Changes from plenary report to adopted text

Removed‘6. Without prejudice to the powers of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the formal opinion referred to in paragraph 4 of this Article within the period specified therein, and where it is necessary to remedy, in a timely manner, such non-compliance in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements of the legislative acts referred to in Article 1(2) of this Regulation are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution [?] requiring it to take all necessary action to comply with its obligations under Union law, including the cessation of any practice.

RemovedThe decision of the Authority shall be in conformity with the formal opinion issued by the Commission pursuant to paragraph 4.

Removed(6) in Article 19, paragraph 4 is replaced by the following:

Removed‘4. Without prejudice to the powers of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the decision of the Authority, and thereby fails to ensure that a financial institution complies with requirements directly applicable to it by virtue of the legislative acts referred to in Article 1(2) of this Regulation, the Authority may adopt an individual decision addressed to that financial institution requiring it to take all necessary action to comply with its obligations under Union law, including the cessation of any practice.’;

Removed(7) in Article 33(1), the second subparagraph is deleted;

Removed(8) in Article 40(1), the following point (g) is added:

Removed‘(g) one representative of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, who shall be non-voting.’;

Removed(9) in Article 81, paragraph 2b is deleted.

RemovedAmendments to Regulation (EU) No 1094/2010

RemovedRegulation (EU) No 1094/2010 is amended as follows:

Removed(1) in Article 1(2), the second subparagraph is deleted;

Removed(2) in Article 40(1), the following point is added:

Removed‘(f) one representative of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, who shall be non-voting.’;

Removed(3) In Article 54, paragraph 2a is deleted.

RemovedAmendments to Regulation (EU) No 1095/2010

RemovedRegulation (EU) No 1095/2010 is amended as follows:

Removed(1) in Article 1(2), the second subparagraph is deleted;

Removed(2) in Article 40(1), the following point is added:

Removed‘(f) one representative of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, who shall be non-voting.’

Removed(3) In Article 54, paragraph 2a is deleted.

RemovedCommencement of the Authority’s activities

RemovedThe Commission shall be responsible for the establishment and initial operation of the Authority until the date on which the Authority becomes operational, which shall be 1 January 2024 in accordance with Article 93. For that purpose:

Removed(a) the Commission may designate a Commission official to act as interim Executive Director and exercise the duties assigned to the Executive Director until the Authority has the capacity to implement its own budget and the Executive Director has taken up his or her duties following his or her appointment by the Executive Board in accordance with Article 58;

Removed(b) by derogation from Article 53(4) and until the adoption of a decision as referred to in Article 58, the interim Executive Director shall exercise the appointing authority power;

Removed(c) the Commission may offer assistance to the Authority, in particular by seconding Commission officials to carry out the activities of the Authority under the responsibility of the interim Executive Director or the Executive Director;

Removed(d) the interim Executive Director may authorise all payments covered by appropriations entered in the Authority’s budget after approval by the Executive Board and may conclude contracts, including staff contracts, following the adoption of the Authority’s establishment plan.

RemovedEntry into force and application

RemovedThis Regulation shall enter into force the twentieth day following that of its publication in the Official Journal of the European Union.

RemovedIt shall apply from 1 January 2025.

RemovedHowever, Articles 1, 4, 38, 42, 43, 44, 46, 56, 58, 86 and 87 shall apply from 1 January 2024.

RemovedThis Regulation shall be binding in its entirety and directly applicable in all Member States.

RemovedDone at Brussels,

RemovedFor the European Parliament For the Council

RemovedThe President The President

Removed1. ANNEX I

RemovedList of the coefficients linked to aggravating and mitigating factors for the application of Article

RemovedList of the coefficients linked to aggravating and mitigating factors for the application of Article 20.

RemovedThe following coefficients shall be applicable in a cumulative way to the basic amounts referred to in Article 20(6) on the basis of each of the following aggravating and mitigating factors:

RemovedI. Adjustment coefficients linked to aggravating factors:

Removed 1. If the breach has been committed repeatedly, for every time it has been repeated, an additional coefficient of 1,1 shall apply.

Removed 2. If the breach has been committed for more than six months, a coefficient of 1,5 shall apply.

Removed 3. If the infringement has revealed systemic weaknesses in the organisation of the selected obliged entity, in particular in its procedures, management systems or internal controls, a coefficient of 2,2 shall apply.

Removed 4. If the infringement has been committed intentionally, a coefficient of 3 shall apply.

Removed 5. If no remedial action has been taken since the breach has been identified, a coefficient of 1,7 shall apply.

Removed 6. If the selected obliged entity’s senior management has not cooperated with the Authority in carrying out its investigations, a coefficient of 1,5 shall apply.

RemovedII. Adjustment coefficients linked to mitigating factors:

Removed 1. If the selected obliged entity’s senior management can demonstrate that they have taken all the necessary measures to prevent the breach, a coefficient of 0,7 shall apply.

Removed 2. If the selected obliged entity has brought quickly, effectively and completely the breach to Authority’s attention, a coefficient of 0,4 shall apply.

Removed 3. If the selected obliged entity has voluntarily taken measures to ensure that similar breach cannot be committed in the future, a coefficient of 0,6 shall apply.

Removed2. ANNEX II

RemovedList of directly applicable requirements referred to in Article 21(1) and 21(3)

Removed1. Requirements related to customer due diligence referred to in Article 21(3), points (a) and (b) shall be those in : Articles 15, 16, 17, 18, 19, 20, 21, 27, 28, 30, 31, 32, 34, 36, and 37 of [AMLR].

RemovedRequirements related to group policies and procedures referred to in Article 21(3), point (a)shall be those in : Articles 13 and 14 of [AMLR].

RemovedRequirements related to reporting obligations referred to in Article 23(3), points (a) and (b)shall be those in : Articles 50, 51 and 52 of [AMLR] and Articles 9, 13 and 18 of [TFR recast].

RemovedRequirements related to internal policies, controls and procedures referred to in Article 23(3), point (b)shall be those in : Articles 7, 8, 9, 38, 39 and 40 of the [AMLR].

RemovedOther requirements referred to in Article 23(3), points (c) and (d)shall be those in: Articles 54, 56, 57 and 58 of [AMLR] and Articles 7, 8, 10, 11, 12, 14, 16, 17, 19, 21 of [TFR].