Annexes to COM(2022)120 - Amendment of Regulation 909/2014 as regards a number of provisions for third-country central securities depositories - Main contents
Please note
This page contains a limited version of this dossier in the EU Monitor.
| dossier | COM(2022)120 - Amendment of Regulation 909/2014 as regards a number of provisions for third-country central securities depositories. |
|---|---|
| document | COM(2022)120  |
| date | December 13, 2023 |
1.5.2.Added value of Union involvement (it may result from different factors, e.g. coordination gains, legal certainty, greater effectiveness or complementarities). For the purposes of this point 'added value of Union involvement' is the value resulting from Union intervention which is additional to the value that would have been otherwise created by Member States alone.
Reasons for action at European level (ex-ante)
The EU settlement market is an inseparable part of the EU financial market. As such, EU action should ensure that CSDR’s regulatory requirements are more effective, efficient and proportionate, are applied uniformly, and guarantee a sound and consistent regulatory framework for securities settlement in the EU and the operations of CSDs. The EU settlement market is, together with EU financial market, an essential foundation stone for the development of CMU as well as to ensure a safe and efficient single market for financial services.
Expected generated Union added value (ex-post)
The objectives of CSDR, namely to lay down uniform requirements for the settlement of financial instruments in the EU and rules on the organisation and conduct of CSDs, to promote safe, efficient and smooth settlement are an essential building block for a successful EU financial internal market, already given the cross – border component. Member States and national supervisors cannot solve on their own the promoting or facilitating of cross-border settlement, let alone the framework for third-country CSDs. The 2020 CMU Action Plan explicitly acknowledged that amending CSDR could help develop a more integrated post-trading landscape in the EU and thus contribute to the development of CMU.
1.5.3.Lessons learned from similar experiences in the past
This proposal takes into account experiences from other, similar legislative packages in the field of financial services. For instance, passporting is a well-known tried and tested topic in other areas of financial services. Similarly, third-country regimes are also in effect in other financial services areas as are colleges of supervisors; these past experiences are taken into account in the design of the new proposed requirements.
1.5.4.Compatibility with the Multiannual Financial Framework and possible synergies with other appropriate instruments
This proposal and its specific requirements are in line with the current arrangements for financial services within the MFF and aligned with standard practices of putting the EU budget to work and in line with current DG FISMA practices in planning and budgeting for new proposals.
In addition, the objectives of the initiative are consistent with a number of other EU policies and ongoing initiatives that aim to: (i) develop the CMU and (ii) enhance the efficiency and effectiveness of EU-level supervisory coordination, both within and outside the EU.
First, it is consistent with the Commission's ongoing efforts to further develop the Capital Markets Union ('CMU'). Further supervisory convergence of settlement markets can support the development of deeper and better integrated capital markets, as more efficient and resilient CSDs are essential elements for the well-functioning of CMU. The urgency of further developing and integrating EU capital markets was stressed in the Action Plan on CMU of September 2020. Conversely, the emergence of larger and more liquid financial markets implied by CMU will result in even more transactions being settled through CSDs, and will further increase the systemic relevance of CSDs. Given the potential for increased volumes, further enhancements of the supervisory framework are required in order to ensure a strong and stable CMU.
Furthermore, it is consistent with Action 16 of the 2020 CMU Action Plan which underlined that the Commission will work towards an enhanced single rulebook for capital markets by assessing the need for further harmonisation of EU rules and monitoring progress towards supervisory convergence noting that the Commission may consider proposing, amongst others, measures for stronger supervisory coordination by the European Supervisory Authorities.
.
Third, it is consistent with the Commission equivalence policy with non-EU countries as set out in the 2019 Commission Communication on equivalence in the area of financial services. .
1.5.5.Assessment of the different available financing options, including scope for redeployment
N/A
1.6.Duration and financial impact of the proposal/initiative
◻ limited duration
–◻ in effect from [DD/MM]YYYY to [DD/MM]YYYY
–◻ Financial impact from YYYY to YYYY for commitment appropriations and from YYYY to YYYY for payment appropriations.
