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109 articles quoted, 0 held without text.

Page 2 of 3: Article 33 to Article 71.

33. 033 Article 33

    Article 33 Settlement of disagreements between financial supervisors in cross-border situations 1. The Authority may assist financial supervisors in reaching an agreement in accordance with the procedure set out in paragraphs 3, 4 and 5 of this Article at the request of one or more financial supervisors pursuant to Article 46, 47, 49 or 54 of Directive (EU) 2024/1640 or in other instances where a financial supervisor disagrees with the procedure or content of an action, proposed action, or inactivity of another financial supervisor insofar as it affects its own supervisory tasks and responsibilities in relation to a specific non-selected obliged entity or multiple non-selected obliged entities. 2. In cases other than those covered by Articles 46, 47, 49 and 54 of Directive (EU) 2024/1640, a financial supervisor shall request the assistance of the Authority without undue delay where a provision of Union law requires that financial supervisor to reach, with another financial supervisor, an agreement, arrangement or other form of established or formalised cooperation relating to the supervision of specific non-selected obliged entities, and any of the following occurs: (a) the agreement has been reached but has not been effectively applied or adhered to by one of the parties; (b) a financial supervisor concludes, on the basis of objective reasons, that a disagreement exists; (c) two months have elapsed from the date of receipt by a financial supervisor of a request from another financial supervisor to take certain action in order to comply with the legislative acts referred to in Article 1(2) of this Regulation and the requested supervisor has not adopted a decision that satisfies the request. 3. The Executive Board shall assess any request referred to in paragraphs 1 and 2 and notify the relevant parties whether it considers the request justified and intends to act upon it in accordance with this Article. 4. The Authority shall set a time limit for conciliation between the financial supervisors, taking into account any relevant time periods specified in Union law and the complexity and urgency of the matter. For the purposes of the conciliation phase, the Authority shall act as a mediator. Where necessary or provided for in Union law, it shall issue an opinion on how to settle the disagreement. 5. Where the financial supervisors fail to reach an agreement during the conciliation phase referred to in paragraph 4, or where they fail to follow the opinion issued by Authority, the Authority may require those supervisors to take specific action or refrain from certain action, in order to settle the matter, and to ensure compliance with Union law. The decision of the Authority shall be binding on the financial supervisors. The Authority’s decision may require financial supervisors to revoke or amend a decision that they have adopted or to make use of their powers under applicable Union law. 6. The Authority shall notify the financial supervisors of the conclusion of the procedures under paragraphs 4 and 5 together with, where applicable, its decision taken under paragraph 5. 7. Any action by the financial supervisors in relation to facts which are subject to a decision pursuant to paragraph 5 shall be compatible with such a decision. 8. In the report referred to in Article 84, the Chair of the Authority shall set out the nature and type of disagreements between financial supervisors, the agreements reached and the decisions taken to settle such disagreements.

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34. 034 Article 34

    Article 34 Action in cases of systematic failures of supervision 1. Where a financial supervisor has not applied measures laid down in Directive (EU) 2024/1640, or the provisions of national law transposing that Directive, or has applied measures in a way that appears to be a breach of Union law leading to systematic failures in its supervision which affect multiple obliged entities and undermine the effectiveness of the AML/CFT supervisory system, the Authority shall act in accordance with the powers set out in paragraphs 2, 3 and 4. 2. The Authority may initiate an investigation of a potential breach of Union law referred to in paragraph 1 on its own initiative where it has an indication of such a breach based on well-substantiated information collected by the Authority when carrying out its tasks pursuant to this Regulation. The Authority may also investigate an alleged breach or non-application of Union law upon a well-substantiated request from one or more financial supervisors, the European Parliament or the Commission. Where an investigation of a potential breach of Union law has been requested pursuant to the first or second subparagraph, the Authority shall duly inform the party making the request how it intends to proceed with the matter and whether an investigation into the alleged breach is warranted. Where the Authority decides to proceed with an investigation, it shall first inform the financial supervisor concerned. 3. The financial supervisor that is the subject of an investigation pursuant to paragraph 2 shall, without delay, provide the Authority with all information that the Authority requests for the purposes of its investigation, including as regards how the acts referred to in paragraph 1 are applied in accordance with Union law. 4. Where deemed appropriate and necessary, the Authority may also, after having informed the financial supervisor that is the subject of the investigation, provide an opportunity to all other financial supervisors to transmit information to the Authority that they deem relevant or directly address a duly justified and reasoned request for information to any other financial supervisor. The addressees of such a request shall, without undue delay, provide the Authority with clear, accurate and complete information. 5. The Authority may, no later than six months from the date of initiating its investigation, address a recommendation to the financial supervisor subject to investigation, setting out the action necessary to comply with Union law. Before issuing such a recommendation, the Authority shall engage with the financial supervisor where it considers that such engagement is appropriate in order to resolve the systematic failures of supervision resulting in the breach of Union law, in an attempt to reach an agreement on the actions necessary for compliance with Union law. The financial supervisor shall, within 10 working days of receipt of the recommendation, inform the Authority of the steps it has taken or intends to take to ensure compliance with Union law. 6. Where the financial supervisor has not complied with Union law within one month of the date of receipt of the Authority’s recommendation, the Commission may, after having been informed of that fact by the Authority or on its own initiative, issue a formal opinion requiring the financial supervisor to take the action necessary to comply with Union law. The Commission’s formal opinion shall take into account the Authority’s recommendation. The Commission shall issue such a formal opinion within three months of the date of adoption of the recommendation. The Commission may extend that period by one month. The Authority and the financial supervisor shall provide the Commission with all necessary information. 7. The financial supervisor shall, within 10 working days of receipt of the formal opinion referred to in paragraph 6, inform the Commission and the Authority of the steps it has taken or intends to take to comply with that formal opinion. When taking action in relation to issues which are the subject of a formal opinion, the financial supervisor shall comply with that formal opinion.

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35. 035 Article 35

    Article 35 Peer reviews 1. The Authority shall periodically conduct peer reviews of some or all of the activities of non-financial supervisors and public authorities referred to in Article 52 of Directive (EU) 2024/1640 to strengthen consistency and effectiveness in supervisory outcomes. The Authority shall develop methods to allow for an objective assessment and comparison between the non-financial supervisors reviewed. Where relevant, the planning and conducting of assessments shall take due account of the evaluations, assessments and reports drawn up by international organisations and intergovernmental bodies with competence in the field of AML/CFT. The assessments may also take due account of the information contained in the central AML/CFT database established pursuant to Article 11 of this Regulation. The methods referred to in the first subparagraph shall take into account the specific features of the supervisory framework in cases where supervision is entrusted to self-regulatory bodies, including the role of the public authority responsible for overseeing those bodies pursuant to Article 52 of Directive (EU) 2024/1640, and the specific characteristics of supervisors in those cases. 2. Peer reviews shall be carried out by the staff of the Authority jointly with the relevant staff of the non-financial supervisors and of the public authorities as referred to in Article 52 of Directive (EU) 2024/1640. 3. The peer review shall include an assessment of, but not be limited to: (a) the adequacy of powers and of financial, human and technical resources, the degree of independence and the governance arrangements and professional standards of the non-financial supervisor to ensure the effective application of Chapter IV of Directive (EU) 2024/1640; (b) the effectiveness and the degree of convergence reached in the application of Union law and in supervisory practice, and the extent to which the supervisory practice achieves the objectives set out in Union law; (c) the application of best practices developed by non-financial supervisors whose adoption might be of benefit for other non-financial supervisors; (d) the effectiveness and the degree of convergence reached with regard to the enforcement of the provisions adopted in the implementation of Union law, including the pecuniary sanctions imposed and administrative measures applied against persons responsible where those provisions have not been complied with. 4. The Authority shall produce a report setting out the results of the peer review. That peer review report shall be jointly prepared by the staff of the Authority and the relevant staff of the non-financial supervisors and of the public authorities as referred to in Article 52 of Directive (EU) 2024/1640 involved in the peer review, and adopted by the Executive Board, having received the observations of the General Board in supervisory composition as to the consistency of application of the methodology with other peer review reports. The report shall explain and indicate the follow-up measures that are deemed appropriate, proportionate and necessary as a result of the peer review. Those follow-up measures may be adopted in the form of guidelines and recommendations pursuant to Article 54 and opinions pursuant to Article 55 of this Regulation. The non-financial supervisors and the public authorities as referred to in Article 52 of Directive (EU) 2024/1640 shall make every effort to comply with any guidelines and recommendations issued, in accordance with Article 54(3) of this Regulation. 5. The Authority shall publish the findings of the peer review on its website and inform at least the European Parliament thereof. It shall submit an opinion to the Commission where, having regard to the outcome of the peer review or to any other information acquired by the Authority in carrying out its tasks, it considers that further harmonisation of Union rules applicable to obliged entities in the non-financial sector or to non-financial supervisors would be necessary from the Union’s perspective. 6. The Authority shall provide a follow-up report two years after the publication of the peer review report. The follow-up report shall be jointly prepared by the staff of the Authority and the relevant staff of the non-financial supervisors involved in the peer review, and shall be adopted by the Executive Board, having received the observations of the General Board in supervisory composition on the consistency of application of the methodology with other peer review reports. The follow-up report shall include an assessment of the adequacy and effectiveness of the actions undertaken by the non-financial supervisors that were subject to the peer review in response to the follow-up measures of the peer review report. The Authority shall publish the findings of the follow-up report on its website. 7. For the purposes of this Article, the Executive Board shall adopt a peer review work plan every two years, after consulting the General Board in supervisory composition. That peer review work plan shall reflect the lessons learnt from past peer review processes and discussions held in the General Board in supervisory composition. The General Board in supervisory composition, acting by a majority of two thirds of its members, may require the Executive Board to adopt a new plan. The peer review work plan shall constitute a separate part of the annual and multiannual working programme and shall be included in the single programming document referred to in Article 65. In the case of urgent or unforeseen events, the Authority may decide to carry out additional peer reviews. 8. Where peer reviews concern supervisory activities which in one or more Member States are carried out by self-regulatory bodies, the peer review shall include an assessment of measures taken pursuant to Article 52 of Directive (EU) 2024/1640 by the public authority responsible for overseeing those bodies to ensure that they perform their function adequately and effectively. 9. Where peer reviews concern supervisory activities which in one or more Member States are carried out by self-regulatory bodies, those self-regulatory bodies shall not be required to participate. However, where they indicate an interest in participating in a peer review, staff of those bodies that are entrusted with supervisory tasks shall be allowed to participate in that peer review.

