Executive Summary:
This Commission Decision amends the Annex to the Monetary Agreement between the European Union and the Vatican City State, updating the list of Union legal acts and rules that the Vatican City State must implement. The amendments include adding new relevant acts, deleting outdated ones, and updating existing legislation. Various deadlines for implementation are specified for different legal provisions, with the latest deadline being October 1, 2019 and the newest deadline being March 31, 2020.
Key Points / Main Content:
Prevention of Money Laundering:
* Requires implementation of various regulations and directives related to money laundering, including those concerning the identification, tracing, freezing, seizing, and confiscation of proceeds of crime.
* Includes regulations on controls of cash entering or leaving the Community and on information accompanying transfers of funds.
* Addresses the prevention of the use of the financial system for money laundering or terrorist financing, including identification of high-risk third countries with strategic deficiencies.
Prevention of Fraud and Counterfeiting:
* Requires implementation of measures combating fraud and counterfeiting of non-cash means of payment.
* Includes regulations for the protection of the euro against counterfeiting and concerning medals and tokens similar to euro coins.
* Addresses the protection of the euro and other currencies against counterfeiting by criminal law.
Rules on Euro Banknotes and Coins:
* Specifies implementation of guidelines and decisions related to the quality management system for euro coins.
* Includes guidelines on copyright protection of the common face design of euro coins.
* Addresses the enforcement of measures against non-compliant reproductions of euro banknotes and the authenticity/fitness checking and recirculation of euro banknotes.
* Includes regulations concerning authentication of euro coins and handling of euro coins unfit for circulation, as well as the issuance of euro coins.
Financial Activities on a Professional Basis:
* Includes directives on the annual accounts and consolidated accounts of banks and other financial institutions.
* Addresses access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.
* Includes regulations on prudential requirements for credit institutions and investment firms, including amendments related to the leverage ratio and transitional arrangements for mitigating the impact of IFRS 9.
* Addresses market abuse regulations and criminal sanctions for market abuse.
Collection of Statistical Information:
* Includes guidelines on statistical reporting requirements of the European Central Bank (ECB) in the field of quarterly financial accounts.
* Addresses regulations concerning the balance sheet of the monetary financial institutions sector.
* Includes regulations concerning statistics on interest rates applied by monetary financial institutions.
* Addresses guidelines on monetary and financial statistics.
Impact Analysis:
European Union and Vatican City State:
* Impact: The amendment updates the obligations of the Vatican City State to implement Union legal acts and rules.
* Action Required: The Vatican City State must incorporate the new and amended legal acts and rules into its national legislation by the specified deadlines.
Financial Institutions in the Vatican City State:
* Impact: Subject to updated regulations concerning anti-money laundering, fraud prevention, and financial activities.
* Action Required: To update policies and procedures to ensure compliance with the updated requirements by the specified deadlines.
European Central Bank:
* Impact: Responsible for overseeing statistical reporting requirements.
* Action Required: To consider updates to statistical reporting frameworks.
Key Entities Referenced
European Union: A political and economic union of member states located primarily in Europe.
Vatican City State: An independent city-state enclaved within Rome, Italy, and the Holy See.
European Commission: An institution of the European Union, responsible for proposing legislation, implementing decisions, and managing the EU's budget.
Monetary Agreement: The Monetary Agreement between the European Union and the Vatican City State, governing the use of the Euro in Vatican City and related financial matters.
Treaty on the Functioning of the European Union: One of the primary treaties of the European Union, outlining the scope of the EU's powers.
Euro: The official currency of the Eurozone, used by many member states of the European Union and also in the Vatican City State by virtue of the Monetary Agreement.
Council Framework Decision 2001/500/JHA: Council Framework Decision on money laundering, the identification, tracing, freezing, seizing and confiscation of instrumentalities and the proceeds of crime.
Council Regulation (EC) No 1338/2001: Council Regulation laying down measures necessary for the protection of the euro against counterfeiting.
