Sittings · Document

DRAFT OPINION (COM(2024)0023 – C90011/2024 – 2024/0017(COD)) 2024-11-13

On the proposal for a Regulation of the European Parliament and of the Council on the screening of foreign investments in the Union and repealing Regulation (EU) 2019/452 of the European Parliament and of the Council

Committee on Economic and Monetary Affairs · Rapporteur: Markus Ferber

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SHORT JUSTIFICATION

Your rapporteur considers that the Commission proposal aiming to strengthen the Union’s screening mechanism for foreign investments is a step in the right direction. However, the Commission proposal can be further improved in three core areas:

Clarifying the Scope in Relation to Financial Services:

Your rapporteur appreciates that financial services are already included in point 5 of Annex II of the Regulation. In order to make the list more comprehensive, your rapporteur considers that it would be worthwhile to also include systemically important payment systems and very large insurance and reinsurance companies in the scope of the Regulation.

Furthermore, acquisitions through resolution tools under the respective resolution frameworks (for banks, CCPs or (re-)insurance undertakings) should be excluded from the scope of the Regulation. In resolution cases, time is of the essence and decisions are often made literally overnight. The in-depth screening procedures foreseen in this Regulation are a mismatch with the need for a timely response. In order to avoid financial stability risks, resolution transactions should therefore be excluded.

Strengthening the European Perspective:

One of the guiding ideas of the Commission proposal is to provide a more European perspective on foreign investments in individual Member States. To that end, your rapporteur considers it worthwhile to also include the possibility for the ESAs and the ECB (including the SSM) to provide an opinion where financial services are concerned.

Preserving the Prerogatives of the Co-Legislator:

The two Annexes are at the heart of this Regulation as they determine the scope of the foreign investment screening mechanism. In order to ensure the democratic legitimacy of any decision to change the scope, such a decision should be made by the Co-legislator through an amendment to the Regulation and not via a delegated act. Therefore, your rapporteur proposes to delete the Commission empowerment in Article 19 and replace it by a more comprehensive review clause.

AMENDMENTS

The Committee on Economic and Monetary Affairs submits the following to the Committee on International Trade, as the committee responsible:

Amendment 1

Proposal for a regulation

Recital 21

Text proposed by the Commission

Amendment

(21) To ensure that the cooperation mechanism focuses only on those foreign investments where the characteristics of the foreign investor or the Union target make an effect on security or public order likely, it is appropriate to establish risk-based conditions for the notification of foreign investments undergoing screening in a Member State to the other Member States and the Commission. Where a foreign investment does not meet any of the conditions, the Member State where the foreign investment is undergoing screening may notify the foreign investment to the other Member States and the Commission, including where the Union target has significant operations in other Member States, or belongs to a corporate group that has several companies in different Member States.

(21) To ensure that the cooperation mechanism focuses only on those foreign investments where the characteristics of the foreign investor or the Union target make an effect on security or public order likely, it is appropriate to establish risk-based conditions for the notification of foreign investments undergoing screening in a Member State to the other Member States, the Commission and, where relevant, the European Central Bank, the European Supervisory Authorities, and the Single Supervisory Mechanism. Where a foreign investment does not meet any of the conditions, the Member State where the foreign investment is undergoing screening may notify the foreign investment to the other Member States and the Commission, including where the Union target has significant operations in other Member States, or belongs to a corporate group that has several companies in different Member States.

Or. en

Amendment 2

Proposal for a regulation

Recital 44

Text proposed by the Commission

Amendment

(44) The Commission should evaluate the functioning and effectiveness of this Regulation 5 years after the date of application of this Regulation and every 5 years after that and present a report to the European Parliament and to the Council. That report should include an assessment of whether or not this Regulation should be amended. Where the report proposes amending this Regulation, it may be accompanied by a legislative proposal.

