This guide also contains a number of recommendations to ensure the efficiency of the consultation procedure .

Market participants actively participated in the consultation procedure , submitting 59 responses in total .

To this end , the Guide explains the objectives and scope of consulting the ECB and clarifies the procedure to be followed .

( c ) the procedure to be followed and ( d ) the effect that a failure to consult might have on the legality of the relevant legislation .

Learning Resume Multiple Choice

The Council shall act unanimously after consulting the European Parliament and in accordance with the procedure provided for in paragraph 3.

On September 2002 the Governing Council endorsed changes to the disclosure procedures with regard to ECB Opinions issued upon request of national authorities .

Despite all this, the proposal does not provide for the European Parliament to be consulted under the procedure laid down in Article 11 of Regulation (EEC) No 170 83, a procedure which is perfectly legitimate.

In the event that a notification is received by the ECB later than 11.30 ECB time , the consultation procedure described in paragraph 5 will apply .

The procedure whereby a Commission decision is taken following consultation of the EFC is not one of the procedures in the Comitology decision .

Responsibility for the reporting requirements set out in Articles 4 and 6 lies with the participating Member States , which shall collect all relevant data and provide such data to the ECB through their respective national central banks . Article 5 Prior notification procedure and the ECB 's approval of the way in which transactions are conducted 1 .

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Upon expiry of the time limit , the absence of an opinion shall not prevent further action by the consulting national authority .

CONSULTATION OF INTERESTED PARTIES AND IMPACT ASSESSMENT Consultation of interested parties

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This means that once the time limit has expired , the relevant authorities can continue the procedure for adoption of the draft legislation , which was suspended pending the ECB consultation .

Market participants actively participated in the consultation procedure , in many cases co ordinating their answers within representative bodies , submitting 59 responses in total .

2 ) CONSULTATION OF INTERESTED PARTIES AND IMPACT ASSESSMENT 211 Consultation of interested parties

2 ) CONSULTATION OF INTERESTED PARTIES AND IMPACT ASSESSMENT 219 Consultation of interested parties

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PUBLIC CONSULTATION

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