rec_37

Regulation (EU) 2019/2175 of the European Parliament and of the Council of 18 December 2019 amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority), Regulation (EU) No 1094/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority), Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds, and Regulation (EU) 2015/847 on information accompanying transfers of funds (Text with EEA relevance) (Text with EEA relevance) · European Union

(37) In line with the objective of achieving a more coherent and viable supervisory system in the Union to prevent and counter money laundering and terrorist financing, the Commission should, after consulting all relevant authorities and stakeholders, conduct a comprehensive assessment of the implementation, functioning and effectiveness of the specific tasks conferred on EBA under this Regulation related to preventing and countering money laundering and terrorist financing. In particular, the assessment should – to the extent possible – reflect experience gained from situations where EBA requests a competent authority to: investigate possible breaches of national laws to the extent that they transpose Directives or exercise options to Member States by Union law by financial sector operators; consider imposing sanctions on that operator in respect of such breaches; or consider adopting an individual decision addressed to that financial sector operator requiring it to undertake all necessary action to comply with its obligations under national laws to the extent that they transpose Directives or exercise options granted to Member States by Union law. It should similarly reflect such experience where EBA applies national law to the extent it transposes Directives or exercises options granted to Member States by Union law. The Commission should submit that assessment as part of its report pursuant to Article 65 of Directive (EU) 2015/849, together with legislative proposals, if appropriate, to the European Parliament and to the Council by 11 January 2022. Until that assessment has been submitted, the powers granted to EBA related to preventing the use of the financial system for the purpose of money laundering or terrorist financing in Articles 9b, 17(6) and 19(4) of Regulation (EU) No 1093/2010 should be considered a provisional solution to the extent that they allow EBA to base requests to competent authorities on possible breaches of national law or allow the application of national law by EBA.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-14 · Text as adopted (Official Journal); later amendments are not incorporated in this text.