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36. 036 Article 36

    Article 36 Coordination and facilitation of the work of AML/CFT supervisory colleges in the non-financial sector 1. The Authority shall, within the scope of its powers and without prejudice to the powers of the relevant non-financial supervisors pursuant to Article 50 of Directive (EU) 2024/1640, assist in the setting up and functioning of AML/CFT supervisory colleges in the non-financial sector for obliged entities in the non-financial sector operating establishments in several Member States in accordance with that Article. 2. For the purposes of paragraph 1, the Authority may: (a) suggest the establishment of a college where no such college has been established even though the Authority considers that the ML/TF risk exposure of the obliged entity and the scale of its cross-border activities justify the establishment of a college, and the convocation and organisation of college meetings; (b) assist in the organisation of college meetings and in the assessment of whether the conditions for the participation of third-country supervisors in the college are met, where requested by the relevant non-financial supervisors; (c) assist in the organisation of joint supervisory plans and joint on-site inspections or off-site investigations; (d) assist the non-financial supervisors in the collection and sharing of all relevant information in order to facilitate the work of the college and make such information accessible to the supervisors in the college; (e) promote effective and efficient supervisory activities and practices, including evaluating the risks to which obliged entities in the non-financial sector are or might be exposed; (f) provide assistance to non-financial supervisors, upon their specific requests, including requests to mediate between non-financial supervisors in the situations covered by Article 50(2) and (3) of Directive (EU) 2024/1640. 3. For the purposes of paragraph 1, the staff of the Authority shall have full participation rights in AML/CFT supervisory colleges. Upon the agreement of the non-financial supervisors concerned, the staff of the Authority shall be able to participate in the activities of the college carried out jointly by two or more non-financial supervisors, including on-site inspections of obliged entities in the non-financial sector, except those covered by Article 3, point (3)(a) and (b), of Regulation (EU) 2024/1624.

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37. 037 Article 37

    Article 37 Warnings of breaches of Union law by non-financial supervisors and public authorities overseeing self-regulatory bodies 1. Where the Authority has grounds to suspect that a non-financial supervisor or a public authority overseeing self-regulatory bodies referred to in Article 52 of Directive (EU) 2024/1640 has not applied the Union acts or the national legislation referred to in Article 1(2) of this Regulation, or has applied them in a way which appears to breach Union law, it shall inform the supervisor or public authority concerned of those suspected breaches and investigate them. For the purposes of the first subparagraph, the Authority may act upon the request of one or more non-financial supervisors or public authorities, the European Parliament, the Council or the Commission, or on its own initiative, including where such action is based on well-substantiated information from natural or legal persons pursuant to Article 90. 2. The Authority shall be able to request from the supervisor or public authority concerned all information which the Authority considers necessary for its investigation, including information on how the Union acts or national legislation referred to in Article 1(2) of this Regulation are applied in accordance with Union law, but with the exception of information covered by legal privilege, unless the exemptions set out in Article 21(2), second subparagraph, and Article 70(2), second subparagraph, of Regulation (EU) 2024/1624 and in Article 52(3), point (a), of Directive (EU) 2024/1640 apply. The supervisor or public authority concerned shall, without delay, provide the Authority with the requested information. Whenever the requested information from the supervisor or public authority concerned has proven, or is deemed to be, insufficient to obtain the information that is deemed necessary for the purposes of investigating the suspected breach, the Authority may, after having informed the supervisor or public authority concerned, address a duly justified and reasoned request for information directly to other supervisors or public authorities overseeing self-regulatory bodies. The addressee of such a request shall provide the Authority with clear, accurate and complete information without undue delay. 3. The Authority may, not later than six months from initiating its investigation, address a recommendation to the supervisor or public authority concerned setting out the action necessary to remedy the identified breach. Before issuing such a recommendation, the Authority shall engage with the supervisor or public authority concerned where it considers such engagement appropriate in order to resolve the breach, in an attempt to reach agreement on the actions necessary to that end. The supervisor or public authority concerned shall, within 10 working days of receipt of the recommendation, inform the Authority of the steps it has taken or intends to take to resolve the breach. 4. Where the supervisor or public authority has not resolved the identified breach referred to in paragraph 3, first subparagraph, within one month of receipt of the Authority’s recommendation, the Authority shall issue a warning detailing the breach and identifying measures to be implemented by the addressees of the warning to mitigate its effects. The warning referred to in the first subparagraph shall be addressed: (a) in the case of a non-financial supervisor, to the counterpart supervisors in other Member States and, where the supervisor is a self-regulatory body, its public authority; (b) in the case of a public authority, to the self-regulatory bodies under its oversight. 5. As soon as the supervisor or public authority concerned has resolved the breach, the Authority shall inform the addressees of its warning referred to in paragraph 4 that the breach has been resolved and that the mitigating measures have ceased.

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38. 038 Article 38

    Article 38 Settlement of disagreements between non-financial supervisors in cross-border situations 1. The Authority may assist non-financial supervisors in reaching an agreement in accordance with the procedure set out in paragraphs 3 and 4 of this Article at the request of one or more non-financial supervisors pursuant to Article 46, 47, 50 or 54 of Directive (EU) 2024/1640 or in other instances where a non-financial supervisor disagrees with the procedure or content of an action, proposed action or inactivity of another non-financial supervisor insofar as it affects its own supervisory tasks and responsibilities in relation to a specific obliged entity or multiple obliged entities. 2. In cases other than those covered by Articles 46, 47, 50 and 54 of Directive (EU) 2024/1640, a non-financial supervisor shall request the assistance of the Authority without undue delay where a provision of Union law requires that non-financial supervisor to reach, with another non-financial supervisor or other non-financial supervisors, an agreement, an arrangement or other form of established or formalised cooperation relating to the supervision of specific obliged entities, and any of the following occurs: (a) the agreement has been reached but has not been effectively applied or adhered to by one of the parties, (b) a non-financial supervisor concludes on the basis of objective reasons that a disagreement exists; (c) two months have elapsed from the date of receipt by a non-financial supervisor of a request from another non-financial supervisor to take certain action in order to comply with the legislative acts referred to in Article 1(2) of this Regulation and the requested supervisor has not adopted a decision that satisfies the request. 3. The Executive Board shall assess any request referred to in paragraphs 1 and 2 and notify the relevant parties whether it considers the request justified and intends to act upon it in accordance with this Article. 4. The Authority shall set a time limit for conciliation between the non-financial supervisors taking into account any relevant time periods specified in Union law and the complexity and urgency of the matter. For the purposes of the conciliation phase, the Authority shall act as a mediator. Where necessary or provided for in Union law, the Authority shall issue an opinion on how to settle the disagreement.

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39. 039 Article 39

    Article 39 Cooperation between the Authority and Financial Intelligence Units 1. The Authority shall be responsible for ensuring the effective and consistent cooperation between Financial Intelligence Units (‘FIUs’) within the framework of the support and coordination mechanism for FIUs. To that end, the Authority shall support and coordinate the activities of FIUs. 2. The Authority and FIUs shall be subject to a duty of cooperation in good faith, including with regard to joint analyses supported or initiated by the Authority, and to an obligation to exchange information that is necessary to fulfil their respective tasks. 3. The Authority shall have dedicated human, financial and IT resources to support the tasks referred to in Article 5(5) and shall ensure, where necessary, organisational separation of the staff dedicated to those tasks from the staff carrying out the tasks relating to the Authority’s supervisory activities. An FIU may inform the Authority in the case of a failure by another FIU to cooperate. In that case, the Authority shall act as a mediator.

