CHAPTER 11

FINAL PROVISIONS

Exercise of delegated powers
Article 49
1
The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article.
2
The power to adopt delegated acts referred to in Article 1(2), Article 3(13) and Article 46(2) shall be conferred on the Commission for an indeterminate period of time from the date referred to in Article 54.
3
The delegation of power referred to in Article 1(2), Article 3(13) and Article 46(2) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of that decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
4
As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.
5
A delegated act adopted pursuant to Article 1(2), Article 3(13) or Article 46(2) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by two months at the initiative of the European Parliament or the Council.

Committee procedure
Article 50
1
The Commission shall be assisted by a committee. That committee shall be a committee within the meaning of Regulation (EU) No 182/2011.
2
Where reference is made to this paragraph, Article 5 of Regulation (EU) No 182/2011 shall apply.

Penalties
Article 51
Member States shall provide for penalties applicable to infringements of the national provisions adopted in accordance with this Directive and shall take all the measures necessary to ensure that those penalties are enforced. The penalties provided for shall be effective, proportionate and dissuasive.

Repeal of Directives 78/660/EEC and 83/349/EEC
Article 52
Directives 78/660/EEC and 83/349/EEC are repealed.
References to the repealed Directives shall be construed as references to this Directive and shall be read in accordance with the correlation table in Annex VII.

Transposition
Article 53
1
Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 20 July 2015. They shall immediately inform the Commission thereof.
Member States may provide that the provisions referred to in the first subparagraph are first to apply to financial statements for financial years beginning on 1 January 2016 or during the calendar year 2016.
When Member States adopt those provisions, they shall contain a reference to this Directive or be accompanied by such a reference on the occasion of their official publication. The methods of making such reference shall be laid down by Member States.
2
Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.

Entry into force
Article 54
This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

Addressees
Article 55
This Directive is addressed to the Member States.