1. 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

2. 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

3. 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

4. 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

5. 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