L 85/24 EN Official Journal of the European Union 27.3.2019
COMMISSION DECISION (EU) 2019/511
of 26 March 2019
amending the Annex to the Monetary Agreement between the European Union and the Vatican
City State
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to the Monetary Agreement of 17 December 2009 between the European Union and the Vatican City
State (1), and in particular Article 8(3) thereof,
Whereas:
(1) Article 8(1) of the Monetary Agreement between the European Union and the Vatican City State (‘the Monetary
Agreement’) requires the Vatican City State to implement Union legal acts and rules on euro banknotes and coins,
prevention of money laundering, of fraud and counterfeiting of cash and non-cash means of payment; medals
and tokens and statistical reporting requirements. Those acts and rules are listed in the Annex to the Monetary
Agreement.
(2) The Annex to the Monetary Agreement needs to be amended by the Commission every year to take into account
the new relevant Union legal acts and rules and the amendments to the existing ones,
(3) Some legal acts and rules of the Union are not relevant anymore and should therefore be deleted from the
Annex, while some new relevant legal acts and rules of the Union and some amendments to existing legal acts
were adopted and have to be added to the Annex,
(4) The Annex to the Monetary Agreement should therefore be amended accordingly,
HAS ADOPTED THIS DECISION:
Article 1
The Annex to the Monetary Agreement between the European Union and the Vatican City State is replaced by the text
in the Annex to this Decision.
Article 2
This Decision shall enter into force on the twentieth day following that of its publication in the Official Journal of the
European Union.
Done at Brussels, 26 March 2019.
For the Commission
The President
Jean-Claude JUNCKER
(1) OJ C 28, 4.2.2010, p. 13.27.3.2019 EN Official Journal of the European Union L 85/25
ANNEX
‘ANNEX
DEADLINE FOR
LEGAL PROVISIONS TO BE IMPLEMENTED
IMPLEMENTING
Prevention of money laundering
1 Council Framework Decision 2001/500/JHA of 26 June 2001 on money laundering,
the identification, tracing, freezing, seizing and confiscation of instrumentalities and
the proceeds of crime (OJ L 182, 5.7.2001, p. 1)
2 Regulation (EC) No 1889/2005 of the European Parliament and of the Council of
26 October 2005 on controls of cash entering or leaving the Community (OJ L 309,
25.11.2005, p. 9)
3 Directive 2014/42/EU of the European Parliament and of the Council of 3 April 31 December 2016 (2)
2014 on the freezing and confiscation of instrumentalities and proceeds of crime in
the European Union (OJ L 127, 29.4.2014, p. 39)
4 Regulation (EU) 2015/847 of the European Parliament and of the Council of 31 December 2017 (3)
20 May 2015 on information accompanying transfers of funds and repealing Regu
lation (EC) No 1781/2006 (OJ L 141, 5.6.2015, p. 1)
5 Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 31 December 2017 (3)
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 L 141, 5.6.2015, p. 73)
Amended by:
6 Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 31 March 2020 (6)
2018 amending Directive (EU) 2015/849 on the prevention of the use of the finan
cial system for the purposes of money laundering or terrorist financing, and amend
ing Directives 2009/138/EC and 2013/36/EU (OJ L 156, 19.6.2018, p. 43)
Supplemented by:
7 Commission Delegated Regulation (EU) 2016/1675 of 14 July 2016 supplementing 31 December 2017 (5)
Directive (EU) 2015/849 of the European Parliament and of the Council by identify
ing high-risk third countries with strategic deficiencies (OJ L 254, 20.9.2016, p. 1)
Amended by:
8 Commission Delegated Regulation (EU) 2018/105 of 27 October 2017 amending 31 March 2019 (6)
Delegated Regulation (EU) 2016/1675, as regards adding Ethiopia to the list of high-
risk third countries in the table in point I of the Annex (OJ L 19, 24.1.2018, p. 1)
9 Commission Delegated Regulation (EU) 2018/212 of 13 December 2017 amending 31 March 2019 (6)
Delegated Regulation (EU) 2016/1675 supplementing Directive (EU) 2015/849 of
the European Parliament and of the Council, as regards adding Sri Lanka, Trinidad
and Tobago, and Tunisia to the table in point I of the Annex (OJ L 41, 14.2.2018,