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40. 040 Article 40

    Article 40 Conduct of joint analyses 1. The Authority shall lay down methods and criteria for the selection and prioritisation of cases relevant for the conduct of joint analyses in accordance with Article 32 of Directive (EU) 2024/1640, to be assisted by the Authority. 2. For the purposes of paragraph 1, the Authority shall draw up, on an annual basis, a list of priority areas for the conduct of joint analyses. That list may be reviewed where new priority areas are identified. 3. Where, pursuant to Article 32 of Directive (EU) 2024/1640 and having regard to the criteria referred to in paragraph 1 of this Article, an FIU of a Member State identifies a potential need to conduct a joint analysis with one or several FIUs in other Member States, it shall notify the Authority thereof. The Authority shall register all notifications received pursuant to the first subparagraph of this paragraph and assess the relevance of the case in accordance with the methods and criteria referred to in paragraph 1. Where the Authority assesses that the case is relevant, it shall, within five days of the initial notification, inform FIUs in all relevant Member States and invite them to take part in the joint analysis. To that end, the Authority shall use secured channels of communication. FIUs in all relevant Member States shall consider taking part in the joint analysis. 4. If at least one other FIU agrees to take part in the joint analysis, the Authority shall ensure that the joint analysis is launched within 20 days of the initial assessment referred to in paragraph 3, second subparagraph, unless the urgency of the matter justifies the imposition of a shorter deadline. 5. Any FIU that declines to participate in the conduct of the joint analysis shall provide the reasons thereof in writing to the Authority, within five days of receipt of the invitation. The Authority shall provide such explanation without delay to the FIU that identified the need for a joint analysis. 6. Upon the express consent of all FIUs participating in the joint analysis, the staff of the Authority supporting the joint analysis shall be granted access to all data pertaining to the subject matter of the case and shall be able to process those data for the purposes of supporting the joint analysis. Where an FIU refuses to grant access to the staff of the Authority to the data pertaining to the subject matter of the case, it shall ensure that the information is otherwise provided in a way that does not impede the staff of the Authority in providing operational support to the joint analysis, nor otherwise effectively hamper their ability to provide such support. Where several FIUs refuse to grant access to the data pertaining to the subject matter of the case, the Authority shall re-assess whether the tasks that its staff would perform justify its support to the joint analysis, and consider recommending that the joint analysis proceeds without its support instead. 7. The Authority shall provide all necessary tools and operational support required for the conduct of the joint analysis, in accordance with the developed methods and procedures. In particular, the Authority shall set up a dedicated, secured channel of communication for the performance of the joint analysis, and shall provide the appropriate technical coordination, including IT support, as well as budgetary and logistical support. 8. Upon the express consent of all FIUs participating in the joint analysis, the staff of the Authority supporting the joint analysis shall be authorised to cross-match, on the basis of a hit/no-hit system, the data of those FIUs with data made available by other FIUs and Union bodies, offices and agencies within their respective mandates. In the case of a hit, the Authority shall share with all FIUs participating in the joint analysis the information that triggered the hit to the extent that the provider of the information authorised its sharing and that the information is necessary for the conduct of the joint analysis. For the purposes of this paragraph, the Authority shall use a system designed for the cross-matching of information relevant for the purposes of preventing money laundering, its predicate offences and terrorist financing in a proportionate manner. That system shall ensure a level of security and confidentiality proportionate to the nature and extent of the information cross-matched. The methods and procedures to be established for the conduct of the joint analyses pursuant to Article 43(1) and the working arrangements to be concluded pursuant to Article 94(2) shall specify the methods for carrying out the cross-matching on the basis of a hit/no-hit system as referred to in the first subparagraph of this paragraph.

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41. 041 Article 41

    Article 41 Reporting and transmission of the results of joint analyses 1. Where the results of a joint analysis indicate that there are reasonable grounds to suspect that money laundering or other criminal activities are being or have been committed in respect of which the EPPO could exercise its competence in accordance with Article 22 and Article 25(2) and (3) of Regulation (EU) 2017/1939, the Authority shall report without undue delay the results of the joint analysis and any additional relevant information to the EPPO. 2. The Authority shall, in consultation with the EPPO, develop draft implementing technical standards to specify the format to be used by the Authority for the reporting of information to the EPPO. The Authority shall submit those draft implementing technical standards to the Commission by 27 June 2026. The Commission is empowered to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 53. 3. Where the results of the joint analysis indicate that there are reasonable grounds to suspect that fraud, corruption or any other illegal activity affecting the financial interests of the Union is being or has been committed in respect of which the European Anti-Fraud Office (OLAF) could exercise its competence in accordance with Article 8 of Regulation (EU, Euratom) No 883/2013, the Authority shall transmit the results of the joint analysis and any additional relevant information to OLAF. 4. Upon the express consent of all FIUs participating in the joint analysis and where the results of the joint analysis indicate that there are reasonable grounds to suspect that a criminal offence has been committed in respect of which Europol could exercise its competence in accordance with Regulation (EU) 2016/794 of the European Parliament and of the Council, the Authority shall transmit the results of the joint analysis and any additional relevant information to Europol. 5. Upon the express consent of all FIUs participating in the joint analysis, and where the results of the joint analysis indicate that there are reasonable grounds to suspect that a criminal offence has been committed in respect of which Eurojust could exercise its competence in accordance with Regulation (EU) 2018/1727 of the European Parliament and of the Council, the Authority shall transmit the results of the joint analysis and any additional relevant information to Eurojust. 6. The Authority, the EPPO, Europol, Eurojust and OLAF may exchange strategic and other non-operational information, such as typologies and risk indicators, in the areas within their competence. The conditions for the exchange of the information referred to in the first subparagraph shall be laid down in the working arrangements referred to in Article 94.

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42. 042 Article 42

    Article 42 Requests by the Authority for the initiation of a joint analysis 1. Where the Authority identifies a potential need to conduct a joint analysis pursuant to Article 40 of this Regulation or Article 32 of Directive (EU) 2024/1640, it shall inform the concerned FIUs thereof and request them to take part in the joint analysis. 2. The concerned FIUs shall inform the Authority without undue delay, making best efforts to do so within five days of receipt of the request, of their decision concerning the request referred to in paragraph 1. 3. Where an FIU requested to take part in the joint analysis refuses a request made by the Authority pursuant to paragraph 1, it shall inform the Authority of the reasons for its decision without undue delay, making best efforts to do so within five days of receipt of the request.

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43. 043 Article 43

    Article 43 Review of the methods and procedures for, and conduct of, joint analyses 1. The Authority shall establish methods and procedures for the conduct of joint analyses, periodically review them and update them where necessary. The requirement to review and update shall also apply to the methods and criteria referred to in Article 40(1). 2. FIUs that participated or were otherwise involved in a joint analysis may provide their feedback to the Authority on the conduct of the analysis, including feedback on the operational support provided by the Authority in the process of the joint analysis, as well as feedback on the outcome of the analysis, the methods and procedures in place pursuant to paragraph 1, the tools available and the coordination between the participating FIUs. Feedback that is labelled confidential shall not be shared with other FIUs. 3. On the basis of the feedback referred to in paragraph 2, or on its own initiative, the Authority may issue a follow-up report relating to the conduct of the joint analysis, including specific suggestions for adjustments regarding the methods and procedures for the conduct of the joint analysis, and conclusions on the outcome of the joint analysis. The follow-up report shall be shared with all FIUs, without disclosing confidential or restricted information on the case. The conclusions and recommendations relating to the conduct of the joint analysis shall be shared with all FIUs that participated in that joint analysis, and with all other FIUs insofar as those conclusions and recommendations do not contain confidential or restricted information.

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44. 044 Article 44

    Article 44 National FIU delegates 1. The FIU of each Member State shall delegate one or more staff members to the Authority. The regular place of work of the national FIU delegate shall be at the seat of the Authority. 2. FIU delegates shall have the status of staff of the delegating FIU at the time of their appointment and for the entire duration of their delegation. Member States shall appoint their FIU delegate on the basis of a proven high level of relevant and practical experience in the field of FIU tasks. The delegate shall remain under the authority of the delegating FIU and shall comply with the security and confidentiality rules of the delegating FIU, including relevant national law. 3. The General Board in FIU composition may reject a person who has been appointed as FIU delegate if that person does not fulfil the criteria referred to in paragraph 2. The term of office of FIU delegates shall be three years, renewable once with the consent of the delegating FIU. 4. FIU delegates shall support the Authority in carrying out the tasks set out in Article 5(5). To that end, FIU delegates shall be granted, for the duration of the delegation, access to the Authority’s data and information to the extent necessary for the performance of their tasks. 5. FIU delegates shall be granted access to any data accessible by their delegating FIU for the purposes of carrying out the tasks referred to in Article 5(5). 6. The Executive Board shall determine the rights and obligations of FIU delegates in relation to the Authority, taking into account the opinion of the General Board in FIU composition. FIUs shall ensure that their FIU delegate complies with those rights and obligations.