(44) The Commission should review the functioning and effectiveness of this Regulation 24 months after the date of application of this Regulation and every 24 months after that and present a report to the European Parliament and to the Council. The report should also focus on the adequacy of the list of projects, programmes and the list of technologies in the Annexes of this Regulation. That report should include an assessment of whether or not this Regulation should be amended. Where the report proposes amending this Regulation, it may be accompanied by a legislative proposal.

Or. en

Amendment 3

Proposal for a regulation

Recital 49

Text proposed by the Commission

Amendment

(49) In order to take into account developments relating to projects or programmes of Union interest and to adapt the list of technologies, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union, the power to adopt acts in accordance with Article 290 TFEU should be delegated to the Commission in respect of amendments to the Annexes to this Regulation. The list of projects and programmes of Union interest set out in Annex I should cover projects or programmes covered by EU law which provide for the development, maintenance or acquisition of critical infrastructure, critical technologies or critical inputs which are essential for security or public order. The list of technologies, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union set out in Annex II should include areas where a foreign investment may affect security or public order in more than one Member State or in the Union as a whole through an Union target, which does not participate in or receive funds from a project or programme of Union interest. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making16. In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States’ experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts.

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16 OJ L 123, 12.5.2016, p. 1.

Or. en

Amendment 4

Proposal for a regulation

Recital 49 a (new)

Text proposed by the Commission

Amendment

(49a) The financial services sector is important for the stability and growth of the EU economy, serving as the backbone for capital allocation, risk management, and payment systems. Ensuring its integrity and resilience is crucial, as disruptions can have widespread repercussions on both EU security and the EU economy. It is therefore justified to subject undertakings from the financial sector which have a significant impact on the Union’s financial stability to foreign investment screening procedures. In order to accurately assess potential threats to the Union financial system, the European Central Bank the European Supervisory Authorities, and the Single Supervisory Mechanism should be given a formal role in the foreign investment screening process, where the financial services sector is affected.

Or. en

Amendment 5

Proposal for a regulation

Article 1 – paragraph 2

Text proposed by the Commission

Amendment

2. This Regulation establishes a cooperation mechanism to enable Member States and the Commission to exchange information on foreign investments, assess their potential impact on security or public order, and identify potential concerns that shall be addressed by the Member State that is screening the foreign investment.

2. This Regulation establishes a cooperation mechanism to enable Member States and the Commission, assisted by, where applicable, other specialised Union institutions, bodies and agencies, to exchange information on foreign investments, assess their potential impact on security or public order, and identify potential concerns that shall be addressed by the Member State that is screening the foreign investment.

Or. en

Amendment 6

Proposal for a regulation

Article 4 – paragraph 4 – subparagraph 1 a (new)

Text proposed by the Commission

Amendment

The first subparagraph shall not apply where the investment takes place by virtue of the application of a resolution tool according to Directive 2014/59/EU of the European Parliament and of the Council1a, and by Regulations (EU) No 1093/20101b, (EU) No 648/20121c, and (EU) No 806/20141d of the European Parliament and of the Council or Regulation (EU) 2021/23 of the European Parliament and of the Council1e:

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1a Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council (OJ L 173, 12.6.2014, p. 190, ELI: http://data.europa.eu/eli/dir/2014/59/oj

1b Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12, ELI: http://data.europa.eu/eli/reg/2010/1093/oj).

1c Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p. 1, ELI: http://data.europa.eu/eli/reg/2012/648/oj).

1d Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1, ELI: http://data.europa.eu/eli/reg/2014/806/oj).

1e Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU) No 806/2014 and (EU) 2015/2365 and Directives 2002/47/EC, 2004/25/EC, 2007/36/EC, 2014/59/EU and (EU) 2017/1132 (OJ L 22, 22.1.2021, p. 1, ELI: http://data.europa.eu/eli/reg/2021/23/oj).

