text: OJ L 189, 3.7.1998, p. 42.

text: See Articles 3 and 4 of the draft decree.

text: This relates to the case where a payment service provider fails to submit required information within three days of receiving a request from the Office.

text: Zakon o preprečevanju pranja denarja in financiranja terorizma, adopted on 22 June 2007, published in the Official Gazette No 60/2007.

text: Zakon o plačilnem prometu, adopted on 20 March 2002, published in the Official Gazette No 3/2002. The Law as last amended by the Law on banking (Official Gazette No 131/2006).

text: Article 3

text: , point 8, in conjunction with Article 4 of the Law on payment transactions.

text: See ECB Opinion

text: of 16 April 2007 on an amendment to the Law XV of 2003 on the prevention and combating of money laundering.

text: See e.g. the ECB’s Convergence Report 2007, p. 19, available on the ECB’s website at www.ecb.int.

text: See paragraph 3.3 of ECB Opinion

text: of 5 October 2007 at the request of the Portuguese Ministry of Finance and Public Administration on a draft decree-law amending the legal framework of credit institutions and financial companies, paragraph 2.1 of ECB Opinion

text: of 2 August 2007 at the request of Banca Naţională a României on a draft law on non-banking financial institutions, and paragraph 3.2 of ECB Opinion

text: of 18 June 2007 at the request of the Italian Ministry of Economic Affairs and Finance on a draft law on the regulation and supervision of markets and the functioning of the competent independent authorities.

title: Opinion of the European Central Bank of 15 November 2007 at the request of the Slovenian Office for money laundering prevention on a draft decree implementing Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on  information on the payer accompanying transfers of funds (CON/2007/36)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 15 November 2007 at the request of the Slovenian Office for money laundering prevention on a draft decree implementing

text: Regulation (EC) No 1781/2006

text: ) Introduction and legal basis

text: On 24 October 2007, the European Central Bank (ECB) received a request from the Slovenian Office for money laundering prevention (hereinafter the ‘Office’) for an opinion on a draft decree implementing

text: Regulation (EC) No 1781/2006

text: of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds (hereinafter the ‘draft decree’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the third indent of

text: Article 2(1) of Council Decision 98/415/EC of 29 June 1998

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft decree relates to Banka Slovenije. 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.

text: 1. Purpose of the draft decree

text: 1.1 The purpose of the draft decree is to implement

text: Regulation (EC) No 1781/2006

text: . The draft decree: (i) establishes a list of offences that relate to the infringement of individual obligations under

text: Regulation (EC) No 1781/2006

text: ; (ii) specifies the authorities responsible for monitoring implementation and taking decisions in offence proceedings; and (iii) provides for an exemption from

text: Regulation (EC) No 1781/2006

text: . 1.2 Pursuant to Article 2 of the draft decree, Banka Slovenije is responsible for monitoring implementation of

text: Regulation (EC) No 1781/2006

text: and taking decisions with regard to the offences 2 3 set out in the draft decree , with the exception of point 2 of Article 3(1) of the draft decree which

text: falls within the scope of the Office’s competence. By virtue of this provision, Banka Slovenije’s powers are expanded to include new tasks related to the prevention of money laundering and terrorist financing (in addition to those already contained in the Law on the prevention of money laundering and terrorist financing ) and in particular as regards the imposition of sanctions in offence proceedings. In this context, the draft decree extends the range of entities subject to Banka Slovenije’s supervision. Under the Law on payment transactions , only legal persons may act as payment service providers and are therefore subject to Banka Slovenije’s supervision. Since natural persons are covered by the definition of payment service provider in

text: Article 2 of Regulation (EC) No 1781/2006

text: , they would also fall within the scope of the Banka Slovenije’s supervision.

text: 2. General observations

text: 2.1 The ECB would like to reiterate its commitment to contributing to the adoption, implementation and execution of measures preventing the use of the financial system for terrorist activities, as expressed in its public statement of 1 October 2001. 2.2 Without prejudice to the Governing Council’s powers under Article 14.4 of the Statute of the European System of Central Banks and of the European Central Bank, the ECB considers that Bank Slovenije’s new tasks referred to in paragraph 1.2 would not interfere with the objectives and tasks of the European System of Central Banks (ESCB). Nevertheless, these new tasks would be performed on the responsibility and liability of Banka Slovenije, and would not be regarded as being part of the ESCB’s functions. 2.3 The ECB understands that the underlying reason for allocating the tasks referred to in paragraph 1.2 to Banka Slovenije is linked to its supervision of payment service providers. The ECB is of the opinion that monitoring implementation of

text: Regulation (EC) No 1781/2006

text: , as provided for under the draft decree, could further enhance the supervisory function. 2.4 Banka Slovenije will have to commit additional resources, both human and financial, to carrying out the tasks referred to in paragraph 1.2. In this context, the ECB has consistently emphasised that ‘Member States may not put their NCBs in a position where they do not have sufficient financial resources to carry out their ESCB- or Eurosystem-related tasks, as applicable’ . Accordingly, the ECB expects that, when granting additional tasks to Banka Slovenije, due care will be taken to

text: ensure that it has sufficient financial and personnel resources, both in terms of quantity and quality, to carry out all its tasks, and in particular that its capacity to carry out its Eurosystem-related tasks will not be affected .

text: This opinion will be published on the ECB’s website.

text: Done at Frankfurt am Main, 15 November 2007.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


text: OJ L 189, 3.7.1998, p. 42.

publisher: Europeiska centralbanken

sprak: en

title: Opinion of the European Central Bank of 19 November 2007 at the request of the Belgian Ministry of Finance on a draft royal decree amending the Organic Statute of the Nationale Bank van België/Banque Nationale de Belgique (CON/2007/37)

serie: con

text: OPINION OF THE EUROPEAN CENTRAL BANK of 19 November 2007 at the request of the Belgian Ministry of Finance on a draft royal decree amending the Organic Statute of the Nationale Bank van België/Banque Nationale de Belgique (

text: ) Introduction and legal basis

type: rubrik

text: On 19 October 2007 the European Central Bank (ECB) received a request from the Nationale Bank van België/Banque Nationale de Belgique (NBB), acting on behalf of the Belgian Ministry of Finance, for an opinion on a draft royal decree amending Article 4 of the Law of 22 February 1998 establishing the Organic Statute of the Nationale Bank van België/Banque Nationale de Belgique (hereinafter the ‘draft royal decree’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the third indent of

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft royal decree concerns the NBB. 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.

type: stycke

text: 1. Purpose of the draft royal decree

text: The draft royal decree amends the Law of 22 February 1998 to allow for the conversion of NBB’s bearer shares into dematerialised shares from 1 January 2008 onwards. More specifically,

text: Article 4

text: , which currently provides that NBB’s shares not subscribed by the Belgian State are held as registered or bearer shares, will be amended to allow such shares to also be held in a dematerialised form. In addition, under the draft royal decree, second and third indents are added to

text: Article 4

text: . The second indent specifies that bearer shares which have already been issued and held on securities accounts on 1 January 2008 will be converted into dematerialised shares on this date. From 1 January 2008, other bearer shares will automatically be converted into dematerialised shares as they are booked onto securities accounts. The third indent provides that ‘apart from those belonging to the State, shares can be converted into registered shares or dematerialised shares, at no cost, at the option of the owner’.

text: These changes are necessary due to Article 5 of the Law of 14 December 2005 abolishing bearer securities under which listed bearer securities issued by companies incorporated under Belgian law and held on securities accounts are automatically converted into dematerialised securities from 1 January 2008. In addition, by virtue of Article 6 of the Law of 14 December 2005, the corresponding companies must amend their articles of incorporation accordingly and take the appropriate steps with securities settlement institutions in order to comply with

text: Article 468

text: , fourth indent of the Companies Code. As a limited liability company incorporated under Belgian law with part of its capital represented by transferable bearer or registered shares (the rest being non transferable and held by the State in registered form), the NBB falls within the scope of the above-described requirements. However, the NBB’s articles of incorporation can only be changed after Article 4 of the Law of 22 February 1998 is amended. Therefore, the changes proposed by the draft royal decree are a prerequisite for the due implementation by NBB of the Law of 14 December 2005. It should be noted that, since NBB’s transferable shares are listed and traded on the Brussels Stock Exchange, there is a requirement that they are held at the domestic Central Security Depository, i.e. the Caisse Interprofessionnelle de dépôts et de virements de titre/Interprofessionele effectendeposito- en girokass, pursuant to Article 6.1 of the Royal Decree of 12 January 2006 relating to dematerialised corporate securities.

text: 2. General observations

text: The ECB understands that the draft royal decree contains changes of a merely technical nature, since it allows the adaptation of NBB’s articles of incorporation to the requirements of the Law of 14 December 2005, and that the proposed amendment of NBB’s articles of incorporation does not change, nor does it purport to change the existing composition of the shareholding of the NBB. Therefore, from the ECB’s perspective, the proposed amendment does not give rise to any particular observations. Reference should be made to ECB Opinion

text: of 3 November 2005 at the request of the Belgian Ministry of Finance on a draft law abolishing bearer securities and a draft royal decree concerning dematerialised corporate securities, which established the dematerialisation regime implemented by the draft royal decree.

text: Done at Frankfurt am Main, 19 November 2007. [signed]

text: The President of the ECB

text: Jean-Claude TRICHET

type: vagledning

utgivare: ecb


text: OJ L 189, 3.7.1998, p. 42.

text: OJ L 309, 25.11.2005, p. 9.

text: Article 58 of the Law on foreign exchange: ‘Banka Slovenije shall supervise the operations of authorised banks and savings banks and, in respect of foreign exchange cash operations, also of other persons authorised to carry out foreign exchange cash transactions.’

text: Zakon o deviznem poslovanju, adopted on 23 March 1999, published in the Official Gazette of the Republic of Slovenia No 23/1999. The Law as last amended by the Law on the introduction of the euro (Official Gazette of the Republic of Slovenia No 114/2006).