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45. 045 Article 45

    Article 45 Mutual assistance in the area of cooperation between FIUs 1. In the context of promoting cooperation between, and supporting the work of, FIUs, the Authority, taking into account the needs of FIUs, shall promote common approaches, methods and best practices. The Authority shall also organise and facilitate in particular the following activities: (a) training programmes, including with respect to technological innovation; (b) personnel exchanges and secondment schemes, including secondment of FIU staff from a Member State to the Authority; (c) exchanges of practices between FIUs, including sharing expertise in a specific area; (d) development or procurement of IT tools and services to enhance the analysis capabilities of FIUs. 2. An FIU may submit to the Authority a request for assistance related to the tasks of the FIU, specifying the type of assistance it seeks from the staff of the Authority, the staff of one or more FIU, or a combination thereof. The FIU requesting assistance shall ensure that access is given to any information and data necessary for the provision of such assistance. The Authority shall keep and regularly update information on specific areas of expertise and on the capacity of FIUs to provide mutual assistance related to the tasks of FIUs. 3. The Authority shall make every effort to provide the requested assistance, including by considering the support to be provided with its own human resources as well as coordinating and facilitating the provision of any form of assistance by other FIUs on a voluntary basis. 4. At the beginning of each year, the Chair of the Authority shall inform the General Board in FIU composition of the human resources that the Authority can allocate to providing the assistance referred to in paragraph 2 of this Article. Where changes occur to the availability of human resources due to performance of the tasks referred to in Article 5(5), the Chair of the Authority shall inform the General Board in FIU composition thereof.

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46. 046 Article 46

    Article 46 Mediation between FIUs 1. The Authority may facilitate a solution in the case of a disagreement between two or more FIUs regarding individual cases related to cooperation, including the exchange of information, under Directive (EU) 2024/1640. The purpose of such mediation shall be to reconcile divergent points of view between the FIUs and to adopt a non-binding opinion. 2. Where a disagreement cannot be solved by direct contact and dialogue between the FIUs concerned, the Authority shall launch a mediation procedure upon the request of one or more of those FIUs. The Authority may also propose launching a mediation procedure on its own initiative. Mediation shall be conducted only with the agreement of all FIUs concerned. 3. The mediation procedure shall be launched before the General Board in FIU composition. All members of the General Board in FIU composition, except the heads of the FIUs that are concerned by the disagreement, shall seek to reconcile the points of view of the FIUs that are concerned by the disagreement and shall agree on a non-binding opinion. Where relevant, experts from the Commission may be invited to participate in the mediation procedure in an advisory capacity. 4. The General Board in FIU composition shall adopt rules of procedure for mediation procedures, including the applicable deadlines. 5. Where an FIU that is concerned by a disagreement refuses to participate in the mediation procedure, it shall inform the Authority and the other FIUs that are concerned by the disagreement of the reasons for its decision within the period specified in the rules of procedure referred to in paragraph 4. 6. Within three months of the adoption of the non-binding opinion referred to in paragraph 3, the FIUs that are concerned by the disagreement shall report to the General Board in FIU composition regarding the measures that they have taken in response to the opinion or, where they have not taken measures, regarding the reasons why they have not done so.

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47. 047 Article 47

    Article 47 FIU.net 1. The Authority shall ensure adequate, uninterrupted and secure hosting of FIU.net, and ensure the management, maintenance and development of FIU.net. Taking into account the needs of FIUs, the Authority shall ensure that the most advanced and secure technology available is used for FIU.net, subject to a cost-benefit analysis. 2. The Authority shall ensure uninterrupted functioning of FIU.net and keep it up-to-date. Where necessary to support or strengthen the exchange of information and cooperation between FIUs and based on the needs of FIUs, the Authority shall design and implement, or otherwise make available, upgraded or additional functionalities of FIU.net. 3. The Authority shall also be responsible for the following tasks relating to FIU.net: (a) implement appropriate technical and organisational measures to ensure a level of security that protects personal data; (b) plan, coordinate, manage and support any testing activities; (c) ensure adequate financial resources; (d) provide training on the technical use of FIU.net by end-users. 4. For the purposes of carrying out the tasks referred to in paragraphs 1, 2 and 3, the Authority shall be empowered to conclude or enter into legally binding contracts or agreements with third-party service providers, after appropriate audits of their security standards. 5. The Authority shall adopt and implement the measures necessary for the fulfilment of the tasks referred to in this Article, including a security plan, a business continuity plan and a disaster recovery plan for FIU.net. 6. The General Board in FIU composition, acting unanimously, may decide to suspend the access of an FIU, its counterpart in a third country, or a Union body, office or agency, to FIU.net where it has grounds to believe that such access would jeopardise the implementation of Chapter III of Directive (EU) 2024/1640 and the security and confidentiality of the information held by FIUs and exchanged through the FIU.net system, including where there are concerns in relation to an FIU’s lack of independence and autonomy. Where the General Board in FIU composition adopts a decision suspending the access of an FIU to FIU.net, the General Board shall act unanimously by vote of all members of the General Board in FIU composition, except the head of the FIU in question. The General Board in FIU composition shall define the criteria for the suspension of access to FIU.net and adopt rules of procedure for such suspension.

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48. 048 Article 48

    Article 48 Peer review 1. The Authority shall set up a peer review process of the activities of FIUs pursuant to Chapter III of Directive (EU) 2024/1640 to strengthen the consistency and effectiveness of FIU activities and to facilitate the exchange of best practices between FIUs. The Authority shall develop methods to allow for an objective assessment of the FIUs reviewed and also develop rules of procedure for the conduct of peer reviews. Where relevant, the planning and conducting of peer reviews shall take due account of the evaluations, assessments and reports drawn up by international organisations and intergovernmental bodies with competence in the field of preventing and detecting money laundering, its predicate offences and terrorist financing. 2. For the purposes of paragraph 1, the Authority shall set up a peer review team, which shall be composed of the staff of the Authority and representatives of the FIUs participating in the peer review. 3. The peer review of the activities of an FIU shall include an assessment of, but shall not be limited to, the following: (a) the adequacy of the FIU’s resources, including human and technical and IT resources, to perform its functions; (b) the measures implemented to ensure that the FIU has operational independence and autonomy and is not subject to undue influence; (c) the measures that the FIU has put in place to protect the security and confidentiality of information; (d) the FIU’s function to receive suspicious transaction reports and other disclosures, including the number and nature of disclosures received and their quality; (e) the measures that the FIU has put in place to enhance the reporting of suspicious transactions by obliged entities, in particular in relation to their quality; (f) the FIU’s access to and use of additional information to enrich its analysis; (g) the tools used by the FIU to carry out an analysis; (h) the extent to which the FIU’s analysis and dissemination support the operational needs of authorities competent for the investigation and prosecution of money laundering, its predicate offences and terrorist financing; (i) domestic cooperation between the FIU and other competent authorities; (j) cross-border cooperation between the FIU and FIUs from other Member States. 4. The Authority shall produce a report setting out the results of the peer review. That peer review report shall be jointly prepared by the staff of the Authority and the relevant staff of the FIUs involved in the peer review team, and shall be adopted by the Executive Board, having received the observations of the General Board in FIU composition as to the consistency of application of the methodology with other peer review reports. The report shall include good practices identified and, where relevant, follow-up measures that are deemed appropriate, proportionate and necessary as a result of the peer review. Those follow-up measures may be adopted in the form of guidelines and recommendations pursuant to Article 54 and an opinion pursuant to Article 55. FIUs shall make every effort to comply with any guidelines and recommendations issued in accordance with Article 54. 5. The Authority shall publish the findings of the peer review on its website and submit an opinion to the Commission where, having regard to the outcome of the peer review or to any other information acquired by the Authority in carrying out its tasks, it considers that further harmonisation of Union rules applicable to FIUs would be necessary from the Union’s perspective. 6. The Authority shall provide a follow-up report two years after the publication of the peer review report. The follow-up report shall be jointly prepared by the staff of the Authority and the relevant staff of the FIUs involved in the peer review team, and shall be adopted by the Executive Board, having received the observations of the General Board in FIU composition as to the consistency of application of the methodology with other peer review reports. The follow-up report shall include an assessment of the adequacy and effectiveness of the actions undertaken by the FIUs that were subject to the peer review in response to the follow-up measures of the peer review report. The Authority shall publish the findings of the follow-up report on its website. 7. For the purposes of this Article, the Executive Board shall adopt a peer review work plan every two years, which shall reflect the lessons learnt from the past peer review processes and discussions held in the General Board in FIU composition. The peer review work plan shall constitute a separate part of the annual and multiannual working programme and shall be included in the single programming document. Every FIU shall participate in the peer reviews which concern it.