Or. en

Justification

The current proposal does not explicitly exclude acquisitions through resolution tools under the respective resolution frameworks (for banks, CCPs or (re-)insurance undertakings), which might be considered foreign investments under the foreign investment screening Regulation, from its scope. Foreign investment screening processes are designed for ordinary market transactions that take months of preparation and allow for sufficient scrutiny time. By contrast, resolution proceedings need to be concluded within days and are executed by an administrative act, not by mutually agreed transactions.

Amendment 7

Proposal for a regulation

Article 5 – paragraph 3 a (new)

Text proposed by the Commission

Amendment

3a. Where a notification received by the Commission concerns an entity listed in points (a), (d), (e), (f) or (h) of point 5 of Annex II, the Commission shall transmit the notification to the European Supervisory Authority (European Securities and Markets Authority) (ESMA);

Or. en

Amendment 8

Proposal for a regulation

Article 5 – paragraph 3 b (new)

Text proposed by the Commission

Amendment

3b. Where a notification received by the Commission concerns an entity listed in points (b), (c) or (f) of point 5 of Annex II, the Commission shall transmit the notification to the European Supervisory Authority (European Banking Authority) (EBA);

Or. en

Amendment 9

Proposal for a regulation

Article 5 – paragraph 3 c (new)

Text proposed by the Commission

Amendment

3c. Where a notification received by the Commission concerns an entity listed in point (j) of point 5 of Annex II, the Commission shall transmit the notification to the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA);

Or. en

Amendment 10

Proposal for a regulation

Article 5 – paragraph 3 d (new)

Text proposed by the Commission

Amendment

3d. Where a notification received by the Commission concerns an entity listed in point (g) of point 5 of Annex II, the Commission shall transmit the notification to the Single Supervisory Mechanism;

Or. en

Amendment 11

Proposal for a regulation

Article 5 – paragraph 3 e (new)

Text proposed by the Commission

Amendment

3e. Where a notification received by the Commission concerns an entity listed in point (i) of point 5 of Annex II, the Commission shall transmit the notification to the European Central Bank;

Or. en

Amendment 12

Proposal for a regulation

Article 7 – title

Text proposed by the Commission

Amendment

Comments by Member States and opinions by the Commission on notified foreign investments

Comments by Member States and opinions by the Commission, the European Central Bank, European Supervisory Authorities or the Single Supervisory Mechanism on notified foreign investments

Or. en

Amendment 13

Proposal for a regulation

Article 7 – paragraph 2 a (new)

Text proposed by the Commission

Amendment

2a. Where a notification received by the Commission has been transmitted in line with Articles 5(3a) to 5(3e), the European Central Bank, the responsible European Supervisory Authority or the Single Supervisory Mechanism may issue a duly motivated opinion addressed to the notifying Member State and inform the Commission thereof via the secure and encrypted system referred to in Article 12(4).

Or. en

Amendment 14

Proposal for a regulation

Article 7 – paragraph 2 b (new)

Text proposed by the Commission

Amendment

2b. The Commission shall take into account any opinion issued pursuant to paragraph 2a when drafting their own duly motivated opinion.

Or. en

Amendment 15

Proposal for a regulation

Article 7 – paragraph 11

Text proposed by the Commission

Amendment

11. When issuing comments or an opinion pursuant to this Article, the Member States, and the Commission, as the case may be, shall consider whether such comments or opinion should be classified information and what level of classification should apply thereto, in accordance with Union and the respective national law on classified information.

11. When issuing comments or an opinion pursuant to this Article, the Member States, the Commission, and, as the case my be, the European Central Bank, the responsible European Supervisory Authority or the Single Supervisory Mechanism shall consider whether such comments or opinion should be classified information and what level of classification should apply thereto, in accordance with Union and the respective national law on classified information.

Or. en

Amendment 16

Proposal for a regulation

Article 8 – paragraph 1 – point b

Text proposed by the Commission

Amendment

(b) the Commission shall inform the notifying Member State via the secure and encrypted system referred to in Article 12(4) that it reserves its right to issue an opinion no later than 20 calendar days following the receipt of the notification pursuant to Article 5.

