Its legislation is to apply equally to all, to large and small countries alike.

This duty is not limited to legislation which is destined to be adopted by a parliament , but equally there is no need to consult the ECB on secondary legislation which implements primary legislation unless its impact is different from the latter .

The Principality of Monaco is effectively using this possibility and for this purpose it has to apply the relevant Community financial and banking legislation .

The Committee would be in charge of facilitating the implementation of the Agreement and discussing possible amendments to the list of the Community legislation to be applied by San Marino .

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Proposal for a COUNCIL DECISION Concerning the signing of the Hague Convention on the Law applicable to certain rights in respect of securities held with an intermediary

Therefore, once our legislation has been brought into line, we must follow this up immediately with appropriate law. We must also put in place systematic controls and finally apply the 'polluter pays' principle of responsibility which is, of course, supposed to be a deterrent.

( 18 ) To allow for a proportionate response to instances of incorrect or insufficient application of Community law , a three step mechanism should apply .

( 17 ) To allow for a proportionate response to instances of incorrect or insufficient application of Community law , a three step mechanism should apply .

Rather, amid widespread ignorance and apathy, government and law enforcement have lacked the motivation to administer existing laws adequately.

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In order to create a level playing field and ensure appropriate protection of euro banknotes and coins against counterfeiting Vatican , together with San Marino , shall apply the relevant Community legislation .

In order to create a level playing field and ensure appropriate protection of euro banknotes and coins against counterfeiting San Marino , together with Vatican , shall apply the relevant Community legislation .

This mechanism should apply in areas where Community legislation defines clear and unconditional obligations To allow for a proportionate response to instances of incorrect or insufficient application of Community law , a three step mechanism should apply .

However , national legislation that is incompatible with secondary EC or ECB legislation will , of course , also have to be brought into line with such secondary legislation .

3 However , national legislation which is incompatible with secondary EC or ECB legislation will , of course , also have to be brought into line with such secondary legislation .

In view of the importance of legislation regarding the prevention of systemic risks in payment and securities clearing and settlement systems , the ECB recommends explicitly mentioning this area in the list of relevant Community legislation to be applied by Andorra .

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The primacy of Community law does not affect the obligation to adapt national legislation .

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4 Proposal for a COUNCIL DECISION Concerning the signing of the Hague Convention on the Law applicable to certain rights in respect of securities held with an intermediary ( Text with EEA relevance )

Compatibility requires that the legislative process be completed , i.e. that the respective act has been adopted by the national legislator and that all further steps , for example promulgation , have been accomplished .

The European Commission (EC) is the executive body of the European Union responsible for proposing legislation, implementing decisions, upholding the EU treaties and managing the day to day business of the EU.

Nevertheless , it is both desirable and consistent with Community law that the Directive sets out a general obligation for Member States to impose and determine sanctions to be applied for infringement of measures taken pursuant to this Directive .

Proposal for a COUNCIL DECISION Concerning the signing of the Hague Convention on the Law applicable to certain rights in respect of securities held with an intermediary ( COM ( 2003 ) 783 ) , pdf 170 kB , en

The law was changed.

The law has been changed.

This statement should contain some assessment of the proposal 's financial impact and , in the case of a directive , of its implications for the rules to be put in place by Member States , including , where necessary , the regional legislation .

Repeal of existing legislation The adoption of the proposal will lead to the repeal of existing legislation .

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To this end , differences in the national transposition of Community law stemming from exceptions , derogations , additions or ambiguities must be identified and removed , so that one harmonised core set of standards can be defined and applied .

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This statement should contain some assessment of the proposal's financial impact and, in the case of a European framework law, of its implications for the rules to be put in place by Member States, including, where necessary, the regional legislation.

ANNEX II Declaration concerning the competence of the European Community with regard to matters governed by the Hague Convention of 13 December 2002 on the Law applicable to certain rights in respect of securities held with an intermediary 1 .