☒ unlimited duration
–Implementation with a start-up period from YYYY to YYYY,
–followed by full-scale operation.
1.7.Management mode(s) planned 45
◻ Direct management by the Commission
–◻ by its departments, including by its staff in the Union delegations;
–◻ by the executive agencies
◻ Shared management with the Member States
☒ Indirect management by entrusting budget implementation tasks to:
–◻ third countries or the bodies they have designated;
–◻ international organisations and their agencies (to be specified);
–◻ the EIB and the European Investment Fund;
–☒ bodies referred to in Articles 70 and 71 of the Financial Regulation;
–◻ public law bodies;
–◻ bodies governed by private law with a public service mission to the extent that they are provided with adequate financial guarantees;
–◻ bodies governed by the private law of a Member State that are entrusted with the implementation of a public-private partnership and that are provided with adequate financial guarantees;
–◻ persons entrusted with the implementation of specific actions in the CFSP pursuant to Title V of the TEU, and identified in the relevant basic act.
–If more than one management mode is indicated, please provide details in the ‘Comments’ section.
Comments
N/A
2. MANAGEMENT MEASURES
2.1.Monitoring and reporting rules
Specify frequency and conditions.
In line with already existing arrangements ESMA prepares regular reports on its activity (including internal reporting to Senior Management, MB reporting, six month activity reporting to the Board of Supervisors and the production of the annual report), and undergoes audits by the Court of Auditors and the Internal Audit Service on its use of resources. Monitoring and reporting of the present proposed actions will comply with the same already existing requirements.
2.2.Management and control system(s)
2.2.1.Justification of the management mode(s), the funding implementation mechanism(s), the payment modalities and the control strategy proposed
In relation to the legal, economic, efficient and effective use of appropriations resulting from the proposal, it is expected that the proposal would not bring about new risks that would not be currently covered by an existing internal control framework.
2.2.2.Information concerning the risks identified and the internal control system(s) set up to mitigate them
Management and control systems as provided for in the ESMA Regulation are already implemented. ESMA works closely together with the Internal Audit Service of the Commission to ensure that the appropriate standards are met in all internal controls areas. These arrangements will apply also with regard to the role of ESMA according to the present proposal. Annual internal audit reports are sent to the Commission, Parliament and Council.
2.2.3.Estimation and justification of the cost-effectiveness of the controls (ratio of "control costs ÷ value of the related funds managed"), and assessment of the expected levels of risk of error (at payment & at closure)
N/A
2.3.Measures to prevent fraud and irregularities
Specify existing or envisaged prevention and protection measures, e.g. from the Anti-Fraud Strategy.
For the purposes of combating fraud, corruption and any other illegal activity, the provisions of Regulation (EC) No 1073/1999 of the European Parliament and of the Council of 25 May 1999 concerning investigations conducted by the European Anti-Fraud Office (OLAF) shall apply to ESMA without any restrictions.
ESMA shall accede to the Interinstitutional Agreement of 25 May 1999 between the European Parliament, the Council of the European Union and the Commission of the European Communities concerning internal investigations by the European Anti-Fraud Office (OLAF) and shall immediately adopt appropriate provisions for all ESMA staff.
The funding decisions and the agreements and the implementing instruments resulting from them shall explicitly stipulate that the Court of Auditors and OLAF may, if need be, carry out on the spot checks on the beneficiaries of monies disbursed by ESMA as well as on the staff responsible for allocating these monies.