text: Article 45 (1)

text: and (2) of the Law on general offences: ‘(1) Offence authorities and courts shall take decisions with regard to offences. (2) Offence authorities are administrative and other State authorities and bodies with certain public powers which monitor the implementation of laws and regulations setting out offences, and the authorities of self-governing local communities which are authorised to take decisions with regard to offences by virtue of special regulations.’

text: Zakon o prekrških, adopted on 18 December 2002, published in the Official Gazette of the Republic of Slovenia No 7/2003. The Law as last amended by the Constitutional Court decision No U-I-69/06-16 of 14 December 2006 (Official Gazette of the Republic of Slovenia No 139/2006).

text: See

text: Article 16(1)

text: , paragraph 2, of the draft law. 8 See e.g. the ECB’s Convergence Report 2007, p. 19, available on the ECB’s website at www.ecb.int.

text: See paragraph 3.3 of ECB Opinion

text: of 5 October 2007 at the request of the Portuguese Ministry of Finance and Public Administration on a draft decree-law amending the legal framework of credit institutions and financial companies, paragraph 2.1 of ECB Opinion

text: of 2 August 2007 at the request of Banca Naţională a României on a draft law on non-banking financial institutions, and paragraph 3.2 of ECB Opinion

text: of 18 June 2007 at the request of the Italian Ministry of Economic Affairs and Finance on a draft law on the regulation and supervision of markets and the functioning of the competent independent authorities. 10 Zakon o Banki Slovenije – official consolidated version, published in the Official Gazette of the Republic of Slovenia No 72/2006. 11 Zakon o bančništvu, adopted on 23 November 2006, published in the Official Gazette of the Republic of Slovenia No 131/2006. 12 Article 217(1) of the Law on banking: ‘(1) Banka Slovenije is competent and responsible to supervise a bank with regard to all services and operations performed by the bank in the territory of the Republic of Slovenia, of a Member State and of a third country.’

text: Article 380(1) of the Law on banking: ‘(1) Provisions of other chapters in this Law concerning banks shall apply to savings banks, unless otherwise stipulated in this chapter.’

title: Opinion of the European Central Bank of 23 November 2007 at the request of the Slovenian Ministry of Finance on a draft law on foreign exchange (CON/2007/38)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 23 November 2007 at the request of the Slovenian Ministry of Finance on a draft law on foreign exchange (

text: ) Introduction and legal basis

text: On 30 October 2007, the European Central Bank (ECB) received a request from the Slovenian Ministry of Finance for an opinion on a draft law on foreign exchange (hereinafter the ‘draft law’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the third indent of

text: Article 2(1) of Council Decision 98/415/EC of 29 June 1998

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft law relates to Banka Slovenije. 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.

text: 1. Purpose of the draft law

text: 1.1 The draft law: (i) regulates foreign exchange cash operations; (ii) designates competent authorities for supervision of compliance with the draft law and for taking decisions in offence proceedings under the draft law; and (iii) specifies the competent authorities and the penalties for infringements as required by

text: Regulation (EC) No 1889/2005

text: on controls of cash entering or leaving the Community . 1.2 Pursuant to Article 13 of the draft law, Banka Slovenije is to supervise the operations of authorised banks and savings banks in respect of foreign exchange cash operations, and other persons authorised to carry out foreign exchange cash transactions. This supervisory function already exists 3 4 pursuant to Article 58 of the present Law on foreign exchange which will be repealed by the draft

text: law. However, Article 13 of the draft law, read in conjunction with

text: Article 45(1)

text: and (2) of the Law on general offences , expands Banka Slovenije’s powers to include new tasks related to taking decisions concerning the offences set out in the draft law . In exercising supervision within the scope of its competence, whenever Banka Slovenije finds that the conditions it prescribes for carrying out foreign exchange transactions have been breached, it should also take decisions with regard to such offences and impose appropriate penalties in offence proceedings. Under the current Law on foreign exchange, the offence proceedings described have hitherto been conducted by the Slovenian Tax Administration.

text: 2. General observations

text: 2.1 The new tasks described in paragraph 1.2 are not listed among the functions of national central banks (NCBs) specified in the Statute of the European System of Central Banks and of the European Central Bank. However, without prejudice to the Governing Council’s powers under Article 14.4 of the Statute of the ESCB, the ECB considers that these tasks should not interfere with the objectives and tasks of the European System of Central Banks. These new tasks would be performed on the responsibility and liability of Banka Slovenije, and would not be regarded as being part of the ESCB’s functions. 2.2 The ECB understands that the underlying reason for allocating the tasks referred to in paragraph 1.2 to Banka Slovenije is linked to Banka Slovenije’s overall responsibility for the supervision of banks and savings banks. The ECB is of the opinion that the exercise of the new tasks under the draft law could further enhance this supervisory function in respect of foreign exchange cash transactions. 2.3 Banka Slovenije will have to commit additional resources, both human and financial, to carrying out the tasks referred to in paragraph 1.2. In this context, the ECB has emphasised that ‘Member States may not put their NCBs in a position where they do not have sufficient financial resources to carry out their ESCB- or Eurosystem-related tasks, as applicable’ . The ECB has consistently expressed its concern that, when allocating additional tasks to NCBs, it must be ensured that they have sufficient human and financial resources, both in terms of quantity and quality, to carry out all

text: their tasks, and in particular that their capacity to carry out their ESCB- or Eurosystem-related tasks is not affected . Accordingly, the ECB expects that Banka Slovenije will have sufficient human and financial resources to carry out its new tasks so that its capacity to carry out its Eurosystem tasks will be unaffected.

text: 3. Specific observations

text: 3.1 For reasons of legal clarity, the ECB recommends reconsidering the content of Article 11 of the draft law where the Ministry of Finance is listed among the supervisory authorities under the draft law while subsequently only the supervisory powers of Banka Slovenije and the customs authority are specified (in Sections 4.2 and 4.3). According to additional clarification provided by the consulting authority, the Ministry is listed among the supervisory authorities as the appellate body, i.e. the body which decides on appeals against the decisions of the supervisory authorities in accordance with the draft law. If this is indeed the intended meaning, the ECB recommends that this should be explicitly set out in Article 11 of the draft law. 3.2 With respect to Article 11 of the draft law, the ECB would further like to draw the attention of the consulting authority to the special regime established in accordance with the Law on Banka 10 11 Slovenije in conjunction with the Law on banking . Under this regime the decisions of Banka Slovenije on individual matters are only subject to the judicial review of the Supreme Court of the Republic of Slovenia. While taking into account the general principle that ministries act as appellate bodies with regard to the decisions of the bodies which are under their authority (hence the Ministry of Finance’s competence to review the decisions of the Customs Administration), the wording of Chapter III of the draft law should clearly provide for the exemption of Banka Slovenije’s decisions from the review by the Ministry. 3.3 With respect to Article 13 of the draft law, it is not clear why the competence of Banka Slovenije is restricted to supervising the operations of authorised banks and savings banks ‘in respect of foreign exchange cash operations’. Banka Slovenije is in any event competent to comprehensively supervise the operations of banks and savings banks on the basis of Articles 217(1) and 380(1) of the Law on banking . According to Article 11 of the draft law, the supervisory authorities are to

text: supervise operations carried out pursuant to the draft law within their respective fields of competence. The general competence of Banka Slovenije to monitor implementation of laws and regulations issued and measures taken on the basis thereof within the scope of its competences in the supervision of banks and savings banks and other persons pursuant to the law already exists by virtue of Article 43(1) of the Law on Banka Slovenije. If the intention of Article 13 of the draft law is merely to distinguish Banka Slovenije’s powers under the draft law from the powers of the customs authorities, the ECB suggests that the provision be worded accordingly.

text: Done at Frankfurt am Main, 23 November 2007.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


text: OJ L 189, 3.7.1998, p. 42. 2 OJ L 373, 21.12.2004, p.1. 3 OJ L 78, 25.03.2003, p.16.

title: Opinion of the European Central Bank of 30 November 2007 at the request of the Central Bank of Cyprus on a draft law amending the Cypriot Currency Law (CON/2007/39)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 30 November 2007 at the request of the Central Bank of Cyprus on a draft law amending the Cypriot Currency Law (

text: ) Introduction and legal basis

text: On 29 October 2007 the European Central Bank (ECB) received a request from the Central Bank of Cyprus (hereinafter the ‘CBC’) for an opinion on a draft law amending the Law on currency (Counterfeiting and Related Matters) 2004 (hereinafter, the ‘draft law’ and the ‘Currency Law’ respectively). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the first and second indents of

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft law relates to currency matters. 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.

text: 1. Purpose of the draft law

text: The main purposes of the draft law are: (i) to amend the statutory definition of ‘currency’, and (ii) to clarify the interaction between Section 9 of the Currency Law, which prohibits certain dealings with tokens similar to ‘currency’, as defined in Section 2 of the Currency Law, and two Community legal acts, namely

text: Council Regulation (EC) No 2182/2004 of 6 December 2004

text: concerning medals and tokens similar to euro coins (hereinafter the ‘Council Regulation’) and Decision ECB/2003/4 of 20 March 2003 on the denominations, specifications, reproduction, exchange and withdrawal of euro banknotes (hereinafter the ‘ECB Decision’). Section 5 of the draft law provides that these changes are due to enter into force on 1 January 2008.

text: 2. General observations

text: 2.1 Section 2 of the draft law amends, for the first time since the adoption of the Currency Law, the statutory definition of ‘currency’. The ECB understands that the aim of this amendment is to ensure that, after the euro has physically entered in circulation in the Republic of Cyprus as legal tender, the Cyprus pound will not be excluded from the scope of the term ‘currency’ and will continue to enjoy legal protection against ‘counterfeiting’, as defined in Section 4(1) of the Currency Law, for the duration of the period during which the Cyprus pound will be accepted for exchange by the CBC . To the extent that the rationale of this amendment is to cater for the protection of the Cyprus pound, the ECB sees no reason to comment on Section 2 of the draft law which, in its proposed formulation, also includes the single currency by implication as ‘legal tender in the Republic’ after 1 January 2008. 2.2 Section 4 of the draft law serves a triple objective. It affirms the CBC’s commitment to its obligations under the ECB Decision and, at the same time, it clarifies the relationship between Section 9(1) of the Currency Law and the Council Regulation. Finally, it also introduces sanctions for breaches of Article 2 of the Council Regulation perpetrated within the territory of the Republic of Cyprus. With regard to the interaction between the Currency Law and the ECB Decision, the ECB notes that Section 4(a) of the draft law brings Section 9 of the Currency Law in line with the ECB Decision and, in particular, with

text: Article 2

text: thereof on reproduction rules for euro banknotes. The ECB welcomes the consulting authority’s initiative to propose this particular amendment in the interests of legal certainty. In the same vein, the ECB appreciates the utility of a proviso to Section 9(1) of the Currency Law, drafted along the lines of Section 4(b) of the draft law, in order to dispel any doubts as to the statutory treatment, under Cypriot law, of medals and tokens similar to euro coins.