p. 4)L 85/26 EN Official Journal of the European Union 27.3.2019
DEADLINE FOR
LEGAL PROVISIONS TO BE IMPLEMENTED
IMPLEMENTING
Prevention of fraud and counterfeiting
10 Council Framework Decision 2001/413/JHA of 28 May 2001 combating fraud and 31 December 2010
counterfeiting of non-cash means of payment (OJ L 149, 2.6.2001, p. 1)
11 Council Regulation (EC) No 1338/2001 of 28 June 2001 laying down measures ne 31 December 2010
cessary for the protection of the euro against counterfeiting (OJ L 181, 4.7.2001,
p. 6)
Amended by:
12 Council Regulation (EC) No 44/2009 of 18 December 2008 amending Regulation
(EC) No 1338/2001 laying down measures necessary for the protection of the euro
against counterfeiting (OJ L 17, 22.1.2009, p. 1)
13 Council Regulation (EC) No 2182/2004 of 6 December 2004 concerning medals 31 December 2010
and tokens similar to euro coins (OJ L 373, 21.12.2004, p. 1)
Amended by:
14 Council Regulation (EC) No 46/2009 of 18 December 2008 amending Regulation
(EC) No 2182/2004 concerning medals and tokens similar to euro coins (OJ L 17,
22.1.2009, p. 5)
15 Directive 2014/62/EU of the European Parliament and of the Council of 15 May 31 December 2016 (2)
2014 on the protection of the euro and other currencies against counterfeiting by
criminal law, and replacing Council Framework Decision 2000/383/JHA (OJ L 151,
21.5.2014, p. 1)
Rules on euro banknotes and coins
16 Council Conclusions of 10 May 1999 on the quality management system for euro 31 December 2010
coins
17 Communication from the Commission 2001/C 318/03 of 22 October 2001 on 31 December 2010
copyright protection of the common face design of the euro coins (COM(2001) 600
final) (OJ C 318, 13.11.2001, p. 3)
18 Guideline ECB/2003/5 of the European Central Bank of 20 March 2003 on the en 31 December 2010
forcement of measures to counter non-compliant reproductions of euro banknotes
and on the exchange and withdrawal of euro banknotes (OJ L 78, 25.3.2003, p. 20).
Amended by:
19 Guideline ECB/2013/11 of the European Central Bank of 19 April 2013 amending 31 December 2014 (1)
Guideline ECB/2003/5 on the enforcement of measures to counter non-compliant
reproductions of euro banknotes and on the exchange and withdrawal of euro bank
notes (OJ L 118, 30.4.2013, p. 43)
20 Decision ECB/2010/14 of the European Central Bank of 16 September 2010 on the 31 December 2012
authenticity and fitness checking and recirculation of euro banknotes (OJ L 267,
9.10.2010, p. 1)
Amended by:
21 Decision ECB/2012/19 of the European Central Bank of 7 September 2012 (OJ L 253, 31 December 2013 (1)
20.9.2012, p. 19)27.3.2019 EN Official Journal of the European Union L 85/27
DEADLINE FOR
LEGAL PROVISIONS TO BE IMPLEMENTED
IMPLEMENTING
22 Regulation (EU) No 1210/2010 of the European Parliament and of the Council of 31 December 2012
15 December 2010 concerning authentication of euro coins and handling of euro
coins unfit for circulation (OJ L 339, 22.12.2010, p. 1)
23 Regulation (EU) No 651/2012 of the European Parliament and of the Council of 31 December 2013 (1)
4 July 2012 on the issuance of euro coins (OJ L 201, 27.7.2012, p. 135)
24 Decision ECB/2013/10 of the European Central Bank of 19 April 2013 on the de 31 December 2014 (1)
nominations, specifications, reproduction, exchange and withdrawal of euro bank
notes (OJ L 118, 30.4.2013, p. 37)
25 Council Regulation (EU) No 729/2014 of 24 June 2014 on denominations and tech 31 December 2013 (2)
nical specifications of euro coins intended for circulation (Recast) (OJ L 194,
2.7.2014, p. 1)
Section of the Annex to the Monetary Agreement in accordance with the Ad hoc arrangement of
the Joint Committee on a request from the Holy See and Vatican City State on the inclusion of
relevant rules applicable to entities carrying out financial activities on a professional basis
DEADLINE FOR
RELEVANT PARTS OF THE FOLLOWING LEGAL INSTRUMENTS
IMPLEMENTING
26 Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and 31 December 2016(2)
consolidated accounts of banks and other financial institutions (OJ L 372,
31.12.1986, p. 1)
Amended by:
27 Directive 2001/65/EC of the European Parliament and of the Council of 27 Septem