3. ESTIMATED FINANCIAL IMPACT OF THE PROPOSAL/INITIATIVE
3.1.Heading(s) of the multiannual financial framework and expenditure budget line(s) affected
·Existing budget lines
In order of multiannual financial framework headings and budget lines.
| Heading of multiannual financial framework | Budget line | Type of expenditure | Contribution | |||
| Number | Diff./Non-diff. 46 | from EFTA countries 47 | from candidate countries 48 | from third countries | within the meaning of Article 21(2)(b) of the Financial Regulation | |
| [XX.YY.YY.YY] | Diff./Non-diff. | YES/NO | YES/NO | YES/NO | YES/NO |
·New budget lines requested
In order of multiannual financial framework headings and budget lines.
| Heading of multiannual financial framework | Budget line | Type of expenditure | Contribution | |||
| Number | Diff./Non-diff. | from EFTA countries | from candidate countries | from third countries | within the meaning of Article 21(2)(b) of the Financial Regulation | |
| [XX.YY.YY.YY] | YES/NO | YES/NO | YES/NO | YES/NO |
3.2.Estimated financial impact of the proposal on appropriations
3.2.1.Summary of estimated impact on operational appropriations
–☒ The proposal/initiative does not require the use of operational appropriations
–◻ The proposal/initiative requires the use of operational appropriations, as explained below:
EUR million (to three decimal places)
| Heading of multiannual financial framework | Number |
| DG: <…….> | Year N 49 | Year N+1 | Year N+2 | Year N+3 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | TOTAL | ||||
| • Operational appropriations | ||||||||||
| Budget line 50 | Commitments | (1a) | ||||||||
| Payments | (2a) | |||||||||
| Budget line | Commitments | (1b) | ||||||||
| Payments | (2b) | |||||||||
| Appropriations of an administrative nature financed from the envelope of specific programmes 51 | ||||||||||
| Budget line | (3) | |||||||||
| TOTAL appropriations for DG <…….> | Commitments | =1a+1b +3 | ||||||||
| Payments | =2a+2b +3 |
• TOTAL operational appropriations | Commitments | (4) | ||||||||
| Payments | (5) | |||||||||
| • TOTAL appropriations of an administrative nature financed from the envelope for specific programmes | (6) | |||||||||
| TOTAL appropriations under HEADING <….> of the multiannual financial framework | Commitments | =4+ 6 | ||||||||
| Payments | =5+ 6 |
If more than one operational heading is affected by the proposal / initiative, repeat the section above:
| • TOTAL operational appropriations (all operational headings) | Commitments | (4) | ||||||||
| Payments | (5) | |||||||||
| TOTAL appropriations of an administrative nature financed from the envelope for specific programmes (all operational headings) | (6) | |||||||||
| TOTAL appropriations under HEADINGS 1 to 6 of the multiannual financial framework (Reference amount) | Commitments | =4+ 6 | ||||||||
| Payments | =5+ 6 |
Heading of multiannual financial framework | 7 | ‘Administrative expenditure’ |
This section should be filled in using the 'budget data of an administrative nature' to be firstly introduced in the Annex to the Legislative Financial Statement (Annex V to the internal rules), which is uploaded to DECIDE for interservice consultation purposes.
EUR million (to three decimal places)
| Year N | Year N+1 | Year N+2 | Year N+3 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | TOTAL | ||||
| DG: <…….> | |||||||||
| • Human resources | |||||||||
| • Other administrative expenditure | |||||||||
| TOTAL DG <…….> | Appropriations |
| TOTAL appropriations under HEADING 7 of the multiannual financial framework | (Total commitments = Total payments) |
EUR million (to three decimal places)
| Year N 52 | Year N+1 | Year N+2 | Year N+3 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | TOTAL | ||||
| TOTAL appropriations under HEADINGS 1 to 7 of the multiannual financial framework | Commitments | ||||||||
| Payments |
3.2.2.Estimated output funded with operational appropriations
Commitment appropriations in EUR million (to three decimal places)
| Indicate objectives and outputs ⇩ | Year N | Year N+1 | Year N+2 | Year N+3 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | TOTAL | ||||||||||||
| OUTPUTS | ||||||||||||||||||
| Type 53 | Average cost | No | Cost | No | Cost | No | Cost | No | Cost | No | Cost | No | Cost | No | Cost | Total No | Total cost | |
| SPECIFIC OBJECTIVE No 1 54 … | ||||||||||||||||||
| - Output | ||||||||||||||||||
| - Output | ||||||||||||||||||