text: This opinion will be published on the ECB’s website.

text: Done at Frankfurt am Main, 30 November 2007.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


text: OJ L 189, 3.7.1998, p. 42.

text: OJ L 309, 25.11.2005, p. 15.

text: See the Public statement of the European Central Bank on its support for measures to prevent the use of the financial system in the funding of terrorist activities, available on the ECB’s website at www.ecb.europa.eu/press/pr/date/2001/html/pr011001.en.html.

text: See

text: Article 26

text: b(1) item 6 of the draft law.

text: Закон за мерките срещу финансирането на тероризма, published in Darjaven Vestnik issue No 16, 18.02.2003, as last amended on 21.07.2006.

text: See

text: Article 26

text: b(1) item 7 of the draft law.

text: See

text: Article 26

text: b(1) item 8 of the draft law.

text: Not yet published.

text: See the ECB’s Convergence Report 2007, p. 19, available on the ECB’s website at www.ecb.int.

text: See paragraph 3.2 of ECB Opinion

text: of 18 June 2007 at the request of the Italian Ministry of Economic Affairs and Finance on a draft law on the regulation and supervision of markets and the functioning of the competent independent authorities, paragraph 3 of ECB Opinion

text: of 21 March 2007 at the request of the Czech Ministry of Industry and Trade on certain provisions of a draft law amending the Law on consumer protection relating to Česká národní banka, paragraph 2 of ECB Opinion

text: of 2 August 2007 at the request of Banca Naţională a României on a draft law on non-banking financial institutions.

title: Opinion of the European Central Bank of 12 December 2007 at the request of Българска народна банка (Bulgarian National Bank) on a draft law introducing a licensing regime for entities providing money remittance services (CON/2007/40)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 12 December 2007 at the request of Българска народна банка (Bulgarian National Bank) on a draft law introducing a licensing regime for entities providing money remittance services (

text: ) Introduction and legal basis

text: On 25 October 2007 the European Central Bank (ECB) received a request from the Governor of Българска народна банка (Bulgarian National Bank) (BNB) for an opinion on a draft law amending the Law on funds transfers, electronic payment instruments and payment systems (hereinafter the ‘draft law’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the third indent of

text: Article 2(1) of Council Decision 98/415/EC of 29 June 1998

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft law relates to the BNB. 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.

text: 1. Purpose of the draft law

text: The aim of the draft law is to introduce a licensing regime for entities providing money remittance services and thus to implement the requirements of

text: Article 36 of Directive 2005/60/EC of 26 October 2005

text: on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (hereinafter the ‘Directive’). In particular, the draft law specifies: (i) the categories of money remittance companies and the requirements for operating such a business; (ii) the conditions under which a licence is granted, revoked or discontinued; and (iii) the supervisory activities of the BNB to ensure that money remittance companies operate their business in conformity with this draft law, including the BNB’s right to carry out on-site inspections and to obtain information.

text: 2. General observations

text: 2.1 The ECB reiterates its commitment to contributing to the adoption, implementation and execution of measures preventing the use of the financial system for terrorist activities, as expressed in its public statement of 1 October 2001 . 2.2 The ECB welcomes the draft law, which will increase transparency with regard to money remittance companies. The draft law also provides for measures that will enhance the BNB’s supervisory powers over such entities thus allowing it to play a more active role in the prevention of money laundering. It is important to bring the draft law into line with the Directive so as to also ensure that money remittance companies do not facilitate terrorist activities in any way. 2.3 The ECB recommends adding certain provisions to the draft law’s requirements for granting licences to money remittance companies, which will bring it into line with the Directive. Under the draft law, one condition for granting a licence is that ‘the internal control systems, administrative and accounting procedures, risk management systems, and internal rules on measures against money laundering are adequate and proportionate to the nature and size of the business the applicant will operate’ . This requirement should also include the internal rules on measures against terrorist financing. In particular,

text: Article 26

text: e(1) item 4 of the draft law should be reformulated so as to ensure that the internal rules that are to be approved by the Director of the Financial Intelligence Agency must also comply with the requirements of the Law on the Measures against Terrorism Financing . 2.4 The ECB welcomes the introduction of a licensing system under which the reliability and financial soundness of partners and shareholders who are owners of the money remittance companies is assessed . In this respect, the Directive requires that if the competent authorities are not satisfied that ‘the persons who effectively direct or will direct the business of such entities or the beneficial owners of such entities’ they must refuse to license or register such entities . In the light of the above, and in view of the crucial importance of preventing money laundering and terrorist financing, it is essential to introduce more specific and detailed provisions in the draft law relating to the identification and verification of all beneficial owners. 2.5 In addition, it is important to examine in the licensing procedure that the persons who effectively direct an applicant’s business, as well as those persons who are authorised to manage and represent the applicant , are fit and proper persons, and the draft law should be amended accordingly.

text: 3. Provisions on granting a licence to money transmission or remittance entities

text: 3.1 It is important to make it clear that the BNB is the sole authority responsible for assessing all the conditions necessary for obtaining a licence set out in

text: Article 26

text: b(1) of the draft law. The ECB understands that

text: Article 26

text: b(2) is meant to grant the BNB power of discretion over whether the requirements set out in

text: Article 26

text: b(1) items 5-9 are met. In this respect, it seems appropriate that such discretion also covers

text: Article 26

text: b(1) items 1. 3.2 The recently adopted Directive on Payment Services in the Internal Market (PSD) sets out a harmonised set of licensing rules for providers of payment services that are not connected to taking deposits or issuing e-money. Since the PSD should be transposed into national law by 1 November 2009, it may facilitate the future legislative process if applicable parts of the PSD are already taken into consideration.

text: 4. Extension of the BNB’s supervisory powers

text: 4.1 The ECB welcomes the extension of the BNB’s supervisory powers to include the area of money laundering and terrorist financing and the BNB’s right to conduct on-site inspections. However, Member States may not put their NCBs in a position where they have insufficient financial resources to carry out their ESCB- or Eurosystem-related tasks, as applicable . Therefore, the ECB expects that, when extending the BNB’s tasks, sufficient financial and personnel resources will be available to the BNB, both in terms of quantity and quality to carry out all its tasks, and in particular that its capacity to carry out ESCB-related tasks will not be affected .

text: Done at Frankfurt am Main, 12 December 2007.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


text: OJ L 189, 3.7.1998, p. 42. 2 OJ L 171, 29.6.2007, p. 17.

title: Opinion of the European Central Bank of 12 December 2007 at the request of the German Ministry of Economy and Technology on reporting provisions for payments and direct investments in domestic and foreign economic territories in connection with the creation of the Single Euro Payments Area (SEPA) (CON/2007/41)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 12 December 2007 at the request of the German Ministry of Economy and Technology on reporting provisions for payments and direct investments in domestic and foreign economic territories in connection with the creation of the Single Euro Payments Area (SEPA) (

text: ) Introduction and legal basis

text: On 17 October 2007 the European Central Bank (ECB) received a request from the German Federal nd Ministry of Economy and Technology for an opinion on the draft 82 Regulation amending the Regulation on foreign trade (hereinafter the ‘draft regulation’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the fourth indent of

text: on the consultation of the ECB by national authorities regarding draft legislative provisions , as the draft regulation relates to the collection, compilation and distribution of monetary, financial, banking, payment systems and balance of payments statistics. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the ECB, the Governing Council has adopted this opinion.

text: 1. Purpose of the draft regulation

text: 1.1 The draft regulation amends the current reporting provisions for cross-border payments from Germany to other European Union Member States, Liechtenstein, Norway, Iceland and Switzerland in the Regulation on foreign trade, to facilitate the introduction of the payment instruments for the Single Euro Payments Area (SEPA). As the SEPA messaging standards for these payment instruments currently do not contain any fields identifying the economic nature of the transactions underlying the payments, in the future, reporting agents will transmit the necessary statistical data directly to the Deutsche Bundesbank. 1.2 The draft regulation will also amend reporting provisions on direct investments in domestic and foreign economic territories to comply with the data requirements laid down in

text: Regulation (EC) No 716/2007

text: of the European Parliament and of the Council of 20 June 2007 on Community statistics on the structure and activity of foreign affiliates .

text: 1.3 Forms Z 11, Z 12, Z 14, Z 15 and Form LV will be revised and redrafted as a result of terminological amendments to be aligned with the new data collection approach for cross-border transactions.

text: 2. General observations

text: 2.1 The ECB is currently studying the effect of SEPA on the use of payments data for balance of payments purposes in euro area countries. Without prejudice to the outcome of this study, the development of SEPA implies that balance of payments reporting systems mainly based on payments data need to change regarding payments in euro within SEPA. At the same time, balance of payments statistics must maintain the high reliability, frequency and timeliness that are required for ECB monetary policy-making. 2.2 The ECB understands that, in the reporting system that the draft regulation will set up, direct reporting will be further increased. The ECB welcomes this approach. 2.3 The ECB regards payments data as a potentially useful tool in particular to identify the reporting population to be surveyed, i.e. to set up and maintain a register of internationally active enterprises. In the future, in the context of SEPA, more non-financial entities may choose to hold their bank account with a bank that is resident in another Member State. 2.4 Since the proposed changes in the reporting burden for outgoing payments from credit institutions to the agents directly involved in the transaction facilitate the implementation of SEPA for the banking industry, the ECB welcomes these amendments, provided the quality of the provided data is not compromised. In general, the ECB emphasises that credit institutions must continue reporting all transactions in which they are directly involved and supply readily available reference information on external statistics, as necessary.

