Council Decision (EU) 2019/433Show full title

DRAFT

DECISION No …/… OF THE EU-REPUBLIC OF MOLDOVA ASSOCIATION COMMITTEE MEETING IN TRADE CONFIGURATION

of … 2018

concerning the update of Annex XXVIII-A (Rules applicable to financial services) to the Association Agreement between the European Union and the European Atomic Energy Community and their Member States of the one part, and the Republic of Moldova, of the other part

THE ASSOCIATION COMMITTEE,

Having regard to the Association Agreement between the European Union and the European Atomic Energy Community and their Member States, of the one part, and the Republic of Moldova, of the other part, signed in Brussels on 27 June 2014, and in particular Articles 61, 249, 436, 438 and 449 thereof,

Whereas:

(1) The Association Agreement between the European Union and the European Atomic Energy Community and their Member States of the one part, and the Republic of Moldova, of the other part (‘the Agreement’) entered into force on 1 July 2016.

(2) Articles 61 and 249 of the Agreement provide that the Republic of Moldova is to carry out approximation of its legislation to the EU acts and international instruments (‘the Union acquis’) referred to in Annex XXVIII-A (Rules applicable to financial services) to the Agreement (‘Annex XXVIII-A’).

(3) The Union acquis referred to in Annex XXVIII-A concerning money laundering has evolved since the conclusion of negotiations of the Agreement in June 2013. In particular, the Union adopted and notified to the Republic of Moldova Directive (EU) 2015/849 of the European Parliament and of the Council(1) and Regulation (EU) 2015/847 of the European Parliament and of the Council(2).

(4) The Republic of Moldova continues the process of approximating its legislation to the Union acquis, in accordance with the timelines and priorities set out in Annex XXVIII-A. It is therefore necessary to update Annex XXVIII-A in order to ensure that the evolution of the Union acquis listed therein with respect to money laundering is promptly and efficiently integrated in the ongoing process of approximation, in accordance with Article 449 of the Agreement.

(5) Directive (EU) 2015/849 and Regulation (EU) 2015/847 should therefore be added to the list set out in Annex XXVIII-A.

(6) Directive 2005/60/EC of the European Parliament and of the Council(3) and Commission Directive 2006/70/EC(4) should be removed from the list set out in Annex XXVIII-A with effect from 26 June 2017.

(7) Article 436(3) of the Agreement provides that the EU-Republic of Moldova Association Council (‘the Association Council’) is to have the power to update or amend the Annexes to the Agreement.

(8) Pursuant to Article 438(2) of the Agreement, the Association Council may delegate to the Association Committee any of its powers, including the power to take binding decisions.

(9) By Decision No 3/2014(5) the Association Council delegated the power to update or amend the Annexes to the Agreement which relate, inter alia, to Chapter 6 (Establishment, trade in services and electronic commerce) of Title V (Trade and Trade-related Matters) of the Agreement to the Association Committee meeting in Trade configuration, to the extent that there are no specific provisions in Chapter 6 relating to the update or the amendment of those Annexes. There are no specific provisions in Chapter 6 relating to the update or the amendment of the Annexes.

(10) Annex XXVIII-A should therefore be updated accordingly,

HAS ADOPTED THIS DECISION:

Article 1 U.K.

Annex XXVIII-A (Rules applicable to financial services) to the Agreement is replaced by the Annex to this Decision.

Article 2 U.K.

This Decision shall enter into force on the date of its adoption.

Done at …,

For the Association Committee

The Chair

ANNEX U.K.

ANNEX XXVIII-A RULES APPLICABLE TO FINANCIAL SERVICES

The Republic of Moldova undertakes to gradually approximate its legislation to the following EU acts and international instruments within the stipulated timeframes.

Directive 2007/44/EC of the European Parliament and of the Council of 5 September 2007 amending Council Directive 92/49/EEC and Directives 2002/83/EC, 2004/39/EC, 2005/68/EC and 2006/48/EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector

Timetable: the provisions of Directive 2007/44/EC shall be implemented within three years of the entry into force of this Agreement.

Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council

Timetable: the provisions of Directive 2002/87/EC shall be implemented within three years of the entry into force of this Agreement.

Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions

The Savings and Credit Associations of the Republic of Moldova shall be treated in the same way as the institutions listed in Article 2 of that Directive and accordingly be exempt from the scope of that Directive

Timetable: the provisions of Directive 2006/48/EC shall be implemented within three years of the entry into force of this Agreement.

