Article 50 Exercise of the delegation

Summary What does Article 50 of the Anti-money laundering authority regulation (AMLAR) say?

This short article governs the delegation of power to the Commission to adopt the regulatory technical standards described in Article 49.

It sets the initial duration of that delegation at four years from 26 June 2024, establishes that the delegation automatically renews for identical periods, and requires the Commission to report on the exercise of that power before each period expires.

It also imposes a notification requirement on the Commission and confirms that the delegation operates within the boundaries set by Articles 49, 51 and 52.

Important points:

The Commission is granted the power to adopt regulatory technical standards for an initial four-year period from 26 June 2024, automatically extended for equal periods thereafter.
The Commission is required to draw up a report on the delegated power no later than six months before the end of each four-year period.
The Commission shall notify the European Parliament and the Council simultaneously as soon as a regulatory technical standard is adopted.

Springlex's summary of the article, a reading aid, not a substitute for the legal text.

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.
1. As soon as it adopts a regulatory technical standard, the Commission shall notify it simultaneously to the European Parliament and to the Council.
1. 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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