(b) the Commission, or, where applicable, the European Central Bank, the responsible European Supervisory Authority or the Single Supervisory Mechanism, shall inform the notifying Member State via the secure and encrypted system referred to in Article 12(4) that it reserves its right to issue an opinion no later than 20 calendar days following the receipt of the notification pursuant to Article 5.

Or. en

Amendment 17

Proposal for a regulation

Article 8 – paragraph 3 – subparagraph 1 – point b a (new)

Text proposed by the Commission

Amendment

(ba) where the European Central Bank, the responsible European Supervisory Authority or the Single Supervisory Mechanism reserves its right to issue an opinion on a notified foreign investment, the respective opinion shall be addressed to the notifying Member State via the secure and encrypted system referred to in Article 12(4) no later than 30 calendar days following receipt of the complete notification of the foreign investment;

Or. en

Amendment 18

Proposal for a regulation

Article 9 – paragraph 3

Text proposed by the Commission

Amendment

3. The Commission may open an own initiative procedure when it considers that a foreign investment in the territory of a Member State which has not been notified to the cooperation mechanism falls under Article 7(2). Before opening the procedure, the Commission shall check that the Member State where the investment is planned or completed does not intend to notify the foreign investment to the cooperation mechanism. Where a foreign investment as defined in point 5 of Annex II is concerned, the Commission may consult the European Central Bank, the responsible European Supervisory Authority or the Single Supervisory Mechanism.

Or. en

Amendment 19

Proposal for a regulation

Article 12 – paragraph 2

Text proposed by the Commission

Amendment

2. Member States and the Commission shall ensure the confidentiality of the information they provide or receive in application of this Regulation, in accordance with national and Union law. When dealing with requests for access to documents provided or received in application of this Regulation, Member States and the Commission shall refrain from disclosing any information that would undermine the purpose of the investigations conducted pursuant to this Regulation.

2. Member States and the Commission as well as the European Central Bank, the responsible European Supervisory Authority or the Single Supervisory Mechanism shall ensure the confidentiality of the information they provide or receive in application of this Regulation, in accordance with national and Union law. When dealing with requests for access to documents provided or received in application of this Regulation, Member States and the Commission shall refrain from disclosing any information that would undermine the purpose of the investigations conducted pursuant to this Regulation.

Or. en

Amendment 20

Proposal for a regulation

Article 13 – paragraph 2

Text proposed by the Commission

Amendment

2. The Commission shall determine, for the purpose of issuing a duly motivated opinion pursuant to Article 7(2) or (3) or Article 9(7), whether it considers a foreign investment to be likely to negatively affect security or public order.

2. The Commission, taking into account the opinions issued by the European Central Bank, the European Supervisory Authorities or the Single Supervisory Mechanism pursuant to Article 7 (2a), shall determine, for the purpose of issuing a duly motivated opinion pursuant to Article 7(2) or (3) or Article 9(7), whether it considers a foreign investment to be likely to negatively affect security or public order.

Or. en

Amendment 21

Proposal for a regulation

Article 13 – paragraph 4 – point e

Text proposed by the Commission

Amendment

(e) whether the foreign investor, a natural person or entity controlling the foreign investor, the beneficial owner of the foreign investor, any of the subsidiaries of the foreign investor, or any other party owned or controlled by, or acting on behalf or at the direction of the foreign investor is likely to pursue a third country’s policy objectives, or facilitate the development of a third country’s military capabilities.

(e) whether the foreign investor, a natural person or entity controlling the foreign investor, the beneficial owner of the foreign investor, any of the subsidiaries of the foreign investor, or any other party owned or controlled by, or acting on behalf or at the direction of the foreign investor is likely to pursue a third country’s policy objectives detrimental to the Union's interest, or facilitate the development of a third country’s military capabilities.