Commission Directive 2007/18/EC of 27 March 2007 amending Directive 2006/48/EC of the European Parliament and of the Council as regards the exclusion or inclusion of certain institutions from its scope of application and the treatment of exposures to multilateral development banks

Timetable: the provisions of Directive 2007/18/EC shall be implemented upon entry into force of this Agreement.

Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions

Timetable: the provisions of Directive 2006/49/EC, with the exception as set out below, shall be implemented within three years of the entry into force of this Agreement. U.K.

With regard to institutions other than credit institutions defined in point (a) of Article 3(1) of that Directive, the provisions related to the level of required initial capital as set out in Article 5(1) and (3), Article 6, points (a), (b) and (c) of Article 7, points (a), (b) and (c) of Article 8 and Article 9 of that Directive shall be implemented within 10 years of the entry into force of this Agreement.

Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC

Timetable: the provisions of Directive 2009/110/EC shall be implemented within three years of the entry into force of this Agreement.

Directive 94/19/EC of the European Parliament and of the Council of 30 May 1994 on deposit-guarantee schemes

Timetable: the provisions of Directive 94/19/EC, with the exception of the provision related to the minimum level of compensation for each depositor set out in Article 7 of that Directive, shall be implemented within five years of the entry into force of this Agreement. U.K.

The provision related to the minimum level of compensation for each depositor set out in Article 7 of that Directive shall be implemented within 10 years of the entry into force of this Agreement.

Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and consolidated accounts of banks and other financial institutions

Timetable: the provisions of Directive 86/635/EEC shall be implemented within three years of the entry into force of this Agreement.

Directive 2001/65/EC of the European Parliament and of the Council of 27 September 2001 amending Directives 78/660/EEC, 83/349/EEC and 86/635/EEC as regards the valuation rules for the annual and consolidated accounts of certain types of companies as well as of banks and other financial institutions

Timetable: the provisions of Directive 2001/65/EC shall be implemented within three years of the entry into force of this Agreement.

Directive 2003/51/EC of the European Parliament and of the Council of 18 June 2003 amending Directives 78/660/EEC, 83/349/EEC, 86/635/EEC and 91/674/EEC on the annual and consolidated accounts of certain types of companies, banks and other financial institutions and insurance undertakings

Timetable: the provisions of Directive 2003/51/EC shall be implemented within three years of the entry into force of this Agreement.

Directive 2006/46/EC of the European Parliament and of the Council of 14 June 2006 amending Council Directives 78/660/EEC on the annual accounts of certain types of companies, 83/349/EEC on consolidated accounts, 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions and 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings

Timetable: the provisions of Directive 2006/46/EC shall be implemented within three years of the entry into force of this Agreement.

Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions

Timetable: the provisions of Directive 2001/24/EC shall be implemented upon entry into force of this Agreement.

Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)

Timetable: the provisions of Directive 2009/138/EC shall be implemented within seven years of the entry into force of this Agreement.

Council Directive 91/674/EEC of 19 December 1991 on the annual accounts and consolidated accounts of insurance undertakings

Timetable: the provisions of Directive 91/674/EEC shall be implemented within three years of the entry into force of this Agreement.

Commission Recommendation of 18 December 1991 on insurance intermediaries (92/48/EEC)

Timetable: not applicable.

Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation

Timetable: the provisions of Directive 2002/92/EC shall be implemented within three years of the entry into force of this Agreement.

Directive 2009/103/EC of the European Parliament and of the Council of 16 September 2009 relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability

Timetable: the provisions of Directive 2009/103/EC shall be implemented within three years of the entry into force of this Agreement.

Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision

Timetable: the provisions of Directive 2003/41/EC shall be implemented within five years of the entry into force of this Agreement.

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

Timetable: the provisions of Directive 2004/39/EC shall be implemented within three years of the entry into force of this Agreement.

Commission Directive 2006/73/EC of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive

Timetable: the provisions of Directive 2006/73/EC shall be implemented within three years of the entry into force of this Agreement.

Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive

Timetable: the provisions of Regulation (EC) No 1287/2006 shall be implemented within three years of the entry into force of this Agreement.

Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC

Timetable: the provisions of Directive 2003/71/EC shall be implemented within three years of the entry into force of this Agreement.