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49. 049 Article 49

    Article 49 Regulatory technical standards 1. Where the European Parliament and the Council delegate power to the Commission to adopt regulatory technical standards by means of delegated acts pursuant to Article 290 TFEU in order to ensure consistent harmonisation in the areas specifically set out in the legislative acts referred to in Article 1(2) of this Regulation, the Authority may develop draft regulatory technical standards. The Authority shall submit its draft regulatory technical standards to the Commission for adoption. At the same time, the Authority shall forward those draft regulatory technical standards for information to the European Parliament and to the Council. Regulatory technical standards shall be technical, shall not imply strategic decisions or policy choices and their content shall be delimited by the legislative acts on which they are based. Before submitting them to the Commission, the Authority shall conduct open public consultations on draft regulatory technical standards and shall analyse the potential related costs and benefits, unless those consultations and analyses are highly disproportionate to the scope and impact of the draft regulatory technical standards concerned or in relation to the particular urgency of the matter. Within three months of receipt of a draft regulatory technical standard, the Commission shall decide whether to adopt it. The Commission shall inform the European Parliament and the Council in due time where the adoption cannot take place within the three-month period. The Commission may adopt the draft regulatory technical standard in part only, or with amendments, where the Union’s interests so require. Where the Commission intends not to adopt a draft regulatory technical standard or to adopt it in part or with amendments, it shall send the draft regulatory technical standard back to the Authority, explaining why it does not adopt it or explaining the reasons for its amendments. The Commission shall send a copy of its letter to the European Parliament and to the Council. Within a period of six weeks, the Authority may amend the draft regulatory technical standard on the basis of the Commission’s proposed amendments and resubmit it in the form of a formal opinion to the Commission. The Authority shall send a copy of its formal opinion to the European Parliament and to the Council. If, on the expiry of that six-week period, the Authority has not submitted an amended draft regulatory technical standard, or has submitted a draft regulatory technical standard that is not amended in a way consistent with the Commission’s proposed amendments, the Commission may adopt the regulatory technical standard with the amendments it considers relevant, or reject it. The Commission shall not change the content of a draft regulatory technical standard prepared by the Authority without prior coordination with the Authority, as set out in this Article. 2. Where the Authority has not submitted a draft regulatory technical standard within the time limit set out in the legislative acts referred to in Article 1(2), the Commission may request such a draft within a new time limit. If the Authority cannot comply with that new time limit, it shall inform the European Parliament, the Council and the Commission thereof in due time. 3. Only where the Authority does not submit a draft regulatory technical standard to the Commission within the time limits in accordance with paragraph 2, may the Commission adopt a regulatory technical standard by means of a delegated act without a draft from the Authority. The Commission shall conduct open public consultations on draft regulatory technical standards and analyse the potential related costs and benefits, unless such consultations and analyses are disproportionate to the scope and impact of the draft regulatory technical standards concerned or in relation to the particular urgency of the matter. The Commission shall immediately forward the draft regulatory technical standard to the European Parliament and the Council. The Commission shall send its draft regulatory technical standard to the Authority. Within a period of six weeks, the Authority may amend the draft regulatory technical standard and submit it in the form of a formal opinion to the Commission. The Authority shall send a copy of its formal opinion to the European Parliament and to the Council. If on the expiry of the six-week period referred to in the fourth subparagraph, the Authority has not submitted an amended draft regulatory technical standard, the Commission may adopt the regulatory technical standard. If the Authority has submitted an amended draft regulatory technical standard within the six-week period, the Commission may amend the draft regulatory technical standard on the basis of the Authority’s proposed amendments or adopt the regulatory technical standard with the amendments it considers relevant. The Commission shall not change the content of the draft regulatory technical standard prepared by the Authority without prior coordination with the Authority, as set out in this Article. 4. The regulatory technical standards shall be adopted by means of regulations or decisions. The words ‘regulatory technical standard’ shall appear in the title of such regulations or decisions. Those standards shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein.

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50. 050 Article 50

    Article 50 Exercise of the delegation 1. The power to adopt regulatory technical standards referred to in Article 49 shall be conferred on the Commission for a period of four years from 26 June 2024. The Commission shall draw up a report in respect of the delegated power not later than six months before the end of the four-year period. The delegation of power shall be automatically extended for periods of an identical duration. 2. As soon as it adopts a regulatory technical standard, the Commission shall notify it simultaneously to the European Parliament and to the Council. 3. The power to adopt regulatory technical standards is conferred on the Commission subject to the conditions laid down in Articles 49, 51 and 52.

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51. 051 Article 51

    Article 51 Objections to regulatory technical standards 1. The European Parliament or the Council may object to a regulatory technical standard within a period of three months from the date of notification of the regulatory technical standard adopted by the Commission. At the initiative of the European Parliament or the Council that period shall be extended by three months. 2. If, on the expiry of the period referred to in paragraph 1, neither the European Parliament nor the Council has objected to the regulatory technical standard, it shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein. The regulatory technical standard may be published in the Official Journal of the European Union and enter into force before the expiry of the period referred to in paragraph 1 if the European Parliament and the Council have both informed the Commission of their intention not to raise objections. 3. If either the European Parliament or the Council objects to a regulatory technical standard within the period referred to in paragraph 1, it shall not enter into force. In accordance with Article 296 TFEU, the institution which objects shall state the reasons for objecting to the regulatory technical standard.

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52. 052 Article 52

    Article 52 Non-endorsement or amendment of draft regulatory technical standards 1. In the event that the Commission does not endorse a draft regulatory technical standard or amends it as provided for in Article 49, the Commission shall inform the Authority, the European Parliament and the Council, stating its reasons. 2. Where appropriate, the European Parliament or the Council may invite the responsible Commissioner, together with the Chair of the Authority, within one month of the notice referred to in paragraph 1, for an ad hoc meeting of the competent committee of the European Parliament or the Council to present and explain their differences.

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53. 053 Article 53

    Article 53 Implementing technical standards 1. Where the European Parliament and the Council confer implementing powers on the Commission to adopt implementing technical standards by means of implementing acts pursuant to Article 291 TFEU, in the areas specifically set out in the legislative acts referred to in Article 1(2) of this Regulation, the Authority may develop draft implementing technical standards. Implementing technical standards shall be technical, shall not imply strategic decisions or policy choices and their content shall be to determine the conditions of application of those acts. The Authority shall submit its draft implementing technical standards to the Commission for adoption. At the same time, the Authority shall forward those technical standards for information to the European Parliament and to the Council. Before submitting draft implementing technical standards to the Commission, the Authority shall conduct open public consultations and shall analyse the potential related costs and benefits, unless such consultations and analyses are highly disproportionate to the scope and impact of the draft implementing technical standards concerned or in relation to the particular urgency of the matter. Within three months of receipt of a draft implementing technical standard, the Commission shall decide whether to adopt it. The Commission may extend that period by one month. The Commission shall inform the European Parliament and the Council in due time where the adoption cannot take place within the three-month period. The Commission may adopt the draft implementing technical standard in part only, or with amendments, where the Union’s interests so require. Where the Commission intends not to adopt a draft implementing technical standard or intends to adopt it in part or with amendments, it shall send it back to the Authority explaining why it does not intend to adopt it or explaining the reasons for its amendments. The Commission shall send a copy of its letter to the European Parliament and to the Council. Within a period of six weeks, the Authority may amend the draft implementing technical standard on the basis of the Commission’s proposed amendments and resubmit it in the form of a formal opinion to the Commission. The Authority shall send a copy of its formal opinion to the European Parliament and to the Council. If, on the expiry of the six-week period referred to in the fourth subparagraph, the Authority has not submitted an amended draft implementing technical standard, or has submitted a draft implementing technical standard that is not amended in a way consistent with the Commission’s proposed amendments, the Commission may adopt the implementing technical standard with the amendments it considers relevant or reject it. The Commission shall not change the content of a draft implementing technical standard prepared by the Authority without prior coordination with the Authority, as set out in this Article. 2. Where the Authority has not submitted a draft implementing technical standard within the time limit set out in the legislative acts referred to in Article 1(2), the Commission may request such a draft within a new time limit. If the Authority cannot comply with that new time limit, it shall inform the European Parliament, the Council and the Commission thereof in due time. 3. Only where the Authority does not submit a draft implementing technical standard to the Commission within the time limits in accordance with paragraph 2, may the Commission adopt an implementing technical standard by means of an implementing act without a draft from the Authority. The Commission shall conduct open public consultations on draft implementing technical standards and analyse the potential related costs and benefits, unless such consultations and analyses are disproportionate to the scope and impact of the draft implementing technical standards concerned or in relation to the particular urgency of the matter. The Commission shall immediately forward the draft implementing technical standard to the European Parliament and the Council. The Commission shall send the draft implementing technical standard to the Authority. Within a period of six weeks, the Authority may amend the draft implementing technical standard and submit it in the form of a formal opinion to the Commission. The Authority shall send a copy of its formal opinion to the European Parliament and to the Council. If, on the expiry of the six-week period referred to in the fourth subparagraph, the Authority has not submitted an amended draft implementing technical standard, the Commission may adopt the implementing technical standard. If the Authority has submitted an amended draft implementing technical standard within that six-week period, the Commission may amend the draft implementing technical standard on the basis of the Authority’s proposed amendments or adopt the implementing technical standard with the amendments it considers relevant. The Commission shall not change the content of the draft implementing technical standards prepared by the Authority without prior coordination with the Authority, as set out in this Article. 4. The implementing technical standards shall be adopted by means of regulations or decisions. The words ‘implementing technical standard’ shall appear in the title of such regulations or decisions. Those standards shall be published in the Official Journal of the European Union and shall enter into force on the date stated therein.