Or. en

Amendment 22

Proposal for a regulation

Article 18

Text proposed by the Commission

Amendment

Article 18

deleted

Evaluation

1. The Commission shall evaluate the functioning and effectiveness of this Regulation 5 years after the date of application of this Regulation and every 5 years thereafter and present a report to the European Parliament and to the Council. Member States shall be involved in this exercise and, if necessary, provide the Commission with additional information for the preparation of that report.

2. Where the report from the Commission recommends amendments to this Regulation, it may be accompanied by a legislative proposal.

Or. en

Amendment 23

Proposal for a regulation

Article 18 a (new)

Text proposed by the Commission

Amendment

Article 18a

Review Clause

1. 24 months after ... [ date of application of this Regulation] and every 24 months thereafter, the Commission shall review the list of projects or programmes of Union interest set out in Annex I to take account of the adoption and amendment of Union law relating to projects or programmes of Union interest relevant to security or public order.

2. As part of this regular review, the Commission shall also review the list of technologies, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union set out in Annex II to take account of changes in the circumstances relevant to the security or public order interests of the Union. In particular, these considerations shall include the following:

(a) the resilience of supply chains of particular importance for the security or public order interests of the Union;

(b) the resilience of infrastructures of particular importance for the security or public order interests of the Union;

(d) the emergence of vulnerabilities in relation to access to or other forms of processing of sensitive information, including personal data to the extent they are likely to negatively affect the security or public order interests of the Union; and

(e) the emergence of a geopolitical situation of particular importance for security or public order of the Union.

3. Where the reviews referred to in paragraph 1 and 2 of this Article conclude that an amendment to Annex I or Annex II is necessary, the Commission shall submit a legislative proposal to that regard.

Or. en

Amendment 24

Proposal for a regulation

Article 19

Text proposed by the Commission

Amendment

Article 19

deleted

Delegated acts

1. The Commission is empowered to adopt delegated acts in accordance with Article 20 for the purposes of amending, where necessary, the list of projects or programmes of Union interest set out in Annex I to take account of the adoption and amendment of Union law relating to projects or programmes of Union interest relevant to security or public order.

2. The Commission is empowered to adopt delegated acts in accordance with Article 20 for the purposes of amending, where necessary, the list technologies, assets, facilities, equipment, networks, systems, services and economic activities of particular importance for the security or public order interests of the Union set out in Annex II to take account of changes in the circumstances relevant to the security or public order interests of the Union. In particular, these considerations shall include the following:

(a) the resilience of supply chains of particular importance for the security or public order interests of the Union;

(b) the resilience of infrastructures of particular importance for the security or public order interests of the Union;

(e) the emergence of a geopolitical situation of particular importance for security or public order of the Union.

Or. en

Justification

Amendments to the Annex should be done by the co-legislator.

Amendment 25

Proposal for a regulation

Article 20

Text proposed by the Commission

Amendment

Article 20

deleted

Exercise of the delegation

1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article.

2. The power to adopt delegated acts shall be conferred on the Commission for an indeterminate period of time from [date of entry into force of the basic legislative act].

3. The delegation of power may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.

4. Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making.

5. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.

6. A delegated act adopted pursuant to Article 19 shall enter into force only if no objection has been expressed by the European Parliament or the Council within 2 months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by 2 months on the initiative of the European Parliament or of the Council.

Or. en

Justification

Amendments to the Annex should be done by the co-legislator.

Amendment 26

Proposal for a regulation

Annex II – point 5

Text proposed by the Commission

Amendment

5. The following critical entities and activities in the Union’s financial system: central counterparties2 , payment systems and payment institutions3 , electronic money institutions4 , market operators and investment firms that operate a multilateral trading facility or an organised trading facility5 , central securities depositories6 , significant issuers of asset-referenced tokens or e-money tokens and crypto asset service providers operating trading platforms for crypto-assets7 , large institutions8 , global providers of specialised financial messaging services and designated critical ICT third-party service providers9 .

