Item 6 of the Agenda Balance of Payments Working Group 2-3 April 2012

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Presentation transcript:

Item 6 of the Agenda Balance of Payments Working Group 2-3 April 2012 Amending the Balance of Payments Regulation (EC) No 184/2005 in line with the new international manuals Item 6 of the Agenda Balance of Payments Working Group 2-3 April 2012 The formal procedure of amending the BOP Regulation (EC) 184/2005

Outline Actions to date Legal text preparation Stakeholder consultation Formal approval by the BOP Committee European Parliament and Council’s scrutiny Steps going forward Right of scrutiny scenarios Adoption of the measure The formal procedure of amending the BOP Regulation (EC) 184/2005

Right of scrutiny of EU Parliament and Council: The current stage Draft Commission Regulation submitted to EU Parliament and Council for their right of scrutiny 3 March 2012 Procedure lasts 3 months 3 March / 4 May 2012 No action on the side of the Commission required at this stage Formal requirement of the comitology procedure with scrutiny The formal procedure of amending the BOP Regulation (EC) 184/2005

Right of scrutiny scenarios Council and the Parliament have three months to: Not oppose draft regulation and Commission will formally adopt it Oppose draft regulation, if it: Exceeds the implementing powers under the BOP Regulation (EC) No 184/2005, or Is not compatible with aim or content of basic act, or Does not respect Subsidiarity and Proportionality principles Commission may maintain, amend or withdraw the act and present a legislative proposal The formal procedure of amending the BOP Regulation (EC) 184/2005

Adoption of the measure Scrutiny period ends on 4 May 2012 If neither Council, nor Parliament oppose proposed Amending Regulation, Commission will be invited to adopt it Procedure to take 2-3 weeks Once adopted by Commission, Regulation will be published in EU Official Journal Publication in Official Journal envisaged June 2012 Enters into force on the 20th day following its publication and shall apply from 1 January 2014 The formal procedure of amending the BOP Regulation (EC) 184/2005