Retained EU Law SI 2020/637 United Kingdom

Decision (EU) 2020/637 of the European Central Bank of 27 April 2020 on accreditation procedures for manufacturers of euro secure items and euro items (ECB/2020/24) (recast)

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Prosecution 1 of 14 obligations carry a fine up to £500,000. 13 have no criminal penalty — flagged in the list below.

Does it bind you?

Business-side roles with duties under this instrument.

Manufacturer13

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Manufacturer — also bound by 502 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.art002 Accreditation principles Regulated
  • Obtain ECB accreditation and comply with production/supply restrictionsManufacturer
s.art003 Accreditation requirements Regulated
  • Comply with accreditation requirements for euro secure items or euro itemsManufacturer
s.art004 Ethical requirements Regulated
  • Meet ethical requirements for euro secure item accreditationManufacturer
s.art006 Assessment of compliance with the accreditation requirements Regulated
  • Return accreditation questionnaires to ECB within its time limitManufacturer
s.art007 Grant of accreditation Regulated
  • Notify ECB before starting euro secure item activityManufacturer
s.art008 ECB accreditation register Regulated
  • Inform the ECB if your registration details are wrongManufacturer
s.art009 Obligations of accredited manufacturers to maintain their accreditation Regulated
  • Maintain accreditation by complying with ECB obligationsManufacturer
s.art011 Inspections Regulated
  • Grant ECB access to your manufacturing site and documents during inspectionsManufacturer
s.art012 Instances of non-compliance Regulated
  • Remedy any non-compliance with ECB accreditation requirements within agreed time limitsManufacturer
s.art013 Inspection outcome Regulated
  • Respond to ECB preliminary inspection report with corrective measuresManufacturer
s.art014 Decision on an immediate stop of euro secure item activity Regulated
  • Stop euro secure item activity immediately if ECB requires and do not resume without consentManufacturer
s.art017 Suspension decision in relation to new orders Regulated
  • Do not accept new orders after ECB suspension decisionManufacturer
s.art019 Financial penalties in the event of discrepancies in the quantities of euro banknotes or euro banknote paper Prosecution
  • Fail to disclose banknote quantity discrepanciesManufacturer

Fine up to £500,000

s.art021 Review procedure Regulated
Other duties (1) — Crown / regulator
  • ECB must decide on accreditation requests within 50 business daysStatutory regulator
12 other provisions — procedural and definitional
s.annex i para.1 (referred to in Article 22)
s.art001 Definitions
s.art005 Request for accreditation
s.art010 Prior written consent of the ECB
s.art015 ECB decisions on non-compliance
s.art016 Warning decision
s.art018 Revocation decision on accreditation
s.art020 Delegation and sub-delegation
s.art022 Repeal
s.art023 Transitional provisions
s.art024 Taking effect
s.art025 Addressees

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.