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54. 054 Article 54

    Article 54 Guidelines and recommendations 1. The Authority shall, with a view to establishing consistent, efficient and effective supervisory and FIU-related practices, and to ensuring the common, uniform and consistent application of Union law, issue guidelines and recommendations addressed to supervisory authorities, supervisors, FIUs, or obliged entities. 2. The Authority shall, where appropriate, conduct open public consultations regarding those guidelines and recommendations and analyse the related potential costs and benefits. Those consultations and analyses shall be proportionate to the scope, nature and impact of the guidelines or recommendations. Where the Authority does not conduct open public consultations, the Authority shall provide its reasons and make them public. 3. Supervisory authorities, supervisors, FIUs and obliged entities shall make every effort to comply with those guidelines and recommendations. Within two months of the issuance of a guideline or recommendation, each supervisory authority, supervisor or FIU shall confirm whether it complies or intends to comply with that guideline or recommendation. In the event that a supervisory authority, supervisor or FIU does not comply or does not intend to comply, it shall inform the Authority, stating its reasons. The Authority shall publish the fact that a supervisory authority, supervisor or FIU does not comply or does not intend to comply with that guideline or recommendation. The Authority may also decide, on a case-by-case basis, to publish the reasons provided by the supervisory authority, supervisor or FIU for not complying with that guideline or recommendation. The supervisory authority, supervisor or FIU shall receive advance notice of such publication. If required by that guideline or recommendation, obliged entities shall report, in a clear and detailed way, whether they comply with that guideline or recommendation. 4. In the report referred to in Article 64(4), point (c), the Authority shall list the guidelines and recommendations that it has issued. 5. The guidelines and recommendations issued by the Authority shall replace the guidelines and recommendations previously issued by the EBA or by supervisors and FIUs on the same subject. Provided that they are still relevant, the guidelines and recommendations issued by the EBA, or by supervisors and FIUs pursuant to Directive (EU) 2015/849 of the European Parliament and of the Council and Regulation (EU) 2023/1113 shall remain applicable until such time as the new guidelines and recommendations issued by the Authority on the same subject start to apply. The Authority shall provide for a suitable transition period for the application of the new guidelines and recommendations.

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55. 055 Article 55

    Article 55 Opinions and technical advice 1. The Authority may, upon a request from the European Parliament, from the Council or from the Commission, or on its own initiative, provide opinions to the European Parliament, the Council and the Commission on all issues related to its area of competence. In its opinions, the Authority may, where appropriate, address the functioning of legislative acts in force, including the appropriateness of removing any redundant or obsolete reporting requirements in Union law or in measures of national law transposing Union law. To provide opinions on legislative acts in force, as referred to in the second subparagraph, the Authority may consult all relevant stakeholders specifically on that matter and take their input into account. The Commission may, after considering those opinions, where appropriate, submit to the European Parliament and to the Council a legislative proposal. 2. The request referred to in paragraph 1 may include a consultation with other relevant Union bodies where their competence is concerned, a public consultation or a technical analysis. 3. The Authority may, upon a request from the European Parliament, from the Council or from the Commission, provide technical advice to the European Parliament, the Council and the Commission in the areas covered by the legislative acts referred to in Article 1(2).

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56. 056 Article 56

    Article 56 Administrative and management structure The Authority’s structure shall comprise: (a) a General Board, which shall exercise the tasks set out in Article 60; (b) an Executive Board, which shall exercise the tasks set out in Article 64: (c) a Chair of the Authority, who shall exercise the tasks set out in Article 69; (d) an Executive Director, who shall exercise the tasks set out in Article 71; (e) an Administrative Board of Review, which shall exercise the functions listed in Article 74.

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57. 057 Article 57

    Article 57 Composition of the General Board 1. The General Board shall have either the supervisory composition laid down in paragraph 2 or the FIU composition laid down in paragraph 3. 2. The General Board in supervisory composition shall be composed of: (a) the Chair of the Authority, with the right to vote; (b) the heads of the supervisory authorities of obliged entities in each Member State, with the right to vote; (c) one representative of the Commission, without the right to vote. The heads of the supervisory authorities referred to in the first subparagraph, point (b), in each Member State shall share a single vote and shall agree on a single common representative, which shall be either a permanent representative or an ad hoc voting representative, for the purposes of each specific meeting or voting procedure. Where items to be discussed by the General Board in supervisory composition concern the competence of several supervisory authorities, the single common representative may be accompanied by a representative from up to two other supervisory authorities, without the right to vote. Each supervisory authority that has a voting member under an ad hoc or permanent agreement shall be responsible for nominating a high-level alternate from its authority, who may replace the voting member of the General Board referred to in the second subparagraph where that person is unable to attend. 3. The General Board in FIU composition shall be composed of: (a) the Chair of the Authority, with the right to vote; (b) the heads of FIUs, with the right to vote; (c) one representative of the Commission, without the right to vote. Each FIU shall nominate a high-level alternate from its unit, who may replace the head of the FIU referred to in the first subparagraph, point (b), where that person is unable to attend. 4. The General Board may decide to admit observers. In particular, the General Board in FIU composition may admit the representatives of OLAF, Europol, Eurojust and the EPPO as observers to meetings, where matters within the scope of their respective mandates are discussed. The General Board in supervisory composition shall admit a representative nominated by the Supervisory Board of the ECB and a representative of each of the ESAs as observers, where matters within the scope of their respective mandates are discussed. The circumstances under which the Union institution, bodies, offices and agencies listed in the first subparagraph are to be invited to the meetings of the General Board shall be specified in the rules of procedure of the General Board and reflect an agreement reached between the Authority and each of those observers. Other observers may be admitted on an ad hoc basis if approved by a two-thirds majority of the voting members of the General Board in the relevant composition. 5. The Executive Board members may participate in the meetings of the General Board, whether in supervisory composition or FIU composition, without the right to vote, where the items covered by their areas of responsibility as determined by the Chair of the Authority and referred to in Article 66(2) are discussed.

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58. 058 Article 58

    Article 58 Delegation of tasks and decisions, and internal committees of the General Board 1. The General Board, on its own initiative or at the request of the Chair of the Authority, may establish internal committees for specific tasks attributed to it. The General Board may provide for the delegation of certain clearly defined tasks and decisions to internal committees, to the Executive Board or to the Chair of the Authority. The General Board may revoke such delegation at any time. 2. Internal committees shall report to the General Board, for decision, all conclusions reached by them. 3. The Executive Board members may participate in the meetings of internal committees in accordance with Article 57(5). 4. The General Board in FIU composition shall establish a standing committee composed of nine of its members or representatives with adequate expertise from their respective national FIU, to support it in performing its tasks pursuant to Article 60(3), including by submitting proposals and preparing draft decisions. The standing committee shall have no decision-making powers. It shall execute its tasks in the interest of the Union as a whole and shall work in full transparency with the General Board in FIU composition. The General Board in FIU composition shall adopt the rules of procedure of the standing committee. The composition of the standing committee shall ensure a fair balance and rotation between the members or representatives of national FIUs. Its nine members shall be appointed by the General Board in FIU composition.

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59. 059 Article 59

    Article 59 Independence of the General Board 1. When carrying out the tasks conferred upon them by this Regulation, the Chair of the Authority and the members of the General Board in supervisory composition and in FIU composition shall act independently and in the general interest of the Union as a whole and shall neither seek nor take instructions from Union institutions, bodies, offices or agencies, nor from any government or any other public or private body. 2. Member States, Union institutions, agencies, offices and bodies, and other public or private bodies shall not seek to influence the members of the General Board in the performance of their tasks. 3. In its rules of procedure, the General Board shall lay down practical arrangements for the prevention and management of conflicts of interest.

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60. 060 Article 60

    Article 60 Tasks of the General Board 1. The General Board in supervisory composition shall take the decisions relating to the tasks referred to in Articles 7 to 10 as well as any other decision which, pursuant to this Regulation, is to be taken by the General Board in supervisory composition. 2. The General Board in supervisory composition may provide its opinion on any draft decision prepared by the Executive Board in relation to selected obliged entities, in accordance with Chapter II, Section 3, and Article 64(2). The General Board in supervisory composition and the Executive Board shall jointly agree on, and adopt, the procedures and timelines to be followed for the purpose of providing the opinion referred to in the first subparagraph. 3. The General Board in FIU composition shall perform the tasks and adopt the decisions referred to in Article 5(5) and Chapter II, Section 6. 4. The General Board shall adopt the opinions, recommendations, guidelines and decisions of the Authority referred to in Chapter II, Section 7, in the appropriate composition, having regard to the subject matter of the instrument. Where a given instrument concerns both supervision-related matters and FIU-related matters, the General Board in supervisory composition and the General Board in FIU composition shall each adopt separately those opinions, recommendations, guidelines and decisions. The opinions, recommendations, and guidelines shall be adopted based on a proposal of the relevant internal committee. 5. The General Board shall vote on the draft regulatory technical standards referred to in Article 49 and the draft implementing technical standards referred to in Article 53 and submit them to the Commission for adoption, in the appropriate composition, having regard to the subject matter of the standards. 6. The General Board in either composition shall be consulted on the draft decisions to be taken by the Executive Board pursuant to Article 64(4), points (a), (c), (e) and (m). Where the subsequent decision taken by the Executive Board deviates from the opinion of the General Board, the Executive Board shall provide the reasons thereof in writing. 7. The General Board shall adopt its rules of procedure and make them public. 8. Without prejudice to Article 63(3) and (4) and Article 68(1) and (2), the General Board shall exercise the powers conferred by the Staff Regulations on the appointing authority and by the Conditions of Employment of Other Servants on the authority empowered to conclude contracts of employment (‘the appointing authority powers’) with regard to the Chair of the Authority and the five full-time members of the Executive Board, throughout their mandate.