Commission Regulation (EC) No 809/2004 of 29 April 2004 implementing Directive 2003/71/EC of the European Parliament and of the Council as regards information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements

Timetable: the provisions of Regulation (EC) No 809/2004 shall be implemented within three years of the entry into force of this Agreement.

Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC

Timetable: the provisions of Directive 2004/109/EC shall be implemented within four years of the entry into force of this Agreement.

Commission Directive 2007/14/EC of 8 March 2007 laying down detailed rules for the implementation of certain provisions of Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market

Timetable: the provisions of Directive 2007/14/EC shall be implemented within four years of the entry into force of this Agreement.

Directive 97/9/EC of the European Parliament and of the Council of 3 March 1997 on investor-compensation schemes

Timetable: the provisions of Directive 97/9/EC, with the exception of the provision related to the minimum level of compensation for each investor set out in Article 4 of that Directive, shall be implemented within five years of the entry into force of this Agreement. U.K.

The provisions of that Directive related to the minimum level of compensation for each investor set out in Article 4 of that Directive shall be implemented within 10 years of the entry into force of this Agreement.

Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse)

Timetable: the provisions of Directive 2003/6/EC shall be implemented within three years of the entry into force of this Agreement.

Commission Directive 2004/72/EC of 29 April 2004 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards accepted market practices, the definition of inside information in relation to derivatives on commodities, the drawing up of lists of insiders, the notification of managers' transactions and the notification of suspicious transactions

Timetable: the provisions of Directive 2004/72/EC shall be implemented within three years of the entry into force of this Agreement.

Commission Directive 2003/124/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the definition and public disclosure of inside information and the definition of market manipulation

Timetable: the provisions of Directive 2003/124/EC shall be implemented within three years of the entry into force of this Agreement.

Commission Directive 2003/125/EC of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards the fair presentation of investment recommendations and the disclosure of conflicts of interest

Timetable: the provisions of Directive 2003/125/EC shall be implemented within three years of the entry into force of this Agreement.

Commission Regulation (EC) No 2273/2003 of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments

Timetable: the provisions of Regulation (EC) No 2273/2003 shall be implemented within three years of the entry into force of this Agreement.

Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating Agencies

Timetable: that Regulation's the provisions of Regulation (EC) No 1060/2009 shall be implemented within five years of the entry into force of this Agreement.

Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)

Timetable: the provisions of Directive 2009/65/EC shall be implemented within five years of the entry into force of this Agreement.

Commission Directive 2007/16/EC of 19 March 2007 implementing Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards the clarification of certain definitions

Timetable: the provisions of Directive 2007/16/EC shall be implemented within three years of the entry into force of this Agreement.

Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements

Timetable: provisions of Directive 2002/47/EC shall be implemented within three years of the entry into force of this Agreement.

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

Timetable: the provisions of Directive 98/26/EC shall be implemented within three years of the entry into force of this Agreement.

Directive 2009/44/EC of the European Parliament and the Council of 6 May 2009 amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims

Timetable: the provisions of Directive 2009/44/EC shall be implemented within three years of the entry into force of this Agreement.

Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC

Timetable: the provisions of Directive 2007/64/EC shall be implemented within three years of the entry into force of this Agreement.

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

Timetable: the provisions of Regulation (EC) No 1781/2006 shall be implemented within one year of the entry into force of this Agreement.

Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC

Timetable: the provisions of Directive (EU) 2015/849 shall be implemented within three years of the entry into force of this Agreement.

Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006

Timetable: the provisions of Regulation (EU) 2015/847 shall be implemented within one year of the entry into force of this Agreement.

(1)

Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (OJ EU L 141, 5.6.2015, p. 73).

(2)

Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006 (OJ EU L 141, 5.6.2015, p. 1).

(3)

Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (OJ EU L 309, 25.11.2005, p. 15).

(4)

Commission Directive 2006/70/EC of 1 August 2006 laying down implementing measures for Directive 2005/60/EC of the European Parliament and of the Council as regards the definition of politically exposed person and the technical criteria for simplified customer due diligence procedures and for exemption on grounds of a financial activity conducted on an occasional or very limited basis (OJ EU L 214, 4.8.2006, p. 29).

(5)

Decision No 3/2014 of the EU-Republic of Moldova Association Council of 16 December 2014 on the delegation of certain powers by the Association Council to the Association Committee in Trade configuration (OJ L 110, 29.4.2015, p. 40).