Source: OJ L, 2024/1620, 19.6.2024Current language: EN
- Anti-money laundering
Basic legislative acts
- Anti-money laundering authority regulation (AMLAR)
Article 78 Establishment of the budget
Summary What does Article 78 of the Anti-money laundering authority regulation (AMLAR) say?
This article sets out the annual budgetary preparation process for the Authority, tracing the journey of the budget from an initial internal draft through to its final adoption.
It establishes a clear chain of actors and sequential steps: the Executive Director prepares a draft, the Executive Board produces a provisional estimate, and that estimate is ultimately fed into the broader Union budgetary process via the Commission and the budgetary authority.
The article connects closely to the broader financial framework of the Authority, sitting alongside articles on budget implementation and financial reporting.
Important points:
- The Executive Director is required to prepare an annual draft statement of estimates of revenue and expenditure, including the establishment plan, and submit it to the Executive Board.
- The final draft estimate must be sent to the Commission by 31 January of each year, after which the Commission integrates it into the draft general budget of the Union.
- The Authority's budget is adopted by the Executive Board but only becomes final once the general budget of the Union is finally adopted, with adjustments made where necessary.
Springlex's summary of the article, a reading aid, not a substitute for the legal text.
Each year, the Executive Director shall draw up a draft statement of estimates of the Authority’s revenue and expenditure for the following financial year, including the establishment plan, and send it to the Executive Board.
The Executive Board shall, on the basis of that draft, adopt a provisional draft estimate of the Authority’s revenue and expenditure for the following financial year.
The final draft estimate of the Authority’s revenue and expenditure shall be sent to the Commission by 31 January of each year.
The Commission shall send the statement of estimates to the budgetary authority together with the draft general budget of the Union.
On the basis of the statement of estimates, the Commission shall enter in the draft general budget of the Union the estimates it considers necessary for the establishment plan and the amount of the subsidy to be charged to the general budget, which it shall place before the budgetary authority in accordance with Articles 313 and 314 TFEU.
The budgetary authority shall authorise the appropriations for the contribution to the Authority.
The budgetary authority shall adopt the Authority’s establishment plan.
The Authority’s budget shall be adopted by the Executive Board. It shall become final following the final adoption of the general budget of the Union. Where necessary, it shall be adjusted accordingly.
Springlex and this text is meant purely as a documentation tool and has no legal effect. No liability is assumed for its content. The authentic version of this act is the one published in the Official Journal of the European Union.
Definition
crypto-asset services
Definition
financial mixed activity holding company
Definition
crypto-asset service provider
Definition
credit institution
- a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013;
- a branch of a credit institution, as defined in Article 4(1), point (17), of Regulation (EU) No 575/2013, when located in the Union, whether its head office is located in a Member State or in a third country;
Definition
crypto-asset
Definition
establishment
- a branch or subsidiary;
- in the case of credit institutions and financial institutions, an infrastructure qualifying as an establishment under prudential regulation;
Definition
property
Definition
financial institution
- an undertaking other than a credit institution or an investment firm, which carries out one or more of the activities listed in points (2) to (12), (14) and (15) of Annex I to Directive 2013/36/EU of the European Parliament and of the Council(32), including the activities of currency exchange offices (bureaux de change), but excluding the activities referred to in point (8) of Annex I to Directive (EU) 2015/2366, or an undertaking the principal activity of which is to acquire holdings, including a financial holding company, a mixed financial holding company and a financial mixed activity holding company;
- an insurance undertaking as defined in Article 13, point (1), of Directive 2009/138/EC of the European Parliament and of the Council(33), insofar as it carries out life or other investment-related assurance activities covered by that Directive, including insurance holding companies and mixed-activity insurance holding companies as defined, respectively, in Article 212(1), points (f) and (g), of Directive 2009/138/EC;
- an insurance intermediary as defined in Article 2(1), point (3), of Directive (EU) 2016/97 where it acts with respect to life insurance and other investment-related insurance services, with the exception of an insurance intermediary that does not collect premiums or amounts intended for the customer and which acts under the responsibility of one or more insurance undertakings or intermediaries for the products which concern them respectively;
- an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU of the European Parliament and of the Council(34);
- a collective investment undertaking, in particular:
- an undertaking for collective investment in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC and its management company as defined in Article 2(1), point (b), of that Directive or an investment company authorised in accordance with that Directive and which has not designated a management company, that makes available for purchase units of UCITS in the Union;
- an alternative investment fund as defined in Article 4(1), point (a), of Directive 2011/61/EU and its alternative investment fund manager as defined in Article 4(1), point (b), of that Directive that fall within the scope set out in Article 2 of that Directive;
- a central securities depository as defined in Article 2(1), point (1), of Regulation (EU) No 909/2014 of the European Parliament and of the Council(35);
- a creditor as defined in Article 4, point (2), of Directive 2014/17/EU of the European Parliament and of the Council(36) and in Article 3, point (b), of Directive 2008/48/EC of the European Parliament and of the Council(37);
- a credit intermediary as defined in Article 4, point (5), of Directive 2014/17/EU and in Article 3, point (f), of Directive 2008/48/EC, when holding the funds as defined in Article 4, point (25), of Directive (EU) 2015/2366 in connection with the credit agreement, with the exception of the credit intermediary carrying out activities under the responsibility of one or more creditors or credit intermediaries;
- a crypto-asset service provider;
- a branch of a financial institution referred to in points (a) to (i), when located in the Union, whether its head office is located in a Member State or in a third country;
Definition
third country
Definition
funds