text: This opinion will be published on the ECB’s website.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


text: KOM(2007) 525 slutlig.

text: EUT C 257, 25.10.2006, s. 16.

text: Mål C-176/03

text: av den 13 september 2005, kommissionen mot rådet, REG 2005, s. I-7879 och

text: mål C-440/05

text: av den 23 oktober 2007, kommissionen mot rådet REG 2007 (Ännu ej offentliggjort i EUT).

text: Se även rekommendation ECB/1998/7 av den 7 juli 1998 avseende vissa åtgärder för att stärka det rättsliga skyddet för eurosedlar och euromynt.

text: EGT L 181, 4.7.2001, s. 6.

text: Se Ramverk för upptäckt av förfalskningar och för kvalitetssortering av kreditinstitut och andra som yrkesmässigt hanterar kontanter som finns på ECB:s webbplats www.ecb.int/pub/pdf/other/recyclingeurobanknotes2005sv.pdf.

text: EGT L 181, 4.7.2001, s. 11.

text: Detta har nyligen varit aktuellt med andra texter som ändrat rättsakter som berör skyddet för euron, t.ex.

text: rådets beslut 2006/849/EG av den 20 november 2006

text: om ändring och förlängning av beslut

text: om inrättande av ett handlingsprogram för utbyte, stöd och utbildning med avseende på skydd av euron mot förfalskning (Periklesprogrammet) (EUT L 330, 28.11.2006, s. 28) och

text: rådets beslut 2006/850/EG av den 20 november 2006

text: om att till icke deltagande medlemsstater utsträcka tillämpningen av beslut

text: om ändring och förlängning av beslut

text: om inrättande av ett handlingsprogram för utbyte, stöd och utbildning med avseende på skydd av euron mot förfalskning (Periklesprogrammet) (EUT L 330, 28.11.2006, s. 30).

text: Se ECB-dokumentet Övergångsbestämmelser för implementeringen av ramverket för återcirkulering av sedlar i de nya deltagande medlemsstaterna som finns på ECB:s webbplats www.ecb.europa.eu/pub/pdf/other/recyclingeurobanknotesframework2006sv.pdf.

text: Text markerad med fet stil anger ECB:s förslag till ny text. Genomstruken text anger de strykningar som ECB föreslår.

sprak: sv

title: Europeiska centralbankens yttrande av den 17 december 2007 på begäran av Europeiska unionens råd över ett förslag av rådet om ändring av förordning (EG) nr 1338/2001 om fastställande av nödvändiga åtgärder för skydd av euron mot förfalskning (CON/2007/42)

text: Inledning och rättslig grund

text: Den 23 oktober 2007 mottog Europeiska centralbanken (ECB) en begäran från Europeiska unionens råd om ett yttrande över ett förslag till rådets förordning om ändring av förordning

text: (EG) nr 1338/2001

text: om fastställande av nödvändiga åtgärder för skydd av euron mot förfalskning (nedan kallat förslaget till förordning).

text: ECB:s behörighet att avge ett yttrande grundar sig på

text: artikel 123.4

text: tredje meningen i fördraget om upprättandet av Europeiska gemenskapen som är den rättsliga grunden för förslaget till förordning. ECB:s behörighet att avge ett yttrande grundas också på

text: artikel 105.4

text: första strecksatsen i fördraget, tillsammans med artikel 106 i fördraget, eftersom förslaget till förordning rör skyddet av eurosedlar och euromynt. I enlighet med

text: artikel 17.5

text: första meningen i arbetsordningen för Europeiska centralbanken har detta yttrande antagits av ECB-rådet.

text: 1. Allmänna kommentarer

text: 1.1 Såsom framgår av motiveringen till förslaget till förordning har ECB nyligen utfärdat rekommendation ECB/2006/13 av den 6 oktober 2006 om antagande av vissa åtgärder för att mer effektivt skydda eurosedlar mot förfalskning (nedan kallad ECB:s rekommendation). I ECB:s rekommendation konstateras att straffrätt och reglerna för det straffrättsliga förfarandet i allmänhet inte faller inom gemenskapens kompetensområde såvida det inte är nödvändigt för att säkerställa gemenskapsrättens effektivitet. ECB rekommenderade också att med avseende på ramverkets funktion [för upptäckt av förfalskningar och för kvalitetssortering av kreditinstitut och andra som yrkesmässigt hanterar kontanter] bör Europeiska kommissionen överväga att föreslå att befogenheterna för nationella analyscentra och nationella centralbanker som inte är nationella analyscentra utökas, så att de kan behålla identifierade och analyserade exemplar av förfalskade sedlar och också begära och lagligen transportera sådana sedlar inom EU. I synnerhet bör

text: artikel 4.2 i förordning (EG) nr 1338/2001

text: ändras och artikel 4.3 i enlighet med detta strykas. Den senaste punkten bör åtminstone ändras så att den fulla tillämpningen av

text: artikel 4.2

text: inte hindras av att förfalskade sedlar används eller bevaras som bevismaterial inom ramen för brottmål, förutom när en sådan tillämpning är omöjlig, med beaktande av mängden och typen av beslagtagna förfalskningar. Dessa rekommendationer har inte beaktats i förslaget till förordning.

text: 1.2 ECB välkomnar i princip att man använder sig av en rättsakt enligt första pelaren som antagits enligt fördraget för att skydda euron mot förfalskning, istället för en rättsakt enligt tredje pelaren baserad på polissamarbete och straffrättsligt samarbete, eftersom rättsakter enligt första pelaren är de enda lämpliga rättsliga instrumenten för att skydda euron mot förfalskning inom ramen för gemenskapens ekonomiska och monetära union.

text: 2. Specifika kommentarer

text: 2.1 Den förslagna utvidgningen av tillämpningsområdet för rubriken till

text: artikel 4 i förordning (EG) nr 1338/2001 av den 28 juni 2001

text: om fastställande av nödvändiga åtgärder för skydd av euron mot förfalskning, så att en skyldighet införs att överlämna nya och gamla klasser av falska sedlar för andra ändamål än identifiering, följer delvis ECB:s rekommendation. Den föreslagna ändringen av

text: artikel 4.2

text: förhindrar dock inte att sedlar som misstänks vara förfalskade används eller bevaras i brottmål enligt

text: artikel 4.3

text: , vilket motverkar utvidgningen av rubrikens tillämpningsområde och ifrågasätter den ändrade bestämmelsens effektivitet. Detta medför att tillämpningen av bestämmelsen även fortsättningsvis är helt beroende av både nationell straffrätt och de brottsbekämpande myndigheterna. Det är tänkbart att exemplar av nya eller särskilt farliga förfalskningar upptäcks i ett land, genom ett enda beslag, och att de brottsbekämpande myndigheterna vägrar, eller på grund av nationell lagstiftning är förhindrade, att lämna ifrån sig dessa för att låta dem testas, vilket skulle kunna försvåra målsättningen med den nya bestämmelsen. Såsom framgår av punkt 2 i ECB:s rekommendation vill ECB undvika att den misstänktes eller tilltalades rättigheter i ett brottmål påverkas. I detta hänseende förändras dock den intressebalans som etablerats genom förordning

text: (EG) nr 1338/2001

text: och upprätthålls av förslaget till förordning, så att eurons skydd mot förfalskning försämras. För att garantera detta skydd bör huvudregeln vara sådan att ECB och de nationella centralbankerna har rätt att erhålla exemplar av sedlar som används eller bevaras som bevis i brottmål utom där detta är omöjligt, med beaktande av mängden och typen av beslagtagna förfalskningar.

text: 2.2 Såsom framgår av motiveringen till förslaget till förordning har ECB redan utarbetat ett rådgivande ramverk om sedelförfalskningar som de nationella centralbankerna inom Eurosystemet är skyldiga att genomföra i sin nationella lagstiftning. ECB utförde detta arbete som en del av sina uppgifter enligt artikel 106.1 i fördraget, och

text: artikel 16 i stadgan

text: för Europeiska centralbankssystemet och Europeiska centralbanken, för att säkerställa ställningen och skyddet för eurosedlar i omlopp samt för att befästa allmänhetens förtroende för eurosedlar. Detta bör tydligare framgå av ändringsförslaget avseende

text: artikel 6.1 i förordning (EG) nr 1338/2001

text: , genom att man uttryckligen hänvisar till ECB:s behörighet när det gäller att skapa sorteringsstandarder avseende eurosedlars kvalitet och äkthet samt det arbete som Eurosystemet utför inom detta område.

text: 2.3 Enligt den föreslagna i ändringen av

text: åläggs kreditinstituten samt alla andra inrättningar som yrkesmässigt medverkar vid hanteringen och distributionen till allmänheten av sedlar och mynt en skyldighet att se till att äktheten av alla eurosedlar och euromynt som de mottar kontrolleras så att förfalskningar spåras. Målsättningen med skyldigheten är visserligen klar och önskvärd, men betydelsen av andra inrättningar som yrkesmässigt medverkar vid hanteringen och distributionen till allmänheten av sedlar och mynt exkluderar organisationer som bedriver självbetjäningsapparater som tillhandahåller allmänheten eurosedlar, även om verksamheten inte bedrivs yrkesmässigt. Det praktiska genomförandet av ECB:s ramverk på nationell nivå har tydliggjort hur snäv definitionen av denna term är, särskilt vad gäller sådana enheter som fyller på sedelapparater med kontanter. Den snäva definitionen av vem som omfattas av skyldigheten enligt

text: artikel 6

text: kan skapa ett kryphål som medför att eurosedlar och mynt inte kontrolleras i enlighet med ECB:s och kommissionens förfaranden, vilket kan medföra skada för både allmänheten och kreditinstituten inom euroområdet som kommer att omfattas av strängare regler. En vidare definition skulle alltså vara den bästa lösningen.