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61. 061 Article 61

    Article 61 Voting rules of the General Board 1. Decisions of the General Board shall be taken by a simple majority of its members. Each voting member as determined by Article 57(2) and (3) shall have one vote. In the event of a tied vote, the Chair of the Authority shall have a casting vote. 2. By way of derogation from paragraph 1 of this Article, the General Board shall, with regard to the acts referred to in Articles 49, 53, 54 and 55 of this Regulation, take decisions on the basis of a qualified majority of its members, as provided for in Article 16(4) TEU. The Chair of the Authority shall not vote on the decisions referred to in the first subparagraph of this paragraph, the opinions referred to in Article 60(2) or the decisions related to the evaluation of the performance of the Executive Board referred to in Article 63(5). 3. The members without the right to vote and the observers shall not attend any discussions held within the General Board in supervisory composition relating to individual obliged entities, unless otherwise provided for in the legislative acts referred to in Article 1(2) or otherwise decided upon by the members with the right to vote. 4. Paragraph 3 shall not apply to the Executive Board members and the ECB representative nominated by the Supervisory Board of the ECB. 5. The Chair of the Authority shall have the prerogative to call a vote at any time. Without prejudice to that prerogative and to the effectiveness of the Authority’s decision-making procedures, the General Board shall strive for consensus when taking its decisions.

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62. 062 Article 62

    Article 62 Meetings of the General Board 1. The Chair of the Authority shall convene the meetings of the General Board. 2. The General Board shall hold at least two ordinary meetings per year. In addition, it shall meet on the initiative of its Chair, or at the request of at least one third of its members. 3. The General Board may invite any person whose opinion may be of interest to attend its meetings as an observer. 4. The members of the General Board and their alternates may, subject to its rules of procedure, be assisted at the meetings by advisers or experts. 5. The General Board shall be assisted by a secretariat provided by the Authority. 6. The Chair of the Authority and the five full-time members of the Executive Board shall not attend meetings of the General Board where matters concerning the performance of their mandate are discussed or decided upon.

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63. 063 Article 63

    Article 63 Composition and appointment of the Executive Board 1. The Executive Board shall be composed of: (a) the Chair of the Authority; (b) five full-time members, including the Vice-Chair. Where the Executive Board carries out the tasks referred to in Article 64(4), points (a) to (l), a representative of the Commission shall be entitled to participate in the debates and shall only have access to the documents pertaining to those tasks. 2. The Executive Director shall participate in meetings of the Executive Board without the right to vote. 3. Where the decisions referred to in Article 64(2) in relation to a selected obliged entity are deliberated upon, the member of the General Board in supervisory composition from the Member State where the concerned selected obliged entity is established may participate in the deliberations during the relevant meetings of the Executive Board. That member of the General Board shall not be present during the vote following such deliberations. 4. The Executive Board members referred to in paragraph 1, point (b), shall be selected on the basis of merit, skills, knowledge, integrity, recognised standing and experience in the area of AML/CFT, and other relevant qualifications, following an open selection procedure which shall be published in the Official Journal of the European Union. The Commission shall prepare a shortlist of candidates for the position of the Executive Board members referred to in paragraph 1, point (b). The European Parliament may conduct hearings of the candidates on that shortlist. The General Board shall submit a proposal for the appointment of the Executive Board members referred to in paragraph 1, point (b), to the European Parliament, based on the shortlist prepared by the Commission. Following the European Parliament’s approval of that proposal, the Council shall adopt an implementing decision to appoint those Executive Board members. The Council shall act by qualified majority. Throughout the appointment process, the principles of gender and geographical balance shall be taken into account to the extent possible. 5. The term of office of the Executive Board members referred to in paragraph 1, point (b), shall be four years. In the course of the 12 months preceding the end of their four-year term of office, the General Board in both compositions or a smaller committee selected among General Board members, including a Commission representative, shall carry out an assessment of those Executive Board members. The assessment shall take into account an evaluation of each Executive Board member’s performance and the Authority’s future tasks and challenges. Based on the assessment, the General Board in both compositions may propose to the European Parliament to extend their term of office. Such extension may be granted only once. Following the European Parliament’s approval of the General Board’s proposal, the Council shall adopt an implementing decision to extend the term of office of the Executive Board member or members concerned. The Council shall act by qualified majority. 6. The Executive Board members referred to in paragraph 1, point (b), shall act independently and objectively in the interest of the Union as a whole and shall neither seek nor take instructions from Union institutions, bodies, offices or agencies, or from any government or any other public or private body. The Union institutions, bodies, offices and agencies, the governments of Member States and all other public or private bodies shall respect that independence. 7. If an Executive Board member referred to in paragraph 1, point (b), no longer fulfils the conditions required for the performance of that member’s duties or has been guilty of serious misconduct, the Council may, acting on its own initiative or following a proposal by the European Parliament or the General Board in either composition, adopt an implementing decision to remove that member of the Executive Board from office. The Council shall act by qualified majority. 8. During a period of 18 months after ceasing to hold office, the former Executive Board members, including the Chair and Vice-Chair of the Authority, shall be prohibited from engaging in a gainful occupational activity with: (a) a selected obliged entity; (b) any other entity, where doing so would or could lead to a conflict with the legitimate interests of the Authority. In its rules for the prevention and management of conflicts of interest in respect of its members, referred to in Article 64(4), point (e), the Executive Board shall specify the circumstances under which such a conflict of interest exists or could be perceived to exist.

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64. 064 Article 64

    Article 64 Tasks of the Executive Board 1. The Executive Board shall be responsible for the overall planning and execution of the tasks conferred on the Authority pursuant to Article 5. The Executive Board shall adopt all decisions of the Authority with the exception of the decisions that are to be taken by the General Board in accordance with Article 60. 2. The Executive Board shall adopt the decisions addressed to selected obliged entities for the purposes of the exercise of the powers referred to in Article 6(1), taking into account the proposal of the selected obliged entity’s joint supervisory team referred to in Article 16, the proposal of the independent investigatory team referred to in Article 27, and the opinion provided by the General Board on that proposed decision pursuant to Article 60(2). Where the Executive Board decides to deviate from such an opinion, it shall provide detailed reasons thereof in writing. 3. The Executive Board shall adopt the decisions addressed to individual public authorities pursuant to Articles 14, 30, and 32 to 36. 4. In addition, the Executive Board shall have the following tasks: (a) adopt, by 30 November of each year, on the basis of a proposal by the Executive Director, the draft single programming document in accordance with Article 65, and transmit it, for information to the European Parliament, the Council and the Commission by 31 January of the following year, as well as adopt and transmit any other updated version of the document; (b) adopt the draft annual budget of the Authority and exercise other functions in respect of the Authority’s budget; (c) assess and adopt a consolidated annual report on the Authority’s activities, including an overview of the fulfilment of its tasks, transmit it, by 1 July of each year, to the European Parliament, the Council, the Commission and the Court of Auditors, and make it public; (d) adopt an anti-fraud strategy, proportionate to fraud risks, taking into account the costs and benefits of the measures to be implemented; (e) adopt rules for the prevention and management of conflicts of interest in respect of its members, as well as the members of the Administrative Board of Review; (f) adopt its rules of procedure; (g) exercise, with respect to the staff of the Authority, the appointing authority powers; (h) adopt appropriate implementing rules for giving effect to the Staff Regulations and the Conditions of Employment of Other Servants in accordance with Article 110(2) of the Staff Regulations; (i) appoint the Executive Director and remove him or her from office in accordance with Article 70(5); (j) appoint an accounting officer, who may be the Commission’s accounting officer, subject to the Staff Regulations and the Conditions of Employment of Other Servants, who shall be fully independent in the performance of his or her duties; (k) ensure adequate follow-up to findings and recommendations stemming from the internal or external audit reports and evaluations, as well as from investigations of OLAF; (l) adopt the financial rules applicable to the Authority; (m) take all decisions on the establishment of the Authority’s internal structures and, where necessary, on their modification. 5. The Executive Board shall select a Vice-Chair of the Authority from among its voting members. The Vice-Chair shall automatically replace the Chair of the Authority if the Chair is unable to attend to his or her duties. 6. With respect to the powers referred to in paragraph 4, point (h), of this Article, the Executive Board shall adopt, in accordance with Article 110(2) of the Staff Regulations, a decision based on Article 2(1) of the Staff Regulations and Article 6 of the Conditions of Employment of Other Servants, delegating relevant appointing authority powers to the Executive Director. The Executive Director shall be authorised to sub-delegate those powers. 7. In exceptional circumstances, the Executive Board may, by way of a decision, temporarily suspend the delegation of the appointing authority powers to the Executive Director and any sub-delegation by the Executive Director and exercise them itself or delegate them to one of its members or to a staff member other than the Executive Director.