ber 2001 (OJ L 283, 27.10.2001, p. 28)
28 Directive 2003/51/EC of the European Parliament and of the Council of 18 June
2003 (OJ L 178, 17.7.2003, p. 16)
29 Directive 2006/46/EC of the European Parliament and of the Council of 14 June
2006 (OJ L 224, 16.8.2006, p. 1)
30 Directive 2013/36/EU of the European Parliament and of the Council of 26 June 31 December 2017(2)
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 repeal
ing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338)
31 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 31 December 2017(2)
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, p. 1) and
the related level 2 measures as appropriate
Amended by:
32 Commission Delegated Regulation (EU) 2015/62 of 10 October 2014 amending 31 December 2017(3)
Regulation (EU) No 575/2013 of the European Parliament and of the Council with
regard to the leverage ratio (OJ L 11, 17.1.2015, p. 37)
33 Regulation (EU) 2017/2395 of the European Parliament and of the Council of 12 De 30 June 2019(6)
cember 2017 amending Regulation (EU) No 575/2013 as regards transitional ar
rangements for mitigating the impact of the introduction of IFRS 9 on own funds
and for the large exposures treatment of certain public sector exposures denomi
nated in the domestic currency of any Member State (OJ L 345, 27.12.2017, p. 27)L 85/28 EN Official Journal of the European Union 27.3.2019
DEADLINE FOR
RELEVANT PARTS OF THE FOLLOWING LEGAL INSTRUMENTS
IMPLEMENTING
34 Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 De 31 March 2020(6)
cember 2017 amending Regulation (EU) No 575/2013 on prudential requirements
for credit institutions and investment firms (OJ L 347, 28.12.2017, p. 1)
Supplemented by:
35 Commission Delegated Regulation (EU) No 241/2014 of 7 January 2014 supple 31 December 2017(3)
menting Regulation (EU) No 575/2013 of the European Parliament and of the
Council with regard to regulatory technical standards for Own Funds requirements
for institutions (OJ L 74, 14.3.2014, p. 8),
Amended by:
36 Commission Delegated Regulation (EU) 2015/923 of 11 March 2015 amending 31 December 2017(3)
Delegated Regulation (EU) No 241/2014 supplementing Regulation (EU)
No 575/2013 of the European Parliament and of the Council with regard to regula
tory technical standards for Own Funds requirements for institutions (OJ L 150,
17.6.2015, p. 1)
37 Commission Delegated Regulation (EU) 2015/61 of 10 October 2014 to supplement 31 December 2017(3)
Regulation (EU) No 575/2013 of the European Parliament and the Council with
regard to liquidity coverage requirement for Credit Institutions (OJ L 11, 17.1.2015,
p. 1)
38 Regulation (EU) No 596/2014 of the European Parliament and of the Council of 30 September 2018(4)
16 April 2014 on market abuse (market abuse regulation) and repealing Directive
2003/6/EC of the European Parliament and of the Council and Commission
Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (OJ L 173, 12.6.2014, p. 1)
and the related level 2 measures as appropriate
Amended by:
39 Regulation (EU) 2016/1033 of the European Parliament and of the Council of 30 September 2018(5)
23 June 2016 amending Regulation (EU) No 600/2014 on markets in financial in
struments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU)
No 909/2014 on improving securities settlement in the European Union and on
central securities depositories (OJ L 175, 30.6.2016, p. 1)
Supplemented by:
40 Commission Implementing Directive (EU) 2015/2392 of 17 December 2015 on 30 September 2018(4)
Regulation (EU) No 596/2014 of the European Parliament and of the Council as re
gards reporting to competent authorities of actual or potential infringements of that
Regulation (OJ L 332, 18.12.2015, p. 126)
41 Commission Delegated Regulation (EU) 2016/522 of 17 December 2015 supple 30 September 2018(4)
menting Regulation (EU) No 596/2014 of the European Parliament and of the
Council as regards an exemption for certain third countries public bodies and central
banks, the indicators of market manipulation, the disclosure thresholds, the compe
tent authority for notifications of delays, the permission for trading during closed
periods and types of notifiable managers' transactions (OJ L 88, 5.4.2016, p. 1).
