Legal provisions of COM(2024)134 - - Main contents
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| dossier | COM(2024)134 - . |
|---|---|
| document | COM(2024)134 |
| date | March 22, 2024 |
Article 1
The Commission shall seek the following changes in the Monetary Agreements in the negotiation of an amendment to the Monetary Agreement with the Principality of Andorra and an amendment to the Monetary Agreement with the Republic of San Marino:
(a) Insertion of a clause in the Monetary Agreements by which all new acts pertaining to the subset of Union legal acts on banking and financial law relevant for the euro and all new Union legal acts on combating money laundering or terrorist financing become part of the relevant Annex to the Association Agreement exclusively once these Union legal acts become applicable under the Association Agreement;
(b) Insertion of a clause in the Monetary Agreements which ensures that the assessment of the implementation of all Union legal acts on banking and financial law relevant for the euro and all Union legal acts on combating money laundering or terrorist financing, whether past or future, should be undertaken in the framework of the Association Agreement, and may be relevant for the application of the Monetary Agreements. The clause should also clearly state that Union legal acts on banking and financial law relevant for the euro be clearly marked as such, so that when their implementation is assessed, this can be done at the same time for the purpose of the Monetary Agreement, as it is also done at the same time for all Union legal acts on combating money laundering or terrorist financing;
(c) Insertion of a clause in the Monetary Agreement by which the Union legal acts on banking and financial law necessary for the euro and all Union legal acts on combating money laundering or terrorist financing that are listed in the Association Agreement but are relevant for the smooth use and protection of the euro are clearly marked, so that the assessment of the implementation of these acts in the Principality of Andorra and the Republic of San Marino under the Association Agreement can be done at the same time for the purposes of the Monetary Agreements;
(d) Insertion of a clause in the Monetary Agreements by which the subset of all new Union legal acts on banking and financial law relevant for the euro and all new Union legal acts on combating money laundering or terrorist financing, having become part of the Association Agreement, are automatically incorporated in the Annexes to the Monetary Agreements if the Association Agreement is partially or fully suspended or if it is terminated;
(e) Insertion of a clause in the Monetary Agreements which ensures that Union legal acts of a monetary law nature shall remain governed exclusively by the Monetary Agreements.
The Commission shall inform the Principality of Andorra and the Republic of San Marino of the need and of the Union’s readiness to amend the Monetary Agreements.
Article 2
The Commission is empowered to negotiate, conclude, and sign the amendment to the Monetary Agreement with the Principality of Andorra in four languages: Catalan, French, English and Spanish. The text in each of these languages shall be considered equally authentic.
The Commission is empowered to negotiate, conclude, and sign the amendment to the Monetary Agreement with the Republic of San Marino in English.
This Decision is addressed to the Commission.