text: 2.4 Förslaget till förordning lägger till en bestämmelse till

text: artikel 6.3

text: . i förordning

text: (EG) nr 1338/2001

text: enligt vilken medlemsstaterna ska införa lagar och andra författningar enligt vilka kreditinstitut och andra inrättningar är skyldiga att kontrollera äktheten på eurosedlar och euromynt så att förfalskningar upptäcks, i enlighet med de förfaranden som fastställts av ECB och kommissionen. Medlemsstaterna ska enligt förslaget anta dessa lagar och andra författningar senast den 31 december 2009 och genast överlämna bestämmelserna till ECB och kommissionen. Eftersom ECB och kommissionen är ansvariga för framtagandet av förfarandena bakom denna skyldighet, anser ECB att det är ECB och kommissionen som bör ange tidsfristerna för genomförandet, både av praktiska och rättsliga skäl. För att kunna fastställa tidsfrister krävs det expertkunskaper av vilken know-how och kapacitet de lokala aktörerna har. Hänsyn måste även tas till kostnaderna för en omställning, och kostnaderna för tillverkning och framtagning av nya detektorer måste också beaktas. Mot bakgrund av detta kan den tidsfrist som anges i förslaget till förordning visa sig sakna nödvändig flexibilitet. Ur juridisk synvinkel bör den enhet som är behörig att skapa sorteringsstandarder avseende eurosedlars och euromynts kvalitet och äkthet också vara den enhet som fastställer tidsfristen när dessa ska träda i kraft. ECB föreslår därför att denna tidsfrist stryks från förslaget till förordning och att man istället anger att tidsfristerna för tillämpningen av denna skyldighet, i linje med de förfaranden som ECB och kommissionens ska ta fram, istället ska fastställas i dessa förfaranden.

text: 2.5 Mot bakgrund av att mynt kommer att omfattas av förordningen på samma nivå som sedlar, och mot bakgrund av ECB:s behörighet i frågor som rör eurosedlar, vill ECB påpeka att detta tillvägagångssätt kan ha nackdelen att det äventyrar betalningar i detaljhandeln i medlemsstaterna, eftersom den tekniska genomförbarheten av de föreslagna kontrollkraven för mynt – till skillnad från sedlar – ännu är osäker.

text: 2.6 Eftersom det inte är helt klart huruvida hänvisningen i förordning

text: (EG) nr 1339/2001

text: av den 28 juni 2001 om att låta verkningarna av förordning

text: (EG) nr 1338/2001

text: om fastställande av nödvändiga åtgärder för skydd av euron mot förfalskning även omfatta de medlemsstater som inte har antagit euron som gemensam valuta till förordning

text: (EG) nr 1338/2001

text: är dynamisk, föreligger det ett behov av ytterligare ett förslag till förordning som utvidgar tillämpningsområdet för förslaget till förordning även till de medlemsstater som ännu inte har infört euron, särskilt vad gäller ändringarna av artiklarna

text: och

text: . När det gäller förfaranden som ska fastställas av Europeiska centralbanken till vilka förslaget till förordning hänvisar i artikel 6.1 i den ändrade förordningen

text: (EG) nr 1338/2001

text: är dock, såsom påpekats ovan, ECB bäst ägnad att fatta beslut som rör genomförandet av ECB:s förfaranden avseende eurosedlar. Mot bakgrund av detta, och mot bakgrund av att det geografiska området där euron är lagligt betalningsmedel är begränsat, beslutade ECB i juli 2006 att dessa förfaranden ska träda i kraft i nya deltagande medlemsstater i samband med att dessa inför euron.

text: 3. Ändringsförslag

text: De ändringsförslag av förordningen som blir resultatet av rekommendationerna ovan framgår av bilagan.

text: BILAGA

text: ÄNDRINGSFÖRSLAG

text: Kommissionens förslag | ECB:s ändringsförslag

text: Förordning

text: (EG) nr 1338/2001

text: ska ändras på följande sätt: | Förordning

text: (EG) nr 1338/2001

text: ska ändras på följande sätt:

text: Artikel 4

text: ska ändras på följande sätt: | 1.

text: Artikel 4

text: ska ändras på följande sätt:

text: a) Rubriken på

text: artikel 4

text: ska ersättas med följande: | a) Rubriken på

text: artikel 4

text: ska ersättas med följande:

text: Skyldighet att överlämna falska sedlar | Skyldighet att överlämna falska sedlar

text: artikel 4.2

text: : För att underlätta äkthetskontrollen av eurosedlar i omlopp ska det vara tillåtet att överföra falska sedlar mellan de behöriga nationella myndigheterna samt EU:s institutioner och organ. | b) Följande mening ska läggas till i slutet av

text: artikel 4.2

text: : För att underlätta äkthetskontrollen av eurosedlar i omlopp ska det vara tillåtet att överföra falska sedlar mellan de behöriga nationella myndigheterna samt EU:s institutioner och organ. c) Punkt 3 ska ersättas med följande: Bestämmelsen i punkt 2 ska tillämpas på ett sätt som inte utgör hinder för att använda och bevara sedlar som misstänks vara falska som bevismaterial inom ramen för brottmål, med beaktande av mängden och typen av beslagtagna sedlar.

text: Motivering – se punkt 2.1 i yttrandet

text: Artikel 6

text: ska ändras på följande sätt: | 3.

text: Artikel 6

text: ska ändras på följande sätt:

text: a) Punkt 1 ska ersättas med följande: | a) Punkt 1 ska ersättas med följande:

text: 1. Kreditinstituten samt alla andra inrättningar som yrkesmässigt medverkar vid hanteringen och distributionen till allmänheten av sedlar och mynt, inklusive de inrättningar som ägnar sig åt att växla sedlar och mynt i olika valutor, t.ex. växlingskontor, ska ha skyldighet att se till att äktheten av alla eurosedlar och euromynt som de mottagit kontrolleras innan de åter sätts i omlopp så att förfalskningar spåras. Kontrollerna ska utföras enligt förfaranden som ska fastställas av Europeiska centralbanken respektive kommittén för eurosedlar och mynt. De instanser som avses i punkt 1 ska ha skyldighet att ta alla eurosedlar och euromynt ur omlopp som de mottagit och som de vet eller har tillräckliga skäl att tro är falska. De ska utan dröjsmål överlämna dem till de behöriga nationella myndigheterna. | 1. Kreditinstituten samt alla andra inrättningar som yrkesmässigt medverkar vid hanteringen och distributionen till allmänheten av sedlar och mynt, inklusive inrättningar som yrkesmässigt ägnar sig åt att växla sedlar och mynt i olika valutor, t.ex. växlingskontor, och detaljister och andra ekonomiska aktörer, t.ex. kasinon, som inom ramen för en sekundär verksamhet hanterar och distribuerar sedlar till allmänheten via sedelautomater ska ha skyldighet att se till att äktheten av alla eurosedlar och euromynt som de mottagit kontrolleras innan de åter sätts i omlopp så att förfalskningar spåras. Dessa kontrollerna ska utföras enligt förfaranden som ska fastställas av Europeiska centralbanken respektive kommittén kommissionen för eurosedlar och respektive mynt, i enlighet med deras respektive behörigheter och med beaktande av eurosedlarnas och euromyntens olika särdrag. De instanser, detaljister och andra ekonomiska aktörer som avses i punkt 1 ska ha skyldighet att ta alla eurosedlar och euromynt ur omlopp som de mottagit och som de vet eller har tillräckliga skäl att tro är falska. De ska utan dröjsmål överlämna dem till de behöriga nationella myndigheterna.

text: Motivering – se punkt 2.3 i yttrandet

text: artikel 6.3

text: : | b) Följande stycke ska läggas till i slutet av

text: artikel 6.3

text: Med avvikelse från

text: artikel 6.3 första stycket

text: artikel 6.1 första stycket

text: . Bestämmelserna skall genast överämnas till kommissionen och Europeiska centralbanken. | Med avvikelse från

text: artikel 6.3 första stycket

text: ska medlemsstaterna senast den 31 december 2009 anta de lagar och andra författningar som krävs för att tillämpa de förfaranden som omnämns i artikel 6.1 första stycket i enlighet med de tidsfrister som fastställs genom dessa förfaranden. Medlemsstaterna Bestämmelserna skall genast överlämnas texten till dessa bestämmelser till kommissionen och Europeiska centralbanken.

text: Motivering – se punkt 2.4 i yttrandet

text: artikel 1

text: första strecksatsen i

text: rådets förordning (EG) nr 974/1998

text: (14). | Denna förordning ska tillämpas i de medlemsstater som är deltagande medlemsstater enligt

text: artikel 1

text: första strecksatsen i

text: rådets förordning (EG) nr 974/1998

text: (14). De förfaranden som nämns i

text: ska träda i kraft i de deltagande medlemsstaterna i enlighet med

text: artikel 6.3 andra stycket i den förordningen

text: (14) EGT L 139, 11.5.1998, s. 1. | (14) EGT L 139, 11.5.1998, s. 1.

text: Motivering – se punkt 2.5 i yttrandet


text: OJ L 189, 3.7.1998, p. 42.

text: In line with the National Euro Changeover Plan for Slovakia adopted by the Resolution of the Slovak Government No 525 of 6 July 2005, as amended, there are three groups of legislative measures to be brought into line with Community law and this draft law contains the legislative measures from the first group and several legislative measures from the second group.

