Examples of using Draft technical standards in English and their translations into Slovenian
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Official/political
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Programming
ESMA submitted 92 draft technical standards.
The draft technical standards have to be adopted by the Commission.
The ESAs should also ensure high quality cost-benefit analysis anddraft legal texts for draft technical standards.
The draft technical standards have to be adopted by the Commission.
The amendment aims to underline the importance of close and equal cooperation between ESMA andthe ESCB when preparing draft technical standards.
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The Authority shall submit those draft technical standards to the Commission by 1 January 2014.
The draft technical standards have to be adopted by the Commission to give them binding legal effect, in accordance with Regulation…/….
EBA shall submit those draft implementing technical standards to the Commission by 1 January 2014 and shall submit revised draft technical standards where necessary.
In particular it helps preparing the draft technical standards and formats referred to in Articles 14(8) and 16(5).
The draft technical standards will be adopted by the Authority on the basis of qualified majority of the members of the Boards of Supervisors, as defined in Article 205 of the Treaty.
In those areas where the Authorities are under an obligation to develop draft technical standards, those draft technical standards should be submitted to the Commission within three years of the creation of the Authorities.
The Commission will need to be empowered to determine the details,type, format and frequency of the reports for the different classes of derivatives, following draft technical standards to be developed by ESMA.
ESMA shall submit the draft technical standards referred to in the first subparagraph to the Commission by 31 December 2012.
The Authority shall have the following tasks:( a) contribute to the establishment of high quality common regulatory and supervisory standards and practices, in particular by providing opinions to the Community institutions and by developing guidelines,recommendations, and draft technical standards which shall be based on the legislation referred to in Article 1( 2);
The Commission should endorse those draft technical standards in accordance with Community law in order to give them binding legal effect.
Moreover, the ESAs, as bodies with highly specialised expertise, are well placed to assist in the process of harmonisation in the financial sector by contributing to the establishment of high quality common regulatory and supervisory practices, in particular by providing opinions to the EU institutions and by developing guidelines,recommen dations, and draft technical standards( 6).
In developing those draft technical standards, ESMA shall take into account international developments and standards agreed at Union or global level.
The Transparency Directive has been subsequently amended by Directives 2008/22/EC4 and2010/78/EU5 as regards the implementing powers conferred on the Commission and the draft technical standards developed by the European Securities and Markets Authority, and by Directive 2010/73/EU6 to align certain provisions of the Transparency Directive with the modified Prospectus Directive7.
In developing those draft technical standards, ESMA shall take into account the technical specificities of pools of assets and shall provide for the possibility of reporting position level collateral data where appropriate.
In accordance with the new Article 5b, ESMA, EBA and EIOPA should not refer to credit ratings in their guidelines,recommendations and draft technical standards where such references have the potential to trigger mechanistic reliance on credit ratings by competent authorities or financial market participants.
Prepare draft technical standards as preparatory work for non-legislative acts of general application to supplement or amend certain non-essential elements of the legislative act or where uniform conditions for implementing legally binding Union acts are needed.
The Regulations establishing the ESFS provide that theEuropean Supervisory Authorities may develop draft technical standards in the areas specifically set out in the relevant legislation, to be submitted to the Commission for adoption by means of Regulations or Decisions.
In the field of credit rating agencies, draft technical standards should be proposed concerning the registration process, the information that the credit rating agency must provide for the application for certification and for the assessment of its systemic importance to the financial stability or integrity of financial markets and the presentation of the information, including structure, format, method and period of reporting, that credit rating agencies shall disclose in accordance with this Regulation.
Subsequent to the successful conclusion of the negotiations on the CRDIV/CRR framework in spring 2013,EBA submitted 58 draft technical standards, while EIOPA has carried out extensive preparatory work given the pending negotiations on the Solvency II/ Omnibus II framework and submitted its first technical standard. .
ESMA will have an important role in developing draft technical standards to harmonise the authorisation process and to ensure cooperation between authorities.
This article also says that the Commission adopts the draft technical standards: this cannot apply to Regulations or Directives as they have to be adopted by the Council and European Parliament.
Urges the Commission to respect the timeframe set in the European Supervisory Authorities Regulation for deciding whether to endorse,amend or not to endorse draft technical standards, and, as a minimum, to officially inform the co-legislators well in advance if it, on an exceptional basis, is unable to respect such a timeframe, as well as stating its reasons for this;
In order to facilitate day-to-day application of the Regulation,ESMA should be empowered to propose draft technical standards to be endorsed by the Commission on:(i) the registration process,(ii) the information that the credit rating agency must provide and(iii) the presentation of the information, that credit rating agencies shall disclose.
EBA should ensure efficient administrative and reporting processes when drafting technical standards.
One joint regulatory draft technical standard on the Financial Conglomerates Directives was submitted by all three ESAs in 2013.