| - Output | ||||||||||||||||||
| Subtotal for specific objective No 1 | ||||||||||||||||||
| SPECIFIC OBJECTIVE No 2 ... | ||||||||||||||||||
| - Output | ||||||||||||||||||
| Subtotal for specific objective No 2 | ||||||||||||||||||
| TOTALS |
3.2.3.Summary of estimated impact on administrative appropriations
–☒ The proposal/initiative does not require the use of appropriations of an administrative nature
–◻ The proposal/initiative requires the use of appropriations of an administrative nature, as explained below:
EUR million (to three decimal places)
| Year N 55 | Year N+1 | Year N+2 | Year N+3 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | TOTAL |
| HEADING 7 of the multiannual financial framework | ||||||||
| Human resources | ||||||||
| Other administrative expenditure | ||||||||
| Subtotal HEADING 7 of the multiannual financial framework |
| Outside HEADING 7 56 of the multiannual financial framework | ||||||||
| Human resources | ||||||||
| Other expenditure of an administrative nature | ||||||||
| Subtotal outside HEADING 7 of the multiannual financial framework |
| TOTAL |
The appropriations required for human resources and other expenditure of an administrative nature will be met by appropriations from the DG that are already assigned to management of the action and/or have been redeployed within the DG, together if necessary with any additional allocation which may be granted to the managing DG under the annual allocation procedure and in the light of budgetary constraints.
3.2.3.1.Estimated requirements of human resources
–☒ The proposal/initiative does not require the use of human resources.
–◻ The proposal/initiative requires the use of human resources, as explained below:
Estimate to be expressed in full time equivalent units
| Year N | Year N+1 | Year N+2 | Year N+3 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | ||||
| • Establishment plan posts (officials and temporary staff) | ||||||||
| 20 01 02 01 (Headquarters and Commission’s Representation Offices) | ||||||||
| 20 01 02 03 (Delegations) | ||||||||
| 01 01 01 01 (Indirect research) | ||||||||
| 01 01 01 11 (Direct research) | ||||||||
| Other budget lines (specify) | ||||||||
| • External staff (in Full Time Equivalent unit: FTE) 57 | ||||||||
| 20 02 01 (AC, END, INT from the ‘global envelope’) | ||||||||
| 20 02 03 (AC, AL, END, INT and JPD in the delegations) | ||||||||
| XX 01 xx yy zz 58 | - at Headquarters | |||||||
| - in Delegations | ||||||||
| 01 01 01 02 (AC, END, INT - Indirect research) | ||||||||
| 01 01 01 12 (AC, END, INT - Direct research) | ||||||||
| Other budget lines (specify) | ||||||||
| TOTAL |
XX is the policy area or budget title concerned.
The human resources required will be met by staff from the DG who are already assigned to management of the action and/or have been redeployed within the DG, together if necessary with any additional allocation which may be granted to the managing DG under the annual allocation procedure and in the light of budgetary constraints.
Description of tasks to be carried out:
| Officials and temporary staff | |
| External staff |
3.2.4.Compatibility with the current multiannual financial framework
The proposal/initiative:
–☒ can be fully financed through redeployment within the relevant heading of the Multiannual Financial Framework (MFF).
Explain what reprogramming is required, specifying the budget lines concerned and the corresponding amounts. Please provide an excel table in the case of major reprogramming.
–◻ requires use of the unallocated margin under the relevant heading of the MFF and/or use of the special instruments as defined in the MFF Regulation.
Explain what is required, specifying the headings and budget lines concerned, the corresponding amounts, and the instruments proposed to be used.
–◻ requires a revision of the MFF.
Explain what is required, specifying the headings and budget lines concerned and the corresponding amounts.
3.2.5.Third-party contributions
The proposal/initiative:
–☒ does not provide for co-financing by third parties
–◻ provides for the co-financing by third parties estimated below:
Appropriations in EUR million (to three decimal places)
| Year N 59 | Year N+1 | Year N+2 | Year N+3 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | Total | |||
| Specify the co-financing body | ||||||||
| TOTAL appropriations co-financed |
3.3.Estimated impact on revenue
–☒ The proposal/initiative has no financial impact on revenue.