text: Law No 39/1993 Coll. on the Supreme Audit Office of Slovakia, as amended, Law No 513/1991 Coll., as amended (the Commercial Code), Law No 747/2004 Coll. on financial market supervision (including amendments to certain laws), as amended, Law No 566/2001 Coll. on securities and investment services (including amendments to certain laws), as amended, Law No 530/1990 Coll. on bonds, as amended, Law No 191/1950 Coll. on bills of exchange and cheques, Law No 594/2003 Coll. on collective investment (including amendments to certain laws), as amended, Law No 483/2001 Coll. on banks (including amendments to certain laws), as amended, Law No 310/1992 Coll. on home savings, as amended, Law No 118/1996 Coll. on deposit protection (including amendments to certain laws), as amended, Law No 510/2002 Coll. on the payment system (including amendments to certain laws), as amended, Law No 202/1995 Coll. (foreign exchange), as amended, Law No 43/2004 Coll. on retirement pension saving (including amendments to certain laws), as amended, Law No 650/2004 Coll. on supplementary pension saving (including amendments to certain laws), as amended, Law No 461/2003 Coll. on social insurance, as amended, Law No 462/2003 Coll. on compensation of earnings during an employee’s temporary incapacity (including amendments to certain laws), as amended, Law No 171/2005 Coll. on gambling games (including amendments to certain laws), as amended, Law No 530/2003 Coll. on the Commercial Register (including amendments to certain laws), as amended, Law No 18/1996 Coll. on prices, as amended, Law No 258/2001 Coll. on consumer loans and on the amendment to Law No 71/1986 Coll. on the Slovak Trade Inspectorate, as amended, Law No 63/1993 Coll. on state symbols of Slovakia and on their use, as amended, Law No 231/1999 Coll. on state aid as amended, Law No 82/1994 Coll. on state material reserves, as amended, Law No 80/1997 Coll. on the Export-Import Bank of Slovakia, as amended, Law No 507/2001 Coll. on postal services, as amended, Law No 291/2002 Coll. on the State Treasury (including amendments to certain laws), as amended.

text: For ease of reference, with regard to Sections I and II of the draft law, the Article numbers in the text refer to the numbering in the underlying legal act (e.g. the draft amendments to the NBS Law). With regard to Sections III to XXX of the draft law, the Article numbers refer to the underlying law covered by each section and there are also footnote references to the corresponding Section and Point in the draft law.

text: As stated by the Court of Justice of the European Communities in

text: Case 34/73

text: Fratelli Variola S.p.A v Amministrazione italiana delle Finanze [1973] ECR 981: ‘by virtue of the obligations arising from the Treaty and assumed on ratification, Member States are under a duty not to obstruct the direct applicability inherent in regulations and other rules of Community law. Strict compliance with this obligation is an indispensable condition of simultaneous and uniform application of Community regulations throughout the Community’. This position was reiterated in

text: Case 50/76

text: Amsterdam Bulb v Produktschap voor Siergewassen [1977] ECR 137. See also ECB Opinion

text: of 23 February 2006 at the request of the Central Bank of Malta on a draft law on the adoption of the euro; ECB Opinion

text: of 12 June 2006 at the request of the Slovenian Ministry of Finance on a draft law on the introduction of the euro; and ECB Opinion

text: of 15 January 2007 at the request of the Cypriot Ministry of Finance on a draft law regulating the adoption of the euro and the currency changeover.

text: If, in spite of what has been explained, the Slovak authorities still intend to reproduce such primary and secondary Community law provisions, they should reproduce them precisely without modifying their wording. See

text: Article 1(2)

text: (a) of the draft euro law which does not reproduce precisely the provisions of the relevant monetary agreements referred to in footnote 3 of the draft euro law. Furthermore,

text: Article 24

text: b of the draft law amending Law No 39/1993 Coll. on the Slovak Supreme Audit Office (Section III), as amended, and Article 38(2) of the draft amendments to the NBS Law do not reproduce precisely the provisions of Article 27 of the ESCB Statute.

text: See, e.g. supervision of compliance with rules and obligations concerning the changeover from the Slovak currency to the euro governed by

text: Articles 19

text: to 22 of the draft euro law or withdrawal of euro coins governed by

text: Article 17

text: c of the draft amendments to the NBS Law.

text: See Articles

text: and

text: of Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro (OJ L 139, 11.5.1998, p. 1). Regulation as last amended by

text: Regulation (EC) No 835/2007

text: (OJ L 186, 18.7.2007, p. 1)

text: See the ECB’s Convergence Report of December 2006, pp. 21-33 and 230-231.

text: See, e.g.

text: Council Regulation (EC) No 2531/98 of 23 November 1998

text: concerning the application of minimum reserves by the European Central Bank (OJ L 318, 27.11.1998, p.1). Regulation as last amended by

text: Council Regulation (EC) No 134/2002

text: (OJ L 24, 26.1.2002, p. 1),

text: Council Regulation (EC) No 2532/98 of 23 November 1998

text: concerning the powers of the European Central Bank to impose sanctions (OJ L 318, 27.11.1998, p. 4); and Regulation ECB/2003/9 of 12 September 2003 on the application of minimum reserves (OJ L 250, 2.10.2003, p. 10).

text: OJ L 78, 25.3.2003, p. 16.

text: See the ECB document ‘Recycling of euro banknotes: framework for the detection of counterfeits and fitness sorting by credit institutions and other professional cash handlers’ (SEC/GovC/04/23/09a.rev-2) that has been agreed by the ECB’s Governing Council on 16 December 2004 and is available on the ECB’s website at www.ecb.int.

text: OJ L 139, 11.5.1998, p. 1

text: The ECB notes that the scope of application of the first sentence of

text: Article 17

text: a(3) in relation to coins is in fact limited by virtue of the direct application of Article 11 of the

text: Regulation (EC) No 974/98

text: . The reference to this Article in footnote 3d) of the draft amendments to the NBS Law reflects this intended limitation.

text: Article 17

text: a(3) of the draft amendments to the NBS Law does not distinguish between Slovak euro collector coins and euro collector coins issued by other Member States. However, since euro collector coins are only legal tender in the issuing Member State, in accordance with the Council Conclusions of 23 November 1998 on euro collector coins, the ECB understands that this Article only refers to Slovak euro collector coins.

text: The second sentence of

text: Article 17

text: a(3) of the draft amendments to the NBS Law would have to provide a clear reference to Article 11 of the

text: Regulation (EC) No 974/98

text: See paragraph 2.2. of this opinion. If the Slovak authorities still intend to refer to euro banknotes in

text: Article 17

text: a(3) of the draft amendments to the NBS Law, a clear reference should be made to

text: Article 10 of Regulation (EC) No 974/98

text: in the first sentence of

text: Article 17

text: a(3) of the draft amendments to the NBS Law.

text: Article 123(5) of the Treaty provides that if the Council decides to abrogate the derogation, it ‘shall … adopt the rate at which the euro shall be substituted for the currency of the Member State concerned’. See also paragraphs 3.2 and 3.3 of ECB Opinion

text: of 9 June 2006 at the request of Estonian Ministry of Justice on a draft law amending the Commercial Code and some other legislation to facilitate euro introduction. 19 This use of the euro in the context of the euro as a foreign currency in national law provisions occurs, for instance, when the provisions refer to expenses incurred in a euro area Member State or to loans denominated in euro. 20 See, e.g.

text: Article 4 of Directive 97/9/EC

text: of the European Parliament and of the Council of 3 March 1997 on investorcompensation schemes (OJ L 84, 26.3.1997, p. 22) and

text: Article 9(2)

text: (b) of the Law No 118/96 Coll. (Section XII, Point 5 of the draft law) transposing this Directive.

text: The national law would have to provide that upon the introduction of the euro such provisions should be read as referring to the given amount in euro and not to its equivalent. The ECB notes that a legal technique along these lines is already applied in this draft law (see, e.g. the Law No 258/2001 Coll. in Section XXII of the draft law). 22 See Section XXI, Point 1 and Point 2 in conjunction with Point 4 of the draft law. 23 See Guideline ECB/2007/2 of 26 April 2007 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2), (OJ L 237, 8.9.2007, p. 1).

title: Opinion of the European Central Bank of 19 December 2007 at the request of the Slovak Ministry of Finance on a draft law on the introduction of the euro in Slovakia and on amendments to certain laws (CON/2007/43)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 19 December 2007 at the request of the Slovak Ministry of Finance on a draft law on the introduction of the euro in Slovakia and on amendments to certain laws (

text: ) Introduction and legal basis

text: On 20 July 2007 the European Central Bank (ECB) received a request from the Slovak Ministry of Finance for an opinion on a draft law on the introduction of the euro in Slovakia and on amendments to certain laws. On 24 September 2007 the Slovak Ministry of Finance sent the ECB a revised version of this law (hereinafter the ‘draft law’) with an urgent request for an opinion. The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the first, second, third, fourth, fifth and sixth indents of

text: Article 2(1) of Council Decision 98/415/EC of 29 June 1998

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft law relates to currency matters, means of payment, Národná banka Slovenska (NBS), the collection, compilation and distribution of monetary, financial, banking, payment systems and balance of payment statistics, payment and settlement systems and the rules applicable to financial institutions insofar as they materially influence the stability of financial institutions and markets. 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.

text: 1. Purpose of the draft law

text: The main objective of the draft law is to amend almost all relevant parts of the Slovak legal framework for the introduction of the euro in Slovakia and to ensure the compatibility of Slovak legislation with the Treaty and the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘ESCB Statute’). The draft law contains three main parts: (i) the draft law on the introduction of the euro (hereinafter the ‘draft euro law’); (ii) the draft law amending Law No 566/1992 Coll. on Národná banka Slovenska, as amended (hereinafter the ‘draft amendments to the NBS Law’);

text: and (iii) amendments to 26 other laws to prepare for the introduction of the euro in Slovakia .

text: 2. General observations

text: 2.1 The ECB welcomes the Slovak Government’s initiative to start early preparations for the

text: introduction of the euro, which should facilitate Slovakia’s smooth changeover to the euro.

text: Direct applicability of Community regulations and provisions of primary Community law

text: 2.2 Certain provisions of the draft law repeat relevant provisions of Community regulations. In this

text: context, the ECB notes that Article 249 of the Treaty provides that a Community regulation ‘shall

text: be binding in its entirety and directly applicable in all Member States’. Therefore, a Community

text: regulation, as stated by the Court of Justice of the European Communities, does not need to be

text: transposed into the domestic law of a Member State . The same applies to all directly applicable

text: provisions of primary Community law. In this light, the ECB recommends deleting those articles of

text: the draft law that repeat provisions and definitions of Community regulations and directly

text: applicable provisions of primary Community law , including definitions. The draft law should therefore include only those issues relating to the introduction of the euro in Slovakia that are not regulated by Community legislation. This would also contribute to simplifying the draft law.

