Article 1
Open ↗The Commission shall seek to negotiate the following amendments to the Monetary Agreement between the European Union and the Principality of Andorra and to the Monetary Agreement between the European Union and the Republic of San Marino (the ‘Monetary Agreements’): (a) insertion into the Monetary Agreements of clauses by which all new Union legal acts on banking and financial law relevant for the euro and all new Union legal acts on combatting money laundering and terrorist financing become part of the relevant annex to the Agreement establishing an association between the European Union and the Principality of Andorra and the Republic of San Marino, respectively, (the ‘Association Agreement’) exclusively once those Union legal acts become applicable under the Association Agreement; those clauses should also clarify that, if a Union legal act relevant to the application of the relevant Monetary Agreement is adopted or amended before Framework Protocol 3 to the Association Agreement on financial services becomes applicable, it will be inserted into the Annex to the Monetary Agreement and transferred to the relevant annex to the Association Agreement once such Union legal act becomes applicable under the Association Agreement; (b) insertion into the Monetary Agreements of clauses which ensure that the assessment of the implementation of all Union legal acts on banking and financial law relevant for the euro and all Union legal acts on combatting money laundering or terrorist financing, whether they have been adopted in the past or are going to be adopted in the future, once they have become part of the relevant annex to the Association Agreement, is undertaken in the framework of the Association Agreement; (c) insertion into the Monetary Agreements of clauses by which the Union legal acts on banking and financial law relevant for the euro and all Union legal acts on combatting money laundering and terrorist financing that are listed in the Annexes to the Association Agreement are clearly marked as relevant for the application of the Monetary Agreements, so that the assessment of the implementation of those Union legal acts in Andorra and San Marino under the Association Agreement can be done at the same time for the purposes of the Monetary Agreements; (d) insertion into the Monetary Agreements of clauses by which all new Union legal acts on banking and financial law relevant for the euro and all new Union legal acts on combatting money laundering and terrorist financing, having become part of the Association Agreement, are automatically incorporated into the Annexes to the Monetary Agreements and their implementation is assessed in the framework of the Monetary Agreements if the Association Agreement is partially or fully suspended or if it is terminated. (e) insertion into the Monetary Agreements of clauses which ensure that the implementation of Union legal acts concerning monetary law remains governed exclusively by the Monetary Agreements. The Commission shall inform Andorra and San Marino of the need and of the Union’s readiness to amend the Monetary Agreements.