–◻ The proposal/initiative has the following financial impact:
on own resources
on other revenue
please indicate, if the revenue is assigned to expenditure lines
EUR million (to three decimal places)
| Budget revenue line: | Appropriations available for the current financial year | Impact of the proposal/initiative 60 | ||||||
| Year N | Year N+1 | Year N+2 | Year N+3 | Enter as many years as necessary to show the duration of the impact (see point 1.6) | ||||
| Article …………. |
For assigned revenue, specify the budget expenditure line(s) affected.
Other remarks (e.g. method/formula used for calculating the impact on revenue or any other information).
(1) Article 2(7) of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012, OJ L 257, 28.8.2014 (CSDR).
(2) These include providing cash accounts, accepting deposits from participants to a securities settlement system, providing cash credit, guarantees of payment services. Other ancillary services include collateral management, maintenance of shareholder registers, supporting corporate actions.
(3) Data generated through the Securities Trading, Clearing and Settlement Statistics Database, European Central Bank, https://sdw.ecb.europa.eu/browse.do?node=9691131
(4) Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC, OJ L 145, 30.4.2004. MiFID was in force until 2 January 2018. Today, it is partly recast with MiFID2 (Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU, OJ L 173, 12.6.2014) and partly replaced with MiFIR (Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, OJ L 173, 12.6.2014).
(5) Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, OJ L 201, 27.7.2012.
(6) https://www.ecb.europa.eu/paym/target/t2s/html/index.en.html .
(7) https://www.fsb.org/wp-content/uploads/pr_101020.pdf .
(8) https://www.bis.org/cpmi/publ/d101.htm .
(9) See Communication from the Commission, A Capital Markets Union for people and businesses – New action plan, COM(2020) 590, Action 13.
(10) European Parliament Resolution of 8 October 2020 on further development of the Capital Markets Union (CMU), (2020/2036, (INI)), see para. 21.
(11) The settlement discipline regime aims to encourage market participants to avoid settlement fails; its two main elements are the measures to prevent settlement fails (Article 6 of CSDR) and the measures to address settlement fails (Article 7 of CSDR). The latter comprise three main pillars; reporting requirements, cash penalties and mandatory buy-ins.
(12) Commission targeted consultation on the review of regulation on improving securities settlement in the European Union and on central securities depositories, https://ec.europa.eu/info/consultations/finance-2020-csdr-review_en
(13) Report from the Commission to the European Parliament and the Council under Article 75 of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012, COM(2021) 348 final.
(14) Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, Commission Work Programme 2021 ‘A Union of vitality in a world of fragility’, Annex I, COM(2020) 690 final.
(15) Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems, OJ L 166, 11.6.1998.
(16) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, OJ L 176, 27.6.2013.
(17) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, OJ L 176, 27.6.2013.
(18) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council, OJ L 173, 12.6.2014.
(19) Communication from the Commission, A Capital Markets Union for people and businesses – New action plan, COM(2020) 590.
(20) https://ec.europa.eu/info/publications/200924-digital-finance-proposals_en .
(21) Proposal for a Regulation of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology, COM/2020/594 final.
(22) https://ec.europa.eu/commission/presscorner/detail/en/MEX_21_6293
(23) Proposal for a Regulation of the European Parliament and of the Council on digital operational resilience for the financial sector, COM/2020/595 final.
(24) Commission Communication, ‘The European economic and financial system: fostering openness, strength and resilience’, COM(2021) (32).
(25) Regulation (EU) 2021/1119 of the European Parliament and of the Council establishing the framework for achieving climate neutrality and amending Regulations (EC) No 401/2009 and (EU) 2018/1999 (‘European Climate Law’), OJ L 243, 9.7.2021.
(26) For an overview of the Commission Consultation Document, individual contributions and a Summary of the received input see “Targeted consultation on the review of the Regulation on improving securities settlement in the European Union and on central securities depositories”, available at: https://ec.europa.eu/info/consultations/finance-2020-csdr-review_en .