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65. 065 Article 65

    Article 65 Annual and multiannual programming 1. By 30 November of each year, the Executive Board shall adopt a single programming document containing a multiannual work programme and an annual work programme, based on a draft put forward by the Executive Director, taking into account the opinion of the Commission and — regarding the multiannual work programme — after consulting the European Parliament. If the Executive Board decides not to take into account any elements of the opinion of the Commission, it shall provide a thorough justification for that decision. The obligation to provide a thorough justification shall also apply to any elements raised by the European Parliament when it is consulted. The Executive Board shall forward the single programming document to the European Parliament, the Council and the Commission. The single programming document shall become final after the final adoption of the general budget and shall, if necessary, be adjusted accordingly. 2. The annual work programme shall comprise detailed objectives and expected results, including performance indicators. It shall also contain a description of the actions to be financed and an indication of the financial and human resources allocated to each action, in accordance with the principles of activity-based budgeting and management. The annual work programme shall be coherent with the multiannual work programme. It shall clearly indicate which tasks have been added, changed or deleted in comparison with the previous financial year. 3. The Executive Board shall amend the adopted annual work programme when a new task is given to the Authority. Any substantial amendment to the annual work programme shall be adopted by the same procedure as the initial annual work programme. The Executive Board may delegate the power to make non-substantial amendments to the annual work programme to the Executive Director. 4. The multiannual work programme shall set out overall strategic programming including objectives, expected results and performance indicators. It shall also set out resource programming including multiannual budget and staff. The resource programming shall be updated annually. The strategic programming shall be updated where appropriate.

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66. 066 Article 66

    Article 66 Voting rules of the Executive Board 1. The Executive Board shall take decisions by a simple majority of its members. Each member of the Executive Board shall have one vote. The Chair of the Authority, or the Vice-Chair when replacing the Chair, shall have a casting vote in the event of a tied vote. 2. A representative of the Commission shall have a right to vote whenever matters pertaining to Article 64(4), points (a) to (l), are discussed and decided upon. 3. The Executive Board’s rules of procedure shall establish more detailed voting arrangements, in particular the circumstances in which a member can act on behalf of another member.

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67. 067 Article 67

    Article 67 Fundamental Rights Officer 1. The Executive Board shall, upon a proposal of the Executive Director, designate a Fundamental Rights Officer. The Fundamental Rights Officer may be a member of the existing staff of the Authority. 2. The Fundamental Rights Officer shall perform the following tasks: (a) advise the staff of the Authority on any activity carried out by the Authority, where the Officer deems it necessary or where requested by the staff without impeding or delaying those activities; (b) promote and monitor the Authority’s compliance with fundamental rights; (c) provide non-binding opinions on the compliance of the Authority’s activities with fundamental rights; (d) inform the Executive Director and the Executive Board about possible violations of fundamental rights in the course of the Authority’s activities. 3. The Executive Board shall ensure that the Fundamental Rights Officer does not seek or take any instructions regarding the exercise of the Officer’s tasks. 4. The Fundamental Rights Officer shall report directly to the Executive Director and prepare regular reports on the performance of the tasks referred to in paragraph 2. Those reports shall be made available to the Executive Board.

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68. 068 Article 68

    Article 68 Appointment of the Chair of the Authority 1. The Chair of the Authority shall be selected on the basis of merit, skills, knowledge, integrity, recognised standing and experience in the area of AML/CFT and other relevant qualifications, following an open selection procedure which shall be published in the Official Journal of the European Union. The European Parliament, the Council and the General Board shall be kept duly informed at every stage of that procedure in a timely manner. The Commission shall prepare a shortlist of at least two qualified candidates for the position of the Chair of the Authority. The European Parliament and the General Board may conduct hearings of the candidates on that shortlist. The General Board may issue a public opinion on the results of its hearings, or address its opinion to the European Parliament, the Council and the Commission. The Commission shall submit a proposal for the appointment of the Chair of the Authority to the European Parliament. Following the European Parliament’s approval of that proposal, the Council shall adopt an implementing decision to appoint the Chair of the Authority. The Council shall act by qualified majority. By way of derogation from the second subparagraph, for the appointment of the first Chair of the Authority following the entry into force of this Regulation, the Commission shall make a proposal for the appointment of the Chair without the involvement of the General Board. 2. The Chair of the Authority shall act independently and objectively in the interest of the Union as a whole and shall neither seek nor take instructions from the Union institutions, bodies, offices or agencies nor from any government or from any other public or private body. The Union institutions, bodies, offices and agencies, the governments of the Member States and all other public or private bodies shall respect that independence. 3. The term of office of the Chair of the Authority shall be four years. In the course of the 12 months preceding the end of the Chair’s four-year term of office, the General Board in both compositions or a smaller committee selected among General Board members including a Commission representative shall carry out an assessment of the Chair. The assessment shall take into account an evaluation of the Chair’s performance and the Authority’s future tasks and challenges. Based on the assessment, the Commission may propose to the European Parliament to extend the Chair’s term of office. Such an extension may be granted only once. Following the European Parliament's approval of the Commission’s proposal, the Council shall adopt an implementing decision to extend the term of office of the Chair of the Authority. The Council shall act by qualified majority. 4. If the Chair of the Authority no longer fulfils the conditions required for the performance of his or her duties or has been guilty of serious misconduct, the Council may, acting on its own initiative, or following a proposal by the European Parliament or the General Board in either composition, adopt an implementing decision to remove the Chair of the Authority from office. The Council shall act by qualified majority. 5. If the Chair of the Authority resigns or is unable to attend to his or her duties for any other reason, the functions of the Chair shall be performed by the Vice-Chair.

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69. 069 Article 69

    Article 69 Responsibilities of the Chair of the Authority 1. The Chair of the Authority shall represent the Authority and shall be responsible for preparing the work of the General Board and the Executive Board, including setting the agenda, convening and chairing all the meetings and tabling items for decision. 2. The Chair of the Authority shall assign to the members of the Executive Board referred to in Article 63(1), point (b), specific areas of responsibility, within the scope of tasks of the Authority, for the duration of their mandate.

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70. 070 Article 70

    Article 70 Appointment of the Executive Director 1. The Executive Director shall be engaged as a temporary agent of the Authority under Article 2, point (a), of the Conditions of Employment of Other Servants. 2. The Executive Director shall perform his or her duties in the interest of the Union, and independently of any specific interests. 3. The Executive Director shall manage the Authority. The Executive Director shall be accountable to the Executive Board. Without prejudice to the powers of the Commission and of the Executive Board, the Executive Director shall be independent in the performance of his or her duties and shall neither seek nor take instructions from any Union institutions, bodies, offices or agencies, nor from any government or from any other public and private body. 4. The Executive Director shall be selected on the grounds of merit and documented high-level administrative, budgetary and management skills, following an open selection procedure which shall be published in the Official Journal of the European Union and, as appropriate, other press or internet sites. The Commission shall draw up a shortlist of at least two qualified candidates for the position of Executive Director. The Executive Board shall appoint the Executive Director. 5. The term of office of the Executive Director shall be five years. In the course of the nine months preceding the end of the Executive Director’s term of office, the Executive Board shall undertake an assessment that takes into account an evaluation of the Executive Director’s performance and the Authority’s future tasks and challenges. The Executive Board, taking into account the evaluation, may extend the term of office of the Executive Director once. The Executive Director may be removed from office by the Executive Board on the proposal of the Commission. 6. An Executive Director whose term of office has been extended shall not participate in another selection procedure for the same post at the end of the extended term of office.

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71. 071 Article 71

    Article 71 Tasks of the Executive Director 1. The Executive Director shall be responsible for the day-to-day management of the Authority and shall aim to ensure gender and, to the extent possible, geographical balance within the Authority. In particular, the Executive Director shall be responsible for: (a) implementing decisions adopted by the Executive Board; (b) preparing the draft single programming document and submitting it to the Executive Board after consulting the Commission; (c) implementing the single programming document and reporting to the Executive Board on its implementation; (d) preparing the draft consolidated annual report on the Authority’s activities and presenting it to the Executive Board for assessment and adoption; (e) preparing an action plan following up conclusions of internal or external audit reports and evaluations, as well as investigations by OLAF, and regularly reporting on progress to the Commission, the General Board and the Executive Board; (f) protecting the financial interests of the Union by applying preventive measures against fraud, corruption and any other illegal activities, without prejudicing the investigative competence of OLAF, by effective checks and, if irregularities are detected, by recovering amounts wrongly paid and, where appropriate, by imposing effective, proportionate and dissuasive administrative penalties, including financial penalties; (g) preparing an anti-fraud strategy for the Authority and presenting it to the Executive Board for approval; (h) preparing draft financial rules applicable to the Authority; (i) preparing, as part of the draft single programming document, the Authority’s draft statement of estimates of revenue and expenditure pursuant to Article 78 and implementing its budget pursuant to Article 79; (j) preparing and implementing an IT security strategy, ensuring appropriate risk management for all IT infrastructure, systems and services, which are developed or procured by the Authority as well as sufficient IT security funding; (k) implementing the annual work programme of the Authority under the control of the Executive Board; (l) preparing a draft report describing all activities of the Authority, with a section on financial and administrative matters. 2. The Executive Director shall take other necessary measures, notably the adoption of internal administrative instructions and the publication of notices, to ensure the functioning of the Authority, in accordance with this Regulation. 3. The Executive Director shall decide whether it is necessary to locate one or more staff members in one or more other Member States for the purpose of carrying out the Authority’s tasks in an efficient and effective manner. Before deciding to establish a local office, the Executive Director shall obtain the prior consent of the Commission, the Executive Board and any Member State concerned. The decision shall specify the scope of the activities to be carried out at the local office in a manner that avoids unnecessary costs and duplication of administrative functions of the Authority. An agreement with the Member State or Member States concerned shall be concluded accordingly.

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