4. Budgetary Implications

The implementation of this proposal would not have an impact on the general budget of the European Union. Although the European Supervisory Authorities (ESAs) will need to undertake some tasks so that the legislation is properly implemented, most of these tasks fall within the existing mandates of the ESAs, e.g. preparing draft regulatory or implementing standards or guidelines for the better application of this Regulation. In addition, while the European Banking Authority (EBA) would be required to set up a register with information on e.g. financial information service providers, the cost of establishing such a register would be limited and should be covered by cost savings resulting from the synergies and efficiencies that all Union bodies are expected to realise. Conversely the legislation would not confer any new supervisory or monitoring tasks on the ESAs. Therefore, any costs resulting from the implementation of the proposed legislation should be covered by the existing budget o

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