(27) For the Inception Impact Assessment and received comments see: https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12649-Central-securities-depositories-review-of-EU-rules_en .
(28) ESMA Report to the European Commission, ‘CSDR Internalised Settlement’, 5 November 2020, ESMA70-156-3729.
(29) ESMA Report to the European Commission, ‘Cross-border services and handling of applications under Article 23 of CSDR’, ESMA70-156-3569, 5 November 2020.
(30) ESMA Report to the European Commission, ‘Provision of banking-type ancillary services under CSDR’, 8 July 2021, ESMA70-156-4582.
(31) ESMA Report to the European Commission, ‘Use of FinTech by CSDs’, 2 August 2021, ESMA70-156-4576.
(32) “ESMA Report on trends, risks and vulnerabilities”, European Securities and Markets Authority, ESMA-50-165-1287, No. 2, 2020.
(33) If a transaction has failed to settle at the end of a prescribed period, a mandatory buy-in process is initiated by the buyer of the securities who is forced to repurchase them elsewhere. The failing party is required to meet any price differential between the original and new transaction and all costs of the buy-in.
(34) According to Article 69(4) of CSDR until national competent authorities and ESMA have authorised or recognised and EU or third-country CSDs respectively pursuant to CSDR, the national rules on authorisation and recognition applicable before CSDR entered into force continue to apply.
(35) OJ C […], […], p. […].
(36) OJ C , , p. .
(37) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).
(38) Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, ‘A Capital Markets Union for people and businesses-new action plan’, COM(2020/) 590.
(39) Report from the Commission to the European Parliament and the Council under Article 75 of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (COM(2021) 348 final).
(40) Commission Delegated Regulation (EU) 2018/1229 of 25 May 2018 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on settlement discipline (OJ L 230, 13.9.2018, p. 1).–
(41) Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1).
(42) Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190).
(43) Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by the Member States of the Commission's exercise of implementing powers (OJ L 55, 28.2.2011, p. 13).
(44) As referred to in Article 58(2)(a) or (b) of the Financial Regulation.
(45) Details of management modes and references to the Financial Regulation may be found on the BudgWeb site: https://myintracomm.ec.europa.eu/budgweb/EN/man/budgmanag/Pages/budgmanag.aspx
(46) Diff. = Differentiated appropriations / Non-diff. = Non-differentiated appropriations.
(47) EFTA: European Free Trade Association.
(48) Candidate countries and, where applicable, potential candidates from the Western Balkans.
(49) Year N is the year in which implementation of the proposal/initiative starts. Please replace "N" by the expected first year of implementation (for instance: 2021). The same for the following years.
(50) According to the official budget nomenclature.
(51) Technical and/or administrative assistance and expenditure in support of the implementation of EU programmes and/or actions (former ‘BA’ lines), indirect research, direct research.
(52) Year N is the year in which implementation of the proposal/initiative starts. Please replace "N" by the expected first year of implementation (for instance: 2021). The same for the following years.
(53) Outputs are products and services to be supplied (e.g.: number of student exchanges financed, number of km of roads built, etc.).
(54) As described in point 1.4.2. ‘Specific objective(s)…’
(55) Year N is the year in which implementation of the proposal/initiative starts. Please replace "N" by the expected first year of implementation (for instance: 2021). The same for the following years.
(56) Technical and/or administrative assistance and expenditure in support of the implementation of EU programmes and/or actions (former ‘BA’ lines), indirect research, direct research.
(57) AC= Contract Staff; AL = Local Staff; END= Seconded National Expert; INT = agency staff; JPD= Junior Professionals in Delegations.
(58) Sub-ceiling for external staff covered by operational appropriations (former ‘BA’ lines).
(59) Year N is the year in which implementation of the proposal/initiative starts. Please replace "N" by the expected first year of implementation (for instance: 2021). The same for the following years.
(60) As regards traditional own resources (customs duties, sugar levies), the amounts indicated must be net amounts, i.e. gross amounts after deduction of 20 % for collection costs.