be replaced by the following:

‘32008 D 0217: Commission Decision 2008/217/EC of 20 December 2007 concerning a technical specification for interoperability relating to the “infrastructure” subsystem of the trans-European high-speed rail system (OJ L 77, 19.3.2008, p. 1).’;

2.

the text of point 37ae (Commission Decision 2002/734/EC) shall be replaced by the following:

‘32008 D 0231: Commission Decision 2008/231/EC of 1 February 2008 concerning the technical specification of interoperability relating to the operation subsystem of the trans-European high-speed rail system adopted referred to in Article 6(1) of Council Directive 96/48/EC and repealing Commission Decision 2002/734/EC (OJ L 84, 26.3.2008, p. 1).’

29.1.2009   

EN

Official Journal of the European Union

L 25/38

(1)

Annex XXI to the Agreement was amended by Decision of the EEA Joint Committee No 126/2008 of 7 November 2008 (1).

(2)

Council Regulation (EC) No 362/2008 of 14 April 2008 implementing Regulation (EC) No 1177/2003 of the European Parliament and of the Council concerning Community statistics on income and living conditions (EU-SILC) as regards the 2009 list of target secondary variables on material deprivation (2) is to be incorporated into the Agreement.

(3)

Commission Regulation (EC) No 365/2008 of 23 April 2008 adopting the programme of ad hoc modules, covering the years 2010, 2011 and 2012, for the labour force sample survey provided for by Council Regulation (EC) No 577/98 (3) is to be incorporated into the Agreement.

(4)

Commission Regulation (EC) No 377/2008 of 25 April 2008 implementing Council Regulation (EC) No 577/98 on the organisation of a labour force sample survey in the Community as regards the codification to be used for data transmission from 2009 onwards, the use of a sub-sample for the collection of data on structural variables and the definition of the reference quarters (4) is to be incorporated into the Agreement.

(5)

Commission Regulation (EC) No 391/2008 of 30 April 2008 amending Regulation (EC) No 102/2007 adopting the specifications of the 2008 ad hoc module on the labour market situation of migrants and their immediate descendants (5) is to be incorporated into the Agreement,

1.

the following point shall be inserted after point 18w (Regulation (EC) No 452/2008 of the European Parliament and of the Council):

2.

the following points shall be inserted after point 18al (Commission Regulation (EC) No 207/2008):

3.

the following shall be added in point 18ak (Commission Regulation (EC) No 102/2007):

‘, as amended by:

29.1.2009   

EN

Official Journal of the European Union

L 25/40

(1)

Annex XXI to the Agreement was amended by Decision of the EEA Joint Committee No 126/2008 of 7 November 2008 (1).

(2)

Commission Regulation (EC) No 747/2008 of 30 July 2008 amending Regulation (EC) No 716/2007 of the European Parliament and of the Council on Community statistics on the structure and activity of foreign affiliates, as regards the definitions of characteristics and the implementation of NACE Rev. 2 (2) is to be incorporated into the Agreement,

—

32008 R 0747: Commission Regulation (EC) No 747/2008 of 30 July 2008 (OJ L 202, 31.7.2008, p. 20).’