5. The following critical entities and activities in the Union’s financial system:

a) central counterparties or CCPs as defined in Article 2 point (1) of Regulation (EU) No 648/2012;

b) payment systems and payment institutions as defined in Article 4 points (7) and (4) respectively of Directive (EU) 2015/2366 of the European Parliament and of the Council3;

c) electronic money institutions as defined in Article 2 point (1) of Directive 2009/110/EC of the European Parliament and of the Council4;

d) market operators as defined in Article 4(1) point (18) of Directive 2014/65/EU of the European Parliament and of the Council5 and investment firms that operate a multilateral trading facility or an organised trading facility;

e) central securities depositories as defined in Article 2(1) point (1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council6;

f) issuers of significant asset-referenced tokens or significant e-money tokens and crypto asset service providers operating trading platforms for crypto-assets as defined in Article 3(1) points (10), (6), (7), (15) and (18) respectively of Regulation (EU) 2023/1114 of the European Parliament and of the Council7;

g) large institutions as defined in Article 4(1) point (146) of Regulation (EU) No 575/2013 of the European Parliament and of the Council8;

h) global providers of specialised financial messaging services, designated critical ICT third-party service providers as defined in Article 3 point (23) of Regulation (EU) 2022/2554 of the European Parliament and of the Council9;

i) systemically important payment systems pursuant to an ECB decision based on Article 1(2) of Regulation(EU) No 795/2014 of the European Central Bank9a;

j) insurance undertakings and reinsurance undertakings as defined in Article 13 points (1) (4) of Directive 2009/138/EC of the European Parliament and of the Council9b with gross written premium income exceeding EUR 25 000 000 000 on average in the three calendar years prior to the year that the foreign investment has been notified;

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2 Article 2(1) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ L 201, 27.7.2012, p.1, ELI: http://data.europa.eu/eli/reg/2012/648/oj.

3 Article 4(7) and Art 4(4)of Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35, ELI: http://data.europa.eu/eli/dir/2015/2366/oj .

3 Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35, ELI: http://data.europa.eu/eli/dir/2015/2366/oj).

4 Article 2(1) of Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 10.10.2009, p.7, ELI: http://data.europa.eu/eli/dir/2009/110/oj.

4 Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 10.10.2009, p. 7, ELI: http://data.europa.eu/eli/dir/2009/110/oj).

5 Article 4(1)(18) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349, ELI: http://data.europa.eu/eli/dir/2014/65/oj.

5 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU(OJ L 173, 12.6.2014, p. 349, ELI: http://data.europa.eu/eli/dir/2014/65/oj).

6 Article 2(1)(1) of Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p.1, ELI: http://data.europa.eu/eli/reg/2014/909/oj.

6 Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1, ELI: http://data.europa.eu/eli/reg/2014/909/oj)

7 Articles 3(1)(6), 3(1)(7) and 3(1)(10), 3(1)(15) and Article 3(1)(18) of Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p.40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj.

7 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj).

8 Article 4(1)(146) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p.1, ELI: http://data.europa.eu/eli/reg/2013/575/oj.

8 Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012 (OJ L 176, 27/06/2013, p. 1, ELI: http://data.europa.eu/eli/reg/2013/575/oj).

9 Article 3(23) of Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L 333, 27.12.2022, p.1, ELI: http://data.europa.eu/eli/reg/2022/2554/oj.

9 Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011 (OJ L 333, 27.12.2022, p. 1, ELI: http://data.europa.eu/eli/reg/2022/2554/oj).

9a Regulation of the European Central Bank (EU) No 795/2014 of 3 July 2014 on oversight requirements for systemically important payment systems (OJ L 217, 23.7.2014, p. 16, ELI: http://data.europa.eu/eli/reg/2014/795/oj).

9b Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1, ELI: http://data.europa.eu/eli/dir/2009/138/oj).

Or. en