42 Directive 2014/57/EU of the European Parliament and of the Council of 16 April 30 September 2018(4)
2014 on criminal sanctions for market abuse (market abuse directive) (OJ L 173,
12.6.2014, p. 179)27.3.2019 EN Official Journal of the European Union L 85/29
DEADLINE FOR
RELEVANT PARTS OF THE FOLLOWING LEGAL INSTRUMENTS
IMPLEMENTING
Legislation on collection of statistical information
43 Guideline ECB/2013/24 of the European Central Bank of 25 July 2013 on the statis 31 December 2016(2)
tical reporting requirements of the European Central Bank in the field of quarterly
financial accounts (OJ L 2, 7.1.2014, p. 34)
Amended by:
44 Guideline (EU) 2016/66 of the European Central Bank of 26 November 2015 31 March 2017(4)
amending Guideline ECB/2013/24 on the statistical reporting requirements of the
ECB in the field of quarterly financial accounts (ECB/2015/40) (OJ L 14, 21.1.2016,
p. 36)
45 Regulation (EU) No 1071/2013 of the European Central Bank of 24 September 31 December 2016(2)
2013 concerning the balance sheet of the monetary financial institutions sector
(ECB/2013/33) (OJ L 297, 7.11.2013, p. 1)
Amended by:
46 Regulation (EU) No 1375/2014 of the European Central Bank of 10 December
2014 amending Regulation (EU) No 1071/2013 concerning the balance sheet of the
monetary financial institutions sector (ECB/2013/33) (ECB/2014/51) (OJ L 366,
20.12.2014, p. 77)
47 Regulation (EU) No 1072/2013 of the European Central Bank of 24 September 31 December 2016(2)
2013 concerning statistics on interest rates applied by monetary financial institu
tions (ECB/2013/34) (OJ L 297, 7.11.2013, p. 51)
Amended by:
48 Regulation (EU) No 756/2014 of the European Central Bank of 8 July 2014 amend
ing Regulation (EU) No 1072/2013 (ECB/2013/34) concerning statistics on interest
rates applied by monetary financial institutions (ECB/2014/30) (OJ L 205,
12.7.2014, p. 14)
49 Guideline ECB/2014/15 of the European Central Bank of 4 April 2014 on monetary 31 December 2016(2)
and financial statistics (OJ L 340, 26.11.2014, p. 1)
Amended by:
50 Guideline (EU) 2015/571 of the European Central Bank of 6 November 2014
amending Guideline ECB/2014/15 on monetary and financial statistics
(ECB/2014/43) (OJ L 93, 9.4.2015, p. 82)
51 Guideline (EU) 2016/450 of the European Central Bank of 4 December 2015 31 March 2017(4)
amending Guideline ECB/2014/15 on monetary and financial statistics
(ECB/2015/44) (OJ L 86, 1.4.2016, p. 42)
52 Guideline (EU) 2017/148 of the European Central Bank of 16 December 2016 1 November 2017(5)
amending Guideline ECB/2014/15 on monetary and financial statistics
(ECB/2016/45) (OJ L 26, 31.1.2017, p. 1)L 85/30 EN Official Journal of the European Union 27.3.2019
DEADLINE FOR
RELEVANT PARTS OF THE FOLLOWING LEGAL INSTRUMENTS
IMPLEMENTING
53 Guideline (EU) 2018/877 of the European Central Bank of 1 June 2018 amending 1 October 2019(6)
Guideline ECB/2014/15 on monetary and financial statistics (ECB/2018/17)
(OJ L 154, 18.6.2018, p. 22)
(1) These deadlines were agreed by the Joint Committee of 2013.
(2) These deadlines were agreed by the Joint Committee of 2014.
(3) These deadlines were agreed by the Joint Committee of 2015.
(4) These deadlines were agreed by the Joint Committee of 2016.
(5) These deadlines were agreed by the Joint Committee of 2017.
(6) These deadlines were agreed by the Joint Committee of 2018.’