Considerations on COM(2015)48 - Protection against the effects of the extra-territorial application of legislation adopted by a third country and actions based thereon or resulting therefrom (recast)

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dossier COM(2015)48 - Protection against the effects of the extra-territorial application of legislation adopted by a third country and actions ...
document COM(2015)48 EN
date February  6, 2015
 
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(1) Council Regulation (EC) No 2271/96[6] has been substantially amended several times[7]. Since further amendments are to be made, that Regulation should be recast in the interests of clarity.

ê 2271/96 recital 1 (adapted)

(2) The objectives of the Ö Union Õ include contributing to the harmonious development of world trade and to the progressive abolition of restrictions on international trade.

ê 2271/96 recital 2 (adapted)

(3) The Ö Union Õ endeavours to achieve to the greatest extent possible the objective of free movement of capital between Member States and third countries, including the removal of any restrictions on direct investment — including investment in real estate — establishment, the provision of financial services or the admission of securities to capital markets.

ê 2271/96 recital 3 (adapted)

(4) A third country has enacted certain laws, regulations and other legislative instruments which purport to regulate activities of natural and legal persons under the jurisdiction of the Member Ö States Õ.

ê 2271/96 recital 4

(5) By their extra-territorial application such laws, regulations and other legislative instruments violate international law and impede the attainment of the aforementioned objectives.

ê 2271/96 recital 5 (adapted)

(6) Such laws, regulations and other legislative instruments, and actions based thereon or resulting therefrom affect or are likely to affect the established legal order and have adverse effects on the interests of the Ö Union Õ and the interests of natural and legal persons exercising rights under the Treaty Ö on the Functioning of the European Union (TFEU) Õ.

ê 2271/96 recital 6 (adapted)

(7) Under those exceptional circumstances, it is necessary to protect the established legal order, the interests of the Ö Union Õ and the interests of the said natural and legal persons Ö at Union level Õ, in particular by removing, neutralising, blocking or otherwise countering the effects of the foreign legislation concerned.

ê 2271/96 recital 7

(8) The request to supply information under this Regulation does not preclude a Member State from requiring information of the same kind to be provided to the authorities of that State.

ê 2271/96 recital 8

(9) The Council has adopted the Joint Action 96/668/CFSP[8] in order to ensure that the Member States take the necessary measures to protect those natural and legal persons whose interests are affected by the aforementioned laws and actions based thereon, insofar as those interests are not protected by this Regulation.

ê 37/2014 Art. 1 and Annex .6 (adapted)

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(10) The Commission should be empowered to adopt delegated acts in accordance with Article 290 TFEU for the purpose of amending Annex I to Ö this Õ Regulation ð as well as for establishing criteria for the authorisation of persons to comply fully or partially with any requirement or prohibition, including requests of foreign courts, in cases where non-compliance would seriously damage their interests or those of the Union ï. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.

(11) Ö In order to ensure uniform conditions for Õ the implementation of Ö this Õ Regulation, Ö implementing powers should be conferred on the Commission Õ. Those Ö powers Õ should be Ö exercised Õ in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council[9].

ê 2271/96 recital 11 (adapted)

(12) For the adoption of certain provisions of this Regulation the Ö TFEU Õ does not provide powers other than those of Article Ö 352 Õ,

ê 2271/96 (adapted)