text: 3. Specific observations concerning the draft euro law (Section I of the draft law)

text: Changeover rules

text: Article 3(8)

text: (b)(1) of the draft euro law provides that banks will be required to exchange Slovak currency banknotes into euro for a period of one year from the day the euro is introduced. This one year period applicable to banks goes beyond, but is not inconsistent with what is foreseen in Community law .

text: 4. Specific observations concerning the draft amendments to the NBS Law (Section II of the draft law)

text: NBS’s integration into the Eurosystem

text: 4.1 The draft law addresses a number of issues that the ECB raised in its Convergence Report of December 2006 . The ECB welcomes the Slovak Government’s efforts to achieve the required level of legal convergence and notes that the legal convergence of the amended NBS Law will be also assessed in the ECB’s next Convergence Report. 4.2 Concerning the system of sanctions provided for by Community law, the compatibility of the amendments introduced by the draft law to the NBS Law with such system is important for the legal integration of NBS into the Eurosystem. Under Article 21 of the draft amendments to the NBS Law, NBS may impose and enforce sanctions relating to minimum reserves or to other monetary policy operations, in accordance with the rules applicable to the Eurosystem . The ECB assumes that the term ‘other monetary policy operations’ in Article 21 of the draft amendments to the NBS Law includes ‘credit operations’ within the meaning of the ESCB Statute.

text: 4.3 Article 5 of Decision ECB/2003/4 of 20 March 2003 on the denominations, specifications, reproduction, exchange and withdrawal of euro banknotes provides that the Governing Council is to decide on the ‘treatment of euro banknotes presented once the withdrawal period is over and/or they have lost their legal tender status’. In order to reflect this provision in the draft law, the ECB recommends adding the wording ‘subject to the rules applicable in the euro area’ at the end of

text: Article 17

text: a(4) of the draft amendments to the NBS Law and including a reference to Decision ECB/2003/4 in a footnote. 4.4 The ECB understands that

text: Article 17

text: f(2) of the draft amendments to the NBS Law encompasses provisions of the Banknote Recycling Framework , even though footnote 3h) (listing examples of rules applicable in the euro area) makes no explicit reference to this Framework. In addition, the same approach used in

text: Article 17

text: f(2) should be used in

text: Article 17

text: f(5) of the draft amendments to the NBS Law; in particular, the wording ‘provided in a separate legal provision’ at the end of the first sentence of

text: Article 17

text: f(5) should be replaced by ‘provided in the rules applicable in the euro area to the processing of euro banknotes and euro coins’, together with a corresponding reference in footnote 3h). 4.5

text: Article 17

text: a(1) of the draft amendments to the NBS Law introduces a general provision on legal tender, which is to remain in force after the introduction of euro banknotes and coins in Slovakia following the abrogation of the derogation by the EU Council.

text: Article 17

text: a(3) of the draft amendments to the NBS Law introduces a specific provision on the status as legal tender of euro banknotes and coins, and in this connection the ECB makes the following technical recommendations. The ECB understands that

text: Article 17

text: a(3) of the draft amendments to the NBS Law is intended to designate the entities which will be obliged, under the third sentence of

text: Article 11 of Council Regulation (EC) No 974/98 of 3 May 1998

text: on the introduction of the euro , to accept cash payments in euro coins irrespective of the number of coins involved. The purpose of the third sentence of

text: Article 11 of Regulation (EC) No 974/98

text: is to provide for the obligation of the issuing authority to accept unlimited amounts of euro coins and to allow national law to extend this obligation to other entities. The ECB questions the extensive scope of the entities designated under national law to accept euro coins without restrictions . Parties who are not designated in

text: Article 17

text: a(3) of the draft amendments to the NBS Law, are entitled to reject payments involving more than 50 euro coins by virtue of the direct application of

text: Article 11 of Regulation (EC) No 974/98

text: Article 17

text: a(3) of the draft amendments to the NBS Law

text: also entitles all legal and natural persons other than NBS and banks, to reject payments involving Slovak euro collector coins . In this respect the ECB notes that, in accordance with the Council Conclusions of 23 November 1998 on euro collector coins, these coins will only be legal tender in the country of issue, if necessary through the operation of national law. The Council Conclusions should be fully taken into account when providing for any limitation to the status as legal tender of collector coins such as that provided for in

text: Article 17

text: a(3) of the draft amendments to the NBS Law. Finally,

text: Article 17

text: a(3) of the draft amendments to the NBS Law is justified to the extent that its scope is limited to euro coins in accordance with

text: Article 11 of Regulation (EC) No 974/98

text: , or to the need to deal with the status as legal tender of euro collector coins. However, the references in

text: Article 17

text: a(3) of the draft amendments to the NBS Law to the status as legal tender of euro banknotes are unnecessary in view of the direct applicability of

text: Article 10 of Regulation (EC) No 974/98

text: 5. Specific observations concerning the draft amendments (Sections III to XXVIII of the draft law)

text: Denomination of amounts in legal instruments

text: 5.1 The currency of a Member State with a derogation is its national currency until the entry into force of the Council decision abrogating the derogation under Article 122(2) of the Treaty. In accordance with this principle, the entry into force of national law provisions introducing amounts in euro that replace the national currency should not take place prior to the entry into force of the eventual Council decision abrogating the Member State’s derogation . Such entry into force of national law provisions containing amounts in euro, other than when the euro is used in the context of the euro as a foreign currency , is possible only where it is necessary due to the transposition of 20 21 Community law provisions expressed in euro . In such latter case, national law could refer to ‘an

text: amount in the national currency equivalent to “X” euro’ (including a formula to be used for the calculation of such amounts) until the eventual Council decision that will abrogate the Member State’s derogation enters into force. The draft law amends Law No 18/1996 Coll. as follows: (i) thresholds expressed in the Slovak currency will be replaced by thresholds expressed euro in

text: Article 18(1)

text: (b) and 18(2); and (ii) a new

text: Article 23

text: c specifies that the euro foreign exchange reference rate set and published by NBS will be used to calculate in the Slovak currency the actual amounts resulting from the said thresholds expressed in euro in

text: Articles 18(1)

text: (b) and 18(2) for the period between 1 January 2008 (the date the draft law enters into force) and the date the euro is introduced in Slovakia.

text: Law No 510/2002 Coll. on the payment system (Section XIII)

text: 5.2 The existing Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) will be replaced by TARGET2 starting from 19 November 2007. Each NCB that is a member of the Eurosystem is obliged to migrate to TARGET2 and to bring its respective national legislative provisions into line with the TARGET2 Guideline . Even though this obligation does not yet apply to NBS, Law No 510/2002 Coll. will need to be amended before NBS becomes a member of the Eurosystem.

text: This opinion will be published on the ECB’s website.

text: Done at Frankfurt am Main, 19 December 2007.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


title: Opinion of the European Central Bank of 4 January 2008 at the request of the Cypriot Ministry of Commerce on a draft law amending the Laws on copyright and related rights (CON/2008/1)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 4 January 2008 at the request of the Cypriot Ministry of Commerce on a draft law amending the Laws on copyright and related rights (

text: ) Introduction and legal basis

text: On 22 November 2007 the European Central Bank (ECB) received a request from the Cypriot Ministry of Commerce for an opinion on a draft law amending the Laws on copyright and related rights of 1976 to 2006 (hereinafter the ‘draft law’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty and the first and second indents of

text: Article 2(1) of Council Decision 98/415/EC of 29 June 1998

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft law relates to currency matters and means of payment. 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.

text: 1. Purpose of the draft law

text: The main purposes of the draft law are to (i) provide for the exercise in Cyprus of the right to protect copyright in euro banknotes and coins; (ii) expressly subject the reproduction of euro banknotes, in Cyprus, to the reproduction rules laid down in Decision ECB/2003/4 of 20 March 2003 on the denominations, specifications, reproduction, exchange and withdrawal of euro banknotes (hereinafter the ‘ECB Decision’) , subject to the control of the Central Bank of Cyprus (CBC); and (iii) to introduce sanctions, in the form of fines and/or imprisonment, for breaches of the reproduction rules laid down in the ECB Decision.

text: 2. General observations

text: 2.1 The draft law inter alia provides, in Section 3 thereof, that the exclusive right of enforcement of copyright over euro banknote designs is to be exercised in Cyprus by the ECB, in which that right is vested, or by the CBC on behalf of the ECB. The ECB deems Section 3 of the draft law to be unobjectionable, considering that, pursuant to Article 1 of Guideline ECB/1999/3 of 7 July 1998 on

text: certain provisions regarding euro banknotes, as amended on 26 August 1999 , national central banks (NCBs) are expected to take all necessary and feasible measures, under their national legal systems, to ensure that there is no breach of the copyright over euro banknote designs and that the ECB’s copyright over banknote designs needs to be applied and enforced in close cooperation between the ECB and the NCBs. 2.2 Section 4 of the draft law inter alia provides that the reproduction, in whole or in part, of euro banknotes requires approval by the CBC and is subject to the reproduction rules laid down in Article 2 of the ECB Decision. The ECB understands that Section 4 of the draft law intends to convert the ECB reproduction rules into erga omnes obligations, applicable to those reproducing euro banknotes as well as to the CBC - the national authority responsible, pursuant to Section 4, for the scrutiny of euro reproductions within Cyprus – and welcomes the inclusion of Section 4 in the draft law. 2.3 Section 5 of the draft law provides for penalties, in the form of a fine and/or imprisonment, in the event of, inter alia, unauthorised reproductions of euro banknotes in Cyprus. Since the ECB Decision applies without prejudice to the application of criminal law in the territory of its addressees, and Section 5 of the draft law is a necessary corollary of Section 4 thereof, the ECB has no comments on this aspect of the draft law.

text: Done at Frankfurt am Main, 4 January 2008.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


text: OJ L 189, 3.7.1998, p. 42. 2 Pursuant to Article 4(1) of the Law on competences, the Ministry of Finance is the central administrative body for, inter alia, the financial market and the protection of consumer interests on the financial market, save for financial market supervision to the extent entrusted to ČNB, and also for foreign exchange affairs. In areas falling within its competence, the Ministry of Finance is responsible for preparing draft laws.

