Order Pre/2056/2015, 2 October, Amending The Order Pre/2037/2010, Of July 26, That Creates The Monitoring Committee Of The Process Of Securitization Of The Deficit Of The Electrical System.

Original Language Title: Orden PRE/2056/2015, de 2 de octubre, por la que se modifica la Orden PRE/2037/2010, de 26 de julio, por la que se crea el Comité de Seguimiento del proceso de titulización del déficit del sistema eléctrico.

Read the untranslated law here: http://www.boe.es/buscar/doc.php?id=BOE-A-2015-10777

Law 54/1997 of 27 November, the electricity sector, in its twenty first additional provision, and the Royal Decree 437/2010, of April 9, by which the regulation of the process of securitization of the deficit of the electrical system, develops envisage mechanisms of financing of the tariff deficit in the electricity sector. For this purpose, through the Royal Decree 437/2010 created a securitisation of the Deficit of the electrical system Fund and an Interministerial Commission for the proper management of the same, which may delegate part of its functions to a Monitoring Committee by ministerial order.

In development of such forecast, order PRE/2037/2010 of 26 July, which creates the Monitoring Committee of the process of securitization of the deficit of the electrical system, materialized such delegation and established its composition and functions.

For its part, the Royal Decree 345/2012, 10 February, whereby the basic organizational structure of the Ministry of economy and competitiveness, develops in its last modified August 2, 2014, introduces certain changes in the organizational structure of the General Directorate of the Treasury and financial and policy, as well as a reallocation of powers between branches belonging to such General Secretariat.

On the other hand, law 3/2013, of June 4, creation of the National Commission of markets and competition, is grouped in this Commission the functions relating to those supervisory bodies that are intended to ensure the proper functioning of certain sectors of economic activity. Likewise the law proceeds to define the managing bodies of the National Commission of markets and competition, which is divided into four directions of instruction, including the direction of energy is.

Thus, through this modification of the aforementioned order PRE/2037/2010, on 26 July, the composition of the Monitoring Committee is altered to reflect the current internal organisation within the General Directorate of the Treasury and financial policy, and at the same time designations of the superior or executive organs of the various ministerial departments are modified , as well as of the National Commission of markets and competition, in accordance with its current name.

Also modify the functions as, in his case, it may delegate the inter-ministerial Commission in the Monitoring Committee, according to the current wording of Royal Decree 437/2010 of 9 April, by which the regulation of the process of securitization of the electrical system deficit develops.

By virtue, on the proposal of the Minister of economy and competitiveness and Minister of industry, energy and tourism, with the prior approval of the Minister of finance and public administration, have: single article. Modification order PRE/2037/2010, of July 26, that creates the Monitoring Committee of the process of securitization of the deficit of the electrical system.

Order PRE/2037/2010 of 26 July, which the Monitoring Committee of the process of securitization of the electrical system deficit is created is hereby amended as follows: one. Article 2 is worded in the following way: «article 2. Composition.

1 are members of the Monitoring Committee: to) the holder of the General direction of the Treasury, who will hold the Presidency.

(b) the holder of the Directorate-General for energy and mines.

(c) the holder of the General Sub-Directorate of electric power.

(d) the holder of the General Sub-Directorate of coordination of public issuers, who will hold the Secretariat.

(e) the holder of the Subdirectorate-General for financing and management of the public debt.

The Committee will be composed, in addition, by: a) a representative of the National Commission of markets and competition, with voice but without vote.

(b) one representative appointed by the company management, with voice but without vote.

Finally, the Monitoring Committee may request technical advice from the National Commission of the stock market by the special conditions of experience and knowledge that concur in this organism.

2. in cases of vacancy, absence or illness and, in general, when if any other legal cause, the holders of the Monitoring Committee may be replaced by a substitute from the same Ministry or agency, designated by the owner that is going to replace, including the Secretary, who may be replaced by a substitute from the same Ministry.

To this effect, in the case of holders of the Committee, 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 designate the holder of the Monitoring Committee as well as their alternates when if any of the circumstances referred to in the first subparagraph of this paragraph. They may appoint up to a maximum of three alternates.»

Two. (B)) of article 3.4 is drawn up in the following way: «b) approve the price of financial instruments in the simple sales operations, as well as the price agreed or agreed with credit institutions pursuant to the first of the cases of article 11.2 of the Real Decree 437/2010, of April 9.»

Sole final provision. Entry into force.

This order shall enter into force the day following its publication in the "Official Gazette".

Madrid, October 2, 2015.-the Vice-President of the Government and Minister of the Presidency, Soraya Sáenz de Santamaría Antón.