Esm Companion Novella

Original Language Title: ESM-Begleitnovelle

Read the untranslated law here: https://www.global-regulation.com/law/austria/2997368/esm-begleitnovelle.html

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65. Federal law with the Federal Constitutional law and the balance of payments stabilization law be changed (ESM companion Novella)

The National Council has decided:

Article 1

(Constitutional provision)

Amendment of the Federal Constitution Act

The Federal Constitution Act, Federal Law Gazette No. 1/1930, last amended by Federal Law Gazette I no. 51/2012, is amended as follows:

1. According to article 50, 50a shall be inserted following article to 50 d:

'Article 50a. The National Council is involved in matters of the European stability mechanism.

Article 50b. An Austrian representative on the European stability mechanism may



1 2. a change of the authorised capital and an adjustment of the maximum loan volume, the European stability mechanism, as well as changes of instruments for financial assistance only agree to a demand by authorized not paid-up share capital and 3. or in the decision-making contain. a proposal for a decision in principle to provide stability assistance to a Member State, if the National Council on the basis of a proposal of the Federal Government has authorized it. In cases of special urgency, the competent Minister may refer to the National Council. Without authorization of the National Council, the Austrian representative must reject the proposal for such a decision.

Article 50c. (1) the competent Minister must, without delay, inform the National Council in matters of the European stability mechanism in accordance with the provisions of the Federal law on the rules of procedure of the National Council. Opinion rights of Council must be provided by the Federal law on the rules of procedure of the National Council.

(2) the National Council on time has filed an opinion concerning the European stability mechanism, the Austrian representative on the European stability mechanism has to take these into consideration in negotiations and voting. The competent Federal Minister has to report to the National Council immediately after the vote and, if necessary, notify the reasons him, from which the Austrian representative has disregarded the opinion.

(3) the competent Federal Minister regularly reports the National Council on the measures taken within the framework of the European stability mechanism.

Article 50 d. (1) further to the article determines the Federal law on the rules of procedure of the National Council 50B and 50 c para 2 and 3.

(2) through the Federal law on the rules of procedure of the National Council, other responsibilities of the National Council to participate in the exercise of voting rights can be provided by Austrian representative in the European stability mechanism.

(3) to participate in Affairs of the European stability mechanism, the Committee entrusted with preliminary discussion of Federal finance laws of the National Council elects permanent sub-committees. At least one member of each party represented in the main Committee of the National Council must belong to each of these sub committees. Powers of the National Council pursuant to par. 2, article 50B and 50c can be transmitted this permanent subcommittees through the Federal law on the rules of procedure of the National Council. The Federal law on the rules of procedure of the National Council has to meet, that the standing subcommittees be convened at any time and can meet pension. "The National Council will be to art. 29 par. 1 of the Federal President dissolved so involvement in Affairs of the European stability mechanism is the standing subcommittees."

2. Article 151 is added the following paragraph 52:

"I 65/2012 No. (52) article 50a up to 50 d as amended by Federal Law Gazette simultaneously with the Treaty establishing the European stability mechanism into force."

Article 2

Change of the balance of payments Stabilization Act

The Federal law on the participation of international balance of payments stabilization (balance of payments Stabilization Act), Federal Law Gazette No. 52/2009, last amended by Federal Law Gazette I no. 90/2011, is amended as follows:

1. in Article 4a, the word "Main Committee" is replaced by the phrase "The Committee entrusted with preliminary discussion of Federal finance laws".

Fischer

Faymann