Law 54/1997, of 27 November, of the electricity sector, in its additional twenty-first provision, and Royal Decree 437/2010, of 9 April, for which the regulation of the process of securitisation of the deficit of the The electricity system provides for the financing mechanisms of the electricity tariff deficit. To this end, through Royal Decree 437/2010, a Fund of Deficit Holder of the Electricity System was created and an Inter-Ministerial Commission for the correct management of it, which could delegate part of its functions to a Follow-up Committee by ministerial order.

In the development of such a forecast, Order PRE/2037/2010, of 26 July, creating the Monitoring Committee for the process of securitisation of the deficit of the electrical system, materialized this delegation and established its composition and functions.

For its part, the Royal Decree 345/2012, of 10 February, for which the basic organic structure of the Ministry of Economy and Competitiveness is developed, in its last modification of 2 August 2014, introduces certain changes in the organic structure of the General Secretariat of the Treasury and Policy and Finance, as well as a reallocation of competencies between Subdirectorates belonging to the General Secretariat.

On the other hand, Law No 3/2013 of 4 June of the creation of the National Commission on Markets and Competition, the functions of those supervisory bodies which are intended to be grouped together in that Commission, should be grouped together in that Commission. to ensure the proper functioning of certain sectors of economic activity. The law also comes to define the governing bodies of the National Markets and Competition Commission, which is structured in four directions of instruction, including the Directorate of Energy.

Thus, through this amendment of the aforementioned Order PRE/2037/2010 of July 26, the composition of the Follow-up Committee is altered to reflect the current internal organization within the General Secretariat of the Treasury. and Financial Policy, and at the same time the names of the higher bodies or managers of the various ministerial departments, as well as the National Commission of the Markets and the Competition, are modified in accordance with their current naming.

Also, the functions that the Inter-Ministerial Commission may delegate to the Follow-up Committee are modified, according to the current wording of Royal Decree 437/2010 of 9 April, for which the regulation is developed. of the electrical system deficit securitisation process.

In its virtue, on the proposal of the Minister of Economy and Competitiveness and the Minister of Industry, Energy and Tourism, with the prior approval of the Minister of Finance and Public Administrations, I have:

Single item. Amendment of Order PRE/2037/2010 of 26 July establishing the Monitoring Committee for the Deficit Securitisation process of the electricity system.

Order PRE/2037/2010 of 26 July establishing the Monitoring Committee for the Deficit Securitisation process of the electricity system is amended as follows:

One. Article 2 is worded as follows:

" Article 2. Composition.

1. They are members of the Monitoring Committee:

(a) The holder of the Directorate General of the Treasury, which will hold the presidency.

b) The holder of the General Directorate of Energy Policy and Mines.

(c) The holder of the General Electric Power Subdirectorate.

(d) The holder of the General Secretariat for the Coordination of Public Issuers, which will be held by the Secretariat.

e) The holder of the General Subdirectorate for Financing and Management of Public Debt.

The Committee will also be composed of:

a) A representative of the National Markets and Competition Commission, with a voice but no vote.

b) A representative appointed by the management company, with a voice but no vote.

Finally, the Monitoring Committee may seek the technical advice of the National Securities Market Commission for the special conditions of experience and expertise in this body.

2. In cases of vacancy, absence or disease and, in general, where any other legal cause is present, the members of the Monitoring Committee may be replaced by an alternate from the same Ministry or Agency, which has been previously appointed by the Ministry. the holder to be replaced, including the Registrar, who may be replaced by an alternate from the same Ministry.

For these purposes, in the case of Committee holders, a Director General may be replaced by a Deputy Director General and a Deputy Director General may be replaced by a representative of the same General Subdirectorate.

In the case of representatives of the National Commission of Markets and Competition and the management company, they shall appoint both the head of the Monitoring Committee and their alternates when any of the circumstances referred to in the first subparagraph of this paragraph. Up to a maximum of three alternates may be appointed. '

Two. Article 3.4 (b) is worded as follows:

" (b) Approve the price of financial instruments in simple selling operations, as well as the price agreed or agreed with the credit institutions in accordance with the first of the cases in Article 11.2 of the Royal Decree 437/2010 of 9 April. '

Single end disposition. Entry into force.

This order will take effect the day following your publication in the "Official State Bulletin".

Madrid, 2 October 2015. -Government Vice President and Minister of the Presidency Soraya Saenz de Santamaria Anton.