text: See Part II, Section II, paragraph 1 of the draft law. 4 See Part II, Section II, paragraph 3 of the draft law. Such obligatory assistance of ČNB is already required with respect to the preparation of draft laws in the area of the financial market. 5 See

text: Article 105(2)

text: , first indent, of the Treaty establishing the European Community, which is mirrored in

text: Article 3.1

text: , first indent, of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘ESCB Statute’).

text: Article 105(2)

text: , fourth indent, of the Treaty, which is mirrored in

text: Article 3.1

text: , fourth indent, of the ESCB Statute. 7 Article 22 of the ESCB Statute.

text: See for example ECB Opinion

text: of 21 March 2007 at the request of the Czech Ministry of Industry and Trade on certain provisions of a draft law amending the Law on consumer protection relating to Česká národní banka.

title: Opinion of the European Central Bank of 7 January 2008 at the request of the Czech Ministry of Finance on a draft law concerning the distribution of powers between the Ministry of Finance and Česká národní banka to prepare and submit certain draft laws to the Government (CON/2008/2)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 7 January 2008 at the request of the Czech Ministry of Finance on a draft law concerning the distribution of powers between the Ministry of Finance and Česká národní banka to prepare and submit certain draft laws to the Government (

text: ) Introduction and legal basis

text: On 12 November 2007 the European Central Bank (ECB) received a request from the Czech Ministry of Finance for an opinion on a draft law amending Law No 2/1969 Coll. on the establishment of ministries and other central administrative bodies of the Czech Republic, as amended (hereinafter the ‘Law on competences’), and Law No 6/1993 Coll. on Česká národní banka, as amended (hereinafter the ‘Law on ČNB) (hereinafter the ‘draft law’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the third indent of

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft law relates to Česká národní banka (ČNB). 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.

text: 1. Purpose of the draft law

text: Under the draft law, the Law on competences is amended to extend the Ministry of Finance’s competence to cover the areas of the single currency of the European Communities and payment systems . The Law on ČNB will be amended so that ČNB will no longer have the exclusive power to prepare and submit to the Government draft laws on currency, circulation of money, the money market, payment systems and on the status, competence, organisation and activities of ČNB. Draft laws in these areas, with the exception of payment systems, will be prepared and submitted by ČNB jointly with the Ministry of

text: Finance . In the areas of the single currency, payment systems, the regulation of electronic money issuance and foreign exchange management, ČNB will assist the Ministry of Finance in preparing draft laws.

text: 2. General observations

text: The ECB has several concerns in relation to the proposed redistribution of legislative power between the Ministry of Finance and ČNB as provided for under the draft law, which are set out below.

text: 3. The Ministry of Finance’s competences

text: 3.1 The single currency 3.1.1 According to the proposed amendment to Article 4 of the Law on competences, the Ministry of Finance is the central administrative body for, inter alia, ‘the single currency of the European Communities’. The scope of this provision should be limited to facilitating the preparation and introduction of the euro in the Czech Republic. The wording of the draft law should therefore be revised to make it clear that it only applies to the preparation and introduction of the single currency. This would help to avoid any possible misunderstanding about the interpretation of the provision, which could be considered as conflicting with the Community legal framework. In this regard, the ECB underlines that one of the basic tasks to be carried out through the European System of Central Banks (ESCB) is to define and implement the monetary policy of the Community . According to Article 106 of the Treaty, the ECB has the exclusive right to authorise the issue of banknotes within the Community, and the ECB and the national central banks (NCBs) may issue such notes, whereas Member States may issue coins subject to approval by the ECB of the volume of the issue. 3.1.2 As a more general remark, it should be emphasised that the adoption of the single currency by a Member State with a derogation is subject to Articles 121 and 122 of the Treaty. In this respect, the ECB notes that the ECB’s convergence reports, on the progress made in the fulfilment by the Member States of their obligations regarding the achievement of economic and monetary union, are required to include an examination of the compatibility between the national legislation of such Member States and Articles 108 and 109 of the Treaty.

text: 3.2 Payment systems According to the proposed amendment to Article 4 of the Law on competences, the Ministry of Finance is the central administrative body for, inter alia, ‘payment systems, without prejudice to the fields of competence of Česká národní banka pursuant to other legislation’. The ECB notes that, upon the future abrogation of the Czech Republic’s derogation, this provision could result in a conflict with the Community legal framework in this area. In particular, one of the basic tasks to be carried out through the ESCB is the promotion of the smooth operation of payment systems . Moreover, the ECB and NCBs may provide facilities, and the ECB may make regulations, to ensure efficient and sound clearing and payment systems within the Community and with other countries . 3.3 Foreign exchange affairs 3.3.1 Under Article 4 of the Law on competences, the Ministry of Finance is the central administrative body for, inter alia, ‘foreign exchange affairs including the state’s claims and obligations towards foreign entities’. In general, the ECB notes in this context that a ‘Member State with a derogation may retain national legislation which provides that the government is responsible for the exchange rate policy of that Member State, with a consultative and/or executive role being granted to the NCB. However, by the time that Member State adopts the euro, such legislation has to reflect the fact that responsibility for the euro area’s exchange rate policy has been transferred to the Community level in accordance with Article 111 of the Treaty.

text: Article 111

text: assigns the responsibility for such policy to the EU Council, in close cooperation with the ECB’ . 3.3.2 The ECB would also like to point out that Articles 35 and 36 of the Law on ČNB assign a wide range of responsibilities related to foreign exchange management to ČNB. Therefore, an amendment to Article 4 of the Law of competences could be considered in order to better distinguish the responsibilities of the two authorities in this area.

text: 4. Legislative powers concerning ČNB as the central bank

text: Under the proposed amendment to Article 37(1) of the Law on ČNB, together with the Ministry of Finance ČNB will ‘prepare and submit to the Government draft laws … concerning the status, fields of competence, organisation and activities of Česká národní banka as the central bank of the Czech Republic’. The ECB notes that the draft law implies that legislation in certain areas in which ČNB does not act as the central bank can be submitted to the Government only by the Ministry of Finance, and not ČNB. The Ministry of Finance can, for example within its powers as the central administrative body in charge of the financial market, independently submit to the Government draft laws concerning the status, fields of competence, organisation and activities of ČNB to the extent this is without prejudice to ČNB’s position as the central bank. Where based on such laws ČNB is entrusted with additional tasks or its tasks

text: are being changed, the ECB would reiterate that Member States may not put their NCBs in a position where they have insufficient financial resources to carry out their ESCB- or Eurosystem-related tasks, as applicable . Therefore, the ECB expects that, when extending or otherwise changing ČNB’s tasks, sufficient financial and personnel resources will be available to ČNB, both in terms of quantity and quality to carry out all its tasks, and in particular that its capacity to carry out ESCB-related tasks will not be affected .

text: Done at Frankfurt am Main, 7 January 2008.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


text: OJ L 189, 3.7.1998, p. 42. 2 OJ L 184, 15.7.2005, p. 60.

title: Opinion of the European Central Bank of 9 January 2008 at the request of the German Ministry of Finance on a draft law consolidating federal law within the field of competence of the Ministry of Finance and amending the Law on coins (CON/2008/3)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 9 January 2008 at the request of the German Ministry of Finance on a draft law consolidating federal law within the field of competence of the Ministry of Finance and amending the Law on coins (

text: ) Introduction and legal basis

text: On 27 November 2007 the European Central Bank (ECB) received a request from the German Federal Ministry of Finance (hereinafter the ‘Ministry of Finance’) for an opinion on a draft law consolidating federal law within the field of competence of the Ministry of Finance and amending the Law on coins (hereinafter the ‘draft law’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the second indent of

text: Article 2(1) of Council Decision 98/415/EC of 29 June 1998

text: on the consultation of the ECB by national authorities regarding draft legislative provisions , as the draft regulation relates to means of payment. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the ECB, the Governing Council has adopted this opinion.

text: 1. Purpose of the draft law

text: The draft law repeals a number of obsolete federal laws and amends the Law on coins. The amendments to the Law on coins empowers the Ministry of Finance to adopt regulations implementing

text: Commission Recommendation 2005/504/EC of 27 May 2005

text: concerning authentication of euro coins and handling of euro coins unfit for circulation . § 9a(1) of the draft law provides that the Ministry of Finance may, with the consent of the Deutsche Bundesbank, adopt a regulation concerning fee structures for the replacement of euro coins which are unfit for circulation, and that such fee structures should be in line with Recommendation

text: § 9a(2) of the draft law also empowers the Ministry of Finance, with the consent of the Deutsche Bundesbank, to adopt a regulation dealing with the sorting, packaging and labelling of euro coins which are unfit for circulation.

text: 2. General observations

text: 2.1 The ECB welcomes the draft law which will align German legislation with the harmonised rules of Recommendation

text: . The draft law is therefore a further step towards achieving common standards for the treatment by national central banks in the euro area of euro coins which are unfit for circulation. The ECB also welcomes that § 9a of the draft law requires the consent of the Deutsche Bundesbank for the adoption of the implementing regulations, since the Deutsche Bundesbank is responsible for replacing, sorting and packaging euro coins which are unfit for circulation. 2.2 The ECB notes that § 9a(2) of the draft law does not explicitly provide that the implementing regulation concerning the sorting, packaging and labelling of euro coins which are unfit for circulation should accord with Recommendation

text: . In contrast, § 9a(1) of the draft law expressly requires this of the implementing regulation on fee structures. The ECB therefore recommends the inclusion of a reference to Recommendation

text: in § 9a(2) of the draft law if it is also intended for the implementing regulation on sorting, packaging and labelling to comply with Recommendation

text: . 2.3 The ECB notes that the draft law deletes the reference to the Federal cash offices (‘Bundeskassen’) in § 3(1) and in the first sentence of § 8 of the Law on coins, which reflects the fact that the Federal cash offices no longer handle cash. 2.4 The draft law contains further technical amendments on which the ECB has no comments.

text: This opinion will be published on the ECB’s website.

text: Done at Frankfurt am Main, 9 January 2008.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET